# EDGAR Filing Document

**Accession Number:** 0001470129
**File Stem:** 0001753926-26-000917
**Filing Date:** 2026-5
**Character Count:** 1486661
**Document Hash:** 4ac06c13def78643d8e9fb3db5d50810
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-26-000917.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001753926-26-000917

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 165

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VisitIQ Corp.
- **CENTRAL INDEX KEY:** 0001470129
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 680678185
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-54321
- **FILM NUMBER:** 261005132

**BUSINESS ADDRESS:**
- **STREET 1:** 729 N. WASHINGTON AVENUE
- **STREET 2:** SUITE 600
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 651-295-7583

**MAIL ADDRESS:**
- **STREET 1:** 729 N. WASHINGTON AVENUE
- **STREET 2:** SUITE 600
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Capstone Technologies Group Inc.
- **DATE OF NAME CHANGE:** 20220128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** China Bilingual Technology & Education Group Inc.
- **DATE OF NAME CHANGE:** 20100816

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DESIGNER EXPORT, INC
- **DATE OF NAME CHANGE:** 20090811

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended August 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number: 0001-470129** 

**VisitIQ Corp.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Nevada** | **86-2465117** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **729 N. Washington Ave., Suite 600,** | **55401** |
| **Minneapolis, Minnesota** |  |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(763) 200-7994**

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

**Common stock, par value $0.001 per share**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☒ No ☐

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of February 28, 2025, the last business day of the registrant's second quarter of fiscal year 2025, based on the closing price of $0.35 for the registrant's common stock, as reported on the OTC Markets Pink Sheets, was approximately $234,000. The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of February 28, 2026, the last business day of the registrant's most recently completed second quarter of fiscal year 2026, based on the closing price of $1.00 for the registrant's common stock, as reported on the OTC Markets Pink Sheets, was approximately $670,000. Shares of common stock beneficially owned by each executive officer, director and holder of more than 10% of the shares of common stock have been excluded in that such persons may be deemed to be affiliates.

As of April 30, 2026, there were 2,133,236 shares of the registrant's common stock outstanding.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [Special Note Regarding Forward-Looking Statements](#a001) | [Special Note Regarding Forward-Looking Statements](#a001) | 4 |
| [**PART I**](#a002) |  |  |
| [Item 1.](#a002a) | [Business](#a002a) | 7 |
| [Item 1A.](#a003) | [Risk Factors](#a003) | 22 |
| [Item 1B.](#a004) | [Unresolved Staff Comments](#a004) | 41 |
| [Item 1C.](#a005) | [Cybersecurity](#a005) | 42 |
| [Item 2.](#a006) | [Properties](#a006) | 43 |
| [Item 3.](#a007) | [Legal Proceedings](#a007) | 43 |
| [Item 4.](#a008) | [Mine Safety Disclosures](#a008) | 43 |
| [**PART II**](#a009) |  |  |
| [Item 5.](#a010) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#a010) | 43 |
| [Item 6.](#a011) | [\[Reserved\]](#a011) | 44 |
| [Item 7.](#a012) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a012) | 44 |
| [Item 7A.](#a013) | [Quantitative and Qualitative Disclosures About Market Risk](#a013) | 57 |
| [Item 8.](#a014) | [Financial Statements and Supplementary Data](#a014) | 58 |
| [Item 9.](#a015) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a015) | 80 |
| [Item 9A.](#a016) | [Controls and Procedures](#a016) | 80 |
| [Item 9B.](#a017) | [Other Information](#a017) | 81 |
| [Item 9C.](#a018) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#a018) | 81 |
| [**PART III**](#a019) |  |  |
| [Item 10.](#a020) | [Directors, Executive Officers and Corporate Governance](#a020) | 82 |
| [Item 11.](#a021) | [Executive Compensation](#a021) | 84 |
| [Item 12.](#a022) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#a022) | 87 |
| [Item 13.](#a023) | [Certain Relationships and Related Transactions, and Director Independence](#a023) | 88 |
| [Item 14.](#a024) | [Principal Accountant Fees and Services](#a024) | 90 |
| [**PART IV**](#a025) |  |  |
| [Item 15.](#a026) | [Exhibits and Financial Statement Schedules](#a026) | 91 |
| [Item 16.](#a027) | [Form 10-K Summary](#a027) | 93 |
| [Signatures](#a028) |  | 94 |

---

**MARKET AND INDUSTRY DATA**

Information contained in this Annual Report concerning the market and the industry in which we compete, including our market position, general expectations of market opportunity and market size, is based on information from various third-party sources, assumptions made by us based on such sources and our knowledge of the markets for our services and solutions. Any estimates provided herein involve numerous assumptions and limitations, and you are cautioned not to give undue weight to such information. Third-party sources generally state that the information contained in such source has been obtained from sources believed to be reliable but that there can be no assurance as to the accuracy or completeness of such information.

The industry in which we operate is subject to a high degree of uncertainty and risk. As a result, the estimates and market and industry information provided in this Annual Report are subject to change based on various factors, including those described in the section entitled "*Risk Factors - Risks Related to Our Business and Our Industry*" and elsewhere in this Annual Report.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements in this Annual Report may constitute "forward-looking statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "can," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Annual Report may include, be, statements about:

● our market opportunity;

● our growth strategy, including our plan to rapidly increase the number of customer relationships we have in the coming years and our ability to rapidly scale our business model to meet customer demand;

● our ability to execute our business plan, which may be affected by, among other things, competition and our ability to grow and manage growth profitably, maintain relationships with customers and retain our key employees;

● technological advancements being pursued by our engineering team;

● our ability to service and comply with our indebtedness;

● our ability to raise financing in the future;

● whether our existing cash will be sufficient to fund our operating expenses requirements and our ability to continue as a going concern;

● the potential for our business development efforts to maximize the potential value of our portfolio;

● regulatory developments in the United States and foreign countries;

● our expectations regarding our strategic realignment and related initiatives;

● our capital requirements and needs for additional financing;

● our expected financial performance;

● our expectations concerning costs of revenue; and

● our expectations regarding engineering and development costs, as well as selling, administrative, interest and marketing expenses.

The forward-looking statements contained in this Annual Report are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the section entitled "*Risk Factors*". Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be amplified by the impact of macroeconomic factors and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**SUMMARY OF RISK FACTORS**

Our business is subject to risks of which you should be aware before making an investment decision. The risks described below are a summary of the principal risks associated with an investment in us and are not the only risks we face. You should carefully consider these risk factors, the risk factors described in Part I, Item 1A of this Annual Report, and the other reports and documents that we have filed with the SEC.

**Summary of Risk Factors**

● Our success and revenue growth depends on our ability to add and retain customers.

● We often have long sales cycles, which can result in significant time between initial contact with a potential customer and execution of a customer agreement, making it difficult to project when, if at all, we will generate revenue from those customers.

● We may experience fluctuations in our operating results, which could make our future operating results difficult to compare and predict.

● If we do not manage our growth effectively, the quality of our platform and solutions may suffer, and our business, operating results and financial condition may be adversely affected.

● Our industry is intensely competitive, and if we do not effectively compete against current and future competitors or fail to innovate and make the right investment decisions in our product offerings and platform, our business, operating results and financial condition could be harmed.

● Acquisitions or strategic investments could be difficult to identify and integrate, divert the attention of management and disrupt our business, dilute stockholder value and adversely affect our business, operating results and financial condition.

● The technology industry is subject to increasing scrutiny that could result in U.S. federal or state government actions that could negatively affect our business.

● Our business and the effectiveness of our platform depends on our ability to collect and use data online. New consumer tools, regulatory restrictions and potential changes to web browsers and mobile operating systems all threaten our ability to collect such data, which could harm our operating results and financial condition and adversely affect the demand for our products and solutions.

● Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations and financial condition.

● Any unfavorable publicity or negative public perception of current data collection practices could result in additional regulations which may impact the effectiveness of our data cloud and platform.

● A significant inadvertent disclosure or breach of confidential and/or personal information we process, or a security breach of our or our customers', suppliers' or other partners' IT Systems could be detrimental to our business, reputation, financial performance and results of operations.

● We depend on third-party data providers to operate our business, the disruption of which could adversely affect our business, operating results and financial condition.

● If we fail to detect or prevent fraud or malware intrusion on our platform, devices, or systems, or into the systems or devices of our customers and their consumers, publishers could lose confidence in our platform, and we could face legal claims and regulatory investigations, any of which could adversely affect our business, operating results and financial condition.

● Any actual or perceived failure to comply with evolving regulatory frameworks around the development and use of artificial intelligence could adversely affect our business, results of operations, and financial condition.

● We will need additional capital in the future to meet our financial obligations and to pursue our business objectives. Additional capital may not be available on favorable terms, or at all, which could compromise our ability to meet our financial obligations and grow our business.

● The impact on our business and financial condition of incurring additional debt or issuing new debt or equity securities.

● Catastrophic events such as pandemics, hurricanes, wildfires, tornadoes, earthquakes, flooding, droughts and power outages, and business and operational interruption by man-made problems such as war, conflicts and acts of terrorism.

● We may issue additional equity or debt securities in the future in order to raise capital. Additional issuances of equity securities would dilute the investment of our current stockholders and could cause the market price of our common stock to decline.

**PART I**

**Item 1. Business.** 

**Overview**

VisitIQ Corp., a Nevada corporation, historically invested in early-stage companies that were deemed to have the potential for high growth. VisitIQ Corp.'s main investment is in VisitIQ, LLC, a Delaware limited liability company, which provides an identity intelligence and activation solution for audience data that enables marketing campaign personalization, higher sales conversions, and increased ROI of digital marketing initiatives.

We have invested nearly $10 million into the development of our Artificial Intelligence ("AI")-driven go-to-market ("GTM") platform. This platform includes solutions for audience identification, enrichment, expansion, attribution and campaign activation, and is used by marketing agencies, major brands and enterprises across the globe to curb rising data costs, overcome restrictive data monopolies, and meet demand for personalization of marketing content and messaging across marketing channels. VisitIQ, LLC's primary focus going forward will be on continued development of its intelligence and targeting platform, and uncovering new ways to incorporate AI-driven efficiencies into the marketing and sales workflow.

Marketing teams are seeing the modern GTM landscape shift under their feet. AI-driven search experiences have collapsed organic visibility across the internet. Zero-click search has removed the very behavior marketing teams previously relied upon to generate inbound demand. Paid acquisition costs continue to rise as platforms consolidate inventory and shrink signal availability. Most website visitors remain anonymous, most campaigns waste marketing dollars on the wrong audiences, and most brands have no practical way to understand who has visited their website, what they want, or whether they are actively in a buying cycle.

VisitIQ solves this problem by delivering a unified, AI-driven targeting platform that sits across the entire GTM stack—continuously enriching data, clarifying ICPs, identifying high-intent prospects and delivering audiences directly into the execution tools companies already use to run their GTM efforts.

VisitIQ's AI models, identity assets, and automation logic enable the platform to generate high-precision audiences in real time. Our AI models support ICP generation, lookalike matching, behavioral prediction, and the vectorization of signals tied to movement, intent and lifestyle attributes. These models draw from a combination of customer-supplied inputs, VisitIQ-curated datasets, and partner signals, giving the platform matching and scoring capabilities that extend well beyond traditional marketing tools. Collectively, these models, identity frameworks, and data-processing methods form the technical foundation of the VisitIQ platform.

**The VisitIQ Platform**

VisitIQ is built to plug directly into the demand generation and campaign execution workflows already used by companies. Our platform analyzes external behavioral signals alongside a brand's own customer and prospect data, surfaces salient patterns and generates conversion-ready audiences that can be activated in minutes. The outcome is simple and deliberate: marketers run more precise, higher-converting campaigns without adding extra software, manual list work or operational overhead. By replacing guesswork with real-time targeting intelligence, VisitIQ improves match rates, lowers customer acquisition costs, and increases the return on every marketing dollar spent.

***The VisitIQ AI Story***

AI drives every major function of VisitIQ. At the core of the product is an AI-based search and identification engine that analyzes customer data, website behavior and market signals to determine who a company's real buyers are and how those buyers behave across digital and physical environments. Instead of relying on static filters or prebuilt segments, VisitIQ evaluates live data to surface the patterns that actually define a brand's ICP.

The platform's machine-learning models process customer, prospect and visitor data at scale to rank audiences based on similarity to high-value segments and their likelihood to engage or convert. Movement patterns, device activity, browsing behavior, and engagement signals are converted into vectorized representations that the system can search, combine, and score. This gives VisitIQ the ability to identify intent, lifestyle indicators, location-based tendencies, and cross-platform interactions with a level of specificity that traditional marketing systems cannot match.

Marketers interact with these capabilities through a natural-language interface that allows them to "talk" to their targeting platform. Instead of building SQL queries or relying on technical teams, users can ask the platform to identify an ICP, find more people like a specific segment, show who is demonstrating buying intent, or create a geo-filtered audience in plain language. The result is an AI-driven workflow that removes complexity from the targeting process while giving marketing teams direct access to the intelligence they need to run more precise campaigns.

***AI-Driven Audience Targeting, Core Targeting Capabilities and Workflows***

Marketers have always struggled to reach the right audiences, and, with the decline in organic search traffic due to the emergence of AI-powered search, that task has become increasingly challenging. The core of VisitIQ is an AI-driven targeting platform that replaces guesswork with clarity. Instead of relying on static personas, outdated CRM records, or broad demographic filters, VisitIQ analyzes real behavior, real identity, real intent, and real movement patterns to surface the audiences that are most likely to convert. Features of VisitIQ's targeting platform include:

●  ***Identity Resolution & Visitor Identification*** . VisitIQ transforms anonymous website traffic into known contacts using privacy-compliant identity resolution. Browsing activity, device signals and third-party attributes are stitched into enriched profiles that marketers can immediately use in paid, email and CRM campaigns.

●  ***ICP Builder*** . VisitIQ's AI-driven ICP Builder tool analyzes hundreds of customer attributes to define the traits shared by a company's highest-value customers and website visitors, replacing manual research and static personas with high-value ICPs that are updated in real time and automatically finding new prospects whose attributes mirror those of ICPs.

●  ***Buyer Intent Intelligence (PulseIQ)*** . The platform's PulseIQ feature analyzes billions of behavioral signals across 50 categories and more than 40,000 topics to identify buyers actively researching relevant topics, allowing marketers to leverage real-time intent signals to prioritize outreach to prospects most likely to convert.

●  ***Geo-Targeting (GeoIQ).*** The GeoIQ feature uses offline movement signals to identify where prospects live, work, shop, and travel, unlocking hyper-local campaigns that combine digital and physical behavior.

●  ***Activation Engine*** . Our Activation Engine pushes every audience, instantly and automatically, directly into the channels GTM teams already use with no files, lists, exports, or operational overhead required. Audiences can be pushed instantly into major advertising platforms (e.g., LinkedIn, Meta, Google, X and TikTok), CRM systems, and marketing automation tools (e.g., HubSpot, Marketo and MailChimp). VisitIQ also supports traditional channels including direct mail.

One-click activation of campaigns to channels GTM teams use most allows the deployment of marketing campaigns within minutes, not days, and eliminates the need for campaign activation teams or technical support. Our platform also supports activation directly into major programmatic ecosystems and DSPs. By feeding these DSPs real identity-backed audiences—ICPs, lookalikes, intent segments, and geo-defined cohorts—VisitIQ dramatically improves their bidding efficiency and reduces wasted spending.

Instead of relying on broad third-party segments or probabilistic targeting, these VisitIQ programmatic partners receive precise, high-intent audiences that originate from actual behavior and verified identity. This allows brands to run smarter open-web campaigns, execute CTV marketing and display buys with greater accuracy, and unify targeting across all channels while keeping programmatic activation inside the same seamless workflow.

***GTM Acceleration & Campaign Execution***

VisitIQ gives marketers insight before marketing dollars are committed, allowing them to launch faster, target more precisely and focus investment on the audiences most likely to convert. It improves GTM execution by through:

●  ***Increasing Speed to Market*** . Identification and activation of high-intent audiences earlier than competitors.

●  ***ROI Maximization*** . Prioritization of segments showing the strongest buying signals.

●  ***Creative Optimization*** . Adjustment of messaging in real time based on behavioral feedback.

●  ***Advanced Retargeting*** . Movement beyond pixel-only retargeting with enriched identity and context.

●  ***Journey Mapping*** . Understanding of visitor navigation and score engagement patterns.

●  ***Reduced Customer Acquisition Cost*** . Focusing spending on the audiences most likely to convert.

●  ***Territory-Level Targeting*** . Equipping regional teams with live, high-intent account lists.

***AI Targeting Platform (Stack Integration Layer)***

At the core of VisitIQ is an AI targeting platform designed to sit across the entire GTM stack and unify the signals companies generate across their customer-facing systems. The platform ingests data from CRM systems, ad platforms, websites, mobile apps, offline movement sources and partner datasets, then normalizes and stitches those signals into a continuously improving identity record. Every contact and account is enriched with demographic, firmographic, technographic, behavioral, intent and geo-specific attributes, creating a dynamic profile that updates automatically as new information appears anywhere in the GTM ecosystem.

This unified data layer enables more precise orchestration across marketing, sales and customer-facing teams. VisitIQ can trigger outbound sequences, paid media activation, ABM workflows and personalized messaging when predefined thresholds are met—such as spikes in intent, geo-based movements, or multi-session website engagement. Because all GTM operations receive the same real-time targeting intelligence, companies can coordinate programs more efficiently, eliminate conflicting data sources and reduce the operational overhead normally required to synchronized multiple platforms. The result is a single, AI-driven foundation that improves the accuracy, speed and effectiveness of every downstream system that relies on customer and prospect data.

***Data Control & Governance***

VisitIQ is designed to deliver precise targeting while maintaining the controls marketers need to protect brand integrity and avoid inappropriate outreach. The platform automatically suppresses inactive, out-of-market, or geographically irrelevant contacts to prevent wasted spending and ensure campaigns remain aligned with audience expectations. All audience generation operates under the same standards companies apply to their first-party data, so marketers can scale execution without introducing new risks.

The platform uses privacy-compliant enrichment methods and avoids cookie-based tracking, ensuring that identity, behavioral and geo-based signals are handled within frameworks that respect consent, evolving global norms and applicable privacy laws. Rather than requiring customers to redesign their workflows, VisitIQ automatically adapts its targeting logic to changing data-usage standards.

VisitIQ also includes enterprise-grade governance features such as access permissions, suppression management, and audit logging. These controls give marketing, compliance, and information-security teams clear visibility into how data is being used and how audiences are being modified. The result is a targeting system that enhances precision and performance while maintaining the safeguards necessary for responsible, brand-safe campaign execution.

***Workflows***

VisitIQ fits directly into the workflows most marketers already use. The platform ingests data from any source—e.g., CRM records, website traffic, customer lists, e-commerce activity—and standardizes it automatically. Once loaded, VisitIQ resolves anonymous visitors and enriches each record with hundreds of demographic, firmographic, behavioral and geo-based attributes, turning partial or anonymous inputs into complete, marketable profiles.

As enriched records accumulate, VisitIQ identifies the patterns and traits that define a company's true ICP, and then expands the audience by finding additional prospects who mirror high-value customers. Marketers can refine these audiences further using real-time intent signals and geo-location intelligence to surface prospects actively researching, visiting key locations, or exhibiting high purchase readiness.

When audiences are ready, VisitIQ activates them instantly across paid media platforms, email systems, CRM tools and traditional channels—eliminating the manual list work and operational delays that normally slow campaign execution. The result is a streamlined workflow that moves from raw data to live campaigns with far less friction.

**The VisitIQ Workflow and Marketecture**

![](img001.jpg)

**Our Market Opportunity**

Estimates and the market and industry information provided below have been derived from multiple public sources accumulated by management. For more information, see "*Market and Industry Data*" at the beginning of this Annual Report.

VisitIQ is the intelligence layer that sits upstream of CDPs Marketing Automation (MA) tools and Demand Side Platforms (DSPs)—turning real-world behavior and buying signals into highly targeted, identity-backed audiences that can be activated immediately across any go-to-market stack.

As organic search traffic weakens and targeting constraints increase, marketers need reliable ways to find net-new buyers and launch targeted campaigns faster, without depending on first-party data. And VisitIQ is that solution.

***Market Disruption & Timing***

Three simultaneous shifts in the go-to-market landscape are breaking legacy targeting, and forcing brands to find new, scalable sources of audience and demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***AI Search Decimating Organic Traffic (NOW)*** 

● Gartner, Inc. predicts 50% reduction in organic search traffic by 2026

● Google AI Overviews + ChatGPT Search eliminating website visits

● Brands need alternative audience sources immediately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***Third-Party Cookie Deprecation (2024-2025)*** 

● $300B+ cookie-dependent ad spend needs new targeting methods

● Privacy regulations accelerating shift to behavioral/first-party data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***First-Party Data Gap*** 

● CDPs only cover existing customers

● Market needs behavioral intelligence on prospective customers

***Competitive Position***

VisitIQ's competitive position comes from being the upstream intelligence layer that converts real-world behavior into identity-backed, activation-ready audiences across the GTM stack.

**VisitIQ's Unique Moat**:

● Up to 15 billion daily behavioral signals (not reliant on website traffic)

● Multi-graph architecture connecting behavior to identity

● Real-time signals vs. stale third-party data

● Privacy-compliant (aggregated signals)

**Key Differentiators vs. Competition**:

● Bombora: IP-based, B2B only, requires website traffic

● 6sense / ZoomInfo: Enterprise ABM only, expensive, firmographic

● LiveRamp / Oracle: Legacy cookie-based, privacy concerns

● CDPs (Segment, mParticle): Activation platforms; VisitIQ is the data source

**Blue Ocean:** Behavioral intelligence infrastructure that sits upstream of all activation platforms

***Market Overview***

**Total Current Addressable Market**: $15B

● Global Advertising Agencies $13.3B

● Global Marketing Technology $1.7B

Reflects the current AI-driven feature set: Identity Resolution, ICP Generation, Audience Building, Intent-Based Targeting, Geotargeting, and Campaign Activation

**Phase 2 Addressable Market**: $115B

Expands materially because the planned feature set moves VisitIQ beyond identity, targeting, and activation into a true marketing operations layer. This layer will generate messaging and calls to action, propose and allocate budget, activate to essentially any programmatic platform including CRM and marketing automation systems, and measure performance in real time with ROI analysis. In practical terms, that scope shift pulls VisitIQ closer to the media-spend control loop of plan, deploy, optimize, and measure, not just the tooling layer. It also automates meaningful portions of work typically performed by copywriters, campaign managers, marketing operations, marketing analysts, and email and digital marketers.

**Phase 3 Addressable Market**: $270B-340B

Expands again because the planned capabilities move VisitIQ into an **end-to-end, autonomous campaign production, execution and optimization system**. This includes workflow design, full copywriting, full asset creation including images, video, and landing pages, call to action development, automatic campaign balancing, real-time audience refinement, and always-on remarketing and retargeting. Functionally, this shifts VisitIQ from a targeting and activation layer into the system that creates, runs, and optimizes the work. This expands the addressable spend beyond a marketing technology tool into a larger portion of digitally measurable, dynamically optimizable media budgets.

***Strategic Risks & Mitigations***

As VisitIQ scales, the main risks concentrate around big-tech competition, privacy and regulatory shifts, macro-driven budget pressure, and execution speed—each with clear mitigation plans already in motion.

---

| | |
|:---|:---|
| **Risk** | **Mitigation** |
| Big tech competition | 12-24 month speed advantage; become data layer, not activation layer |
| Privacy regulations | Privacy-first architecture; aggregated signals |
| Economic downturn | Position as cost-saver vs. traffic loss; essential infrastructure |
| Execution gap ($3.2M\* → $6.5M) | Hire 10-15 AEs; enterprise pricing; leverage strategic/Arena partners |

---

\* As of August 31, 2025. As of April 30, 2026, Current ARR was $5.0M.

**Our Growth Strategy**

VisitIQ's growth strategy focuses on expanding adoption across agencies, enterprises and integrated product partners, supported by continued AI investment and deeper vertical specialization. Agencies remain a core growth driver; VisitIQ fits cleanly into their service model and directly enhances the performance and revenue potential of the campaigns they run for clients. As agencies adopt and standardize VisitIQ for GTM execution, usage naturally scales across additional clients, increasing monthly resolution volumes, and expanding seat licensing.

Enterprise growth is driven by the platform's ability to replace manual targeting work, accelerate GTM execution and reduce acquisition costs at scale. Most enterprise accounts adopt VisitIQ in phases—beginning with identity resolution and ICP development, then layering intent data, geo-intelligence and activation capabilities as internal teams see the lift in efficiency and conversion rates. This phased adoption model creates predictable expansion within each account and increases long-term contract value.

Integrated partnerships represent a parallel channel for scalable distribution. VisitIQ can be embedded within CMS platforms, e-commerce systems, CRMs, podcasting platforms, media players and CTV environments to enrich user experiences or create new monetization layers for partners. These integrations extend VisitIQ's reach without additional sales overhead and generate recurring, high-margin revenue.

Vertical expansion offers another lever for sustained growth. Industries such as automotive, consumer goods, e-commerce, real estate, franchising and brick-and-mortar retail benefit directly from VisitIQ's ability to identify anonymous visitors, surface high-intent buyers and activate localized targeting campaigns. Tailoring capabilities to the specific purchase cycles and data patterns of each vertical deepens adoption and creates defensible market positions.

VisitIQ also intends to expand its geographic footprint outside the United States, with a particular focus on establishing a presence in key European markets. EMEA represents a strong opportunity for privacy-compliant audience intelligence platforms, as marketers in the region face heightened regulatory pressures and reduced access to traditional targeting signals. VisitIQ's deterministic identity resolution, AI-based ICP modeling, and real-time behavioral intelligence are designed to operate within modern data-protection frameworks, making the platform well-positioned for international growth. As part of this expansion, VisitIQ plans to deliver localized data partnerships, region-specific audience taxonomies, and multilingual AI interfaces to support adoption across the EU and the broader EMEA region.

Finally, VisitIQ will continue expanding activation endpoints across emerging channels—including SMS, programmatic, CTV, retail media networks and future advertising formats. Each additional activation path increases the platform's strategic value, strengthens its position as the central targeting layer across the GTM stack, and drives higher usage and contract value over time.

Continued investment in AI is a central component of VisitIQ's growth strategy. Enhancements in identity resolution, behavioral prediction, movement-signal vectorization and natural-language interfaces increase VisitIQ's differentiation relative to CDPs, data brokers and legacy targeting systems still built on static, list-based methods. These innovations strengthen performance, reduce customer churn, and expand the platform's addressable market.

**Our Products and Pricing**

VisitIQ offers a simple, subscription-based pricing model designed to make high-precision audience targeting accessible to organizations of every size—from small agencies to enterprise-scale marketing teams. The platform is packaged into four tiers that align with the natural progression of how customers adopt VisitIQ: (a) our Starter tier with identity resolution, (b) our Basic tier expanding into ICP development and audience building, (c) our Advance tier, layering intent and geo-intelligence, and finally (d) our Professional tier activating campaigns across all channels with AI-driven automation.

Each tier includes a fixed monthly allotment of resolutions, lookalike generation, and activation capabilities, with higher levels adding more concurrent ICPs, additional targeting modules, expanded activation options and direct conversational AI access. All tiers are delivered as self-service Software as a Service ("SaaS") subscriptions with no long-term commitments required, allowing customers to scale usage as their GTM needs evolve.

***Our Product Roadmap***

VisitIQ's product roadmap is centered on expanding the platform's AI-driven capabilities to support end-to-end marketing execution within a unified environment. Over the next several product cycles, VisitIQ plans to deepen its automation layers—extending beyond audience generation into integrated campaign strategy, content creation and cross-channel asset development. These enhancements will allow marketers and agencies to design full campaigns from a single prompt, supported by AI-driven audience identification, custom messaging, creative asset production (i.e., text, image, audio, video) and seamless activation across all major advertising and marketing automation platforms. VisitIQ's long-term goal is to increase marketing self-sufficiency, reduce reliance on walled-garden systems and give organizations greater control over their own first-party and third-party data ecosystems.

VisitIQ expect these upcoming enhancements—combined with planned international expansion, as described above—substantially increase VisitIQ's total addressable market over the next 24 months. According to internal modeling, the global opportunity expands significantly as the platform evolves from a targeting intelligence layer into a broader AI-assisted marketing system capable of handling audience selection, creative generation, strategy development, and activation. As reflected in the roadmap, we expect the Total Addressable Market ("TAM") to grow from today's demand-generation and targeting market into a multi-hundred-billion-dollar opportunity as VisitIQ begins to automate larger portions of the digital marketing workflow across small to medium-sized businesses ("SMB"), mid-market, enterprise, agency and integrated technology partners.

**Our Customers**

VisitIQ serves organizations that depend on precise audience identification and targeting to drive measurable revenue outcomes, including marketing agencies, enterprise marketing teams, and integrated product partners. While these customers operate across different industries and business models, they share common requirements: the need to identify high-value audiences, understand buyer behavior in real time, and activate campaigns efficiently across multiple channels using their existing marketing infrastructure. VisitIQ is designed to function as a unified targeting and intelligence layer that supports these needs regardless of company size, industry vertical or go-to-market motion.

Currently, a substantial majority of VisitIQ's revenue—more than 90%—is derived from marketing agencies, where the platform aligns closely with agency service models and client delivery workflows. Agencies use VisitIQ to improve campaign performance, demonstrate ROI and expand service offerings without increasing operational complexity. Over the mid-term, VisitIQ intends to reduce its reliance on the agency vertical as a percentage of total revenue, with a target mix of approximately 60% agency-derived revenue and 40% from enterprise customers and integrated product partners. This diversification strategy reflects the Company's focus on expanding direct enterprise adoption and scaling white-label and embedded partnerships, which allow VisitIQ's targeting capabilities to be distributed through third-party platforms while supporting long-term, recurring revenue growth.

***Target Markets***

●  ***Marketing Agencies.*** Agencies use VisitIQ to improve campaign performance and expand their service offerings without adding headcount or operational overhead. The platform defines a client's ICP using real visitor and customer behavior, identifies anonymous website traffic and uncovers new audiences that closely resemble a client's best converters. Agencies also layer in intent and geo-based signals to target consumers actively researching a category or showing relevant real-world movement patterns. Because VisitIQ activates directly into paid media, CRM, and automation platforms, agencies can execute campaigns faster and with higher precision—turning targeting intelligence into measurable ROI and additional revenue opportunities.

●  ***Enterprises.*** Enterprises adopt VisitIQ to reduce acquisition costs, accelerate pipeline and replace manual targeting work with real-time audience intelligence. The platform provides an up-to-date, behavior-driven ICP that reflects actual customer patterns, rather than static personas. Enterprises can resolve concerns related to anonymous website visitors, create AI-generated lookalikes and prioritize prospects demonstrating strong purchase intent or relevant geo-behavior. With direct activation into existing CRMs, marketing automation tools and paid media platforms, enterprise teams can scale precise campaigns across markets and channels with fewer steps and greater efficiency.

●  ***Integrated Product Partners.*** VisitIQ supports a wide range of integrated product partners who embed targeting intelligence directly into their own solutions. E-commerce systems use VisitIQ to identify anonymous shoppers and enrich customer records; CMS and website platforms offer VisitIQ as a plugin to define ICPs and expand audiences; media players and streaming platforms use VisitIQ to identify viewers or listeners and build content-based profiles; CRMs and marketing automation systems integrate VisitIQ to improve segmentation and outbound performance. In each case, VisitIQ acts as an embedded intelligence layer that enhances product value and unlocks new monetization opportunities.

***Industry Vertical Solutions***

●  ***Automotive.*** VisitIQ identifies active automobile buyers earlier, unmasks website activity, clarifies buyer profiles and triggers personalized campaigns based on online research and geo-movement near dealerships or competitor lots.

●  ***Consumer Goods.*** The platform reveals anonymous shoppers, builds real-time ICPs, generates lookalikes, detects in-category intent and activates cross-channel campaigns that drive both online purchases and in-store demand.

●  ***e-Commerce.*** VisitIQ transforms browsing data, abandoned carts and unidentified sessions into enriched profiles. Real-time intent and geo-signals enable timely promotions, retargeting and personalized offers that increase conversions.

●  ***Franchise.*** Franchise systems identify local demand, surface active shoppers, build location-specific ICPs, and activate high-intent, geo-targeted campaigns to drive in-store visits and regional growth.

●  ***Real Estate.*** VisitIQ identifies homebuyers and sellers earlier in the research cycle, builds lifestyle-driven ICPs, surfaces high-intent prospects and activates targeted campaigns based on neighborhood visits, search behaviors and relocation patterns.

●  ***Brick-and-Mortar Retail.*** Retailers convert online interest into store traffic through anonymous visitor resolution, ICP building, intent detection, and geo-movement targeting tied to malls, shopping districts and competitor locations.

**Competitive Landscape**

The competitive landscape is fragmented across intent providers, identity platforms, CDPs, and data brokers—each strong in a slice of the problem but missing an upstream system that continuously discovers and activates net-new audiences in real time.

The closest competitors fall into three categories, each with fundamental limitations:

(1**) B2B intent data providers** like Bombora (~$100M revenue) and 6sense ($200M+ revenue) that rely on IP-based signals from B2B websites only, limiting them to account-level insights and requiring website traffic that AI search is eliminating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Identity resolution platforms** like LiveRamp ($500M revenue) and Oracle Data Cloud that depend on legacy cookie-based infrastructure facing privacy regulation headwinds and lack real-time behavioral signals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Third-party data marketplaces** that syndicate stale, aggregated data purchased from multiple sources rather than capturing fresh intent signals daily.

VisitIQ's up to 15 billion daily behavioral signals processed through its multi-graph architecture create a defensible moat—capturing intent before website visits occur, operating across both B2B and B2C markets, and delivering person-level (not just IP or household-level) intelligence in real-time.

This positions VisitIQ as behavioral intelligence infrastructure rather than a point solution, enabling the company to partner with rather than compete against activation platforms like CDPs (Segment, mParticle) and demand-side platforms (The Trade Desk) that need upstream data sources.

The company's 12-24 month technical lead before enterprise marketing technology vendors (Salesforce, Adobe, Oracle) can replicate this capability represents a critical window to establish category leadership in "post-AI-search" audience intelligence, where the $300B+ cookie-dependent advertising market must find alternative targeting methods and brands desperately need behavioral data that doesn't rely on collapsing organic website traffic.

***Customer Data Platforms***

CDPs unify customer data and maintain a persistent customer record, but they are not built to identify anonymous visitors or surface high-intent buyers. Their value is in data storage and organization, not demand discovery. VisitIQ enhances CDPs by supplying identity resolution, behavior-backed ICPs, lookalike audiences, and real-time intent and geo signals—turning static profiles into actionable targeting intelligence.

***Marketing Automation Platforms***

Marketing automation systems manage emails, lifecycle messaging and triggered workflows, but are limited by their reliance on imported lists and prebuilt segments. They do not determine who should be targeted or when. VisitIQ strengthens these platforms by feeding them continuously refreshed audiences—ICPs, lookalikes, intent-based segments, and geo-filtered groups—allowing campaigns to execute with higher precision and significantly less operational work.

***Demand-Side Platforms (DSPs)***

DSPs optimize media buying, but their performance depends on the quality of the audiences provided to them. These DSPs cannot independently determine which prospects are most likely to convert. VisitIQ improves DSP efficiency by supplying identity-backed, high-intent audiences derived from real behavior, movement patterns and website activity, increasing return on advertising spending without changing how the DSP operates.

***Data Brokers and Enrichment Providers***

Traditional data brokers offer demographic, firmographic, or inferred interest data, but it is static, generalized and not tied to current buyer behavior. These providers also do not identify anonymous traffic or detect real-time intent. VisitIQ builds on enrichment data by adding live identity resolution, intent mapping, and movement-based intelligence, transforming enrichment from a static attribute set into a dynamic source of targeting precision.

***VisitIQ's Positioning in the GTM Ecosystem***

VisitIQ is not a CDP, automation tool, DSP or enrichment vendor. Instead, VisitIQ is the intelligence layer that enhances all of them. By identifying who the right audiences are and when they are most likely to convert, VisitIQ enhances the performance of existing marketing technology systems rather than replacing them. This positioning differentiates VisitIQ from both legacy tools and point solutions: it is the real-time targeting platform that powers the entire GTM stack.

***Our Competitive Advantage***

VisitIQ's competitive advantage comes from its ability to identify the right audiences in real time and activate them instantly across any marketing channel. The platform continuously generates live, data-backed ICPs to reflect who a brand's most valuable buyers actually are, and it resolves anonymous website visitors with high accuracy, transforming invisible traffic into actionable opportunities. AI-driven lookalike modeling expands a company's reach by identifying new prospects who mirror the behaviors, attributes, and conversion patterns of top customers.

Real-time intent signals highlight individuals actively researching relevant products or competitors, while movement-based geo-targeting provides a layer of offline intelligence that pinpoints shoppers based on venue visits, travel patterns or local behavior. All of this intelligence becomes executable through one-click, cross-channel activation, allowing marketers to launch high-precision campaigns the moment an audience is created. Underpinning the entire platform is a privacy-first data governance framework that respects consent, avoids cookies, enforces audience suppression and maintains enterprise-grade controls for compliant, responsible data usage.

**Research & Development**

VisitIQ's R&D organization is building the world's most comprehensive behavioral intelligence infrastructure, processing up to 15 billion daily signals through a multi-graph architecture that enables real-time, privacy-compliant audience discovery independent of website traffic.

**Our core technological advantage lies in three breakthrough capabilities that competitors cannot easily replicate:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **a streaming signal processing pipeline** that ingests and analyzes behavioral data in under 60 minutes versus the 24-72 hour batch cycles of legacy intent providers like Bombora,

(2) **a multi-dimensional graph database** that simultaneously queries across behavioral, identity, geographic, and temporal dimensions at petabyte scale with sub-500ms latency, and

(3) **privacy-preserving identity resolution** customers achieving up to 85%+ match rates without leveraging PII, enabling customer compliance with GDPR, CCPA, and emerging regulations while maintaining person-level targeting precision.

This technical foundation represents a 2-3 year development lead that creates our primary competitive moat, as evidenced by our 95% annualized gross retention rate and annualized 109% net retention rate, and the computational infeasibility of replicating our query performance on traditional relational databases or single-graph architectures.

**Our R&D roadmap focuses on four strategic priorities over the next 18 months:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Signal expansion** from up to 15 billion to 20+ billion daily signals by integrating CTV/streaming video, podcast listening, and connected device behaviors while expanding our Pulse taxonomy from 40,000 to 100,000+ topics using ML-driven discovery,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Enterprise platform capabilities** including Snowflake-native data sharing, self-service APIs, and multi-tenant account management to unlock $10K-50K/month platform contracts versus current $500/month subscriptions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Predictive AI layer** delivering propensity scores (purchase intent, churn risk), automated lookalike audiences, and natural language query interfaces that transform VisitIQ from descriptive behavioral data into prescriptive intelligence, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Ecosystem integration** with major CDPs (Segment, mParticle), DSPs (The Trade Desk, Google DV360), and universal ID frameworks (Unified ID 2.0, RampID) to become essential infrastructure rather than a point solution.

With 9 engineers (38% of headcount) and R&D representing nearly 30% of current spend (targeting 20-25% at $30M ARR), our technology investments are designed to reach technical escape velocity in the 12-24 month window before Salesforce, Adobe, and Oracle build competing solutions, positioning VisitIQ as either a strategic acquisition target ($600M-900M at $60M ARR) or the category-defining independent platform in post-AI-search behavioral intelligence.

**Regulatory Matters**

VisitIQ is subject to a number of U.S. federal and state laws and regulations that involve matters central to its business. These laws and regulations may involve privacy, data protection and information security, intellectual property, competition, consumer protection, taxation, anti-bribery, anti-money laundering and corruption, economic or other trade prohibitions or sanctions or securities law compliance or other subjects. Many of the laws and regulations to which VisitIQ is subject are still evolving and being tested in courts and could be interpreted and applied in a manner that is inconsistent across jurisdictions and may also be inconsistent with VisitIQ's current policies and practices, any or all of which could harm its business. In addition, the application and interpretation of these laws and regulations often are ambiguous or inconsistent, particularly in the new and rapidly evolving industry in which VisitIQ operates, and the extent they apply to VisitIQ is at times unclear. Further, the impact of these laws and regulations may disproportionately affect VisitIQ's business in comparison to its peers in the technology sector that have greater resources. Any failure or perceived failure by VisitIQ or the third parties we work with to comply with these laws and regulations may subject VisitIQ to, among other things, private litigation, regulatory investigations and enforcement actions, sanctions, civil and criminal liability, and constraints on its ability to continue to operate. Because global laws and regulations have continued to develop and evolve rapidly, it is possible that VisitIQ may not be, or may not have been, compliant with each such applicable law or regulation.

VisitIQ is also subject to a variety of U.S. state privacy laws. These laws impose a number of requirements on covered businesses and give state residents certain rights related to their personal information, including the right to access and delete their personal information, to receive detailed information about how their personal information is used and shared, and to opt out of certain sharing or uses of their personal information. While these laws are, in many ways, substantially similar, there are variations in the obligations they impose on covered businesses, and they may be interpreted differently in the future by government officials.

VisitIQ also faces increasingly stringent data protection laws and regulations outside of the United States. For example, in connection with our planned expansion into European markets, VisitIQ anticipates being subject to both the European and UK General Data Protection Regulation ("GDPR"), which impose stringent operational requirements for entities processing personal information and penalties for non-compliance that include bans on processing personal data and fines of up to €20 million (or £17.5 million under UK GDPR) or 4% of the non-compliant company's annual global revenues, whichever is greater.

For additional information about VisitIQ's approach to laws and regulations relating to privacy, data protection and information security, please see the section titled "*Risk Factors-Risks Related to Data Collection and Security, Intellectual Property and Technology Industry Regulations.*" Many of these laws and regulations are subject to change and uncertain interpretation, and could result in investigations, claims, changes to VisitIQ's business practices, increased cost of operations and declines in user growth, retention, or engagement, any of which could significantly harm our business.

**Data Privacy, Security & Compliance**

VisitIQ operates on a "privacy-first" architecture designed to meet evolving regulatory requirements, industry expectations, and customer risk standards. Our products are built to maximize marketing performance without compromising consumer trust or compliance obligations. The following principles guide our approach:

***Privacy-By-Design***

VisitIQ develops all data products and platform features using a privacy-by-design methodology. This includes data minimization, transparent processing practices, clear consumer opt-out mechanisms and strict internal controls around how data is collected, used and retained. Each new feature undergoes a privacy and compliance review to ensure alignment with applicable U.S. and international regulations. The platform avoids reliance on third-party cookies, prioritizes deterministic and permission-based data sources and uses industry-standard methods for identity resolution and enrichment.

***Data Collection & Use***

VisitIQ collects data from websites, mobile apps, public sources, data compilers and commercial partners. This may include identity attributes, demographic information, behavioral patterns, movement data, digital engagement signals, device identifiers, inferred characteristics and consumer interest categories. This data supports the construction of audience intelligence, identity graphs, lookalike models, buyer-intent signals and geo-based targeting layers used across digital and traditional marketing channels. Information may also be used to validate, enhance and maintain internal systems, support product development, and provide fraud-prevention capabilities. VisitIQ does not collect data for purposes unrelated to marketing, nor does it use sensitive categories in ways prohibited by law or industry standards.

***Consumer Controls***

Consumers may opt out of VisitIQ's marketing database at any time using the "Do Not Sell My Personal Information" link on its website. Opt-out requests remove an individual's data from active marketing use and place it on a suppression list to prevent reintroduction. California residents receive additional rights under the California Consumer Privacy Act ("CCPA") and the California Privacy Rights Act ("CPRA"), including the right to access personal information, request deletion of data collected directly from them and opt out of the sale or sharing of personal information. VisitIQ verifies consumer identity before fulfilling requests to prevent unauthorized access. VisitIQ does not knowingly collect data from individuals under the age of 16 without appropriate legal consent.

***Security Architecture***

VisitIQ employs an enterprise-grade security architecture designed to protect data at rest and in transit. Core controls include encryption, hashing, tokenization, network-level firewalls, access-control policies, multi-factor authentication, logging and monitoring systems, and routine security reviews. Production and development environments are separated and access is granted based on least-privilege principles. Although no system can guarantee absolute protection from cyberattacks, VisitIQ invests in security infrastructure, vendor assessments and continuous monitoring to minimize risk and maintain data integrity.

***Governance***

Data governance is embedded directly into VisitIQ's platform and internal workflows. VisitIQ maintains suppression lists, audit logs, change-tracking records, permissions-based user access and defined review procedures. All data updates, enrichment routines and outbound data flows follow structured governance policies supporting accuracy, accountability and responsible use. Enterprise customers may apply custom permissioning, review workflows and data-access configurations to align VisitIQ with their own compliance frameworks. Governance controls also ensure data partners and service providers comply with contractual privacy obligations.

***Global Regulatory Compliance***

VisitIQ adheres to the requirements of CCPA, CPRA, and other applicable U.S. state privacy laws. The company also supports best-effort compliance with GDPR and other international regulations governing data processing, consumer rights, and cross-border data movement. Internal policies align with industry standards for consent management, data retention, purpose limitation, opt-out processing, and security controls. As global privacy frameworks evolve, VisitIQ updates its data practices, contractual terms, and internal processes to ensure continued compliance.

**Our Employees and Human Capital Resources**

As of August 31, 2025, VisitIQ had a total of 24 employees and independent contractors. As of April 30, 2026, VisitIQ had a total of 22 employees and independent contractors. The decrease reflects operational systemic efficiencies. VisitIQ supplements its workforce with contractors and consultants.

To our knowledge, none of VisitIQ's employees is represented by a labor union or covered by a collective bargaining agreement. VisitIQ has not experienced any work stoppages, and it considers its relations with its employees to be good. VisitIQ's human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing and integrating our existing and new employees. The principal purposes of VisitIQ's equity incentive plan are to attract, retain and reward personnel through the granting of share-based compensation awards in order to increase stockholder value and the success of VisitIQ by motivating such individuals to perform to the best of their abilities and achieve VisitIQ's objectives.

**Intellectual Property**

We have a portfolio of registered U.S. trademark applications and registrations, including VISITID and VISITIQ. In addition, we enter into confidentiality agreements and invention or work product assignment agreements with employees and contractors involved in the development of our proprietary intellectual property. We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost effective.

**Facilities**

VisitIQ's principal office is located at 729 N Washington Ave, Suite 600, Minneapolis, MN 55401.

VisitIQ believes that its facilities are suitable to meet its current needs. VisitIQ intends to expand its facilities or add new facilities as it grows, and it believes that suitable additional or alternative space will be available on commercially reasonable terms as needed to accommodate any such growth.

**Corporate Information**

The Company was incorporated in the State of Nevada on March 31, 2009 under the name Designer Export, Inc. On June 30, 2010, in connection with a reverse merger transaction, the Company changed its name to China Bilingual Technology & Education Group Inc. The Company ceased filing reports with the SEC in 2012 and appears to have ceased operations at that time and its corporate charter was revoked. From 2016 to 2018, the Company was subject to a Nevada Court Custodianship Proceeding and, in April 2017, the Company changed its name to Capstone Technologies Group, Inc. On March 31, 2020, the Company was placed into a custodianship.

In January 2021, shares of the Company were purchased by a current investor in the Company from the former custodian, triggering a change in control and the resignation of the custodian from all positions with the Company. In 2021 and 2022, the Company invested in preferred stock and debt instruments of DrivenIQ Corporation ("DrivenIQ"). In 2024, the Company foreclosed upon the assets of DrivenIQ in connection with DrivenIQ's default on certain debt instruments issued to the Company. In connection with the foreclosure, the Company formed VisitIQ, LLC which assumed the assets of DrivenIQ foreclosed upon by the Company and assumed approximately $2,570,000 of DrivenIQ liabilities. In March 2025, the Company changed its name to "VisitIQ Corp."

The Company's principal office is located at 729 N Washington Ave, Suite 600, Minneapolis, MN 55401. Our website address is https://visitiq.io. Information contained on our website or connected thereto does not constitute part of, and is not incorporated by reference into, this Annual Report.

**Item 1A. Risk Factors.**

In addition to the other information set forth in this Annual Report on Form 10-K, you should carefully consider the risks and uncertainties described below, which could materially adversely affect our business, operating results, financial condition, and cash flow.

**Risks Related to Our Business and Our Industry** 

***Our success and revenue growth depends on our ability to add and retain customers.***

Our success is dependent on regularly adding new customers and increasing our existing customers' usage of our platform and added features. Our customers may also choose to decrease their overall marketing spend for any reason, including if they do not believe they are generating a sufficient return on their marketing spend. Further, we may not be successful at educating and training our new and existing customers on how to use our platform.

Accordingly, we must continually work to win new customers and educate and retain existing customers, increase their usage of our platform and capture a larger share of their marketing spend.

***We are subject to payment-related risks if customers dispute, do not pay their invoices, or decrease their amount of spend due to unforeseen downturns in their financial condition. Any decreases or significant delays in payments could have a material adverse effect on our business, operating results and financial condition. These risks may be heightened during economic downturns or customer impacts from such downturns, including supply chain disruptions or shortages.***

We may become involved in disputes with our customers over the operation of our platform, the terms of our agreements or our billings for purchases made by them through our platform. In the past, certain customers have sought to slow their payments to us or been forced into filing for bankruptcy protection, resulting in delay or cancelation of their pending payments to us. In certain cases, customers have been unable to timely make payments, and we have suffered losses. Certain of our contracts with marketing agencies state that if their customer does not pay the agency, the agency is not liable to us, and we must seek payment solely from their customer, a type of arrangement called sequential liability. Contracting with these agencies, which in some cases have or may develop higher-risk credit profiles, may subject us to greater credit risk than if we were to contract directly with the customer.

If we are unable to collect customers' fees on a timely basis or at all, we could incur write-offs for bad debt, which could have a material adverse effect on our business, operating results and financial condition for the periods in which the write-offs occur. In the future, bad debt may exceed reserves for such contingencies, and our bad debt exposure may increase over time. Even if we are not paid by our customers on time or at all, we may still be obligated to pay for the inventory we have purchased for our customers' marketing campaigns, and consequently, our results of operations and financial condition would be adversely impacted.

***We may experience fluctuations in our operating results which could make our future operating results difficult to compare and predict. Consequently, we may not be able to meet our expectations or those of securities analysts and investors.***

Our quarterly and annual operating results have fluctuated in the past, and we expect our future operating results to fluctuate due to a variety of factors, many of which are beyond our control. Our liquidity and revenue can fluctuate quarter to quarter as certain of our customers have seasonal marketing activity. In addition, the varying nature of our pricing mix between periods, customers and products may also make it more difficult for us to forecast our future operating results. Further, these factors may make it more difficult to make comparisons between prior, current and future periods. As a result, period-to-period comparisons of our operating results should not be relied upon as an indication of our future performance.

In addition, the following factors may cause our operating results to fluctuate:

● changes in our pricing policies, the pricing policies of our competitors and the pricing or availability of data or other third-party services;

● the seasonal budgeting cycles and internal marketing budgeting and strategic purchasing priorities of our customers;

● our ability to retain and attract top talent;

● our ability to anticipate or respond to changes in the competitive landscape, or improvements in the functionality of competing solutions that reduce or eliminate one or more of our competitive advantages;

● our ability to maintain and expand our relationships with data centers and strategic third-party technology vendors, who provide floor space, bandwidth, cooling and physical security services on which our platform operates;

● our ability to successfully expand our business internationally;

● the emergence of significant privacy, data protection, security or other threats, regulations or requirements applicable to our business and shifting views and behaviors of consumers concerning use of data and data privacy;

● general economic and market conditions, including as a result of changes in U.S. trade policies, such as new or increased tariffs and retaliatory responses from other countries, and the resulting impact on our customers' businesses;

● extraordinary expenses, such as litigation or other dispute-related settlement payments; and

● future accounting pronouncements or changes in our accounting policies.

Any one of the factors referred to above or herein or the cumulative effect of any combination of factors referred to above or herein may result in our operating results that are below our expectations and the expectations of securities analysts and investors, or may result in significant fluctuations in our quarterly and annual operating results, including fluctuations in our key performance indicators ("KPIs"). This variability and unpredictability could result in our failure to meet our business plan or the expectations of securities analysts or investors for any period. In addition, a significant percentage of our operating expenses are fixed in nature in the short term and based on forecasted revenue trends. Accordingly, in the event of revenue shortfalls, we are generally unable to mitigate the negative impact on our results of operations in the short term.

***If we do not manage our growth effectively, the quality of our platform and solutions may suffer, and our business, operating results and financial condition may be adversely affected.***

The planned growth in our business may place demands on our infrastructure and our operational, managerial, administrative and financial resources. Our success will depend on the ability of our management to manage growth effectively. Among other things, this will require us at various times to:

● strategically invest in the development and enhancement of our platform and data center infrastructure;

● improve coordination among our engineering, product, operations and other support organizations;

● manage multiple relationships with various partners, customers and other third parties;

● develop our operating, administrative, legal, financial and accounting systems and controls; and

● recruit, hire, train and retain personnel, especially those possessing extensive engineering skills and experience in complex technologies and data sciences, of which there is limited supply and increasing demand.

If we do not manage our growth well, the efficacy and performance of our platform may suffer, which could harm our reputation, reduce demand for our platform and solutions and have an adverse effect on our business, operating results and financial condition.

***Our industry is intensely competitive, and if we do not effectively compete against current and future competitors or fail to innovate and make the right investment decisions in our product offerings and platform, our business, operating results and financial condition could be harmed.***

Our industry is intensely competitive. To sustain and grow our revenue, we must continuously respond to the different trends driving our industry.

There has also been rapid evolution and consolidation in the marketing technology industry, and we expect this trend to continue. Larger companies typically have more assets to purchase emerging companies or technologies, which gives them a competitive edge. If we are not able to effectively compete with these consolidated companies, we may not be able to maintain our market share and may experience a reduction in our revenue.

Our industry is subject to rapid and frequent changes in technology, evolving customer needs and the frequent introduction of new and enhanced offerings by our competitors, making it intensely competitive. To sustain and grow our revenue, we must continuously respond to the different trends driving our industry. We must regularly make investment decisions regarding offerings and technology to maintain the technological competitiveness of our products and platform and meet customer demand and evolving industry standards. As we continue to grow and attract a broader customer base, we will have to invest more time and effort to maintain a certain level of performance in our products and platform.

The complexity and uncertainty regarding the development of new technologies and the extent and timing of market acceptance of innovative products and solutions create difficulties in maintaining this competitiveness. The success of any enhancement or new solution depends on many factors, including timely completion, adequate quality testing, appropriate introduction and market acceptance. If our competitors are able to orientate their product to meet the specific needs of a particular industry better than us, they may be able to amass market share faster than us and by consequence, reduce our current and future revenues.

Without the timely introduction of new products, solutions and enhancements, our offerings could become technologically or commercially obsolete over time, or we may be required to make unanticipated and costly changes to our platform or business model, in which case our revenue and operating results would suffer. New customer demands, superior competitive offerings or new industry standards could require us to make unanticipated and costly changes to our platform or business model. If we fail to enhance our current products and solutions or fail to develop new products to adapt to our rapidly changing industry or to evolving customers' needs, demand for our platform could decrease, and our business, operating results and financial condition may be adversely affected.

***Our success depends on our ability to retain key members of our management team, and on our ability to hire, train, retain and motivate new employees.***

Our success depends upon the continued service of members of our senior management team and other key employees. We do not maintain "key person" insurance for any member of our senior management team or any of our other key employees. Our senior management and key personnel are all employed on an at-will basis, which means that they could terminate their employment with us at any time, for any reason and without notice. As a result, we may be unable to retain them, which could make it difficult to operate our business, cause us to lose expertise or know-how and increase our recruitment and training costs.

Our success also depends on our ability to hire, train, retain and motivate new employees. We have incurred stock-based compensation expense and will continue to incur stock-based compensation expense in future years as a result of our VisitIQ Corp. 2025 Incentive Award Plan (the "Incentive Plan"), under which we grant time-based stock option awards. Competition for employees in our industry can be intense, and we compete for experienced personnel with many companies that have greater resources than we have. We believe that there is significant competition for sales personnel with the sales skills and technical knowledge that we require. Our ability to achieve growth in revenue in the future will depend, in large part, on our success in recruiting, training and retaining sufficient numbers of sales personnel with relevant industry knowledge and strong selling skills.

***Acquisitions or strategic investments could be difficult to identify and may divert the attention of management and disrupt our business, dilute stockholder value and adversely affect our business, operating results and financial condition.***

As part of our growth strategy, we may acquire or invest in other businesses, assets or technologies that are complementary to and fit within our strategic goals. Acquisitions are inherently risky and if they fail, they can result in costly remediating steps such as litigation and divesture. Any acquisition or investment may divert the attention of management and require us to use significant amounts of cash, issue dilutive equity securities or incur debt. The anticipated benefits of any acquisition or investment may not be realized, and we may be exposed to unknown risks, any of which could adversely affect our business, operating results and financial condition, including risks arising from:

● ineffectiveness or incompatibility of acquired technologies or solutions;

● potential loss of key employees of the acquired businesses;

● inability to maintain key business relationships and reputations of the acquired businesses;

● diversion of management attention from other business concerns;

● litigation arising from the acquisition or the activities of the acquired businesses, including claims from terminated employees, customers, former stockholders or other third parties and intellectual property disputes;

● assumption of contractual obligations that contain terms that are not beneficial to us, require us to license or waive intellectual property rights, or increase our risk of liability;

● weak, ineffective, or incomplete data privacy compliance strategies by the acquired company resulting in our inability to use acquired data assets;

● failure to accurately forecast the financial or other business impacts of an acquisition; and

● implementation or remediation of effective controls, procedures and policies for acquired businesses.

To fund acquisitions, we may pay cash, which would diminish our cash reserves, or issue additional shares of our common stock, which could dilute current stockholders' holdings in our company. Borrowing to fund an acquisition would result in increased fixed obligations and could also subject us to covenants or other restrictions that could limit our ability to effectively run our business.

***We may be adversely affected by the effects of inflation.***

Inflation has the potential to adversely affect our liquidity, business, operating results and financial condition by increasing our overall cost structure, particularly if we are unable to achieve commensurate increases in the prices we charge our customers. The existence of inflation in the economy has resulted in, and may continue to result in, higher interest rates and capital costs, increased costs of labor, weakening exchange rates and other similar effects. As a result of inflation, we have experienced, and may continue to experience, cost increases. Measures to mitigate inflationary impacts may not be effective, or there could be a difference between the timing of when these beneficial actions impact our results of operations and when increased costs due to inflation are incurred.

***Our business is subject to the risk of catastrophic events such as pandemics, hurricanes, wildfires, tornadoes, earthquakes, extreme weather events, flooding, droughts and power outages, and to business and operational interruption by man-made problems such as war, conflicts and terrorism.***

Our business is vulnerable to damage or interruption from pandemics, hurricanes, wildfires, tornadoes, earthquakes, extreme weather events, flooding, droughts, power outages, telecommunications failures, terrorist attacks, acts of war, human errors, break-ins and similar events. A significant natural disaster could have a material adverse effect on our business, operating results, and financial condition, and our insurance coverage may be insufficient to compensate us for losses that we may incur. Climate change and other environmental and social pressures are expected to increase the frequency and intensity of certain such events, as well as contribute to chronic changes (such as changes to water levels and meteorological and hydrological patterns) that may result in similar risks. As we rely heavily on our data center facilities, computer and communications systems and the Internet to conduct our business and provide high-quality customer service, any disruptions of the foregoing could negatively impact our ability to run our business and either directly or indirectly disrupt publishers' and partners' businesses, which could have an adverse effect on our business, operating results, and financial condition.

Pandemics, or other health crises could have a material negative impact on economic and market conditions around the world, which could have a significant negative impact on our and our customers, suppliers' or other partners' business, operating results, and financial condition. Further, actual or threatened war, terrorist activity, political unrest, civil strife, and other geopolitical uncertainty could have a similar effect on our and our customers, suppliers' or other partners' business, financial condition or growth strategy.

***If we are not able to maintain and enhance our reputation and brand recognition, our business, financial conditions and results of operations will be harmed.***

We believe that maintaining and enhancing our reputation and brand recognition is critical to our relationships with existing subscribing customers and our ability to attract new subscribing customers. The promotion of our brand may require us to make substantial investments and we anticipate that, as our market becomes increasingly competitive, these marketing initiatives may become increasingly difficult and expensive. Our marketing activities may not be successful or yield increased revenue, and to the extent that these activities yield increased revenue, the increased revenue may not offset the expenses we incur, and our results of operations could be harmed. In addition, any factor that diminishes our reputation or that of our management, including failing to meet the expectations of our customers, could make it substantially more difficult for us to attract new customers. Similarly, because our subscribing customers often act as references for us with prospective new customers, any existing customer that questions the quality of our work or that of our employees could impair our ability to secure additional new customers. If we do not successfully maintain and enhance our reputation and brand recognition with our customers, our business may not grow and we could lose these relationships, which would harm our business, financial condition, and results of operations.

***We may not be able to add new customers, retain existing customers, or increase sales to existing customers, which could adversely affect our business, results of operations, and financial condition.***

We derive, and expect to continue to derive, the significant majority of our revenue from the sale of subscriptions to our platform. Our business and our growth are dependent on our ability to continue to attract and acquire new customers while retaining existing customers and expanding both their usage of our platform and the products we sell to them. The demand for our products may be inhibited, and we may be unable to grow our business and customer base, for a number of reasons, including, but not limited to:

● our failure to develop or offer new or enhanced products or features in a timely manner that keeps pace with new technologies, competitor offerings, and the evolving needs of our customers;

● difficulties providing or maintaining a high level of customer satisfaction, which could cause our existing customers to cancel or decrease their subscriptions or stop referring prospective customers to us;

● increases in our customer churn, decreases in our customer renewals or our failure to convert customers from lower tiers to higher tier priced subscriptions;

● perceived or actual security, availability, integrity, privacy, reliability, quality, or compatibility problems with our platform, including unscheduled downtime, outages, or security breaches;

● changes in search engine ranking algorithms or in search terms used by potential customers;

● our inability to market our platform in a cost-effective manner to new customers or to our existing customers due to changes in regulation, or changes in the enforcement of existing regulation, that would affect our marketing or pricing practices;

● unexpected increases in the costs of acquiring new customers;

● our ability to expand into new industry verticals and use cases; and

● our ability to expand into new geographic regions.

In order for us to sustain demand for our products and maintain or increase our revenue growth, it is important that our customers renew and/or expand their subscriptions. Most of our customers' subscriptions with us are month-to-month, and they therefore have no obligation to renew their subscriptions or maintain their usage levels. Some of our customers have elected not to renew their subscriptions with us in the past, and it is difficult to accurately predict long-term customer retention. Further, to achieve continued growth, we must not only maintain our relationships with our existing customers, but expand our commercial relationships with our existing customers and encourage them to increase usage of our platform.

In order to increase our sales to new and existing customers, we may need to significantly expand our selling and marketing operations, including our sales force and third-party referral and marketing agency partners, and continue to dedicate significant resources to selling and marketing programs, both domestically and internationally. We rely on our marketing agency partners to provide certain services to our customers, as well as refer new customers to our platform. Our ability to increase our customer base and achieve broader market acceptance of our platform will depend, in part, on our ability to effectively organize, focus, and train our selling and marketing personnel, attract new marketing agency partners and retain existing marketing agency partners.

Any failure to continue to attract new customers, retain existing customers or increase usage of our platform by existing customers could have a material adverse effect on our business, results of operations, and financial condition.

***The estimates of market opportunity and forecasts of market growth included in this Annual Report may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, our business may not grow at similar rates, or at all.***

Market opportunity estimates and growth forecasts included in this Annual Report are subject to significant uncertainty and are based on assumptions and estimates which may not prove to be accurate. The estimates and forecasts included in this Annual Report relating to size and expected growth of our target market may prove to be inaccurate. Even if the markets in which we compete meet the size estimates and growth forecasts included in this Annual Report, our business may not grow at similar rates, or at all. Our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties.

***AI and Machine Learning are emerging technologies and involve significant risks and uncertainties.***

The fields of AI and machine learning ("ML") are characterized by rapid technological advancements and are subject to significant risks and uncertainties. Our operations and future success are substantially dependent on our ability to develop, integrate, and effectively utilize AI and ML technologies. Given the experimental nature of these technologies, we face challenges related to the design, development, and practical implementation of AI and ML algorithms. These technologies are also subject to evolving industry standards, regulatory constraints, and may give rise to ethical and legal considerations that could affect their utilization and public acceptance. Furthermore, the complexity of AI and ML systems increases the risk of unforeseen operational failures and the potential for biased or incorrect outputs, which could lead to reputational harm or liability. There is also the possibility that the AI and ML models we develop may not perform as expected when deployed in real-world scenarios, which could hinder our product offerings and impact our competitiveness in the market. Investors should be aware that our investment in these technologies may not yield the intended results, and the failure to effectively address these risks and uncertainties may materially and adversely affect our business and operational results.

***The risk of non-compliance with laws and regulations, including, but not limited to, the risk of changes to laws and regulations, could adversely affect our business.***

Our business is regulated by numerous governmental agencies and other regulatory bodies. Violations of these laws and regulations could result in fines or penalties or other sanctions which could have a material adverse impact on our business. Additionally, our ability to operate and grow our business depends on laws and regulations that govern the frequency bands and/or orbital locations we operate in or may operate in in the future.

These laws and regulations are subject to the administrative and political process and do change from time to time. We may be affected by changes to government leadership and policy changes resulting from new leaders. We have been subject to such changes in the past and may be subject to such changes in the future and those changes may negatively impact us, including but not limited to, the addition of new regulations, the modification or rescission of past regulations which may be favorable and the increase or decrease of government programs which us or our subscribers may be recipients. Our business could suffer a material adverse impact if laws and regulations change and we are not able to adapt to these changes efficiently.

Additionally, we are subject to emerging and evolving regulatory requirements and frameworks regarding environmental, social and governance matters, including, but not limited to, potential new or revised disclosure rules proposed by the SEC and recently enacted or proposed legislation in jurisdictions such as California. The ultimate scope of these regulations may change as they are finalized, and they may not be uniform across jurisdictions. Meeting these obligations may require significant investments of time, capital and personnel.

**Risks Related to Our Indebtedness, Liquidity and Financial Position** 

***We will need additional capital in the future to meet our financial obligations and to pursue our business objectives. Additional capital may not be available on favorable terms, or at all, which could compromise our ability to meet our financial obligations and grow our business.***

We will need to raise additional capital to fund operations in the future or to finance acquisitions or other business objectives. Such additional capital may not be available on favorable terms or at all. Currently, we rely on financing from our largest stockholder, Arena Investors, L.P. (together with its affiliates, "Arena"), to conduct our operations and pursue our business objectives. Lack of sufficient capital resources could significantly limit our ability to meet our financial obligations or to take advantage of business and strategic opportunities. Any additional capital raised through the sale of equity or convertible debt securities would dilute stock ownership, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common stock. Any debt financing we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, we may be required to delay, reduce the scope of, or eliminate material parts of our business strategy, including potential additional acquisitions or development of new technologies and geographic expansion.

**Risks Related to Certain Tax Matters**

***Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.***

We have incurred substantial net operating losses ("NOLs") during our history. Under the rules of Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, if a corporation undergoes an "ownership change," generally defined as a greater than 50 percentage point change (by value) in its equity ownership over a rolling three-year period, the corporation's ability to use its pre-change NOLs and other pre-change tax attributes to offset its post-change taxable income may be limited. The applicable rules generally focus on changes in ownership among stockholders considered by the rules as owning, directly or indirectly, 5% or more of the stock of a corporation, as well as changes in ownership arising from new issuances of stock by the corporation. We may experience ownership changes in the future as a result of future changes in our stock ownership, some of which changes may be outside our control. Similar provisions of state tax law may also apply to our state NOLs. As a result, if we earn net taxable income, our ability to use our pre-change NOL carryforwards to offset post-change taxable income may be subject to limitations. For these reasons, we may not be able to utilize a material portion of our NOLs and other tax attributes, which could adversely affect our future cash flows.

**Risks Related to Public Reporting Matters and an Investment in Our Common Stock** 

***We may issue additional equity or debt securities in the future in order to raise capital. Additional issuances of equity securities would dilute the investment of our current stockholders and could cause the market price of our common stock to decline, and we may also expend substantial funds to satisfy a portion of our tax withholding and remittance obligations that arise upon the vesting and/or settlement of certain of our option awards, which may have an adverse effect on our financial condition and results of operations.***

Issuing additional equity securities to finance future developments and acquisitions instead of incurring additional debt would dilute the interests of our existing stockholders. Further, sales of a substantial number of shares of our common stock, particularly sales by our directors, executive officers and significant stockholders, or the perception that these sales might occur, could depress the market price of our common stock and impair our ability to raise additional capital through the sale of equity. Our directors, executive officers and employees and, in certain instances, contractors, hold shares of common stock subject to outstanding options, time-based and performance-based option awards under our Incentive Plan. Those shares and the shares reserved for future issuance under our Incentive Plan are and will become eligible for sale in the public market, subject to certain legal and contractual limitations. We cannot be certain whether and how many restricted stock units will satisfy their performance-based vesting conditions. Further, certain holders of our common stock have rights, subject to certain conditions, to require us to file registration statements covering their shares or to include their shares in registration statements that we may file for ourselves or our stockholders. We are unable to predict the effect that such sales related to the foregoing may have on the prevailing market price of our common stock.

***The nature of our business requires the application of accounting guidance that requires management to make estimates and assumptions. Reported results under GAAP may vary from key metrics used to measure our business. Additionally, changes in accounting guidance may cause us to experience greater volatility in our quarterly and annual results.***

We prepare our consolidated financial statements to conform to United States Generally Accepted Accounting Principles ("GAAP"). These accounting principles are subject to interpretation by the SEC, Financial Accounting Standards Board ("FASB"), and various bodies formed to interpret and create accounting rules and regulations. Accounting standards, such as ASC 606—Revenue from Contracts with Customers, or the guidance relating to interpretation and adoption of standards could have a significant effect on our financial results and could affect our business. Additionally, the FASB and the SEC are focused on the integrity of financial reporting, and our accounting policies are subject to scrutiny by regulators and the public.

We cannot predict the impact of future changes to accounting principles or our related accounting policies on our financial statements going forward. In addition, were we to change our accounting estimates our reported revenue and results of operations could be significantly impacted. If we are unsuccessful in adapting to the requirements of any new standard, then we may experience greater volatility in our quarterly and annual results, which may cause our stock price to decline.

In addition, GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Such estimates and assumptions are, by their nature, subject to substantial risks and uncertainties and factors may arise over time that lead us to change our methods, estimates, and judgments. Changes in those methods, estimates, and judgments could significantly affect our results of operations.

***If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.***

Ensuring that we have adequate internal financial and accounting controls and procedures in place to produce accurate financial statements on a timely basis is a costly and time-consuming effort that needs to be re-evaluated frequently. We may have a need for additional resources within the accounting and finance functions due to the increasing need to produce timely financial information and to ensure the level of segregation of duties customary for a U.S. public company. We continue to reassess the sufficiency of finance personnel in response to these increasing demands and expectations.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our management does not expect that our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within our company will have been detected. We have in the past experienced, and may in the future experience material weaknesses in our internal control over financial reporting. Our failure to remediate these material weaknesses and maintain effective internal control over financial reporting could result in material misstatements in our financial statements, the inability to timely report our financial condition or results of operations, investors losing confidence in our reported financial information and our stock price being adversely affected.

***Anti-takeover provisions contained in our charter documents and Nevada law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.***

We are a Nevada corporation and the anti-takeover provisions of the Nevada Revised Statutes may discourage, delay, or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change in control would be beneficial to our existing stockholders. An interested stockholder is a person who, together with the affiliates and associates, beneficially owns (or within the prior two years, did beneficially own) ten percent or more of the Company's capital stock entitled to vote.

In addition, our Second Amended and Restated Articles of Incorporation (our "charter") and bylaws (our "bylaws") may discourage, delay, or prevent a change in our management or control over us that stockholders may consider favorable. Our charter and our bylaws (i) authorize the issuance of "blank check" preferred stock that could be issued by our Board of Directors ("Board") to thwart a takeover attempt; (ii) provide that vacancies on our Board may be filled by the directors then in office, and (iii) provide that the Board shall have the power to amend or modify the Bylaws, subject to shareholders' ability to repeal or change the Bylaws by a majority vote.

**Risks Related to Our Financial Position and Need for Additional Capital**

***We are an early-stage company with a history of operating losses and may not maintain profitability in the future.***

We experienced net losses of $8.2 million and $10.7 million for the years ended August 31, 2025 and 2024, respectively. We anticipate incurring losses and negative cash flow for the next several quarters as we continue to invest in our sales and marketing programs in an effort to build our subscription revenue to a point that we are profitable. These investments may not result in increased revenue or growth in our business.

Revenue growth and growth in our customer base may not be sustainable, and we may not achieve sufficient revenue to achieve or maintain profitability. We may incur significant losses in the future for a number of reasons, including due to the other risks described in this Annual Report, and we may encounter unforeseen expenses, difficulties, complications and delays and other unknown events. As a result, our losses may be larger than anticipated, we may incur significant losses for the foreseeable future, and we may not achieve profitability when expected, or at all, and even if we do, we may not be able to maintain or increase profitability. Furthermore, if our future growth and operating performance fail to meet investor or analyst expectations, or if we have future negative cash flow or losses resulting from our investment in acquiring customers or expanding our operations, this could make it difficult for them to evaluate our current business and our future prospects and have a material adverse effect on our business, financial condition and results of operations.

***We expect to require additional capital to fund our operations in the near-term, and this capital might not be available on acceptable terms, if at all.***

We expect that we will need to engage in additional financings to fund our operations and satisfy our obligations in the near-term as well as to respond to business challenges and opportunities. Accordingly, we expect we will need to engage in equity or debt financings to secure additional funds, including seeking additional capital from public or private offerings of our equity or debt securities, or electing to borrow additional amounts under new credit lines or from other sources. We may also seek to raise additional capital, including from offerings of our equity or debt securities on an opportunistic basis when we believe there are suitable opportunities.

If we raise additional funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common stock. Any debt financing that we may secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. We may not be able to obtain additional financing on terms favorable to us, if at all. Our ability to raise additional capital when needed may be adversely affected by external factors beyond our control, including changes in the political climate, geopolitical actions, changes in market interest rates, market volatility in the trading prices for our common stock and other technology companies, a recession, depression, high inflation or other sustained adverse market event, and the outbreak of epidemic disease. As disclosed in "*Management's Discussion and Analysis – Liquidity and Capital Resources*", Arena has committed to funding operations through December 29, 2026 and Decathlon has provided a secured financing of up to $2,200,000. If we are unable to obtain adequate financing or financing on terms satisfactory to us after December 29, 2026, we may not be able to continue operations. If we are otherwise unable to obtain additional financing when we require it, our ability to respond to business challenges and opportunities could be significantly impaired, and our business may be adversely affected.

***We have historically invested in engineering and development efforts that further enhance our products. Such investments may affect our operating results and liquidity, and, if the return on these investments is lower or develops more slowly than we expect, our revenue and operating results may suffer.***

We have historically invested in engineering and development efforts that further enhance our products. These investments involve significant time, risks and uncertainties, including the risk that the expenses associated with these investments may affect our margins, operating results and liquidity and that such investments may not generate sufficient revenues to offset liabilities assumed and expenses associated with these new investments. If we do not achieve the benefits anticipated from these investments, if the achievement of these benefits is delayed, our business, operating results and prospects may be materially adversely affected.

**Risks Related to Data Collection and Security, Intellectual Property and Technology Industry Regulations** 

***The technology industry is subject to increasing scrutiny that could result in U.S. government actions that could negatively affect our business.***

We may face claims relating to the information or content that is made available through our platform. Though we contractually require our customers to represent that they will follow our policies with respect to all information or content they upload to our systems, we may be exposed to potential liability if our customers do not abide by such policies. In particular, the nature of our business may expose us to claims related to defamation, dissemination of misinformation or news hoaxes, discrimination, harassment, intellectual property right infringement, rights of publicity and privacy, personal injury torts, laws regulating hate speech or other types of content, and breach of contract, among others. The technology industry is subject to intense media, political and regulatory scrutiny, including on issues related to antitrust and artificial intelligence, which exposes us to government investigations, legal actions and penalties. For instance, various regulatory agencies, including competition and consumer protection authorities, have active proceedings and investigations concerning multiple technology companies on antitrust and other issues. If we become subject to such investigations, we could be liable for substantial fines and penalties, be required to change our products or alter our business operations, receive negative publicity, or be subject to civil litigation, all of which could harm our business. Lawmakers also have proposed new laws and regulations, and modifications to existing laws and regulations, that affect the activities of technology companies such as the recent efforts to eliminate or modify Section 230 of the Communications Decency Act. If such laws and regulations are enacted or modified, they could negatively impact us, even if they are not specifically intended to affect our company. In addition, the introduction of new products, expansion of our activities in certain jurisdictions, or other actions that we may take may subject us to additional laws, regulations and other scrutiny. The increased scrutiny of certain acquisitions in the technology industry also could affect our ability to enter into strategic transactions of our own or to acquire other businesses.

Compliance with new or modified laws and regulations could increase the cost of conducting our business, limit the opportunities to increase our revenues, or prevent us from offering certain products and services. While we have adopted policies and procedures designed to ensure compliance with applicable laws and regulations, there can be no assurance that our employees, contractors or agents will not violate such laws and regulations. If we are found to have violated laws and regulations, it could materially adversely affect our reputation, financial condition and operating results. We also could be harmed by government investigations, litigation, or changes in laws and regulations directed at our customers, business partners, or suppliers in the technology industry that would have the effect of limiting our ability to do business with those entities. There can be no assurance that our business will not be materially adversely affected, individually or in the aggregate, by the outcomes of such investigations, litigation or changes to laws and regulations in the future.

***Our business and the effectiveness of our platform depends on our ability to collect and use online data. New tools used by consumers to limit data collection, regulatory restrictions and potential changes to web browsers and mobile operating systems affect our ability to collect such data, which could harm our operating results and financial condition.***

The ability of our platform to deliver high quality solutions to our customers is based on our technology's capability to derive relevant, actionable insights from the data that we ingest into our systems and our ability to execute marketing programs across digital channels such as email, social media, website and other touchpoints to engage consumers. The principal way that we collect individual data is directly from the consumers when they register or interact with our platform (such as the DISQUS commenting system), or with partners' services. We also use various tracking technologies, both proprietary and those provided through third-party suppliers in order to connect to individuals across marketing channels for the purpose of targeting consumers and delivering campaigns. The future of these and other digital data collection practices is evolving, with some prominent companies in the industry recently announcing that they will implement their own individual data collection tools and phase out others. This approach may or may not be compatible with our current operations in those channels and platforms. It is yet to be determined if there will be an industry-wide framework for targeting consumers in a digital environment. Furthermore, regulatory and legislative actions may influence which data collection tools are permitted in various jurisdictions and may further restrict our data collection efforts. Without this incremental data, we may not have sufficient insight into the consumer's activity to provide some of our current tools, which may impact our capacity to execute our customers' programs efficiently and effectively.

Consumers can, with increasing ease, implement technologies that limit our ability to collect and use data to track and deliver our solutions across different marketing channels and platforms. Various digital tracking tools may be deleted or blocked by consumers. The most commonly used internet browsers also allow consumers to modify their browser settings to block first-party cookies (placed directly by the publisher or website owner that the consumer intends to interact with), which are not affected by changes from web browsers and operating systems, or third-party cookies (placed by parties that do not have direct relationship with the consumer), which some browsers may block by default. Mobile devices using Android and iOS operating systems limit the ability of cookies, or similar technology, to track consumers while they are using applications other than their web browser on the device. Even if cookies and ad blockers do not ultimately have an adverse effect on our business, investor concerns about the utility and robustness of these tracking technologies could limit demand for our stock and cause its price to decline.

We also partner with third-party data suppliers and publishers. When we purchase or license from third-party data suppliers, we are dependent upon our ability to obtain such data on commercially reasonable terms and in compliance with applicable regulations. If a substantial number of data suppliers were to withdraw or withhold their data from us, or if we had to terminate our ties with data suppliers either due to commercial or regulatory reasons, our ability to provide products to our customers could be materially adversely impacted, which could result in decreased revenues and operating results. We cannot provide assurance that we will be successful in maintaining our relationships with these external data source providers or that we will be able to continue to obtain data from them on acceptable terms or at all. Furthermore, we cannot provide assurance that we will be able to obtain data from alternative sources if our current sources become unavailable.

***Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition and the price of our common stock.***

The global data protection landscape is rapidly evolving, and we are or may become subject to numerous state, federal and foreign laws, requirements and regulations governing the collection, use, disclosure, retention, and security of personal information. Implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future, and we cannot yet determine the impact future laws, regulations, standards, or perception of their requirements may have on our business. This evolution may create uncertainty in our business, affect our ability to operate in certain jurisdictions or to collect, store, transfer use and share personal information, necessitate the acceptance of more onerous obligations in our contracts, result in liability or impose additional costs on us. The cost of compliance with these laws, regulations and standards is high and is likely to increase in the future. Any failure or perceived failure by us to comply with federal, state or foreign laws or regulations, our internal policies and procedures or our contracts governing our processing of personal information could result in negative publicity, government investigations and enforcement actions, claims by third parties and damage to our reputation, any of which could have a material adverse effect on our operations, financial performance and business.

In the U.S., numerous state laws impose standards relating to the privacy, security, transmission and breach reporting of personal information. Such laws and regulations are subject to interpretation by various courts and other governmental authorities, thus creating potentially complex compliance issues for us, our customers and our strategic partners. For example, the CCPA creates individual privacy rights for California consumers and imposes privacy and security obligations on entities handling personal information. The CCPA provides for civil penalties for violations, as well as a private right of action for data breaches suffered as a result of the business's violation of the duty to implement and maintain reasonable security procedures and practices, and this may lead to breach litigation. Further, as amended by the California Privacy Rights Act, the CCPA imposes additional data protection obligations on covered businesses, including additional consumer rights processes, limitations on data uses, audit requirements for higher risk data, and opt outs for certain uses of sensitive data. It also created a new California data protection agency authorized to issue substantive regulations, which could result in increased privacy and information security enforcement. Similar laws are now in effect and enforceable in other states. Additionally, state regulators may exercise greater scrutiny regarding the collection and processing of personal information for purposes of online advertising, marketing, and analytics. These laws and their requirements could have a material adverse effect on our financial performance, and any liability from failure to comply with the requirements of these laws could adversely affect our financial condition.

Furthermore, the Federal Trade Commission ("FTC") and many state Attorneys General continue to enforce federal and state consumer protection laws against companies for online collection, use, dissemination and security practices that appear to be unfair or deceptive. The FTC sees failure to take appropriate steps to keep consumers' personal information secure as constituting unfair acts or practices in or affecting commerce in violation of Section 5(a) of the Federal Trade Commission Act. The FTC expects a company's data security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and complexity of its business, and the cost of available tools to improve security and reduce vulnerabilities. The FTC has in recent years conducted enforcement actions against other companies that created new precedents that may require us to adjust our business practices. Future FTC enforcement actions against marketing companies could result in more material impacts to us.

Our communications with consumers are also subject to certain laws and regulations, including the Controlling the Assault of Non-Solicited Pornography and Marketing ("CAN-SPAM") Act of 2003, the Telephone Consumer Protection Act of 1991 (the "TCPA"), and the Telemarketing Sales Rule and analogous state laws, that could expose us to significant damages awards, fines and other penalties that could materially impact our business. For example, the TCPA imposes various consumer consent requirements and other restrictions in connection with certain telemarketing activity and other communication with consumers by phone, fax or text message. The FTC and the Federal Communications Commission have been active in expanding regulatory and enforcement activities related to TCPA-covered practices. State laws in Connecticut and Maryland created additional requirements and penalties for violations relating to telemarketing and SMS marketing. Numerous class-action suits under federal and state laws have been filed in recent years against companies who conduct telemarketing and/or SMS texting programs, with many resulting in multi-million-dollar settlements to the plaintiffs. Any future such litigation against us could be costly and time-consuming to defend. In particular, the TCPA and related state laws impose significant restrictions on the ability to make telephone calls or send text messages to mobile telephone numbers without the prior consent of the person being contacted. The CAN-SPAM Act and the Telemarketing Sales Rule and analogous state laws also impose various restrictions on marketing conducted using email, telephone, fax or text message. Additional laws, regulations, and standards covering marketing, advertising, and other activities conducted by telephone, email, mobile devices, and the internet may be or become applicable to our business, such as the Communications Act, the Federal Wiretap Act, the Electronic Communications Privacy Act, and similar state consumer protection and communication privacy laws, such as California's Invasion of Privacy Act. As laws and regulations, including FTC enforcement, rapidly evolve to govern the use of these communications and marketing platforms, the failure by us, our employees or third parties acting at our direction to abide by applicable laws and regulations could adversely impact our business, financial condition and results of operations or subject us to fines or other penalties.

New requirements relating to automated, browser-based, or one-stop opt-out mechanisms ("OOMs") such as the Global Privacy Control, the forthcoming opt-out mechanism for data brokers established under the California Delete Act, or other OOMs that will be established in the future may result in significantly larger numbers of consumers opting out of having their data used for marketing purposes versus historical averages. This could result in VisitIQ having less access to consumer data, impacting performance of our services or resulting in loss of business.

Increased scrutiny regarding the use of such technologies and the use of personal data for online advertising practices, together with adverse rulings on these issues, even if not directly against us, may have a direct impact on our ability to continue to collect and process personal data for the services that we provide and could adversely impact our business activities. Changes proposed by providers of major browsers to eliminate or restrict the usage of third-party cookies to track user behaviors, and to allow users to limit the collection of certain data generally or from specified websites, could impair our ability to collect user information, including personal data and usage information, that helps us provide more targeted advertising to our current and prospective consumers. The effectiveness of our platform relies in part on our ability to collect and use online data, so these changes could adversely affect our business.

Our data-driven platform may also be subject to laws and evolving regulations regarding the use of artificial intelligence and machine learning, controlling for data bias, and antidiscrimination. For example, in addition to enforcing Section 5 of the Federal Trade Commission Act of 1914, the FTC enforces the Fair Credit Reporting Act, and the Equal Credit Opportunity Act. These laws prohibit unfair and deceptive practices, including use of biased algorithms in artificial intelligence. If federal or state regulators were to determine that the type of data we collect, the process we use for collecting this data or how we use it unfairly discriminates against some groups of people, laws and regulations could be interpreted or implemented to prohibit or restrict our collection or use of this data. Additionally, existing and future laws, and evolving attitudes about privacy protection may impair our ability to collect, use, and maintain data points of sufficient type or quantity to develop and train our artificial intelligence algorithms.

Although we work to comply with applicable laws, regulations and standards, our contractual obligations and other legal obligations, these requirements are evolving and may be modified, interpreted and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another or other legal obligations with which we must comply. Any failure or perceived failure by us or our employees, representatives, contractors, consultants, collaborators, or other third parties to comply with such requirements or adequately address privacy and security concerns, even if unfounded, could result in the imposition of significant civil and/or criminal penalties, damage in our reputation, private litigation, and restrictions on data processing.

***Our intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of our technology without compensating us, thereby eroding our competitive advantage and having an adverse effect on our business, results of operations and financial condition.***

Our proprietary rights may be difficult to enforce, which could enable others to copy or use aspects of our technology without compensating us, thereby eroding our competitive advantage and harming our business. Our success depends, in part, on our ability to protect proprietary methods and technologies that we develop or otherwise acquire, so that we can prevent others from using our inventions and proprietary information. If we fail to protect our intellectual property rights adequately, our competitors might gain access to our technology and our business might be adversely affected.

Policing unauthorized use of our technology is difficult. In addition, the laws of some foreign countries may not be as protective of intellectual property rights as those of the U.S., and mechanisms for enforcement of our proprietary rights in such countries may be inadequate. If we are unable to protect our proprietary rights (including in particular, the proprietary aspects of our platform) we may find ourselves at a competitive disadvantage to others who have not incurred the same level of expense, time and effort to create and protect their intellectual property.

We rely upon a combination of trade secrets, third-party confidentiality and non-disclosure agreements, additional contractual restrictions on disclosure and use, and trademark and other intellectual property laws to establish and protect our proprietary technology and intellectual property rights. Establishing trade secret, copyright, trademark, domain name and patent protection can be difficult and expensive, and the laws, procedures and restrictions may provide only limited protection. It may be possible for unauthorized third parties to copy or reverse engineer aspects of our technology or otherwise obtain and use information that we regard as proprietary, or to develop technologies similar or superior to our technology or design around our proprietary rights, despite the steps we have taken to protect our proprietary rights. Our contracts with our employees and contractors that relate to intellectual property issues generally restrict the use of our confidential information solely in connection with our products. However, theft or misuse of our proprietary information could occur by employees or contractors who have access to our technology.

Our wholly owned subsidiary, VisitIQ, LLC currently owns trademark registrations and applications for the VISITIQ and VISITID names and other product-related marks in the United States. We have also registered numerous internet domain names related to our business. We also rely on copyright laws to protect computer programs related to our platform and our proprietary technologies.

***Any unfavorable publicity or negative public perception of current data collection practices could in the future harm our business, results of operations, financial condition and the price of our common stock, including from additional regulations which may impact the effectiveness of our data cloud and platform.***

The growth of the digital marketing industry has led to increased scrutiny from consumer groups, government agencies and news organizations. Negative publicity about the digital marketing industry as a whole or about an individual actor, regardless of the accuracy, could harm our business, results of operations and financial condition, and negatively affect the price of our common stock. For example, in recent years, consumer advocates, mainstream media and elected officials have increasingly and publicly criticized the digital marketing industry for its collection, storage and use of data. Furthermore, government agencies have recently been, and may continue to be, more active in regulating and enforcing rules that relate to the collection, use, sharing and disclosure of data.

As we process transactions through our platform, we collect large amounts of data about consumers and advertisements that we place. Further, we collect data on consumers that does not directly identify the individual (although considered personal information under the CCPA and other U.S. laws, GDPR, and other laws), including browser, device location and characteristics, online browsing behavior, exposure to and interaction with advertisements, and inferential data about purchase intentions and preferences. Data providers also send us proprietary data, including data about consumers. We aggregate this data and analyze it in order to enhance our product, including the pricing, placement and scheduling of advertisements. Evolving regulatory standards could place restrictions on the collection, management, aggregation and use of the types of data we collect, which could result in a material increase in the cost of collecting or otherwise obtaining certain kinds of data and could limit the ways in which we may use or disclose data. Any new and unforeseen regulatory limitations on our operations could impair our ability to deliver effective solutions to our customers, which could adversely affect our business, operating results and financial condition.

***A significant inadvertent disclosure or breach of confidential and/or personal information we may be deemed to process, or a security breach of our or our customers', suppliers', or other partners' IT Systems could be detrimental to our business, reputation, financial performance and results of operations.***

In addition to internal technology, including proprietary software, databases, and other intellectual property, we also rely on computer hardware purchased or leased from, software licensed from, content licensed from and services provided by a variety of third parties, which include databases, operating systems, virtualization software, tax requirement content and geolocation content and services (collectively, "IT Systems"). The nature of our business means that we process large databases of information, including maintaining and storing large databases of such information, not only on our own behalf, but also on our customers' and others' behalf. As a result, we face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems, and personal and confidential information. Such risks include the misappropriation of data by malicious insiders or unauthorized third parties, or other data breaches. Such parties could attempt to gain entry to our or our vendor's IT Systems (including by gaining employment at VisitIQ) for the purpose of stealing data, including confidential information or personal information, or breaching our security systems or other IT Systems. In particular, we (and certain of our third-party providers), like other organizations, especially in the digital marketing industry and marketing technology industry, are routinely subject to attempts by such threat actors (e.g., cybersecurity threats, attempted data privacy breaches, or other incidents), which if successful, may result in either threatened or actual exposure leading to unauthorized access, disclosure and misuse of confidential information, personal information or other information regarding customers, suppliers, partners, vendors, employees, or our company and business. Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools, including artificial intelligence, that circumvent security controls, evade detection and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT Systems or information.

Even where we have invested in industry standard security, a breach may be due to employee error, malfeasance, system errors or vulnerabilities, including vulnerabilities of our customers, vendors, suppliers, their products, or otherwise. Third parties may also attempt to fraudulently induce employees to disclose sensitive information or credentials that permit access to sensitive information through a process known as social engineering. This includes disclosing data such as usernames, passwords or other information to gain access to our customers' data or our data, including intellectual property and other confidential information. Employee-related risks are increased by remote and hybrid working arrangements at our company (and at third-party providers) which increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks. Third parties and threat actors also may attempt to extort us through a ransomware or other similar form of attack by encrypting information IT Systems, rendering our IT Systems inoperable, or stealing intellectual property, confidential information, personal information, or other sensitive data, and demanding payment in return. Techniques used to obtain unauthorized access to, or sabotage IT Systems, change frequently, grow more complex over time, and often are not recognized until launched against a target. Given the unpredictability of the timing, nature and scope of cybersecurity attacks and other security-related incidents, our technology may fail to adequately secure the data, including confidential information and personal information we maintain, and we cannot entirely eliminate the risk of improper or unauthorized access to or disclosure of such data, other security events that impact the integrity or availability of such data, or our IT Systems and operations and any data contained in such systems and operations. We may incur significant costs in protecting against or remediating such events, including cyber-attacks. Any security breach could result in operational disruptions that impair our ability to meet our customers' requirements, which could result in decreased revenue. We carry insurance comparable to our industry. However, we cannot guarantee that our insurance coverage will be sufficient to cover all costs and liabilities incurred in relation to a security breach, or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

Whether there is an actual or a perceived breach of our security, our reputation could suffer irreparable harm, causing our current and prospective customers to reject our products in the future, deterring data suppliers from supplying us data or customers from uploading their data on our platform, or changing customers' behaviors and use of our technology. Further, we could be forced to expend significant resources in response to a security breach, including those expended in notifying individuals and providing mitigating solutions, repairing system damage, increasing cyber security protection costs by deploying additional personnel and protection technologies, and litigating and resolving legal claims or governmental inquiries and investigations, all of which could divert the attention of our management and key personnel away from our business operations.

***We depend on third-party data providers, systems and technologies to operate our business, the disruption of which could adversely affect our business, operating results and financial condition.***

Any damage to or failure of our IT Systems generally would prevent us from operating our business. We rely on data centers and third-party technology vendors in order to operate our business, and we host our company-owned infrastructure at third-party data centers. We are also dependent on third-party providers to provide industry standard protection against potential damages such as cyber intrusions, natural disasters, criminal acts and technical maintenance. In the event of damage or interruption to IT Systems, it is unlikely that we would be appropriately compensated for the reputational harm that such an interruption would create regardless of any damages we may recover from such third parties or any insurance policy in place. This would in turn reduce our revenue, subject us to liability and may cause us to lose customers, any of which could materially adversely affect our business.

Additionally, improving our platform's infrastructure and expanding its capacity in anticipation of growth in new channels and formats, as well as implementing technological enhancements to our platform to improve its efficiency and cost-effectiveness are key components of our business strategy, and if our third-party data centers are unable to keep up with our growing needs for capacity, this could have an adverse effect on our business. Any changes in the service levels at our third-party data centers or any errors, service interruptions, defects, disruptions, or other performance problems could adversely affect our reputation, expose us to liability, cause us to lose customers, or otherwise adversely affect our business, operating results and financial condition. Any errors, bugs or defects in such IT Systems could result in errors or a failure of our solutions, which could harm our business. Additionally, we cannot ensure that these third-party leases or licenses, or support for such leased or licensed products and technologies, will continue to be available to us on commercially reasonable terms, if at all. We cannot be certain that our suppliers or licensors are not infringing the intellectual property rights of others or that our suppliers and licensors have sufficient rights to the technology in all jurisdictions in which we may operate. In the future, we might need to license other hardware, software, content or services to enhance our products and meet evolving customer requirements. Any inability to license or otherwise obtain such hardware or software could result in a reduction in functionality, or errors or failures of our products, until equivalent technology is either developed by us or, if available, is identified, obtained through purchase or license, and integrated into our solutions, any of which may reduce demand for our solutions and increase our expenses. In addition, third-party licenses may expose us to increased risks, including risks associated with the integration of new technology, the diversion of resources from the development of our own proprietary technology, and our inability to generate revenue from new technology sufficient to offset associated acquisition and maintenance costs, all of which may increase our expenses and harm our results of operations.

***If we fail to detect or prevent fraud or malware intrusion on our platform, devices, or systems, or into the systems or devices of our customers and their consumers, publishers could lose confidence in our platform, and we could face legal claims and regulatory investigations, any of which could adversely affect our business, operating results and financial condition.***

We may be the target of fraudulent or malicious activities undertaken by persons seeking to use our platform for improper purposes. For example, someone may attempt to divert or artificially inflate customer purchases through our platform or attempt to disrupt or divert the operation of the systems and devices of our publishers and their consumers in order to misappropriate information, generate fraudulent billings or stage cyberattacks, or other unauthorized or illicit purposes. Those activities could also introduce malware through our platform in order to commandeer or gain access to confidential information or personal information. We use third-party tools and proprietary technology to identify non-human traffic and malware, and we may reduce or terminate relationships with customers that we find to be engaging in such activities. However, there can be no assurance that our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information. Perpetrators of fraudulent impressions and malware frequently change their tactics and may become more sophisticated over time, requiring both us and third parties to improve processes for assessing the quality of publisher inventory and controlling fraudulent activity. In the meantime, new or changing data privacy laws (in particular outside the EU and the U.S.) could potentially interfere with the data collection required in order to detect fraud. If we fail to detect or prevent fraudulent or malicious activity of this sort, our reputation could be damaged, customers may contest payment, demand refunds or fail to give us future business, or we could face legal claims or investigations from customers or regulators. Even if we are not directly involved in fraud or malicious activity, any sustained failures of others in our industry to adequately detect and prevent fraud could generate the perception that digital marketing is unsafe and lead our customers to avoid digital marketing products like ours.

***The standards that private entities and inbox service providers adopt in the future to regulate the use and delivery of email may interfere with the effectiveness of our platform and our ability to conduct business.***

Our business is dependent on email services for promoting our customers' brands, products and services. Other private entities often advocate standards of conduct or practices that significantly exceed current legal requirements and classify certain solicitations that comply with current legal requirements as impermissible "spam." Some of these entities maintain "blacklists" of companies and individuals, and the websites, inbox service providers and IP addresses associated with those entities or individuals that do not adhere to those standards of conduct or practices for commercial solicitations that the blacklisting entity believes are appropriate. If a company's IP addresses are listed by a blacklisting entity, emails sent from those addresses may be blocked if they are sent to any internet domain or internet address that subscribes to the blacklisting entity's service or uses its blacklist.

From time to time, some of our IP addresses have become, and we expect will continue to be, listed with one or more blacklisting entities due to the messaging practices of our customers and other users. We may be at an increased risk of having our IP addresses blacklisted due to our scale and volume of emails processed, compared to our smaller competitors. While the overall percentage of such email solicitations that our individual customers send may be at or below reasonable standards, the total aggregate number of all emails that we process on behalf of our customers may trigger increased scrutiny from these blacklisting entities. There can be no guarantee that we will be able to successfully remove ourselves from those lists. Because we fulfill email delivery on behalf of our customers, blacklisting of this type could undermine the effectiveness of our customers' transactional email, email marketing programs and other email communications, all of which could have a material negative impact on our business, financial condition and results of operations.

Inbox service providers can also block emails from reaching their users. While we continually improve our own technology and work closely with inbox service providers to maintain our deliverability rates, the implementation of new or more restrictive policies by inbox service providers may make it more difficult to deliver our customers' emails, particularly if we are not given adequate notice of a change in policy or struggle to update our platform to comply with the changed policy in a reasonable amount of time. In addition, some inbox service providers categorize as "promotional" emails that originate from email service providers and, as a result, direct them to an alternate or "tabbed" section of the recipient's inbox. If inbox service providers materially limit or halt the delivery of our customers' emails, or if we fail to deliver our customers' emails in a manner compatible with inbox service providers' email handling or authentication technologies or other policies, or if the open rates of our customers' emails are negatively impacted by the actions of inbox service providers to categorize emails, then customers may question the effectiveness of our platform and cancel their accounts.

Additionally, changes in the laws or regulations that limit our ability to send such communications or impose additional requirements upon us in connection with sending such communications would also materially adversely impact our business. For example, Canada's Anti-Spam Legislation ("CASL") prohibits email marketing without the recipient's consent, with limited exceptions. In addition, electronic marketing and privacy requirements in the EU are highly restrictive and differ greatly from those currently in force in the U.S., which could cause fewer individuals in the EU to subscribe to our marketing messages and drive up our costs and risk of regulatory oversight and fines if we are found to be non-compliant. These restrictions could prevent us from obtaining enough data to produce effective marketing results for our customers in these markets. Our use of email and other messaging services to send communications to consumers may also result in legal claims against us, for which we may incur increased expenses, and if successful might result in fines and orders with costly reporting and compliance obligations or might limit or prohibit our ability to send emails or other messages. We also rely on social networking messaging services to send communications and to encourage consumers to send communications. Changes to the terms of these social networking services to limit promotional communications, any restrictions that would limit our ability or our customers' ability to send communications through their services, disruptions or downtime experienced by these social networking services or decline in the use of or engagement with social networking services by our customers' end consumers could materially and adversely affect our business, financial condition and operating results.

**Risks Related to Ownership of Our Common Stock**

***We do not anticipate paying any cash dividends in the foreseeable future.***

We have never declared or paid cash dividends, and we do not anticipate paying cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our common stock as a source for any future dividend income. Our Board has complete discretion as to whether to declare dividends. Even if our Board decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on our future results of operations and cash flow, our capital requirements, our financial condition, contractual restrictions and other factors deemed relevant by our Board.

***Because our common stock does not trade on a national securities exchange, the prices of our common stock may be more volatile and lower than if we were listed.***

Our common stock trades on the OTC PINK (the "OTCPK") operated by OTC Markets Group Inc. This market is not a national securities exchange. While our common stock trading has been relatively active, generally the OTCPK does not have the same level of activity as a national securities exchange like Nasdaq. Most institutions will not purchase a security unless it is on a national securities exchange. In addition, they do not purchase stocks that trade below $5.00 per share. We may, in the future, take certain steps, including utilizing investor awareness campaigns, press releases, road shows and conferences to increase awareness of our business and any steps that we might take to bring us to the awareness of investors may require we compensate consultants with cash and/or stock. There can be no assurance that there will be any awareness generated or the results of any efforts will result in any impact on our trading volume. Consequently, investors may not be able to liquidate their investment or liquidate it at a price that reflects the value of the business and trading may be at an inflated price relative to the performance of our company due to, among other things, availability of sellers of our shares.

***Our common stock is deemed a "penny stock," which makes it more difficult for our investors to sell their shares.***

Our common stock is subject to the "penny stock" rules adopted under Section 15(g) of the Securities Exchange Act of 1934 (the "Exchange Act"). The penny stock rules generally apply to companies whose common stock trades at less than $5.00 per share, subject to specific exceptions. Such exceptions include among others any equity security listed on a national securities exchange and any equity security issued by an issuer that has (i) net tangible assets of at least $2,000, if such issuer has been in continuous operation for three years, (ii) net tangible assets of at least $5,000, if such issuer has been in continuous operation for less than three years, or (iii) average annual revenue of at least $6,000 for the last three years. The "penny stock" designation requires any broker-dealer selling these securities to disclose certain information concerning the transaction, obtain a written agreement from the purchaser and determine that the purchaser is reasonably suitable to purchase the securities. These rules limit the ability of broker-dealers to solicit purchases of our common stock and therefore reduce its liquidity.

Moreover, as a result of apparent regulatory pressure from the SEC and the Financial Industry Regulatory Authority, a growing number of broker-dealers decline to permit investors, or otherwise make it difficult, to purchase and sell "penny stocks." The "penny stock" designation may have a depressive effect upon our common stock price. If we remain subject to the penny stock rules for any significant period, it could have an adverse effect on the market, if any, for our securities. Because our common stock is subject to the penny stock rules, investors will find it more difficult to dispose of our securities.

**General Risk Factors**

***If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our stock, or if our results of operations do not meet their expectations, our stock price and trading volume could decline.***

The trading market for our securities will be influenced by the research and reports that securities or industry analysts publish about us or our business (or the absence of such research or reports). If one or more of these analysts cease coverage of our Company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who cover us downgrade recommendations regarding our stock, or if our results of operations do not meet their expectations, our stock price could decline and such decline could be material.

***We have identified material weaknesses in our internal control over financial reporting. If we fail to remediate these material weaknesses, or if we experience additional material weaknesses in the future or otherwise fail to maintain effective internal control over financial reporting in the future, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our common stock.***

As a public company, we are required to maintain internal controls over financial reporting and to report any material weaknesses in such internal controls. We are required to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. The process of designing and implementing internal controls over financial reporting is time consuming, costly, and complicated. If during the evaluation and testing process, we identify one or more material weaknesses in our internal control over financial reporting or determine that existing material weaknesses have not been remediated, our management will be unable to assert that our internal control over financial reporting is effective. Even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm may conclude that there are material weaknesses with respect to our internal controls or the level at which our internal controls are documented, designed, implemented, or reviewed. If we are unable to assert that our internal control over financial reporting is effective, investors may lose confidence in the accuracy and completeness of our financial reports and the valuation of our common stock could be adversely affected.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of August 31, 2025, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Based upon their evaluation, our principal executive officer and principal financial and accounting officer, concluded that our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) were not effective as of August 31, 2025 due to the existence of material weaknesses.

Remediation measures are time-consuming on the Company's financial and operational resources. In order to improve the effectiveness of its internal control over financial reporting, the Company will need to continue to expend resources, including accounting-related costs and management oversight.

We cannot provide assurance that the measures we have taken to date and may take in the future will prevent or avoid potential future material weaknesses. The effectiveness of our internal control over financial reporting is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the possibility of human error and the risk of fraud. If we are unable to remediate the material weaknesses or identify additional material weaknesses in the future, our ability to record, process and report financial information accurately, and to prepare financial statements within the time periods required by the SEC, could be adversely affected which, in turn, may adversely affect our reputation and business and the market price of the common stock. In addition, any such failures could result in litigation or regulatory actions by the SEC or other regulatory authorities, loss of investor confidence, delisting of our securities and harm to our reputation and financial condition, or diversion of financial and management resources from the operation of our business.

**Item 1B. Unresolved Staff Comments.** 

Not applicable.

**Item 1C. Cybersecurity.** 

We recognize the critical importance of maintaining the trust and confidence of all our stakeholders. Cybersecurity risk is managed as part of our broader technology and operational oversight, with involvement from our executive leadership team.

As one of the critical elements of our overall risk management approach, our cybersecurity program is focused on the following key areas:

***Risk Management and Strategy*** 

Our approach to cybersecurity focuses on maintaining the confidentiality, integrity, and availability of our systems through technical safeguards, ongoing monitoring, and operational response processes. Cybersecurity practices are implemented and maintained by internal personnel and are adjusted based on system changes, observed risks, and incident response activities.

***Governance and Oversight*** 

Cybersecurity oversight is managed by executive leadership. Day-to-day cybersecurity operations are overseen by the Chief Technology Officer (CTO). The Chief Executive Officer (CEO), who serves on the Board, receives updates regarding cybersecurity matters as appropriate.

***Incident Monitoring, Response, and Reporting*** 

We maintain processes to identify, investigate, and respond to cybersecurity incidents affecting our systems. When incidents occur, relevant information is escalated to executive leadership based on the nature and severity of the incident.

Information shared with our executive leadership team includes:

● A description of the incident and how it was identified

● Systems, services, or data affected

● Preliminary assessment of scope and severity

● Mitigation actions taken or underway

● Operational impact and recovery status

Our executive leadership team determines whether and how such matters are communicated to our Board.

***Technical Safeguards*** 

We deploy technical safeguards designed to protect our information systems, which may include access controls, network security measures, system monitoring, and malware protection. These safeguards are maintained and updated as part of ongoing system operations.

***Third-Party Considerations*** 

We utilize third-party service providers to support certain aspects of our operations. Access by third parties to internal systems is managed and limited where applicable, and security considerations are evaluated in connection with the use of such providers.

***Risk Disclosure*** 

As of the date of this filing, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business, results of operations, or financial condition.

Although we are subject to ongoing and evolving cybersecurity threats, we are not aware of any material risks from cybersecurity threats in the fiscal year ending August 31, 2025 or thereafter that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. For more information on our cybersecurity risks, see "*Risk Factors- Risks Related to Data Collection and Security, Intellectual Property and Technology Industry Regulations – "A significant inadvertent disclosure or breach of confidential and/or personal information we may be deemed to process, or a security breach of our or our customers', suppliers', or other partners' IT Systems could be detrimental to our business, reputation, financial performance and results of operations.*" 

**Item 2. Properties.** 

Not applicable.

**Item 3. Legal Proceedings.** 

From time to time, we are involved in various legal proceedings arising from the normal course of business activities. Except for the proceeding below, the Company is not currently a party to any other legal proceedings the outcome of which, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on its business, financial condition, and results of operations.

On March 3, 2025, plaintiff Intersect Technologies, LLC ("<u>Intersect</u>") filed an amended complaint in the U.S. District Court in the District of Delaware against us alleging breach of contract and certain other causes of action against us related to the business of DrivenIQ and the transfer of substantially all the assets of DrivenIQ to us in connection with the foreclosure sale. Intersect sought to recover its actual and punitive damages to the extent by law, which it alleged was in excess of $75,000. In February 2026, we entered into settlement discussions with Intersect in connection with this matter. On May 18, 2026, the parties reached an agreement-in-principle settling the matter, with our insurance carrier covering our settlement costs.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.** 

**Market Information for Common Stock**

Our common stock is currently quoted on OTCPK under the symbol "VIIQ". Our common stock was previously traded on OTCPK under the symbol "CATG".

**Holders of Record**

As of August 31, 2025, there were 67 holders of record of our common stock. As of April 30, 2026, there were 67 holders of record of our common stock. Because some of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of beneficial owners of our common stock represented by these record holders.

**Dividend Policy**

We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our common stock in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our Board, subject to applicable laws and the terms of our indebtedness, and will depend on our financial condition, operating results, capital requirements, general business conditions, and other factors that our Board may deem relevant.

**Securities Authorized for Issuance Under Equity Compensation Plans**

The Board has currently authorized 10,000,000 shares of common stock for issuance under the Incentive Plan. During the year ended August 31, 2025, 7,230,000 option awards were granted, all of which were outstanding as of August 31, 2025. As of April 30, 2026, 7,252,910 option awards were granted, all of which were outstanding.

**Sales of Unregistered Securities**

None.

**Use of Proceeds.**

None.

**Issuer Purchases of Equity Securities**

None.

**Item 6. Reserved**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

*The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of our results of operations and financial condition. The discussion should be read in conjunction with our audited consolidated financial statements included elsewhere in this Annual Report. This discussion contains forward-looking statements based upon our current expectations, estimates and projections, and involves numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements due to, among other considerations, the matters discussed in the sections titled "Risk Factors" and "Special Note Regarding Forward-Looking Statements."*

**Overview** 

VisitIQ is an AI-powered campaign targeting engine that gives marketers, agencies, and enterprise go-to-market (GTM) teams the ability to find, define, and activate the audiences most likely to convert. The platform identifies anonymous website visitors, generates real-time Ideal Customer Profiles (ICPs), builds high-precision lookalike audiences, detects in-market behavior, maps real-world movement patterns, and activates every audience across paid media, email, CRM, and marketing automation platforms—while integrating seamlessly with existing go-to-market workflows and tools.

VisitIQ is needed by GTM teams now more than ever, because the modern go-to-market landscape has shifted under their feet. AI-driven search experiences have collapsed organic visibility across the web. Zero-click search has removed the very behavior relied on to generate inbound demand. Paid acquisition costs continue to rise as platforms consolidate inventory and shrink signal availability. Most website visitors remain anonymous, most campaigns waste spend on the wrong audiences, and most brands have no practical way to understand who is on their site, what they want, or whether they're actively in a buying cycle.

VisitIQ solves this problem by delivering a unified, AI-driven targeting layer that sits across the entire go-to-market stack - continuously enriching data, clarifying ICPs, identifying high-intent prospects, and delivering audiences directly into the execution tools companies already use to run their GTM efforts.

**Recent Developments** 

***Recent Financing and Capital Structure Transactions***

As more fully described in the notes to the audited consolidated financial statements included elsewhere in this Annual Report, in October 2024, the Company entered into a note purchase agreement with Arena, pursuant to which the Company issued to Arena a convertible promissory note (the "October Note") with a principal amount of $1,333,333. The October Note was issued with an original issue discount and resulted in gross proceeds to the Company of $1,200,000. In April 2025, the October Note, and the related accrued interest, was converted into 3,903,065 shares of Series B Convertible Preferred Stock. In November 2024 we completed a capital restructuring to simplify our capital structure whereby convertible notes payable and warrants were exchanged for Series B Convertible Preferred Stock. Additionally, in April 2025 and November 2025, we signed convertible note agreements with our largest shareholder of convertible preferred stock, Arena, which has provided the Company with approximately $3.75 million of funding to date. In November 2025, we also received a $391,000 investment from our main outsourced technology development partner into our Series C Convertible Preferred Stock. The investment was comprised of $80,000 of cash and cancellation of approximately $311,000 in outstanding payables to this vendor.

In March 2026, the Company, VisitIQ, LLC and Vern Hanzlik, as a key person of the Company, entered into a Revenue Loan and Security Agreement, dated March 26, 2026 (the "Revenue Loan and Security Agreement") with Decathlon Alpha V, L.P. ("Decathlon") relating to a secured financing of $2,200,000 (the "Revenue Loan Amount"), with $1,000,000 being advanced to the Company upon execution of the Revenue Loan and Security Agreement and one or more addition advances available for the remainder of the Revenue Loan Amount available to the Company upon request, provided that the Company has satisfied all conditions with respect to such advance.

The Revenue Loan and Security Agreement requires monthly payments of Fixed Payment Amounts (as set forth in the Revenue Loan and Security Agreement) with all outstanding advances and the Interest (as defined in them Revenue Loan and Security Agreement) being due at maturity on March 26, 2030 (unless accelerated upon a change of control or the occurrence of other events of default). Interest does not accrue on advance(s) pursuant to the Loan Agreement, rather a minimum amount of Interest (as defined in the Loan Agreement) is due pursuant to the terms of the Loan Agreement. The Revenue Loan and Security Agreement further provides for the payment of fees by the Borrower and includes customary representations and warranties, indemnification provisions, covenants and events of default. Subject in some cases to cure periods, amounts outstanding and otherwise due under the Revenue Loan and Security Agreement may be accelerated for typical defaults including, but not limited to, the failure to make when due payments, the failure to perform any covenant, the inaccuracy of representations and warranties, and the occurrence of debtor-relief proceedings.

In connection with the Revenue Loan and Security Agreement, the Company, VisitIQ, LLC, Decathlon and Arena also entered into a Subordination Agreement (the "Subordination Agreement"), dated March 26, 2026, pursuant to which Arena subordinated all security interests or liens that Arena may have in the property of the Company or VisitIQ, LLC to Decathlon.

***Trends and Other Factors Affecting Our Business***

We believe that our performance and future success depend on many factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section of this Annual Report titled "*Risk Factors*."

We regularly evaluate several metrics, including the metrics presented in the table below, to measure our performance, identify trends affecting our business, prepare financial projections, make strategic decisions and establish performance goals for compensation and we periodically review and revise these metrics to reflect changes in our business.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Bookings for the year ended August 31 | $4379609 | $593999 |
| Data revenue for the year ended August 31 | 2212601 | 2059174 |
| Gross profit for the year ended August 31 | 1428369 | (1184) |

---

Bookings are defined as a contracted future platform license in contracted dollars.

*Customer Concentration*

During the year ended August 31, 2025, three customers accounted for 29%, 15% and 11% of consolidated revenue. As of August 31, 2025, these three customers accounted for 61% of consolidated accounts receivable, net.

During the year ended August 31, 2024, one customer accounted for 22% of consolidated revenue. As of August 31, 2024, three customers, inclusive of the customer with the revenue concentration, accounted for 54% of consolidated accounts receivable, net.

*Continued Investment and Innovation*

We continue to invest in our platform by working to develop innovative solutions to address our customers' needs and focus on our customers identifying the most impactful areas for advancement. We believe this process has contributed significantly to our increases in bookings and customer growth. We believe that continued investments in our products are important to our future growth and, as a result, we expect our software development costs to continue to increase, which may adversely affect our near-term liquidity.

**Macroeconomic Conditions and Other World Events**

General economic and political conditions such as recessions, interest rates, fuel prices, inflation, foreign currency fluctuations, international tariffs, social, political and economic risks and acts of war or terrorism (including, for example, the ongoing military conflicts in Israel and in Ukraine and the economic sanctions related thereto), have added uncertainty in timing of customer orders.

See *"Risk Factors - Risks Related to Our Business and Industry-Our business is subject to the risk of catastrophic events such as pandemics, hurricanes, wildfires, tornadoes, earthquakes, extreme weather events, flooding, droughts and power outages, and to business and operational interruption by man-made problems such as war, conflicts and terrorism" and "We may be adversely affected by the effects of inflation."* 

**Components of Results of Operations**

*Revenue*

Revenues arise primarily from the Company's proprietary AI-driven technology platform, which is named VisitIQ, via subscription fees and volume-based utilization fees.

We also offer media activation services to our customers and this service consists of the fees charged for the Company's management of media campaigns for customers, and the activation of the data to the related media campaign.

*Cost of Sales*

Our cost of sales is largely related to the costs of our customer data that drives our technology platform, the hosting fees for that data and our platform, and other costs related to maintaining our platform and its responsiveness.

*Legal and Professional Fees*

Legal and professional fees relate mainly to fees paid to our lawyers in connection with various financing agreements our other capital structure-related items, in addition to fees paid to our auditors and tax accountants.

*Personnel Expenses*

Personnel expenses consist primarily of salaries and related personnel costs for individuals working on our team.

*General and Administrative Expenses*

General and administrative expenses consist primarily of our insurance expense, non-capitalized software costs, general corporate costs, and rent.

*Selling and Marketing Expenses*

Sales and marketing expenses consist primarily of costs related to advertising, marketing promotions, and travel costs.

*Depreciation and Amortization Expenses*

Depreciation and amortization expenses primarily relate to the amortization of our capitalized software development costs, which are expensed over a period of 3 years.

*Credit Loss Expenses*

Credit loss expenses relate to the expense incurred when accounts receivable are considered to be uncollectable.

*Stock-Based Compensation Expenses*

Stock-based compensation expenses relate primarily to the Company's majority stockholder entering into a consulting agreement with the Company. As payment under this consulting agreement, the stockholder was allowed to convert 42,814,596 shares of their Series B Convertible Preferred Stock into 57,086,261 shares of Series C Convertible Preferred Stock. The Company determined the fair value of the Series C Convertible Preferred Stock received as consideration under the consulting agreement was approximately $2,528,000 greater than the fair value of the Series B Convertible Preferred Stock at the conversion date and recorded this excess amount as Stock-based compensation expense in the consolidated statements of operations. Additionally, the Company incurred approximately $419,000 in stock-based compensation expense for stock option awards granted to employees, contractors, Directors and Board advisors.

*Impairment Losses on Equity Investments*

Impairment losses in the year ended August 31, 2024 were related to an investment the Company had in an entity where the Company determined that there was a partial impairment and reduced the recorded amount by $16,000.

*Loss on Disposition of Software Assets*

During the year ended August 31, 2024, the Company recorded a loss of approximately $377,000 related to the disposition of capitalized software that was no longer being used by the Company.

*Interest Expense*

Interest expense primarily consists of interest incurred and amortization of original issue discount under our outstanding convertible debt agreements.

*Interest income*

Interest income of approximately $19,000 was recorded during the year ended August 31, 2024 related to interest received on a certain investment the Company had at that time.

*Gain on Exchange of Convertible Notes Payable for Series B Convertible Preferred Stock*

The Company recorded a gain on the exchange of a non-related party's convertible debt to Series B Convertible Preferred Stock, calculated as the difference between the carrying amount of this debt and accrued interest, in comparison to the estimated valuation of the Series B Convertible Preferred Stock received upon conversion.

*Loss Recognized upon Dissolution of DrivenIQ*

The Company recorded a loss on the dissolution of this entity in June 2025.

*Income Taxes*

The Company recorded income tax expense of $19,890 for the year ended August 31, 2025, which related to temporary differences. No provision for, or benefit from, income taxes was recorded for the year ended August 31, 2024. Due to the level of historical losses, we maintain a full valuation allowance on the deferred tax assets as of August 31, 2025 and 2024 against U.S. federal and state deferred tax assets as we have concluded as of August 31, 2025 and 2024 it is more likely than not that these deferred tax assets will not be realized.

**Results of Operations**

**Comparison of the Years Ended August 31, 2025 and 2024:** 

The following table summarizes our historical results of operations and as a percentage of revenue for the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | | |
|  | **2025** | **2025** | **2024** | **2024** | <br>**Change** | <br>**%** |
| Data revenue | 2212601 | 83.9% | $2059174 | 68.7% | $153427 | 7.5% |
| Media activation revenue | 423129 | 16.1% | 938797 | 31.3% | (515668) | -54.9% |
| &nbsp;&nbsp;&nbsp;Total revenue | 2635730 | 100.0% | 2997971 | 100.0% | (362241) | -12.1% |
| Data cost of sales | 1058993 | 40.2% | 2021102 | 67.4% | (962109) | -47.6% |
| Media activation cost of sales | 148368 | 5.6% | 978053 | 32.6% | (829686) | -84.8% |
| &nbsp;&nbsp;&nbsp;Total cost of sales | 1207361 | 45.8% | 2999155 | 100.0% | (1791794) | -59.7% |
| Gross profit (loss) | 1428369 | 54.2% | (1184) | 0.0% | 1429554 | 54.2% |
| Expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 417010 | 15.8% | 1493084 | 49.8% | (1076074) | -72.1% |
| &nbsp;&nbsp;&nbsp;Personnel expenses | 3119626 | 118.4% | 3938737 | 131.4% | (819111) | -20.8% |
| &nbsp;&nbsp;&nbsp;General and administrative costs | 540366 | 20.5% | 670723 | 22.4% | (130357) | -19.4% |
| &nbsp;&nbsp;&nbsp;Sales & marketing expenses | 73014 | 2.8% | 93153 | 3.1% | (20139) | -21.6% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 1461665 | 55.5% | 1304905 | 43.5% | 156759 | 12.0% |
| &nbsp;&nbsp;&nbsp;Credit losses expense | 187004 | 7.1% | 220293 | 7.3% | (33289) | -15.1% |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense - primarily related party | 2947578 | 111.8% |  | 0.0% | 2947578 | N/A |
| &nbsp;&nbsp;&nbsp;Impairment losses on equity investments |  | 0.0% | 16000 | 0.5% | (16000) | -100.0% |
| &nbsp;&nbsp;&nbsp;Loss on disposition of software assets |  | 0.0% | 377111 | 12.6% | (377111) | -100.0% |
| Total operating expenses | 8746262 | 331.8% | 8114006 | 270.6% | 632256 | 7.8% |
| Other income (expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (775731) | -29.4% | (2609918) | -87.1% | 1834187 | -70.3% |
| &nbsp;&nbsp;&nbsp;Interest income |  | 0.0% | 18774 | 0.6% | (18774) | -100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on exchange of convertible notes payable for preferred stock | 442638 | 16.8% |  | 0.0% | 442638 | N/A |
| &nbsp;&nbsp;&nbsp;Loss recognized upon dissolution of DrivenIQ | (481717) | -18.3% |  | 0.0% | (481717) | N/A |
| Net loss before allowance for income taxes | (8132703) | -308.6% | (10706334) | -357.1% | 2573631 | -24.0% |
| &nbsp;&nbsp;&nbsp;Income tax expense | 19890 | 0.8% |  | 0.0% | 19890 | N/A |
| Net loss | (8152593) | -309.3% | (10706334) | -357.1% | $2553741 | -23.9% |

---

*Revenue*

Total revenue for the years ended August 31, 2025 and 2024 was approximately $2,636,000 and $2,998,000, respectively. Total revenue for the year ended August 31, 2025 decreased by approximately $362,000, or 12.1%, from the year ended August 31, 2024, primarily driven by a decrease in media activation revenue as the Company has been focused on growing its subscription base for the data revenue line.

*Cost of Revenue*

The following table presents the Cost of Sales disaggregated by service type, as well as the percentage of total cost of revenue.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | | |
|  | **2025** | | **2024** | |<br>**Change** |<br>**%** |
| Data cost of sales | $1058993 | 87.7% | $2021102 | 67.4% | $(962109) | -47.6% |
| Media activation cost of sales | 148368 | 12.3% | 978053 | 32.6% | (829686) | -84.8% |
| &nbsp;&nbsp;&nbsp;Total cost of sales | $1207361 | 100.0% | $2999155 | 100.0% | $(1791794) | -59.7% |

---

Total cost of sales for the years ended August 31, 2025 and 2024 was approximately $1,207,000 and $2,999,000, respectively, a decrease of approximately $1,792,000, or 59.7%.

We continue to focus on controlling our data and hosting costs as our data customers and revenue increase by working with our vendors to secure longer-term agreements.

*Gross Profit (Loss)* 

Total gross profit (loss) was approximately $1,428,000 and $(1,000) for the years ended August 31, 2025 and 2024, respectively. As a percentage of revenue, the gross margin was 54.2% and (0.0)% for the years ended August 31, 2025 and 2024, respectively. The higher gross profit for the year ended August 31, 2025 was primarily attributable to a focused effort on reducing cost of sales and creating a cost structure that was more fixed in nature as revenue increased.

Our gross profit is primarily influenced by the costs associated with the acquisition of the consumer data that fuels our technology platform, as well as the average selling price of our platform.

*Legal and Professional Fees*

Legal and professional fees were approximately $417,000 and $1,493,000 for the years ended August 31, 2025 and 2024, respectively. During the year ended August 31, 2025, there was a decrease of $1,076,000 in legal and professional fees as a result of lower fees related to debt issuance as well as lower legal costs related to personnel termination events.

*Personnel Expenses*

Personnel expenses were approximately $3,120,000 and $3,939,000 for the years ended August 31, 2025 and 2024, respectively. During the year ended August 31, 2025, there was a decrease of $819,000 in personnel expenses primarily due to a reduction in the number of individuals at the Company and a reduction in severance costs from the year ended August 31, 2024.

*General and Administrative Expenses*

General and administrative expenses were approximately $540,000 and $671,000 for the years ended August 31, 2025 and 2024, respectively. During the year ended August 31, 2025, there was a decrease of $131,000 in general and administrative expenses due to a focused effort on reducing expenses in non-core business areas.

*Selling and Marketing Expenses*

Our sales and marketing efforts were consistent for the years ended August 31, 2025 and 2024, so sales and marketing expenses were approximately $73,000 and $93,000 for the years ended August 31, 2025 and 2024, respectively.

*Depreciation and Amortization Expenses*

Depreciation and amortization expenses were approximately $1,462,000 and $1,305,000 for the years ended August 31, 2025 and 2024, respectively. The increase in depreciation and amortization costs for the year ended August 31, 2025 was due to higher software development costs and the amortization of these costs.

*Credit Loss Expenses*

Credit loss expenses were approximately $187,000 and $220,000 for the years ended August 31, 2025 and 2024, respectively. The decrease was due to improved contract governance and collections processes.

*Stock-Based Compensation Expenses*

There was no stock-based compensation plan prior to fiscal year 2025. Stock-based compensation expenses were approximately $2,948,000 and $0 for the years ended August 31, 2025 and 2024, respectively. Approximately $2,528,000 of this expense during the year ended August 31, 2025 was related to a consulting agreement with the Company's largest stockholder, as described in the section above and the notes to the audited consolidated financial statements included elsewhere in this Annual Report. Approximately $419,000 of this expense was related to stock-based compensation expense for stock option awards granted to employees, contractors, Directors and Board advisors, under the Incentive Plan, the details of which are described in the notes to the audited consolidated financial statements included elsewhere in this Annual Report, as well as in Part III of this filing.

*Impairment Losses on Equity Investments*

Impairment losses in the year ended August 31, 2024 were related to an investment the Company had in an entity where the Company determined that there was a partial impairment and reduced the recorded amount by $16,000.

*Loss on Disposition of Software Assets*

During the year ended August 31, 2024, the Company recorded a loss of approximately $377,000 related to the disposition of capitalized software that was no longer being used by the Company.

*Interest Expense*

Interest expense was approximately $776,000 and $2,607,000 for the years ended August 31, 2025 and 2024, respectively. The decrease in interest expense between years is related to the decrease in the outstanding convertible note agreements to which this interest expense relates.

*Interest income*

Interest income of approximately $19,000 was recorded during the year ended August 31, 2024 related to interest received on certain investment the Company had at that time.

*Gain on Exchange of Convertible Notes Payable for Series B Convertible Preferred Stock*

The Company recorded a gain on the conversion of a non-related party's exchange of their convertible debt to Series B Convertible Preferred Stock in the amount of approximately $443,000, calculated as the difference between the carrying amount of this debt and accrued interest, in comparison to the estimated valuation of the Series B Convertible Preferred Stock received upon conversion.

*Loss Recognized upon Dissolution of DrivenIQ*

The Company recorded a loss on the dissolution of this entity of approximately $482,000.

*Income Taxes*

The Company recorded income tax expense of $19,890 for the year ended August 31, 2025, which related to temporary differences. No provision for, or benefit from, income taxes was recorded for the year ended August 31, 2024. We will continue to review our conclusions about the appropriate amount of the valuation allowance on a quarterly basis. If we were to generate profits in our fiscal 2026 and beyond, the U.S. valuation allowance position could be reversed in the foreseeable future. We expect a benefit to be recorded in the period the valuation allowance reversal is recorded and a higher effective tax rate in periods following the valuation allowance reversal.

**Liquidity and Capital Resources**

As of August 31, 2025 and 2024, we had approximately $108,000 and $386,000 in cash, respectively, and negative cash flows from operations of approximately $2,620,000 and $4,684,000 for the years ended August 31, 2025 and 2024, respectively. Our business requires cash for operating activities, including salaries and wages paid to our employees, consumer data acquisition costs, general and administrative expenses, and others.

We expect that we will need to engage in additional financings to fund our operations and satisfy our obligations in the near-term as well as to respond to business challenges and opportunities, including the need to provide working capital, develop new features and enhance our products. We may also seek to raise additional capital, including from offerings of our equity or debt securities, on an opportunistic basis when we believe there are suitable opportunities for doing so. Arena has committed to providing additional funding through December 29, 2026. Without such additional funding, we may not be able to continue operations.

More generally, our ability to meet our cash requirements depends on, among other things, our operating performance, competitive and industry developments, and financial market conditions, all of which are significantly affected by business, financial, economic, political, and other factors, many of which we may not be able to control or influence. To the extent that our actual operating results or other developments differ from our expectations, our liquidity could be adversely affected.

*<u>April 2025 Convertible Notes</u>*

On April 17, 2025, the Company, along with its wholly-owned subsidiary, VisitIQ, LLC, entered into a note purchase agreement (the "April Note Purchase Agreement") with Arena, pursuant to which, the Company may issue senior secured convertible promissory notes in the aggregate principal amount of $2,222,222 for a purchase price of $2,000,000 to affiliates of Arena (the "April 2025 Convertible Notes").

In connection with the April Note Purchase Agreement, VisitIQ Corp. has issued April Convertible Notes in the aggregate principal amount of $2,222,222 for a purchase price of $2,000,000 to affiliates of Arena. The April 2025 Convertible Notes were issued by the Company to the affiliates of Arena on April 17, 2025 and bear interest at 12.0% per annum. The April 2025 Convertible Notes mature on April 17, 2026 and are secured by a Security Agreement, dated as of October 24, 2024, as amended by that certain first amendment thereto, dated as of April 17, 2025, made by the affiliates of Arena, the Company and VisitIQ, LLC (the "Security Agreement"). The April 2025 Convertible Notes are convertible into shares of Series C Convertible Preferred Stock at the option of the holder, subject to certain conditions, and, in any case, on the Maturity Date or upon liquidation of the Company.

*<u>November 2025 Convertible Notes</u>*

On November 10, 2025, the Company, along with its wholly-owned subsidiary, VisitIQ, LLC, entered into a note purchase agreement (the "November Note Purchase Agreement") with Arena, pursuant to which, the Company may issue senior secured convertible promissory notes up to the aggregate principal amount of $1,944,444 for a purchase price of $1,750,000 to affiliates of Arena (the "November 2025 Convertible Notes").

In connection with the November Note Purchase Agreement, the Company has issued November 2025 Convertible Notes in aggregate principal amount of $1,944,444 for a purchase price of $1,750,000 to affiliates of Arena. The November 2025 Convertible Notes were issued by the Company to the affiliates of Arena in multiple closings on November 10, 2025, November 26, 2025, December 23, 2025, January 8, 2026, February 3, 2026 and March 9, 2026. Each of the November 2025 Convertible Notes bear interest at 12.0% per annum. The November 2025 Convertible Notes mature one year from the date of issuance and are secured by the collateral set forth in the Security Agreement. The November 2025 Convertible Notes are convertible into shares of Series C Convertible Preferred Stock at the option of the holder, subject to certain conditions, and, in any case, on the Maturity Date or upon liquidation of the Company.

*<u>March 2026 Financing</u>*

In March 2026, the Company, VisitIQ, LLC and Vernon Hanzlik, as a key person of the Company, entered into the Revenue Loan and Security Agreement relating to a secured financing of $2,200,000, with $1,000,000 being advanced to the Company upon execution of the Revenue Loan and Security Agreement and one or more addition advances available for the remainder of the Revenue Loan Amount available to the Company upon request, provided that the Company has satisfied all conditions with respect to such advance.

The Revenue Loan and Security Agreement requires monthly payments of Fixed Payment Amounts (as set forth in the Revenue Loan and Security Agreement) with all outstanding advances and the Interest (as defined in the Revenue Loan and Security Agreement) being due at maturity on March 26, 2030 (unless accelerated upon a change of control or the occurrence of other events of default). Interest does not accrue on advance(s) pursuant to the Loan Agreement, rather a minimum amount of Interest (as defined in the Loan Agreement) is due pursuant to the terms of the Loan Agreement. The Revenue Loan and Security Agreement further provides for the payment of fees by the Borrower and includes customary representations and warranties, indemnification provisions, covenants and events of default. Subject in some cases to cure periods, amounts outstanding and otherwise due under the Revenue Loan and Security Agreement may be accelerated for typical defaults including, but not limited to, the failure to make when due payments, the failure to perform any covenant, the inaccuracy of representations and warranties, and the occurrence of debtor-relief proceedings.

In connection with the Revenue Loan and Security Agreement, the Company, VisitIQ, LLC, Decathlon and Arena also entered into the Subordination Agreement, pursuant to which Arena subordinated all security interests or liens that Arena may have in the property of the Company or VisitIQ, LLC to Decathlon.

**Cash Flow Summary**

The following table summarizes our cash flows for the years ended August 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | |
|  | **2025** | **2024** |<br>**Change** |
| Net cash used in operating activities | $(2619662) | $(4684082) | $2064420 |
| Net cash used in investing activities | (662638) | (1103813) | 441175 |
| Net cash provided by financing activities | 3003859 | 5324453 | (2320595) |

---

*Operating Activities* 

Net cash used in operating activities for the year ended August 31, 2025 was approximately $2,620,000; consisting primarily of a net loss of $8,153,000, offset by cash provided from net operating assets of approximately $695,000 and net non-cash charges of approximately $4,838,000. The cash provided from operating assets was primarily comprised of increased accrued interest of approximately $461,000 and accounts payable and accrued liabilities of approximately $376,000, partially offset by a decrease in deferred revenue and accounts receivable of approximately $76,000 and $73,000, respectively. The noncash charges primarily consisted of stock-based compensation expense of approximately $2,948,000, depreciation and amortization of approximately $1,462,000, loss on dissolution of DrivenIQ of $482,000, and amortization of debt discount of $315,000, partially offset by a gain recognized on debt exchange for preferred stock of $443,000.

Net cash used in operating activities for the year ended August 31, 2024 was approximately $4,684,000; consisting primarily of a net loss of $10,706,000, offset by cash provided from net operating assets of $2,657,000, and non-cash charges of $3,365,000. The cash provided from operating assets was primarily comprised of increased accrued interest of $1,263,000, accounts payable and accrued liabilities of $969,000, and deferred revenue of $109,000 and a decrease in accounts receivable of $309,000. The noncash charges primarily consisted of amortization of debt discount of $1,317,000, depreciation and amortization of $1,305,000, loss on disposition of a software asset of $377,000, and settlement of a lease liability with an equity method investment of $256,000.

We expect our cash used in operating activities to increase, driven by reduction in net losses.

*Investing Activities* 

Net cash used in investing activities during the year ended August 31, 2025 was $663,000, consisting of $1,288,000 of capitalized software development costs, partially offset by payments received on a note receivable of $625,000.

Net cash used in investing activities during the year ended August 31, 2024 was $1,104,000, consisting of $1,073,000 of capitalized software development costs and issuance of notes receivable of $31,000.

We expect our capital expenditures to increase in 2026 compared to 2025 as we continue to advance our technology platform with our external development partner.

*Financing Activities* 

Net cash provided by financing activities during the year ended August 31, 2025 was $3,004,000, consisting of issuance of convertible notes payable of $3,200,000, partially offset by $112,000 of payments on other notes payable and $84,000 of payments on insurance financing arrangements.

Net cash provided by financing activities during the year ended August 31, 2024 was $5,324,000, consisting of issuance of convertible notes payable with common stock warrants.

We expect cash provided by financing activities to increase by issuing new equity or incurring new debt to continue and expand operations. Our future cash requirements and the adequacy of available funds will depend on many factors, including our operating performance, competitive and industry developments, and financial market conditions.

**Off-Balance Sheet Arrangements**

As of August 31, 2025 and 2024, we did not have any off-balance sheet arrangements.

**Contractual Obligations**

None.

**Recent Accounting Pronouncements**

For a description of recent accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements, see Note 3, *Summary of Significant Accounting Policies*, in the notes to the audited consolidated financial statements in this Annual Report.

**Implications of Being a Smaller Reporting Company**

We are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited consolidated financial statements.

We will remain a smaller reporting company and may take advantage of certain scaled disclosures available to smaller reporting companies until the last day of the fiscal year in which (a) the market value of our voting and nonvoting common stock held by non-affiliates equals or exceeds $250.0 million measured on the last business day of that year's second fiscal quarter and (b) our annual revenue equals or exceeds $100.0 million during the most recently completed fiscal year or our voting and nonvoting common stock held by non-affiliates equals or exceeds $700.0 million measured on the last business day of that year's second fiscal quarter.

**Critical Accounting Policies and Significant Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. We evaluated the development and selection of our critical accounting policies and estimates and believe that the following involve a higher degree of judgement or complexity and are most significant to reporting our results of operations and financial position and are therefore discussed as critical. The following critical accounting policies reflect the most significant estimates and judgements used in the preparation of our consolidated financial statements. Actual results could differ materially from those estimates and assumptions, and those differences could be material to our consolidated financial statements. We re-evaluate our estimates on an ongoing basis. For information on our significant accounting policies, refer to Note 3, *Summary of Significant Accounting Policies,* included in the notes to the consolidated financial statements in this Annual Report.

***Revenue Recognition***

Revenues arise primarily from the Company's proprietary AI-driven technology platform, which is named VisitIQ, via subscription fees, volume-based utilization fees, and fees for media activation services designed to maximize the customers' use of its proprietary technology platform. Revenues are recognized when control of these services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

The Company determines revenue recognition through the following steps:

● Identification of the contract, or contracts, with a customer.

● Identification of the performance obligations in the contract.

● Determination of the transaction price.

● Allocation of the transaction price to the performance obligations in the contract.

● Recognition of revenue when performance obligations have been satisfied.

At contract inception, the Company assesses the services promised in the contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, the Company considers all the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.

The transaction price is the amount of consideration that the Company is entitled to in exchange for transferring services to a customer. Further, for the contracts having multiple performance obligations, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The relative standalone selling price ("SSP") is determined based on the terms of the contract and requires judgment. The transaction price for a contract excludes any amounts collected on behalf of third parties, in cases where the Company acts as an agent. Payment terms are typically 30 days. As such, the Company does not have any significant financing components.

When the Company enters into multiple contracts with a single counterparty, the Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated with a single commercial objective, (ii) consideration to be paid in one contract depends on the terms of the other contract, and (iii) services promised are a single performance obligation.

Data revenue relates to fees paid for use of the Company's proprietary platform and includes subscription-based and usage-based service offerings. Subscriptions are recognized as revenue ratably during the period that the customer has access to use the Company's platform. Fees charged to customers based on usage of the Company's platform are based on per-record charges and are recognized as revenue over time based on actual usage in the period. The Company's standard contract periods are for one year and are non-cancellable.

Media activation revenue relates to the fees charged for the Company's management of media campaigns for customers, and the activation of the data to the related media campaign and are recognized at the point of delivery of the related performance obligation. The Company's standard contract periods are for one year and are non-cancellable.

When customers pay fees in advance of the specified period of use of the platform, those fees paid in advance are recorded as deferred revenue in the Company's consolidated balance sheets and recognized as revenue when the performance obligation is satisfied.

Sales and other taxes collected from customers that are remitted to governmental authorities are excluded from revenue.

***Stock-Based Compensation***

The Company compensates certain key employees, contractors, Directors and Board advisors through incentive stock options (the "Option Awards"). Grants of Option Awards are measured at the grant-date fair value of the award. The Company estimates the grant-date fair value using the Black-Scholes-Merton option-pricing model. Option Awards have only time-based vesting criteria. The Company recognizes compensation expense for these Option Awards in the consolidated statements of operations over the vesting period.

***Fair Value Measurements***

The Company's accounting for fair value measurements of assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring or nonrecurring basis adheres to the FASB fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

● Level 1 is defined as observable inputs such as quoted prices in active markets for identical assets;

● Level 2 is defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

● Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying amounts of cash, accounts receivable, accounts payable, accrued expenses, and other financial working capital items approximate their fair value at August 31, 2025 and 2024, due to the short maturity nature of these items.

***Basis of Presentation of Financial Information***

The consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates continuation of operations, realization of assets and payment of liabilities in the ordinary course of business. As shown in the accompanying consolidated financial statements, the Company has incurred a net loss of approximately $8,153,000 and negative cash flows from operations of approximately $2,620,000 for the year ended August 31, 2025. In addition, the Company has negative working capital of approximately $3,749,000 as of August 31, 2025. The Company's ability to continue as a going concern is dependent on meeting various obligations as they become due with cash generated from operations and/or through raising capital and ultimately achieving sustained profitable operations. In November 2025, the Company signed a convertible note payable agreement with its majority stockholder in the total amount of approximately $1,950,000.

During its fiscal year ending August 31, 2026, management is operating to a plan that includes an increase in bookings, revenue and gross margin sufficient to allow the Company to fund operations. Management believes the Company will be able to continue to operate in its present form as a result of the additional investments received from investors and the increased gross profit and cash flows from operations. However, no assurance can be given that management's actions will result in sustained profitable operations. If management is not successful with its plan, anticipated hires can be delayed and other planned expenses can be removed from its plan to a level necessary to maintain positive cash flow. If management is not successful with its plans, there is a possibility that the Company may need to secure additional funding from its majority stockholder or other investors. The Company's majority stockholder has represented in writing that it has the intent and ability to provide additional funding if necessary to allow the Company to continue normal business operations for at least twelve months from the date of issuance of these consolidated financial statements.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk.**

We are a smaller reporting company as defined in Rule 12b-2 under the Exchange Act. As a result, pursuant to Item 305(e) of Regulation S-K, we are not required to provide the information required by this Item.

**Item 8. Financial Statements and Supplementary Data.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm (PCAOB #0542)](#b001) | 59 |
| [Consolidated Balance Sheets as of August 31, 2025 and 2024](#b002) | 62 |
| [Consolidated Statements of Operations for the Years ended August 31, 2025 and 2024](#b003) | 63 |
| [Consolidated Statements of Stockholders' Deficit for the Years Ended August 31, 2025 and 2024](#b004) | 64 |
| [Consolidated Statements of Cash Flows for the Years ended August 31, 2025 and 2024](#b005) | 65 |
| [Notes to Consolidated Financial Statements](#b006) | 66 |

---

![](img002.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors

of VisitIQ Corp.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of VisitIQ Corp. and Subsidiary (the "Company") as of August 31, 2025 and 2024, and the related consolidated statements of operations, stockholders' deficit and cash flows for each of the years in the two-year period ended August 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of August 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended August 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Company, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the Board of Directors and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**Valuation of Series B Convertible Preferred Stock, Series C Convertible Preferred Stock, and Stock-Based Compensation**

As described in Notes 8, 9, 12 and 13 to the financial statements, the Company recorded transactions during the year ended August 31, 2025 that required valuations of Series B Convertible Preferred Stock, Series C Convertible Preferred Stock, options to purchase common stock, and related party consulting expense recorded as a component of stock-based compensation expense. These valuations also affected the Company's accounting for the exchange of convertible debt, and the related gain on exchange of convertible debt recognized in the consolidated statement of operations, for the year ended August 31, 2025.

We identified these valuations as a critical audit matter because auditing these valuations involved challenging, subjective and complex auditor judgment. In particular, the auditing involved evaluating complex agreements and the significant inputs and assumptions used in the valuation models, and the Company's accounting for the related exchange of convertible notes payable and warrants for Series B Convertible Preferred Stock transactions in conformity with accounting principles generally accepted in the United States of America.

The primary procedures we performed to address this critical audit matter included:

● Obtained an understanding of internal processes and controls related to the valuation of Series B Convertible Preferred Stock, Series C Convertible Preferred Stock, stock option awards, and the related party consulting arrangement recorded as a component of stock-based compensation expense.

● Evaluated the terms of the underlying agreements and assessed the appropriateness of the Company's accounting for the exchange of convertible notes for Series B Convertible Preferred Stock, and the related gain on the exchange, the conversion of Series B Convertible Preferred Stock into Series C Convertible Preferred Stock, and the related consulting expense recorded as a component of stock-based compensation, and stock-based compensation expense in conformity with accounting principles generally accepted in the United States of America.

● Assessed the significant inputs and assumptions used in management's valuation analyses and, with the assistance of our internal valuation specialist, evaluated the appropriateness of the valuation methodologies and models used by management.

● Verified the mathematical accuracy of the valuation calculations and the resulting amounts recorded in mezzanine equity, stockholders' deficit, stock-based compensation expense, and the gain on exchange of convertible debt.

● Evaluated the adequacy of the Company's disclosures in Notes 8, 9, 12 and 13 related to these items.

**Impairment Analysis of Internally Developed Software**

As described in Note 3 to the financial statements, the Company evaluates its internally developed software intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. During the year ended August 31, 2025, the Company identified impairment triggering events, including net losses and negative cash flows from operations, and performed a recoverability analysis using estimated undiscounted future cash flows. The Company concluded that no impairment existed as of August 31, 2025.

We identified the impairment analysis of internally developed software as a critical audit matter as auditing management's recoverability analysis involved challenging, subjective and complex judgments related to the cash flow forecasts used in the analysis, including assumptions regarding future revenues and operating expenses.

The primary procedures we performed to address this critical audit matter included:

● Obtained an understanding of internal processes and controls related to the identification of impairment triggering events and the Company's impairment analysis.

● Obtained and reviewed the cash flow forecasts related to the asset group containing the internally developed software and assessed the reasonableness of the significant inputs and assumptions used in developing the cash flow forecasts.

● Verified the mathematical accuracy of the analysis and evaluated the propriety of the Company's conclusion that no impairment existed as of August 31, 2025.

● Evaluated the adequacy of the Company's disclosures in Note 3 related to the impairment analysis, including the identified triggering events and the conclusion that no impairment was recorded.

![](img003.jpg)

We have served as the Company's auditor since 2024.

Minneapolis, Minnesota

December 29, 2025

**VISITIQ CORP.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **August 31,** | **August 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $107561 | $386002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of approximately $121,000 and $47,000, respectively | 209758 | 210800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 95599 | 19186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable |  | 624950 |
| &nbsp;&nbsp;&nbsp;Total current assets | 412919 | 1240938 |
| &nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method investments | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity investments | 84000 | 84000 |
| &nbsp;&nbsp;&nbsp;Total investments | 109000 | 109000 |
| &nbsp;&nbsp;&nbsp;Intangible assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internally developed software | 5235648 | 3948060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated amortization | (3127273) | (1665608) |
| &nbsp;&nbsp;&nbsp;Total intangible assets | 2108375 | 2282452 |
| &nbsp;&nbsp;&nbsp;Goodwill | 349312 | 349312 |
| &nbsp;&nbsp;&nbsp;Total assets | $2979606 | $3981702 |
| &nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $1742424 | $1157164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 240872 | 449718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 32798 | 109000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest (See Note 8) | 63416 | 2223895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other notes payable (See Note 3) |  | 111894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable (See Note 8) | 2082801 | 19456679 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 4162310 | 23508349 |
| &nbsp;&nbsp;&nbsp;Mezzanine equity - Series B convertible preferred stock | 12800051 | 4271157 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 2133 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C convertible preferred stock | 57086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 17909202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (31951176) | (23509336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deficit attributable to VisitIQ Corp. | (13982755) | (23503870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest |  | (293934) |
| &nbsp;&nbsp;&nbsp;Total stockholders' deficit | (13982755) | (23797804) |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' deficit | $2979606 | $3981702 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**VISITIQ CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
| **For the Years Ended August 31,** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Data revenue | $2212601 | $2059174 |
| &nbsp;&nbsp;&nbsp;Media activation revenue | 423129 | 938797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 2635730 | 2997971 |
| &nbsp;&nbsp;&nbsp;Data cost of sales | 1058993 | 2021102 |
| &nbsp;&nbsp;&nbsp;Media activation cost of sales | 148368 | 978053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of sales | 1207361 | 2999155 |
| &nbsp;&nbsp;&nbsp;Gross profit (loss) | 1428369 | (1184) |
| &nbsp;&nbsp;&nbsp;Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and professional fees | 417010 | 1493084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses | 3119626 | 3938737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative costs | 540366 | 670723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales & marketing expenses | 73014 | 93153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 1461665 | 1304905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit losses expense | 187004 | 220293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense - primarily related party (see Notes 12 and 13) | 2947578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses on equity investments |  | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposition of software assets |  | 377111 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 8746262 | 8114006 |
| &nbsp;&nbsp;&nbsp;Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (775731) | (2609918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 18774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on exchange of convertible notes payable for Series B convertible preferred stock | 442638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss recognized upon dissolution of DrivenIQ | (481717) |  |
| &nbsp;&nbsp;&nbsp;Net loss before allowance for income taxes | (8132703) | (10706334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 19890 |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(8152593) | $(10706334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to the non-controlling interest | 187783 | 2034743 |
| &nbsp;&nbsp;&nbsp;Net loss attributable to VisitIQ Corp. | (7964810) | (8671591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock cumulative dividends | (979242) | (459900) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(8944051) | $(9131491) |
| &nbsp;&nbsp;&nbsp;Basic net loss per share | $(3.16) | $(1.67) |
| &nbsp;&nbsp;&nbsp;Diluted net loss per share | $(3.16) | $(1.67) |
| &nbsp;&nbsp;&nbsp;Weighted average number of shares used to compute net loss per share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 2827300 | 5466569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 2827300 | 5466569 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**VISITIQ CORP.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Series C Convertible** | **Series C Convertible** | | | | |
|  | **Common Stock** | **Common Stock** | **Preferred Stock** | **Preferred Stock** | | | | |
|  | **Shares** | **Par Amount** | **Shares** | **Par Amount** | **Additional**<br>**Paid-in**<br>**Capital** | <br>**Accumulated**<br>**Deficit** | **Non**<br>**Controlling**<br>**Interest** | **Total**<br>**Stockholders'**<br>**Deficit** |
| &nbsp;&nbsp;&nbsp;Balance at August 31, 2023 | 5466569 | $5466 | $— | $— | $— | $(14127780) | $883457 | $(13238857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock warrants with convertible notes payable |  |  |  |  | 147387 |  |  | 147387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in non-controlling interest due to additional investment in DrivenIQ |  |  |  |  | (147387) | (709965) | 857352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss for the year ended August 31, 2024 |  |  |  |  |  | (8671591) | (2034743) | (10706334) |
| &nbsp;&nbsp;&nbsp;Balance at August 31, 2024 | 5466569 | $5466 |  | $— | $— | $(23509336) | $(293934) | $(23797804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of common stock to series B convertible preferred stock (See Note 10) | (3333333) | (3333) |  |  |  | (477030) |  | (480363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion from Series B convertible preferred stock to Series C convertible preferred stock (see Note 9) |  |  | 42814596 | 42815 | 14975897 |  |  | 15018711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense - primarily related party (see Notes 12 and 13) |  |  | 14271665 | 14272 | 2933305 |  |  | 2947577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elimination of non-controlling interest upon dissolution of DrivenIQ |  |  |  |  |  |  | 481717 | 481717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss for the year ended August 31, 2025 |  |  |  |  |  | (7964810) | (187783) | (8152593) |
| &nbsp;&nbsp;&nbsp;Balance at August 31, 2025 | 2133236 | $2133 | 57086261 | $57086 | $17909202 | $(31951176) | $— | $(13982755) |

---

The accompanying notes are an integral part of these consolidated financial statements.

**VISITIQ CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| **For the Years Ended August 31,** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(8152593) | $(10706334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 1461665 | 1304905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 314993 | 1317470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 74303 | 46820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on debt exchange for series B convertible preferred stock | (442638) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss recognized upon dissolution of DrivenIQ | 481717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense - primarily related party (see Notes 12 and 13) | 2947578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets |  | 16193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized loss on equity investments |  | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of lease liability with equity method investment |  | 256168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of notes receivable |  | 30571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposition of software asset |  | 377111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in accounts receivable | (73262) | 309249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in prepaid expenses and other current assets | 7625 | 6422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable and accrued liabilities | 376415 | 969169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued interest | 460738 | 1263176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in deferred revenue | (76202) | 109000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (2619662) | (4684082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized software development costs | (1287588) | (1073242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments received on notes receivable | 624950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes receivable |  | (30571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (662638) | (1103813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment on other notes payable | (111894) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of convertible notes payable | 3200000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on insurance financing arrangement | (84247) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of convertible notes payable with common stock warrants |  | 5324453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 3003859 | 5324453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash | (278441) | (463441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at beginning of the year | 386002 | 849443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at end of the year | $107561 | $386002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash investing & financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of convertible notes payable and accrued interest for Series B convertible preferred stock | $23510089 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of Series B convertible preferred stock for Series C convertible stock | 15018711 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of common stock for Series B convertible preferred stock | 480363 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance financing agreement | $101862 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method investment used to settle lease liability | $— | $256168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes payable to settle accounts payable | $— | $111894 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**VISITIQ CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**August 31, 2025 and 2024**

**<u>Note 1 – Description of Business</u>**

VisitIQ Corp., a Nevada corporation, historically invested in early-stage companies that were deemed to have the potential for high growth. VisitIQ Corp.'s main investment is in VisitIQ, LLC, a Delaware limited liability company, which provides an identity intelligence and activation solution for audience data that enables marketing campaign personalization, higher sales conversions, and increased ROI of digital marketing initiatives. VisitIQ, LLC's proprietary AI-driven platform includes solutions for audience identification, enrichment, expansion, and attribution, and is used by marketing agencies, major brands and enterprises across the globe to curb rising data costs, overcome restrictive data monopolies, and meet demand for personalization of marketing content and messaging across marketing channels. VisitIQ LLC's primary focus going forward will be on continued development of its proprietary audience management platform and uncovering new ways to incorporate AI-driven efficiencies into the marketing workflow.

**<u>Note 2 – Organizational Events</u>**

In March 2025, VisitIQ Corp. changed its name from Capstone Technologies Group, Inc. ("Capstone") by filing a certificate of amendment to its articles of incorporation with the State of Nevada.

In October 2024, due to an event of default under a secured loan made by Capstone to DrivenIQ Corporation ("DrivenIQ"), Capstone exercised its right under the security agreement and held a UCC Article 9 public foreclosure sale of substantially all the assets of DrivenIQ. At the foreclosure sale, Capstone, via a newly established special purpose vehicle, VisitIQ, LLC, was the winning bidder for the assets of DrivenIQ and assumed approximately $2,570,000 of DrivenIQ liabilities.

In June 2025, DrivenIQ was dissolved and therefore, has no assets or liabilities, no employees, and no ongoing operations.

**<u>Note 3 – Summary of Significant Accounting Policies</u>**

***Principles of consolidation***

The accompanying consolidated financial statements include the accounts of VisitIQ, Corp., VisitIQ, LLC, and DrivenIQ (collectively "the Company"). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company's fiscal year is September 1 to August 31.

The consolidated financial statements include the accounts of a variable interest entity ("VIE"), DrivenIQ, in which the Company has determined that it is the primary beneficiary of this VIE under the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810 – *Consolidation*. The operations of DrivenIQ were the primary operations of the Company during the year ending August 31, 2024, and through the date of its foreclosure in October 2024, as described in Note 2 above. The non-controlling interest in DrivenIQ was 37% as of September 1, 2023 and 33% as of August 31, 2024. During the year ended August 31, 2025, the Company recorded a loss of approximately $482,000 related to the dissolution of DrivenIQ and the elimination of non-controlling interest. All intercompany accounts and transactions have been eliminated in consolidation.

The condensed standalone balance sheet of DrivenIQ, inclusive of inter-company balances, as of August 31, 2024 is presented below.

---

| | |
|:---|:---|
|  | **August 31,**<br>**2024** |
| Current assets | $593322 |
| Other assets | 2631764 |
| &nbsp;&nbsp;&nbsp;Total assets | $3225086 |
| Current liabilities | $4138675 |
| Stockholders' equity (deficit) | (913589) |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' deficit | $3225086 |

---

Additionally, DrivenIQ had total revenues of approximately $163,000 and $2,998,000 for the years ended August 31, 2025 and 2024, respectively, and incurred net losses of approximately $563,000 and $5,958,000 for the years ended August 31, 2025 and 2024, respectively.

***Use of estimates***

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include, allowance for credit losses, valuation of equity investments, valuation of warrants issued with convertible notes, Series B Convertible Preferred Stock, Series C Convertible Preferred Stock, stock-based compensation, valuation allowance on deferred tax assets, and estimates and forecasts utilized in the Company's intangible asset impairment analysis and going concern analysis (see Note 4). Estimates are based on management judgment and the best available information, as such actual results could differ from those estimates.

***Net income (loss) per share attributable to common stockholders***

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net income (loss) per share available to common stockholders is calculated using the weighted average number of common shares outstanding plus the number of dilutive potential common shares outstanding for the applicable period. The dilutive common shares for warrants was determined using the treasury stock method. As described in Note 8, all warrants were exchanged for Series B Convertible Preferred Stock in November 2024. The dilutive effect for convertible notes payable is determined using the if-converted method. The Series B Convertible Preferred Stock and the Series C Convertible Preferred Stock are considered participating securities pursuant to the two-class method. For periods in which the Company has reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The following potential common share equivalents were excluded from the calculation of diluted net loss per share available to common stockholders as of August 31, 2025 and 2024 because their effect would have been anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| Warrants |  | 876974 |
| Convertible notes payable | 8255932 | 19.722815 |
| Total | 8255932 | 20599789 |

---

The common share equivalents presented in the above table excludes approximately 8,552,000 warrants where the strike price of the warrants was above the per share fair value of the common stock during the year ended August 31, 2024. The basic and diluted weighted average number of common shares outstanding for each of the years ended August 31, 2025 and 2024 was 2,827,300 and 5,466,569, respectively.

***Revenue recognition***

Revenues arise primarily from the Company's proprietary AI-driven technology platform, which is named VisitIQ, via subscription fees, volume-based utilization fees, and fees for media activation services designed to maximize the customers' use of its proprietary technology platform. Revenues are recognized when control of these services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

The Company determines revenue recognition through the following steps:

● Identification of the contract, or contracts, with a customer.

● Identification of the performance obligations in the contract.

● Determination of the transaction price.

● Allocation of the transaction price to the performance obligations in the contract.

● Recognition of revenue when performance obligations have been satisfied.

At contract inception, the Company assesses the services promised in the contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, the Company considers all the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.

The transaction price is the amount of consideration that the Company is entitled to in exchange for transferring services to a customer. Further, for the contracts having multiple performance obligations, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The relative standalone selling price ("SSP") is determined based on the terms of the contract and requires judgment. The transaction price for a contract excludes any amounts collected on behalf of third parties, in cases where the Company acts as an agent. Payment terms are typically 30 days. As such, the Company does not have any significant financing components.

When the Company enters into multiple contracts with a single counterparty, the Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated with a single commercial objective, (ii) consideration to be paid in one contract depends on the terms of the other contract, and (iii) services promised are a single performance obligation.

Data revenue relates to fees paid for use of the Company's proprietary platform and includes subscription-based and usage-based service offerings. Subscriptions are recognized as revenue ratably during the period that the customer has access to use the Company's platform. Fees charged to customers based on usage of the Company's platform are based on per-record charges and are recognized as revenue over time based on actual usage in the period. The Company's standard contract periods are for one year and are non-cancellable.

Media activation revenue relates to the fees charged for the Company's management of media campaigns for customers, and the activation of the data to the related media campaign and are recognized at the point of delivery of the related performance obligation. The Company's standard contract periods are for one year and are non-cancellable.

When customers pay fees in advance of the specified period of use of the platform, those fees paid in advance are recorded as deferred revenue in the Company's consolidated balance sheets and recognized as revenue when the performance obligation is satisfied. The opening balance of deferred revenue was $0 at September 1, 2023. During the year ended August 31, 2024, the Company received fees paid in advance of approximately $109,000 and recognized no revenue related to these fees. During the year ended August 31, 2025, the Company recognized as revenue the full balance of deferred revenue of $109,000 as of August 31, 2024. Fees paid in advance of revenue recognition are approximately $33,000 as of August 31, 2025.

Sales and other taxes collected from customers that are remitted to governmental authorities are excluded from revenue.

***Cash***

The Company maintains its cash accounts at financial institutions without any restrictions. At times throughout the year, the Company's cash balance may exceed amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk.

***Accounts receivable***

Credit terms are extended to customers in the normal course of business and the Company performs ongoing credit evaluations of its customers' financial condition and generally requires no collateral. The Company maintains an allowance for expected credit losses on accounts receivable, which is recorded as an offset to accounts receivable. Changes in the allowance for credit losses are included as a component of operating expenses in the consolidated statements of operations. The Company assesses credit losses on a collective basis where similar risk characteristics exist. Risk characteristics considered by the Company include customer type and size, credit risk, and the age of outstanding receivable. Receivables that do not share risk characteristics with other receivables, or where known collectability issues exist, are evaluated on an individual basis. In determining the allowance for credit losses, the Company considers historical loss rates, adjusted for current market conditions. The Company has adopted the practical expedient under Accounting Standards Update ("ASU") No. 2025-05 to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. Accounts considered to be uncollectible are written off against the allowance for credit losses. Credit losses were approximately $187,000 and $190,000 for the years ended August 31, 2025, and 2024, respectively. The allowance for credit losses on accounts receivable was approximately $121,000 and $47,000 as of August 31, 2025 and 2024, respectively. The opening balance of accounts receivable and the allowance for credit losses on accounts receivables was $566,869 and $0 at September 1, 2023, respectively.

***Prepaid expenses and other current assets***

Prepaid expenses are largely comprised of prepaid insurance policies and subscriptions for software licenses.

***Notes receivable***

Notes receivable are reviewed periodically for impairment based on the note holder's financial situation, ability to pay amounts timely, and the likelihood of future collections. During the years ended August 31, 2025 and 2024, the Company recorded credit losses on these notes receivable of approximately $0 and $31,000, respectively, and the note receivable with the $31,000 credit loss was written off during the year ended August 31, 2024.

***Equity investments and equity method investments***

The Company has elected the measurement alternative for non-marketable equity securities under ASC Topic 321 – *Investments – Equity Securities*. In accordance with ASC 321, these investments are initially measured at cost and reviewed at year end for impairment and fair value changes. During the year ended August 31, 2024 the Company recorded an unrealized loss on its equity investment in Issuance Inc. of approximately $16,000.

The Company's equity method investments accounted for under ASC Topic 323 – *Investments – Equity Method and Joint Ventures* consist of amounts invested in a fund and is carried at its original cost.

***Internally developed software***

The Company capitalizes certain costs incurred during the development of internal-use software in accordance with ASU 350-40. Costs are capitalized once the preliminary development stage is complete and it is probable that the project will be completed and will be used to perform the function intended. Capitalized costs are amortized on a straight-line basis over their estimated useful life, which the Company has determined to be three years. These costs are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. During the years ended August 31, 2025 and 2024, the Company identified impairment triggering events due to recorded net losses and negative cash flows from operations. In response, the Company performed impairment tests in each year comparing the carrying amount of the asset group containing the internally developed software intangible asset to estimated undiscounted future cash flows. Based on these analyses, the Company determined that the carrying amount of the internally developed software was recoverable and recorded no impairments of internally developed software for the years ended August 31, 2025 and 2024.

***Goodwill***

Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. The Company's recorded Goodwill relates to the original VIE consolidation of DrivenIQ in October 2021. The Company's recorded goodwill was not impacted by the foreclosure of DrivenIQ and the assumption of the assets and certain liabilities of DrivenIQ by VisitIQ, LLC. Goodwill is not amortized but rather tested for impairment at least annually or more often if and when circumstances indicate that goodwill may not be recoverable. The Company performs an annual goodwill impairment test each year by assessing qualitative factors to determine whether it is necessary to perform a more detailed quantitative impairment test for goodwill. Qualitative factors that are considered as part of this assessment include a change in the Company's equity valuation and its implied impact on the fair value of the Company's single reporting unit, a change in its weighted average cost of capital, industry and market conditions, macroeconomic conditions, trends in product costs and financial performance of the businesses. For the quantitative test, the Company generally uses a discounted cash flow method to estimate fair value.

For the years ended August 31, 2025 and 2024, the Company concluded, based on its annual goodwill impairment tests, that there was no impairment loss because the fair value of the Company's single reporting unit exceeded the negative carrying value of the Company as of each of the dates.

***Operating leases***

In accordance with ASC Topic 842 – *Leases*, the Company determines if an arrangement is, or contains, a lease at inception, and whether lease and non-lease components are combined or not. A contract is or contains a lease when; (1) the contract contains an identified asset and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration.

Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease, and may include options to extend or terminate the lease when it is reasonably certain at the commencement date that such options will be exercised. The Company uses its incremental borrowing rate at the commencement date of the lease in determining the present value of lease payments. Right-of-use assets also include any initial direct costs and any lease payments made prior to the lease commencement date and are reduced by any lease incentives received. Lease expense is recognized on a straight-line basis over the term of the lease. The Company has elected to not apply the requirements of Topic 842 for short-term leases. Short-term leases are defined as leases that at the commencement date have lease terms of twelve months or less.

The Company leased office space from a group, Hedgemore Investors, LLC ("Hedgemore"), a group in which the Company invested until August 2024. The lease commenced in November 2022 and had an initial term of 10 years through November 2032 and was subsequently amended in January 2024 to extend the lease through November 2033. Average monthly lease payments were approximately $9,000 for the year ended August 31, 2024. The Company signed a modification agreement with Hedgemore in August 2024 which included an early termination on September 30, 2024 and vacated the premises prior to August 31, 2024. In consideration for the early termination of the lease arrangement, the Company assigned the entirety of its membership interest in Hedgemore to one of the other existing members of Hedgemore. The carrying value of the disposed investment in Hedgemore of approximately $256,000 was recorded as a lease termination payment and is a component of operating lease expense for the year ended August 31, 2024. Operating lease expenses are included in general and administrative expenses in the consolidated statements of operations. Due to the Company's election to not apply the requirements of ASC 842 for short-term leases, the Company has no operating leases under Topic 842 as of August 31, 2025 or 2024.

***Other notes payable***

Other notes payable outstanding as of August 31, 2024 represents amounts owed to vendors that were transferred to a note payable with extended terms to allow the Company to pay these amounts back over an extended period of time in exchange for agreeing to pay a market interest rate.

***Warrants***

When warrants are issued, the Company applies the guidance in ASC Topic 815, *Derivative and Hedging* to determine if the warrants should be classified as equity instruments or as derivative instruments. Generally, warrants are indexed to the Company's own stock and would therefore be classified as equity instruments and are not classified as derivative instruments under this guidance.

***Fair value of financial instruments***

The Company's accounting for fair value measurements of assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring or nonrecurring basis adheres to the FASB fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

● Level 1 is defined as observable inputs such as quoted prices in active markets for identical assets;

● Level 2 is defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

● Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The carrying amounts of cash, accounts receivable, accounts payable, accrued expenses, and other financial working capital items approximate their fair value at August 31, 2025 and 2024, due to the short maturity nature of these items.

***Stock Compensation***

The Company compensates certain key employees, contractors, Directors and Board advisors through incentive stock options (the "Option Awards"). Grants of Option Awards are measured at the grant-date fair value of the award. The Company estimates the grant-date fair value using the Black-Scholes-Merton option-pricing model. Option Awards have only time-based vesting criteria. The Company recognizes compensation expense for these Option Awards in the consolidated statements of operations over the vesting period. See Note 13 for further discussion.

***Income taxes***

The Company accounts for income taxes in accordance with ASC 740, *Income Taxes*, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the consolidated statements of operations in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. A valuation allowance is established when the Company determines that it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has concluded that deferred tax assets are not realizable on a more-likely-than-not basis and that a full valuation allowance is required as of August 31, 2025 and 2024.

***Customer concentrations***

During the year ended August 31, 2025, three customers accounted for 29%, 15% and 11% of consolidated revenue. As of August 31, 2025, these three customers accounted for 61% of consolidated accounts receivable, net.

During the year ended August 31, 2024, one customer accounted for 22% of consolidated revenue. As of August 31, 2024, three customers, inclusive of the customer with the revenue concentration, accounted for 54% of consolidated accounts receivable, net.

***Reportable segments***

The Company's operations consist of fees charged to customers for the use its proprietary technology platform and activation services designed to maximize the customers use of the technology platform. The Company's Chief Operating Decision Maker ("CODM") is the Company's Chief Executive Officer. Because the Company's operations have similar economic characteristics, the CODM evaluates operating performance on an overall basis, which is consistent in all material respects with the amounts reported on the consolidated statements of operations and consolidated balance sheet. Therefore, the Company's operations are classified as one reportable segment.

***Subsequent events***

The Company has evaluated subsequent events from the consolidated balance sheet date through December 29, 2025, the date which the consolidated financial statements were available to be issued.

***Recently adopted accounting pronouncements***

In November 2023, the FASB issued ASU 2023-07: *Improvements to Reportable Segment Disclosures*. This ASU, which amends Topic 280: *Segment Reporting*, improves disclosure requirements for reportable segments and enhances disclosures for companies with single reportable segments. This standard was effective for the Company for the fiscal year ending August 31, 2025. The implementation of this pronouncement did not impact the Company's conclusion that the Company has a single reportable segment.

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses for Accounts Receivable and Contract Assets*. This ASU aims to reduce the cost and complexity of estimating credit losses while maintaining decision-useful information for financial statement users. The guidance allows all entities to elect a practical expedient related to developing forecasts as part of estimating expected credit losses that assumes the current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company adopted the standard as of September 1, 2024, and the adoption did not have a material impact on the Company's consolidated financial statements.

***Recently issued accounting pronouncements***

In December 2023, the FASB issued ASU No: *2023-09, Improvements to Income Tax Disclosures (Topic 740*). This ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as additional information on income taxes paid. This standard is effective on a prospective basis for annual periods beginning after December 15, 2024. This ASU will result in the required additional disclosures being included in the Company's consolidated financial statements, once adopted. The Company will adopt this standard for the year ending August 31, 2026 and is currently evaluating the impact adoption of the standard will have on its consolidated financial statements, including any additional required disclosures.

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06).* This ASU, which modernizes the accounting for internal-use software, removes all references to software development stages and requires capitalization of software costs when management has committed to the software project, and it is probable the software will be completed and perform to its intended use. In evaluating whether it is probable the project will be completed; management is required to consider whether there is significant uncertainty associated with the development activities of the software. This guidance is effective for annual and interim periods beginning after December 15, 2027. The guidance may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is currently evaluating the timing, method of its adoption, and effect the adoption of this standard will have on its consolidated financial statements.

**<u>Note 4 – Liquidity</u>**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates continuation of operations, realization of assets and payment of liabilities in the ordinary course of business. As shown in the accompanying consolidated financial statements, the Company has incurred a net loss of approximately $8,153,000 and negative cash flows from operations of approximately $2,620,000 for the year ended August 31, 2025. In addition, the Company has negative working capital of approximately $3,749,000 as of August 31, 2025. The Company's ability to continue as a going concern is dependent on meeting various obligations as they become due with cash generated from operations and/or through raising capital and ultimately achieving sustained profitable operations. In November 2025, the Company signed a convertible note payable agreement with its majority stockholder in the total amount of approximately $1,950,000. Approximately $750,000 has been advanced to the Company under this convertible note payable agreement as of the date of the issuance of these consolidated financial statements.

During its fiscal year ending August 31, 2026, management is operating to a plan that includes an increase in bookings, revenue and gross margin sufficient to allow the Company to fund operations. Management believes the Company will be able to continue to operate in its present form as a result of the additional investments received from investors and the increased gross profit and cash flows from operations. However, no assurance can be given that management's actions will result in sustained profitable operations. If management is not successful with its plan, anticipated hires can be delayed and other planned expenses can be removed from its plan to a level necessary to maintain positive cash flow. If management is not successful with its plans, there is a possibility that the Company may need to secure additional funding from its majority stockholder or other investors. The Company's majority stockholder has represented in writing that it has the intent and ability to provide additional funding if necessary to allow the Company to continue normal business operations for at least twelve months from the date of issuance of these consolidated financial statements.

**<u>Note 5 – Notes Receivable</u>**

In November 2022, the Company advanced funds under a note receivable to another entity of $624,950. The balance outstanding was $624,950 as of August 31, 2024 and the Company received payment in full of the outstanding balance due from this entity during its year ended August 31, 2025. Additional notes receivable extended to other entities were written off during the year ended August 31, 2024 due to the Company deeming these amounts to be uncollectible (see Note 3).

**<u>Note 6 – Equity Investments and Equity Method Investments</u>**

Investments consist of the following:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| Equity investments |  |  |
| &nbsp;&nbsp;&nbsp;Issuance Inc. preferred stock (1) | $84000 | $84000 |
| Equity method investments |  |  |
| &nbsp;&nbsp;&nbsp;Branded Hospitality Venture Fund 1 (2) | $25000 | $25000 |

---

1) On November 1, 2022, the Company purchased preferred shares of Issuance Inc. for $100,000. During the year ended August 31, 2024, the Company determined there was a partial impairment of this investment and reduced the recorded amount to $84,000. The fair value of this investment was determined using unobservable inputs (Level 3) that was based on the underlying investment's operating results and status of funding.

2) Branded Hospitality Venture Fund 1 is a managed fund that specializes in investments related to the hospitality industry. The fund is not publicly traded, and the investment is shown at the Company's original cost.

**<u>Note 7 – Internally Developed Software</u>**

The Company's internally developed software costs relate to costs paid to an external party to develop the Company's technology platform, and consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| Software costs | $5125500 | $3822213 |
| Work in progress | 110148 | 125847 |
| &nbsp;&nbsp;&nbsp;Capitalized software costs | 5235648 | 3948060 |
| Less: Accumulated amortization | (3127273) | (1665608) |
| &nbsp;&nbsp;&nbsp;Net capitalized software costs | $2108375 | $2282452 |

---

Amortization expense related to capitalized software costs was approximately $1,462,000 and $1,299,000 for the years ended August 31, 2025 and 2024, respectively. The Company amortizes capitalized software costs using the straight-line method over the estimated useful life of the software, which the Company has determined is three years.

During the years ended August 31, 2025 and 2024, respectively, the Company capitalized $1,288,000 and $1,073,000 of software development costs, primarily consisting of costs from a third-party technology development partner.

During the year ended August 31, 2024, the Company disposed of software that it was no longer using, resulting in a reduction in gross capitalized software costs of approximately $880,000, a reduction in accumulated amortization of approximately $503,000, and the recognition of a loss of approximately $377,000.

**<u>Note 8 – Convertible Notes Payable</u>**

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| &nbsp;&nbsp;&nbsp;2021 8.0% Notes (1) | $— | $1550000 |
| &nbsp;&nbsp;&nbsp;2022 and 2023 7.5% Notes (2) |  | 12308750 |
| &nbsp;&nbsp;&nbsp;2024 12.0% Notes (2) |  | 2150000 |
| &nbsp;&nbsp;&nbsp;2024 7.5% Notes (3) |  | 3714065 |
| &nbsp;&nbsp;&nbsp;2025 12.0% Notes (4) | 2222222 |  |
|  | 2222222 | 19722815 |
| Less: discount on convertible notes (5) | (139421) | (266136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable | $2082801 | $19456679 |

---

1) These notes were convertible into Common Stock at $.225 per $1.00 of converted notes per the note agreement. However, these notes were exchanged for 6,888,889 shares of Series B Convertible Preferred Stock during the year ended August 31, 2025.

2) These notes were convertible into Common Stock at $1.00 per $1.00 of converted notes per the note agreement. However, these notes, along with their associated warrants, were exchanged for 22,434,000 shares of Series B Convertible Preferred Stock during the year ended August 31, 2025.

3) These notes were convertible into Common Stock at approximately $.16 per share per the note agreement. However, these notes were exchanged for 24,032,533 shares of Series B Convertible Preferred Stock during the year ended August 31, 2025.

4) These notes are convertible into Series C Convertible Preferred Stock at $.75 per $1.00 of converted notes. See further discussion in Note 9.

5) The Company records a debt discount to represent the difference between the face value of the notes and the estimated fair value at the issuance date and amortizes the discount over the term of the related debt agreement. For notes that included warrants, the relative fair value of the warrants was included within the total original issue discount assigned to the notes and that total discount was amortized over the term of the note. The 2025 Note outstanding at August 31, 2025 does not include warrants. The unamortized discount balance as of August 31, 2025 and 2024 is approximately $139,000 and $266,000, respectively.

Accrued interest as of August 31, 2025 and 2024 was approximately $63,000 and $2,224,000, respectively.

As of August 31, 2025, the carrying value of the outstanding convertible notes payable approximates fair value.

As of August, 31, 2024, the fair value of the outstanding convertible notes payable was approximately $4,221,000, which approximates the fair market value of the Series B Convertible Preferred Stock that it was exchanged for in November of 2024 (see further discussion of exchange below).

In October 2024, the Company entered into a note purchase agreement with Arena Investors LP ("Arena"), pursuant to which the Company issued to Arena a convertible promissory note (the "October Note") with a principal amount of $1,333,333. The October Note was issued with an original issue discount and resulted in gross proceeds to the Company of $1,200,000. In April 2025, the October Note, and the related accrued interest, was converted into 3,903,065 shares of Series B Convertible Preferred Stock.

In November 2024, all convertible notes and warrants that were outstanding at that time were exchanged into Series B Convertible Preferred Stock. The exchange into Series B Convertible Preferred Stock was outside of the conversion specified within the underlying convertible note agreements, which allowed for a conversion into common shares. As such, the exchange of convertible notes payable for Series B Convertible Preferred Stock has been accounted for under debt extinguishment rules. As part of the exchange, accrued interest of approximately $2,554,000 on the convertible notes as of the date of exchange was forgiven by the holders of the convertible notes.

$20,572,398 of the exchanged convertible notes payable, which was exchanged for 48,566,344 shares of Series B Convertible Preferred Stock, was held by significant stockholders of the Company, on an as converted basis. For this debt, under GAAP rules for exchanges with related parties, the difference between the net carrying amount of the debt, inclusive of accrued interest and unamortized debt discount, and the fair value of the Series B Convertible Preferred Stock at the time of the exchange is accounted for within Preferred Stock – Mezzanine Equity in the consolidated balance sheets. $483,750 of the exchanged debt was held by a non-significant stockholder of the Company. For this debt, the difference between the net carrying amount of the debt, inclusive of accrued interest and unamortized debt discount, and the fair value of the Series B Convertible Preferred Stock at the time of the exchange is accounted for as Gain on debt forgiveness of $442,638 within the consolidated statements of operations.

In April 2025, the Company entered into note purchase agreements with Arena, pursuant to which the Company issued to Arena convertible promissory notes (the "April Notes") with a principal amount of $2,222,222. The April Notes were issued with an original issue discount and resulted in gross proceeds to the Company of $2,000,000. The April Notes are outstanding as of August 31, 2025 and are recorded net of original issue discount in Convertible notes payable on the consolidated balance sheet.

**<u>Note 9 – Preferred Stock</u>**

As of August 31, 2024, the Company was authorized to issue 10,750,000 shares of Series B Convertible Preferred Stock. There were 5,375,000 shares issued and outstanding as of August 31, 2024. During the year ending August 31, 2025, the Company increased the number of preferred shares it may issue, and as of August 31, 2025, the Company is authorized to issue 500,000,000 shares of preferred stock. 75,000,000 shares are designated for issuance as Series B Convertible Preferred Stock and 150,000,000 shares are designated for issuance as Series C Convertible Preferred Stock. The remaining 275,000,000 shares of preferred stock have not been designated for issuance as of August 31, 2025.

**Series B Convertible Preferred Stock – Mezzanine Equity**

Each share of Series B Convertible Preferred Stock has a stated value of $1.00 and is entitled to cumulative dividends of 7.5% per annum out of available capital. No dividends have been declared or paid to date. At the option of holder, the Series B Convertible Preferred Stock is convertible into common stock at a rate of one share for each share of Series B Convertible Preferred Stock unit converted. Conversion is subject to a beneficial ownership limitation of 9.99%. The original term of the Series B Convertible Preferred Stock was two years from the original issue date in May 2022. During the year ended August 31, 2025, the Company amended the outstanding Series B Convertible Preferred Stock to have a four-year term from the original issue date of May 2022. If the Series B Convertible Preferred Stock is not converted prior to this term, the holder may redeem the shares for value based on the amount the holder would be entitled to upon a liquidation, as described below. No Series B Convertible Preferred Stock was redeemed during the years ended August 31, 2025 or 2024. There are no voting rights included in the Series B Convertible Preferred Stock. Cumulative and unpaid dividends of this Series B Convertible Preferred Stock were approximately $603,000 and $992,000 as of August 31, 2025 and 2024, respectively. As of August 31, 2025 and 2024, there was 25,839,626 and 5,375,000 shares of Series B Convertible Preferred Stock outstanding, respectively.

The Series B Convertible Preferred Stock contains a redemption feature which is in the control of the holder of the Series B Convertible Preferred Stock. Due to this redemption feature, the Series B Convertible Preferred Stock is classified as mezzanine equity. The redemption price as of August 31, 2025 and 2024 is below the Series B Convertible Preferred Stock's carrying value.

In the event of a voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of Series B Convertible Preferred Stock are entitled to receive out of the assets, whether capital or surplus, a liquidation preference of 150% of the stated value per share ($1.00), plus then be entitled to receive the same amount that a holder of common stock would receive if the preferred stock were fully converted, prior to any distribution to holders of common stock. The aggregate liquidation preference for Series B Convertible Preferred Stock as of August 31, 2025, was approximately $38,760,000.

**Series C Convertible Preferred Stock**

In April 2025, the Company created an additional class of preferred stock called Series C Convertible Preferred Stock. Series C Convertible Preferred Stock contains the same features as Series B Convertible Preferred Stock; except its conversion price is 75% of the Series B Convertible Preferred Stock conversion price and the Series C Convertible Preferred Stock does not contain a redemption feature. As such, Series C Convertible Preferred Stock is classified within Stockholders' deficit in the consolidated balance sheets. Cumulative and unpaid dividends of this Series C Convertible Preferred Stock were approximately $376,000 as of August 31, 2025. As further described in Note 12, in April 2025, the Company's largest investor entered into a consulting agreement with the Company. As payment under this consulting agreement, the investor was allowed to convert 42,814,596 shares of their Series B Convertible Preferred Stock into 57,086,261 shares of Series C Convertible Preferred Stock. As of August 31, 2025, there were 57,086,261 shares of Series C Convertible Preferred Stock outstanding.

In the event of a voluntary or involuntary liquidation, dissolution, or winding up of the Company, holders of Series C Convertible Preferred Stock are entitled to a liquidation preference of 150% of the stated value per share ($1.00), plus then be entitled to receive the same amount that a holder of common stock would receive if the preferred stock were fully converted, prior to any distribution to holders of Series B Convertible Preferred Stock or holders of common stock. The aggregate liquidation preference for Series C Convertible Preferred Stock as of August 31, 2025, was approximately $85,630,000.

**<u>Note 10 – Stockholders' Deficit</u>**

<u>Common Stock</u>

The Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.001 per share. As of August 31, 2025 and 2024, there were 2,133,236 and 5,466,569 shares of common stock outstanding. The decrease in common stock outstanding during the year ended August 31, 2025 is due to an exchange of common stock held by a significant stockholder (a related party) to Series B Convertible Preferred Stock in November 2024. The exchange resulted in a reduction to Common stock (at par) of approximately $3,000, additional Accumulated deficit of approximately $477,000 and an increase in Mezzanine equity – Series B Convertible Preferred Stock of approximately $480,000.

<u>Warrants</u>

As of August 31, 2024, there were 10,702,000 warrants outstanding. These warrants were classified as equity in consolidated financial statements as of August 31, 2024, and consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Date Issued** | **Number of <br> Warrants** | **Exercise<br> Price** | **Expiration Date** |
| 03/01/2022 | 1075000 | $.225 | 03/01/2027 |
| 03/03/2022 | 1075000 | $.225 | 03/03/2027 |
| 04/04/2022 | 134375 | $1.00 | 04/04/2027 |
| 05/27/2022 | 5375000 | $1.00 | 05/27/2027 |
| 06/29/2023 | 268750 | $1.00 | 06/29/2028 |
| 07/03/2023 | 268750 | $1.00 | 07/03/2028 |
| 08/10/2023 | 268750 | $1.00 | 08/10/2028 |
| 08/15/2023 | 268750 | $1.00 | 08/15/2028 |
| 08/17/2023 | 107500 | $1.00 | 08/17/2028 |
| 10/06/2023 | 137500 | $1.00 | 10/06/2028 |
| 10/13/2023 | 137500 | $1.00 | 10/13/2028 |
| 10/20/2023 | 22000 | $1.00 | 10/20/2028 |
| 10/26/2023 | 412500 | $1.00 | 10/26/2028 |
| 11/28/2023 | 220000 | $1.00 | 11/28/2028 |
| 12/01/2023 | 220000 | $1.00 | 12/01/2028 |
| 12/19/2023 | 230000 | $1.00 | 12/19/2028 |
| 12/27/2023 | 230000 | $1.00 | 12/27/2028 |
| 01/12/2024 | 28750 | $1.00 | 01/12/2029 |
| 01/26/2024 | 86250 | $1.00 | 01/26/2029 |
| 01/29/2024 | 86250 | $1.00 | 01/29/2029 |
| 02/22/2024 | 14375 | $1.00 | 02/22/2029 |
| 03/08/2024 | 12500 | $1.00 | 03/08/2029 |
| 03/22/2024 | 10000 | $1.00 | 03/22/2029 |
| 04/05/2024 | 12500 | $1.00 | 04/05/2029 |
|  | 10702000 |  |  |

---

These warrants were classified as equity in the consolidated financial statements. Assumptions used in calculating the fair value of the warrants at the issuance date in conjunction with applying the relative fair value method include the following:

---

| | |
|:---|:---|
|  | **2024 Warrants** |
| Fair value of common stock | $0.27 |
| Expected term | 5 years |
| Expected volatility | 68.7% - 83.4% |
| Dividend yield |  |
| Risk-free interest rate | 3.78% - 4.86% |

---

During the year ended August 31, 2025, all outstanding warrants were exchanged into Series B Convertible Preferred Stock, as described in Note 8 above.

**<u>Note 11 – Income Taxes</u>**

Significant components of the Company's deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;Capital losses | $3621000 | $— |
| &nbsp;&nbsp;&nbsp;Net operating losses | 1354000 | 5375000 |
| &nbsp;&nbsp;&nbsp;Software | 238000 | 194000 |
| &nbsp;&nbsp;&nbsp;Equity compensation | 68000 |  |
| &nbsp;&nbsp;&nbsp;Accruals and reserves | 28000 |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 18000 |  |
| &nbsp;&nbsp;&nbsp;Other | 19000 | 4000 |
| Total deferred tax assets | 5346000 | 5573000 |
| &nbsp;&nbsp;&nbsp;Less: valuation allowance | (5346000) | (5573000) |
| Net deferred tax assets | $— | $— |

---

The Company recorded income tax expense of $19,890 for the year ended August 31, 2025, which related to temporary differences. No provision for, or benefit from, income taxes was recorded for the year ended August 31, 2024. As of August 31, 2025, the Company had approximately $6,445,000 of federal net operating losses. The Company's income tax expense for the years ended August 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| Current provision for income taxes |  |  |
| &nbsp;&nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;&nbsp;State | 19890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current | 19890 |  |
| Deferred tax expense |  |  |
| &nbsp;&nbsp;&nbsp;Federal |  |  |
| &nbsp;&nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred expense |  |  |
| Total provision for income taxes | $19890 | $— |

---

The significant differences between the U.S. Federal statutory rate and the effective rate for financial reporting purposes are as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| Federal statutory tax rate | (21.00%) | (21.00%) |
| State tax rate, net of federal benefit | (1.90%) | (0.07%) |
| Permanent items | 45.05% | (0.03%) |
| Attribute reduction - CODI | (25.55%) |  |
| Capital loss carryover | (45.57%) |  |
| Other | (0.06%) |  |
| Tax benefit | (3.13%) | (21.10%) |
| Valuation allowance | 2.87% | 21.10% |
| Effective tax rate | (0.25%) | 0.00% |

---

**<u>Note 12 – Related Party Transactions</u>**

From October 2022 through August 2024, the Company leased office space from Hedgemore, an entity in which the Company had a 36% ownership stake.

In November 2024, $20,572,398 of convertible notes payable held by significant stockholders of the Company was exchanged for 48,566,344 shares of Series B Convertible Preferred Stock. Also in November 2024, 3,333,333 shares of common stock held by a significant stockholder of the Company was exchanged for 3,333,333 shares of Series B Convertible Preferred Stock. In April 2025, a convertible note payable of $1,333,333, and the related accrued interest, held by significant stockholders of the Company was converted into 3,903,065 shares of Series B Convertible Preferred Stock. See Note 8 and Note 10 for further discussion of the exchanges.

In April 2025, the Company's majority stockholder entered into a consulting agreement with the Company. As payment under this consulting agreement, the stockholder was allowed to convert 42,814,596 shares of their Series B Convertible Preferred Stock into 57,086,261 shares of Series C Convertible Preferred Stock. The Company determined the fair value of the Series C Convertible Preferred Stock received as consideration under the consulting agreement was approximately $2,528,000 greater than the fair value of the Series B Convertible Preferred Stock at the conversion date and recorded this excess amount as Stock-based compensation expense in the consolidated statement of operations.

Subsequent to August 31, 2025, in November 2025, the Company received a $391,000 investment from its main outsourced technology development partner into its Series C Convertible Preferred Stock. The investment was comprised of $80,000 of cash and cancellation of approximately $311,000 in outstanding payables to this vendor. During the years ended August 31, 2025 and 2024, the Company paid this technology development partner approximately $1,039,000 and $1,073,000 to develop the Company's main technology platform.

**<u>Note 13 – Stock Compensation Plan</u>**

During the year-ended August 31, 2025, the Company issued stock option awards to certain key employees, contractors, Board members and Board advisors. The terms of the stock option awards are governed by the VisitIQ Corp. 2025 Incentive Award Plan. The stock option awards granted during the year ended August 31, 2025 have only time based vesting criteria, as well as accelerated vesting upon a Change in Control, as defined within the VisitIQ Corp. 2025 Incentive Award Plan. No Change in Control event occurred during either the year ended August 31, 2025. Compensation expense for the stock option awards is recognized over the vesting period based on the grant date fair value of the awards. Compensation expense for the stock option awards recognized within the consolidated statements of operations was approximately $419,000 for the year-ended August 31, 2025. As of August 31, 2025, unrecognized compensation expense related to the stock option awards is approximately $638,000 and will be recognized over a weighted average period of 2.6 years.

***Vesting***

The stock option awards granted during the year ended August 31, 2025 included a 25% vest on the date of grant, with the remaining vesting occurring monthly over the following 36 months, with the exception of grants made to the board of directors and Board advisors, which were fully vested upon grant. Upon the occurrence of a Change in Control, all stock option awards that have not vested at that time become fully vested if the employee is employed by the Company or any of its subsidiaries on the date of the Change in Control. Upon termination of employment, the employee will forfeit all unvested Option Awards.

***Activity***

A total of 10,000,000 Option Awards are authorized for issuance under the VisitIQ Corp. 2025 Incentive Award Plan. During the year ended August 31, 2025, 7,230,000 Option Awards were granted, all of which were outstanding as of August 31, 2025. The fair value of the Option Awards granted during the year ranged from $0.13 to $0.15 per Option Award. During the year ended August 31, 2025 no Option Awards were forfeited.

The grant date fair value of each Option Awards award is estimated on the date of grant using the Black-Scholes-Merton option pricing model. The weighted average assumptions for the grants in the year ended August 31, 2025 are provided in the following table:

---

| | |
|:---|:---|
|  | **2025 Stock Options** |
| Fair value of common stock | $0.18 - $0.23 |
| Expected term | 2.8 - 5.6 years |
| Expected volatility | 96.8% - 113.0% |
| Dividend yield |  |
| Risk-free interest rate | 3.76% - 4.03% |

---

As the Company has insufficient historical exercise data to determine expected term, it uses the expected term of similar publicly traded entities. Volatility is estimated based on the average historical volatility of its common shares. The risk-free rate for the expected term of the Option Awards is based on the U.S. Treasury yield curve at the date of grant.

**<u>Note 14 – Commitments and Contingencies</u>**

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

In the ordinary course of the business, the Company is subject to periodic legal or administrative proceedings. As of August 31, 2025 and 2024, the Company was not involved in any material claims or legal actions which, in the opinion of management, the ultimate disposition would have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity.

**Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.**

None.

**Item 9A. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Our management, with participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of August 31, 2025. Based upon this evaluation our Chief Executive Officer and Chief Financial Officer concluded that, as of August 31, 2025, our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial reporting described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Application of GAAP to significant unusual or complex transactions**. We did not maintain control processes at a sufficient level of precision over the evaluation, documentation
and review of the proper application of GAAP to significant unusual or complex transactions occurring during the fiscal year.
As a result, material audit adjustments were identified and recorded where necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Segregation of duties within the accounting function**. Due to the limited size of the accounting
team, we did not maintain sufficient segregation of duties within certain accounting processes, including sufficient separation
between the individuals performing accounting processes and the individuals reviewing those processes.

***Management's Report on Internal Control over Financial Reporting***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of August 31, 2025, based on the criteria established in "Internal Control - Integrated Framework" (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the results of its evaluation, management concluded that our internal control over financial reporting was not effective as of August 31, 2025, due to the material weaknesses described above.

***Management's Remediation Plan***

Management is committed to remediating the material weaknesses described above and improving the design and operating effectiveness of our internal control over financial reporting. Management has taken, or has committed to take, the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;1. Implementing a formal secondary review
and sign-off process for all material journal entries and complex accounting reconciliations, including documentation of preparer
and reviewer responsibilities, to strengthen segregation of duties and evidence of review.

&nbsp;&nbsp;&nbsp;&nbsp;2. Enhancing control processes related to
the technical accounting review of significant unusual or complex transactions, including timely identification of such transactions,
preparation of supporting accounting analyses, and review of the conclusions reached to support the proper application of GAAP.

The remediation plan is currently in progress. Certain remediation actions have been initiated; however, the enhanced controls have not yet been fully implemented or operated for a sufficient period of time to allow management to conclude, through testing, that the material weaknesses have been remediated. Management will continue to monitor the implementation and operating effectiveness of the remediation measures and will make additional changes as management determines appropriate. The material weaknesses will not be considered remediated until the applicable controls have been designed and implemented, operated for a sufficient period of time, and management has concluded, through testing, that the controls are operating effectively.

This Annual Report does not include a report and attestation by our independent registered public accounting firm on the effectiveness of our internal control over financial reporting due to an exemption for non-accelerated filers.

**Item 9B. Other Information.** 

***Rule 10b5-1 Plan Adoptions and Modifications***

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**PART III** 

**Item 10. Directors, Executive Officers and Corporate Governance.**

The following table sets forth the names, ages and positions of our named executive officers ("NEOs") and directors as of August 31, 2025:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Vernon Hanzlik | 68 | Chief Executive Officer, Interim Chief Financial Officer, President<br> (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) and Director |
| Vincent DeVito | 55 | Director |
| Shahid Ramzan | 53 | Director |
| Jose Velasco | 35 | Director |
| Himesh Bhise | 58 | Independent Director |

---

Set forth below is a description of the background and business experience of our directors and NEOs as of August 31, 2025:

**Executive Officers** 

***Vernon Hanzlik****, age 68,* is our Chief Executive Officer, Interim Chief Financial Officer and a member of the Board. Mr. Hanzlik has over 30 years of experience in technology and services, with the last 25 years in software development. Prior to joining VisitIQ, Mr. Hanzlik served as CEO and President of Qumu, a SaaS based enterprise video platform organization. Mr. Hanzlik was also an investor and the President of Sajan Software a TMS (Translation Management System) platform for businesses to automate their multi-lingual communications. Earlier in his career, he co-founded Stellent, an enterprise content management software company, acquired by Oracle in 2006 for $440 million. Stellent became the basis of Oracle's E2.0 Fusion Middleware offering. Prior to the sale of Stellent to Oracle, Vern served in a variety of leadership roles, including product development, sales, marketing, President and CEO.

**Non-Employee Directors**

***Vincent DeVito,*** *age 55*, is a member of the Board. Mr. Devito is a Managing Director of Asset Management for Arena. He has more than 20 years of experience spanning origination, underwriting, portfolio management, and valuation across a wide variety of investments including corporate private investments, structured finance transactions, natural resources, corporate securities, and secondaries & liquidity solutions. Prior to joining Arena, Vincent served as the director of credit, lending, and portfolio management at PPMG where he was responsible for debt and equity control investments. He previously served as a managing director and was the founder of the Syndicated Loan Group within CIT, a liquid and illiquid par and distressed leveraged loan business within a large public bank holding company. Prior to CIT, Vincent served in various positions at GE Capital where he was responsible for originating, assessing, and managing par and distressed liquid and illiquid investments and private equity transactions. He also worked for Time Warner Mergers and Acquisitions Group and was a senior auditor at Ernst & Young. Vincent holds a BS in accounting and an MBA in finance from Fordham University and is a CPA. He sits on multiple boards overseeing a variety of portfolio companies.

***Shahid Ramzan****, age 53,* is a member of the Board. Mr. Ramzan is a Managing Director of High Yield Corporate Securities for Arena. Prior to joining Arena, Mr. Ramzan began his career at Siemens, and has subsequently held global roles in convertible bonds, equity derivatives, and public/private credit. At Caspian Securities he was on the trading desk for Agency and Proprietary convertible bonds. At HBK in London, he was a Director managing the European and Asia Ex-Japan business focused primarily on equity derivatives and convertible bonds. At DB Zwirn he managed the European and Asian public credit business across New York, London, Hong Kong and Singapore. For eight years prior to Arena, Mr. Ramzan founded and ran the Fortensa Special Opportunities fund in Singapore, investing in credit and credit-linked opportunities in Asia. Shahid received a BSc (Hons) in Mathematics from Kings College London.

***Jose Velasco****, age 35*, is a member of the Board. Mr. Velasco has nearly a decade of experience in restructuring and asset management across the US and Latin America. He began his career as a turnaround and restructuring consultant at Alvarez & Marsal and AlixPartners, two leading distressed advisory firms. His experience spans numerous industries including energy, transportation, healthcare, retail, and others. Jose holds a BA in chemical engineering, with honors, from Universidad Iberoamericana and an MBA from the Duke University Fuqua School of Business.

***Himesh Bhise****, age 58,* has been a member of the Board since May 2025. Mr. Bhise brings to the Board extensive experience as an operating executive and Board Director who has scaled businesses and delivered successful stakeholder outcomes in the software, media and professional services industries. He also serves on the Board of Intelity, a PE-backed hospitality tech company. He was the CEO and Board Director of Arabella, a tech-enabled professional services firm; and the CEO and Board Director of Synacor, a Nasdaq-listed enterprise software and ad-tech company. Prior, he led business units at Comcast (streaming, advanced advertising), Charter (broadband) and AOL (mobile). He was a leader in the Telecom practice at McKinsey. Himesh received his MBA from the Wharton School.

**Family Relationships**

There are no family relationships between any director or officer of the Company and any other such person.

**Director Term Limits**

Our Board has not adopted policies imposing an arbitrary term or retirement age limit in connection with individuals serving as directors as it does not believe that such a limit is in the best interests of our company. Our Board will strive to achieve a balance between the desirability of its members having a depth of relevant experience, on the one hand, and the need for renewal and new perspectives, on the other hand.

**Board Role in Risk Oversight and Management**

Our full Board has an active role in the oversight and management of the Company's risks and carries out its role directly. The Board's direct role in the Company's risk management process includes regular or periodic receipt and discussion of reports from management and the Company's outside counsel and advisers on areas of material risk to the Company, including operational, strategic, financial, legal and regulatory risks.

The Company has not adopted any practices or policies regarding the ability of our employees (including officers) or Directors, or any of their designees, to purchase financial instruments (including prepaid variable forward contracts, equity swaps, collars, and exchange funds), or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of our common stock either granted to the employee or director by the Company as part of the compensation of the employee or director; or held, directly or indirectly, by the employee or director.

**Committees**

As of August 31, 2025, our Board did not maintain standing Audit, Compensation or Nominating and Corporate Governance Committees. Given the Company's size and stage of development, the Board has determined that it is appropriate for the full Board to perform the functions that would otherwise be carried out by such committees.

Accordingly, the Board as a whole is responsible for oversight of the Company's financial reporting processes, internal controls and audit matters, executive compensation and director nominations.

*Audit Committee Financial Expert*

While the Company does not have a separately designated audit committee, the Board has determined that Mr. DeVito qualifies as an "audit committee financial expert," as that term is defined under the rules of the Securities and Exchange Commission. The Board has further determined that Mr. DeVito is not independent under applicable SEC independence standards, due to his role as Managing Director of Asset Management for Arena.

In the absence of a formal audit committee, Mr. DeVito provides financial expertise to the Board in connection with its oversight of the Company's financial statements, accounting policies, and internal controls. The Board believes that the combined experience of its members, and in particular the financial expertise of Mr. DeVito, enables it to effectively fulfill the responsibilities that would otherwise be delegated to an audit committee.

The Board intends to evaluate the establishment of standing committees as the Company's operations and resources evolve.

**Director Compensation**

In fiscal year 2025, each non-employee director received an option grant of options, 100% fully vested as of the date of issuance, exercisable for 50,000 shares of the Company's common stock in connection with their service on the Board.

In addition, in fiscal year 2025, each Independent Director Nominee received an option grant of options, 100% fully vested as of the date of issuance, exercisable for 100,000 shares of the Company's common stock in connection with their respective appointment as advisor to the Board and in connection with their commitment to serve on the Board upon the completion of this offering.

**Code of Business Conduct and Ethics**

As of August 31, 2025, the Company had not yet adopted a written code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as defined by applicable rules of the SEC.

The Company has not adopted a code of ethics at this time due to its limited size, stage of development and resources. The Board of Directors intends to adopt a formal code of ethics as the Company's operations and resources permit.

**Item 11. Executive Compensation.**

**Summary Compensation Table - Years Ended August 31, 2025 and 2024**

The following table sets forth information concerning all cash and VisitIQ, LLC distributions earned by or paid to our directors and executive officers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fiscal |  |  | Stock | Option | All Other |  |
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Awards ($) | Awards ($) | Compensation | Total ($) |
| Vern Hanzlik | 2025 | 275000 | 32227 |  | 513709 |  | 820936 |
| *Interim Chief Executive Officer* | 2024 | 275000 |  |  |  |  | 275000 |
| John Gonsior\* | 2025 | 259800 | 19531 |  | 183468 |  | 462799 |
| *Former Acting Chief Financial Officer* | 2024 | 194880 |  |  |  |  | 194880 |

---

\*Mr. Gonsior resigned from his position as Chief Financial Officer and Mr. Hanzlik was appointed Interim Chief Financial Officer on April 2, 2026.

***Equity Compensation***

We grant annual equity awards to our named executive officers, which are generally subject to vesting based on each named executive officer's continued service. Each of our named executive officers currently holds outstanding options that were granted under the Incentive Plan, as set forth in the table below titled "2025 Outstanding Equity Awards at Fiscal Year-End." The stock option awards granted during the year ended August 31, 2025 included a 25% vest on the date of grant, with the remaining vesting occurring monthly over the following 36 months, with the exception of grants made to the Board and Board advisors, which were fully vested upon grant.

***Timing of Stock Option Grants***

We do not have any formal policy that requires us to grant, or avoid granting, equity-based compensation to our executive officers at certain times. The timing of any equity grants to executive officers in connection with new hires, promotions or other non-routine grants is tied to the event giving rise to the award, such as the executive officer's commencement of employment or promotion effective date. As a result, the timing of grants of equity awards, including stock options, occurs independently of the release of any material nonpublic information. The Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of equity-based compensation.

***Non-Equity Incentive Plan Compensation***

Historically, our Board believed that a meaningful portion of the target total cash compensation for our employees, including our executive officers, should have been in the form of a quarterly cash incentive opportunity under our Incentive Plan, which was intended to motivate our employees to achieve the quarterly financial performance objectives set by the Board that were consistent with and support our annual operating plan.

For fiscal 2025 bonuses employees and certain key contractors were eligible to receive cash bonuses. The 2025 bonus was based upon achievement of certain Company quarterly milestones.

**2025 Outstanding Equity Awards at Fiscal Year-End**

The following table presents, for each of our named executive officers, information regarding outstanding stock options as of August 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name** |<br>**Grant**<br>**Date** |<br>**Exercisable**<br>**(#)** |<br>**Unexercisable**<br>**(#)** | **Option**<br>**Exercise**<br>**Price ($)** | **Option**<br>**Expiration**<br>**Date** |
| Vern Hanzlik | 3/1/2025 | 1239580 | 2260420 | $0.26 | 2/28/2035 |
| John Gonsior | 3/1/2025 | 442705 | 807295 | $0.26 | 2/28/2035 |

---

**Limitations on Liability and Indemnification Matters**

Our Bylaws provide that we will indemnify our officers and directors to the fullest extent permitted by law. We have entered and expect to continue to enter into agreements to indemnify our directors, executive officers and other employees as determined by our Board. Under the terms of such indemnification agreements, we are required to indemnify each of our directors and officers, to the fullest extent permitted by the laws of the state of Nevada, if the basis of the indemnitee's involvement was by reason of the fact that the indemnitee is or was a director or officer of our company or any of our subsidiaries or was serving at our request in an official capacity for another entity. We must indemnify our officers and directors against all reasonable fees, expenses, charges and other costs of any type or nature whatsoever, including any and all expenses and obligations paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing to defend, be a witness or participate in any completed, actual, pending or threatened action, suit, claim or proceeding, whether civil, criminal, administrative or investigative, or establishing or enforcing a right to indemnification under the indemnification agreement.

***Employment Agreements***

We are party to an employment agreement with Vernon Hanzlik, our Chief Executive Officer and Interim Chief Financial Officer. Such agreement memorializes Mr. Hanzlik's base salary, annual target bonus opportunity, paid vacation, reimbursement of reasonable business expenses and eligibility to participate in benefit plans and programs for which senior executives are generally eligible.

Mr. Hanzlik's annualized base salary for fiscal 2025 was $275,000. Mr. Hanzlik's target annual bonus for fiscal 2025 was $206,000. Mr. Hanzlik's target annual bonus for fiscal 2025 was 75% of his annualized base salary. The annual bonus is earned based on the achievement of performance targets established by the Board for the applicable fiscal year.

***Retirement Benefits***

We maintain a tax-qualified 401(k) retirement plan for eligible U.S. employees, including Mr. Hanzlik. Under our 401(k) plan, employees may elect to defer a portion of their annual compensation on a pre-tax basis, subject to applicable annual Internal Revenue Code limits. In addition, we make safe harbor matching contributions of 100% of a participant's deferrals up to 4% of the participant's salary. We do not sponsor any nonqualified deferred compensation plans or defined benefit pension plans except as required by applicable law.

**Non-Employee Director Compensation**

The table below sets forth the compensation paid to our non-employee directors during the fiscal year ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Salary** | **Bonus** | **Option**<br> **Awards<sup>(1)</sup>** | **Total** |
| Vincent DeVito | $— | $— | $7339 | $7339 |
| Shahid Ramzan | $— | $— | $7339 | $7339 |
| Jose Velasco | $— | $— | $7339 | $7339 |
| Himesh Bhise\* |  | $— | $7339 | $7339 |
| Total |  | $— | $29356 | $29356 |

---

---

| | |
|:---|:---|
| 1 | Amounts reflect the full grant-date fair value of option awards granted during 2025 computed in accordance with ASC Topic 718, rather than the amounts paid to or realized by the named individual. We provide information regarding the assumptions used to calculate the value of all option awards made to our directors in Note 13 to the consolidated financial statements included in this Annual Report. |

---

**Incentive Plan**

In March 2025, our Board adopted the Incentive Plan. The Incentive Plan is administered by the Board. Our Board has the authority to amend and modify the Incentive Plan, subject to any stockholder approval. 10,000,000 shares of common stock are reserved for issuance under the Incentive Plan, of which, approximately 7.2 million stock options have been issued and are outstanding.

**Employee Benefits and Perquisites**

Our executive officers are entitled to reimbursement for all expenses reasonably incurred in connection with the performance of their duties as executive officers of the Company.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

The following table sets forth certain information with respect to the beneficial ownership of our common shares as of the date of this Annual Report for (i) each of our NEOs and directors; (ii) all of our NEOs and directors as a group; and (iii) each other shareholder known by us to be the beneficial owner of more than 5% of our outstanding common shares, assuming that we sell the maximum number of common shares being offered.

Beneficial ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities. For purposes of this table, a person or group of persons is deemed to have "beneficial ownership" of any shares that such person or any member of such group has the right to acquire within sixty (60) days. For purposes of computing the percentage of outstanding shares of our common shares held by each person or group of persons named above, any shares that such person or persons has the right to acquire within sixty (60) days of April 30, 2026, including shares of common stock issuable upon exercise of stock options and other equity awards held by such persons under the Incentive Plan and shares issuable upon conversion of our Series B Convertible Preferred Stock and Series C Convertible Preferred Stock, to the extent exercisable, convertible or vesting within sixty (60) days of April 30, 2026, are deemed to be outstanding for such person, but not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. The inclusion herein of any shares listed as beneficially owned does not constitute an admission of beneficial ownership by any person. The share ownership numbers after the offering for the beneficial owners indicated below exclude any potential purchases that may be made by such persons in this offering.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o VisitIQ Corp., 729 N Washington Ave., Minneapolis, Minnesota 55401.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Number of shares of Common Stock** | **% of Common Stock\*** |
| **Directors and executive officers** |  |  |
| &nbsp;&nbsp;&nbsp;Vern Hanzlik | 1822908 | 1.4% |
| &nbsp;&nbsp;&nbsp;John Gonsior *(former Chief Financial Officer (resigned in April 2026))*(1) | 572910 | \* |
| &nbsp;&nbsp;&nbsp;Himesh Bhise | 50000 | \* |
| &nbsp;&nbsp;&nbsp;Vincent DeVito | 50000 | \* |
| &nbsp;&nbsp;&nbsp;Shahid Ramzan | 50000 | \* |
| &nbsp;&nbsp;&nbsp;Jose Velasco | 50000 | \* |
| **All directors and executive officers as a group (6 individuals)** | **2595818** | 2.0% |
| **Other 5% beneficial owners** |  |  |
| &nbsp;&nbsp;&nbsp;Sky Direct, LLC/NY Farms Group, Inc. (2) | 16961999 | 13.4% |
| &nbsp;&nbsp;&nbsp;Seacor Capital Inc. (3) | 10898734 | 8.6% |
| &nbsp;&nbsp;&nbsp;Arena Investors, LP (4) | 90390217 | 71.3% |

---

\* Indicates beneficial ownership less than 1%.

<sup>(1)</sup> Mr. Gonsior served as the Company's Chief Financial Officer during the fiscal year ended August 31, 2025 and is included as a named executive officer. Mr. Gonsior resigned from such position in April 2026.

<sup>(2)</sup> Includes 15,289,689 shares of Series B Convertible Preferred Stock and accrued and unpaid dividends thereon, representing 1,672,310 shares of Series B Convertible Preferred Stock, which convert into shares of common stock at a ratio of 1:1.

<sup>(3)</sup> Includes 9,824,211 shares of Series B Convertible Preferred Stock and accrued and unpaid dividends thereon, representing 1,074,523 shares of Series B Convertible Preferred Stock, which convert into shares of common stock at a ratio of 1:1.

<sup>(4)</sup> Includes (a) 57,086,261 of Series C Convertible Preferred Stock and accrued and unpaid dividends, representing 6,243,810 shares of Series C Convertible Preferred Stock, which convert into shares of common stock at a ratio of 1:0.75, (b) 100 shares of Series B Convertible Preferred Stock and accrued and unpaid dividends thereon, representing 111 shares of Series B Convertible Preferred Stock, which convert into shares of common stock at a ratio of 1:1, and (c) convertible notes and accrued interest, which convert into 5,950,012 shares of common stock.

**Change In Control**

We do not currently have any arrangements which if consummated may result in a change of control of the Company. However, Arena currently owns 57,086,261 shares of Series C Convertible Preferred Stock and 6,243,810 accrued and unpaid dividends which, on an as-converted basis, would represent 66.6% of our outstanding common stock of the Company. As a result, if the Series C Convertible Preferred Stock held by Arena is converted, Arena will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets. In addition, Arena will have the ability to control the management and affairs of the Company as a result of its ability to control the election of our directors. Additionally, in the event that Arena sells its Series C Convertible Preferred Stock or common stock underlying the Series C Convertible Preferred Stock in the event Arena exercises the Series C Convertible Preferred Stock, control would be transferred to the purchaser or group of purchasers or a person or entity that Arena designates as its successor. This concentration of ownership may have the effect of delaying, preventing or deterring a change of control, could deprive stockholders of an opportunity to receive a premium for our common stock as part of a sale, and might ultimately affect the trading price of our common stock.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

In addition to the executive officer and director compensation arrangements discussed above under "Executive Compensation" since January 1, 2024, the following are the only transactions or series of similar transactions to which we were or will be a party in which the amount involved exceeds $120,000 and in which any director, nominee for director, executive officer, beneficial holder of more than 5% of our capital stock or any member of their immediate family or any entity affiliated with any of the foregoing persons had or will have a direct or indirect material interest.

*<u>November 2024 Series B Convertible Preferred Stock Exchange Agreement</u>*

In November 2024, the Company entered into an Exchange Agreement (the "Exchange Agreement") with Arena, and certain other stockholders party thereto (collectively with Arena, the "Interest Holders"), pursuant to which certain convertible notes, warrants, and shares of common stock (the "Existing Interests") held by these Interest Holders were exchanged for shares of Series B Convertible Preferred Stock.

In consideration for the Series B Convertible Preferred Stock exchange, each Interest Holder, unconditionally and irrevocably waived, released and discharged the Company and each of its respective past, present and future directors, managers, officers, employees, agents, predecessors, successors, assigns, equityholders, partners, insurers affiliates and affiliated companies (the "Releasees") from all claims that the Interest Holder may have had or against the Releasees through the date of the Exchange Agreement, including, but not limited to claims relating to or in connection with (1) any act or omission by any of the Releasees prior to the date of the Exchange Agreement; (2) the amount, form of calculation of the Series B Convertible Preferred Stock to be received by the Interest Holder pursuant to the Exchange Agreement; or (3) the Interest Holder's status as an Interest Holder or their right to its Existing Interests and right in or to any equity of the equity interests of the Company exercisable under the Existing Interests.

In connection with the Exchange Agreement, Arena exchanged $9,169,611 in aggregate principal amount of convertible notes and 5,375,000 warrants into 34,783,533 shares of Series B Convertible Preferred Stock.

*<u>Shareholders Agreement</u>*

In November 2024, the Company entered into a Shareholders' Agreement (the "Shareholders' Agreement") with Arena and the Interest Holders.

Pursuant to the terms of the Shareholders' Agreement, the size of the Board was set at five members, with three members to be designated by Arena (which are Vincent DeVito, Shahid Ramzan and Jose Velasco), one person designated by the holders of a majority of the company's common stock (which is Michael Pruitt) and the Company's Chief Executive Officer and Interim Chief Financial Officer, Vernon Hanzlik. In addition, each Interest Holders agreed to vote all of its equity securities in the Company for (1) the election to the Board of all individuals nominated in accordance with the Shareholders' Agreement; (2) the election to each committee of the Board of at least one director nominated by Arena; (3) the approval of the initial designees to the Board; (4) any increase in the number of authorized shares of authorized common stock from time to time to ensure that there will be sufficient shares of common stock available for conversion of all of the shares of convertible notes, preferred stock or other instruments outstanding at any given time; (5) the implementation of any reverse stock split transaction recommended by the Board in order to reduce the number of outstanding shares of the Company on a pro rata basis; and (6) granting Arena an irrevocable proxy, coupled with an interest, authorized to vote, give consents and in all other ways act in the remaining Interest Holders' place.

In accordance with the Shareholders' Agreement, the grant of Arena's proxy and the directorships held by two of the three Arena members of the Board will terminate upon the consummation of this offering.

*<u>April 2025 Convertible Notes</u>*

On April 17, 2025, the Company, along with its wholly-owned subsidiary, VisitIQ, LLC, entered the April Note Purchase Agreement with Arena, pursuant to which, the Company provided the April 2025 Convertible Notes to affiliates of Arena.

In connection with the April Note Purchase Agreement, VisitIQ Corp. has issued April Convertible Notes in the aggregate principal amount of $2,222,222 for a purchase price of $2,000,000 to affiliates of Arena. The April 2025 Convertible Notes were issued by the Company to the affiliates of Arena on April 17, 2025 and bear interest at 12.0% per annum. The April 2025 Convertible Notes mature on April 17, 2026 and are secured by a Security Agreement, dated as of October 24, 2024, as amended by that certain first amendment thereto, dated as of April 17, 2025, made by the affiliates of Arena, the Company and VisitIQ, LLC (the "Security Agreement"). The April 2025 Convertible Notes are convertible into shares of Series C Convertible Preferred Stock at the option of the holder, subject to certain conditions, and, in any case, on the Maturity Date or upon liquidation of the Company.

*<u>November 2025 Convertible Notes</u>*

On November 10, 2025, the Company, along with its wholly-owned subsidiary, VisitIQ, LLC, entered into the November 2025 Note Purchase Agreement with Arena, pursuant to which, the Company may issue the November 2025 Convertible Notes to affiliates of Arena.

In connection with the November 2025 Note Purchase Agreement, the Company has issued six convertible notes with an aggregate principal amount of $1,944,444 for a purchase price of $1,750,000 to affiliates of Arena. The November 2025 Convertible Notes were issued by the Company to the affiliates of Arena in multiple closings on November 10, 2025, November 26, 2025, December 23, 2025, January 8, 2026, February 3, 2026 and March 9, 2026. Each of the convertible notes bear interest at 12.0% per annum, mature one year from the issuance date, and are secured by the collateral set forth in the Security Agreement. The convertible notes issued under the November 2025 Note Purchase Agreement are convertible into shares of Series C Convertible Preferred Stock at the option of the holder, subject to certain conditions, and, in any case, on the Maturity Date or upon liquidation of the Company.

*<u>Hedgemore Leased Office Space</u>*

From October 2022 through August 2024, the Company leased office space from Hedgemore, an entity in which the Company had a 36% ownership stake.

**Review, Approval and Ratification of Related Party Transactions**

All related party transactions are subject to the review, approval, or ratification of our Board or an appropriate committee thereof.

**Item 14. Principal Accountant Fees and Services.** 

**Independent Registered Public Accounting Firm Fees and Services**

We regularly review the services and fees from our independent registered public accounting firm.

Fees for services provided by Boulay PLLP during the years ended August 31, 2024 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended <br> August 31, 2024** | **Fiscal Year Ended <br> August 31, 2025** |
| **Fees Billed to the Company** |  |  |
| Audit fees | $85000 | $91000 |
| Audit-related fees | 90500 | 20000 |
| Tax fees |  |  |
| Other fees |  |  |
| &nbsp;&nbsp;&nbsp;Total fees | $175500 | $111000 |

---

**Policy on Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm** 

The Company does not have a separately designated audit committee. Accordingly, the Board is responsible for the pre-approval of all audit and permitted non-audit services performed by the Company's independent registered public accounting firm.

All services provided by the Company's independent registered public accounting firm during the fiscal years ended August 31, 2025 and 2024 were approved by the Board.

**PART IV** 

**Item 15. Exhibits and Financial Statement Schedules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this report:

(1) Financial Statements.

Our consolidated financial statements are listed in the "Index to Consolidated Financial Statements" under Part II, Item 8 of this Annual Report.

(2) Financial Statement Schedules.

All schedules are omitted because they are not applicable or because the required information is shown in the consolidated financial statements and notes.

(3) Exhibits.

**Exhibit Index** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 3.1 | [Second Amended and Restated Articles of Incorporation](g085722_ex3-1.htm) |
| 3.2 | [Bylaws](g085722_ex3-2.htm) |
| 3.3 | [Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock (included in Second Amended and Restated Articles of Incorporation)](g085722_ex3-1.htm) |
| 3.4 | [Second Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock](g085722_ex3-4.htm) |
| 10.1 | [Security Agreement by and among the Company, VisitIQ, LLC, each subsidiary of the Company and Arena Investors, LP dated October 24, 2024.](g085722_ex10-1.htm) |
| 10.2 | [Shareholders' Agreement by and among the Company, Arena Investors, LP, and certain other shareholders party thereto dated as of November 15, 2024.](g085722_ex10-2.htm) |
| 10.3++ | [Exchange Agreement by and among the Company, Arena Investors, LP, and certain other shareholders party thereto dated as of November 15, 2024.](g085722_ex10-3.htm) |
| 10.4† | [Employment Agreement by and between the Company and Vernon Hanzlik, dated March 13, 2025.](g085722_ex10-4.htm) |
| 10.5 | [First Amendment to Security Agreement by and among the Company, VisitIQ, LLC a Delaware limited liability company, each subsidiary of the Company and Arena Investors, LP dated April 17, 2025.](g085722_ex10-5.htm) |
| 10.6†++ | [Consulting Agreement by and between the Company and Arena Investors, LP dated as of April 17, 2025.](g085722_ex10-6.htm) |
| 10.7† | [2025 Incentive Award Plan.](g085722_ex10-7.htm) |
| 10.8 | [Note Purchase Agreement by and among the Company, VisitIQ, LLC, Arena Investors, LP, a Delaware limited partnership, and the other persons party to the agreement as Investors and Arena Investors, LP, a Delaware limited partnership dated as of April 17, 2025.](g085722_ex10-8.htm) |
| 10.9 | [Form of Original Issue Discount Senior Secured Convertible Promissory Note.](g085722_ex10-9.htm) |
| 10.10 | [Note Purchase Agreement by and among the Company, VisitIQ, LLC, Arena Investors, LP, a Delaware limited partnership and other signatories thereto dated as of November 10, 2025.](g085722_ex10-10.htm) |
| 10.11 | [Form of Original Issue Discount Senior Secured Convertible Promissory Note.](g085722_ex10-11.htm) |
| 10.12 | [Form of Subscription Agreement for Series C Convertible Preferred Stock of VisitIQ Corp.](g085722_ex10-12.htm) |
| 10.13++ | [Revenue Loan and Security Agreement by and among the Company, VisitIQ, LLC, Vernon Hanzlik, and Decathlon Alpha V, L.P., a Delaware limited partnership, dated March 26, 2026.](g085722_ex10-13.htm) |
| 10.14++ | [Subordination Agreement by and among the Company, VisitIQ, LLC, Arena Investors, LP, a Delaware limited partnership, and Decathlon Alpha V, L.P., a Delaware limited partnership, dated March 26, 2026.](g085722_ex10-14.htm) |
| 10.15++ | [Key Person Agreement by and among the Company, Vernon Hanzlik, VisitIQ, LLC and Decathlon Alpha V, L.P., a Delaware limited partnership.](g085722_ex10-15.htm) |
| 21.1 | [List of Subsidiaries](g085722_ex21-1.htm) |
| 31.1 | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](g085722_ex31-1.htm) |
| 31.2 | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](g085722_ex31-2.htm) |
| 32.1 | [Certification of Chief Executive Officer pursuant to S18 U.S.C. Section 1350, As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](g085722_ex32-1.htm) |
| 32.2 | [Certification of Chief Financial Officer pursuant to S18 U.S.C. Section 1350, As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](g085722_ex32-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

† Management compensatory
agreement.

---

| | |
|:---|:---|
| ++ | Schedules omitted pursuant to Item 601(b)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule to the SEC upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any schedules or exhibits so furnished. |

---

**Item 16. Form 10-K Summary.**

None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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**.**

---

| | | |
|:---|:---|:---|
|  | **VisitIQ Corp.** | **VisitIQ Corp.** |
| Date: May 20, 2026 | By: | /s/ Vernon Hanzlik |
|  |  | Vernon Hanzlik<br> *Chief Executive Officer and Interim Chief Financial Officer, Director* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Vern Hanzlik | Chief Executive Officer, Interim Chief Financial Officer and Director | May 20, 2026 |
| Vern Hanzlik | *(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)* |  |
|  /s/ Vincent DeVito | Director | May 20, 2026 |
| Vincent DeVito |  |  |
|  /s/ Shahid Ramzan | Director | May 20, 2026 |
| Shahid Ramzan |  |  |
|  /s/ Jose Velasco | Director | May 20, 2026 |
| Jose Velasco |  |  |
|  /s/ Himesh Bhise | Director | May 20, 2026 |
| Himesh Bhise |  |  |

---

## Exhibit 3.1

**Exhibit 3.1**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**FRANCISCO V. AGUILAR** <br> *Secretary of State*<br>**DEANNA L. REYNOLDS** <br> *Deputy Secretary for Commercial <br> Recordings* | **STATE OF NEVADA**<br>**OFFICE OF THE <br> SECRETARY OF STATE**  | *Commercial Recordings Division* <br> *401 N. Carson Street*<br> *Carson City, NV 89701*<br> *Telephone (775) 684-5708*<br> *Fax (775) 684-7141*<br> *North Las Vegas City Hall*<br> *2250 Las Vegas Blvd North, Suite 400*<br> *North Las Vegas, NV 89030*<br> *Telephone (702) 486-2880*<br> *Fax (702) 486-2888* |

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**Certified Copy**

4/14/2025 9:29:59 AM

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|:---|:---|
| **Work Order Number:** | W2025041400364 |

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|:---|:---|
| **Reference Number:** | 20254819412 |

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| **Through Date:** | 4/14/2025 9:29:59 AM |

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| **Corporate Name:** | VisitIQ Corp. |

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The undersigned filing officer hereby certifies that the attached copies are true and exact copies of all requested statements and related subsequent documentation filed with the Secretary of State's Office, Commercial Recordings Division listed on the attached report.

Document Number <u>Description</u> <u>Number of Pages</u> <br> <u>20254819394</u> <u>Amendment After Issuance of Stock</u> <u>19</u>

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](img002_v2.jpg)<br> Certified By: Ashley Popham <br> Certificate Number: B202504145623607 <br> You may verify this certificate <br> online at <u>https://www.nvsilverflume.gov/home</u> | &nbsp;&nbsp;&nbsp;&nbsp;Respectfully,<br>![](img003_v2.jpg)<br>FRANCISCO V. AGUILAR <br> Nevada Secretary of State |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;***FRANCISCO V. AGUILAR*** <br> *Secretary of State* <br>***RUBEN J. RODRIGUEZ*** <br> *Deputy Secretary for Southern Nevada* <br>*2250 Las Vegas Blvd North, Suite 400* <br> *North Las Vegas, NV 89030* <br> *Telephone (702) 486-2880* <br> *Fax (702) 486-2452* | **STATE OF NEVADA**<br>**OFFICE OF THE <br> SECRETARY OF STATE**  | ***GABRIEL DI CHIARA*** <br> *Chief Deputy Secretary of State* <br>***DEANNA L. REYNOLDS*** <br> *Deputy Secretary for Commercial Recordings* <br>*401 N. Carson Street* <br> *Carson City, NV 89701* <br> *Telephone (775) 684-5708* <br> *Fax (775) 684-7141* |

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**Business Entity - Filing Acknowledgement**

04/14/2025

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|:---|:---|
| **Work Order Item Number:** | W2025041400364-4383681 |

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|:---|:---|
| **Filing Number:** | 20254819394 |

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|:---|:---|
| **Filing Type:** | Amendment After Issuance of Stock |

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| **Filing Date/Time:** | 4/14/2025 9:12:00 AM |

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| **Filing Page(s):** | 20 |

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**Indexed Entity Information:**

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|:---|:---|
| **Entity ID:** E0183342009-3 | **Entity Name:** VisitIQ Corp. |

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|:---|:---|
| **Entity Status:** Active | **Expiration Date:** None |

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Commercial Registered Agent

NEVADA AGENCY AND TRANSFER COMPANY

50 West Liberty Street, Suite 880, Reno, NV 89501, USA

The attached document(s) were filed with the Nevada Secretary of State, Commercial Recording Division. The filing date and time have been affixed to each document, indicating the date and time of filing. A filing number is also affixed and can be used to reference this document in the future.

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|:---|
| Respectfully, |
| ![](img005_v2.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRANCISCO V. AGUILAR <br> Secretary of State |

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Page 1 of 1

**Commercial Recording**

2250 Las Vegas Blvd North 401 N. Carson Street 1 State of Nevada Way <br> North Las Vegas, NV 89030 Carson City, NV 89701 Las Vegas, NV 89119

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## Exhibit 3.2

**Exhibit 3.2**

**Bylaws**

**of**

**(the "Corporation")**

**Article I**

**Office**

The Board of Directors shall designate and the Corporation shall maintain a principal office. The location of the principal office may be changed by the Board of Directors. The Corporation also may have offices in such other places as the Board may from time to time designate. The location of the initial principal office of the Corporation shall be designated by resolution.

**Article II**

**Shareholders Meetings**

1. Annual Meetings

The annual meeting of the shareholders of the Corporation shall be held at such place within or without the State of Nevada as shall be set forth in compliance with these Bylaws. The meeting shall be held on the third Tuesday of February of each year. If such day is a legal holiday, the meeting shall be on the next business day. This meeting shall be for the election of Directors and for the transaction of such other business as may properly come before it.

2. Special Meetings

Special meetings of shareholders, other than those regulated by statute, may be called by the President upon written request of the holders of 50% or more of the outstanding shares entitled to vote at such special meeting. Written notice of such meeting stating the place, the date and hour of the meeting, the purpose or purposes for which it is called, and the name of the person by whom or at whose direction the meeting is called shall be given.

3. Notice of
 Shareholders Meeting

The Secretary shall give written notice stating the place, day, and hour of the meeting, and in the case of a special meeting, the purpose or purposes for which the meeting is called, which shall be delivered not less than ten or more than fifty days before the date of the meeting, either personally or by mail to each shareholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at their address as it appears on the books of the Corporation, with postage thereon prepaid. Attendance at the meeting shall constitute a waiver of notice thereof.

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9/10/2020 Articles Of Incorporation

4. Place of
 Meeting

The Board of Directors may designate any place, either within or without the State of Nevada, as the place of meeting for any annual meeting or for any special meeting called by the Board of Directors. A waiver of notice signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Nevada, as the place for the holding of such meeting. If no designation is made, or if a special meeting is otherwise called, the place of meeting shall be the principal office of the Corporation.

5. Record Date

The Board of Directors may fix a date not less than ten nor more than fifty days prior to any meeting as the record date for the purpose of determining shareholders entitled to notice of and to vote at such meetings of the shareholders. The transfer books may be closed by the Board of Directors for a stated period not to exceed fifty days for the purpose of determining shareholders entitled to receive payment of and dividend, or in order to make a determination of shareholders for any other purpose.

6. Quorum

A majority of the outstanding shares of the Corporation entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At a meeting resumed after any such adjournment at which a quorum shall be present or represented, any business may be transacted, which might have been transacted at the meeting as originally noticed.

7. Voting

A holder of outstanding shares, entitled to vote at a meeting, may vote at such meeting in person or by proxy. Except as may otherwise be provided in the currently filed Articles of Incorporation, every shareholder shall be entitled to one vote for each share standing their name on the record of shareholders. Except as herein or in the currently filed Articles of Incorporation otherwise provided, all corporate action shall be determined by a majority of the votes cast at a meeting of shareholders by the holders of shares entitled to vote thereon.

8. Proxies

At all meeting of shareholders, a shareholder may vote in person or by proxy executed in writing by the shareholder or by their duly authorized attorney-in-fact. Such proxy shall be filed with the Secretary of the Corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution.

9. Informal
 Action by Shareholders

Any action required to be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by a majority of the shareholders entitled to vote with respect to the subject matter thereof.

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Article III

Board of Directors

1. General Powers

The business and affairs of the Corporation shall be managed by its Board of Directors. The Board of Directors may adopt such rules and regulations for the conduct of their meetings and the management of the Corporation as they appropriate under the circumstances. The Board shall have authority to authorize changes in the Corporation's capital structure.

2. Number, Tenure and Qualification

The number of Directors of the Corporation shall be a number between one and five, as the Directors may by resolution determine from time to time. Each of the Directors shall hold office until the next annual meeting of shareholders and until their successor shall have been elected and qualified.

3. Regular Meetings

A regular meeting of the Board of Directors shall be held without other notice than by this Bylaw, immediately after and, at the same place as the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place for the holding of additional regular meetings without other notice than this resolution.

4. Special Meetings

Special meetings of the Board of Directors may be called by order of the Chairman of the Board or the President. The Secretary shall give notice of the time, place and purpose or purposes of each special meeting by mailing the same at least two days before the meeting or by telephone, telegraphing or telecopying the same at least one day before the meeting to each Director. Meeting of the Board of Directors may be held by telephone conference call.

5. Quorum

A majority of the members of the Board of Directors shall constitute a quorum for the transaction of business, but less than a quorum may adjourn any meeting from time to time until a quorum shall be present, whereupon the meeting may be held, as adjourned, without further notice. At any meeting at which every Director shall be present, even though without any formal notice any business may be transacted

6. Manner of Acting

At all meetings of the Board of Directors, each Director shall have one vote. The act of a majority of Directors present at a meeting shall be the act of the full Board of Directors, provided that a quorum is present.

7. Vacancies

A vacancy in the Board of Directors shall be deemed to exist in the case of death, resignation, or removal of any Director, or if the authorized number of Directors is increased, or if the shareholders fail, at any meeting of the shareholders, at which any Director is to be elected, to elect the full authorized number of Directors to be elected at that meeting.

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9/10/2020 Articles Of Incorporation

8. Removals

Directors may be removed, at any time, by a vote of the shareholders holding a majority of the shares outstanding and entitled to vote. Such vacancy shall be filled by the Directors entitled to vote. Such vacancy shall be filled by the Directors then in office, though less than a quorum, to hold office until the next annual meeting or until their successor is duly elected and qualified, except that any directorship to be filled by election by the shareholders at the meeting at which the Director is removed. No reduction of the authorized number of Directors shall have the effect of removing any Director prior to the expiration of their term of office.

9. Resignation

A director may resign at any time by delivering written notification thereof to the President or Secretary of the Corporation. A resignation shall become effective upon its acceptance by the Board of Directors; provided, however, that if the Board of Directors has not acted thereon within ten days from the date of its delivery, the resignation shall be deemed accepted.

10. Presumption of Assent

A Director of the Corporation who is present at a meeting of the Board of Directors at which action on any corporate matter is taken shall be presumed to have assented to the action(s) taken unless their dissent shall be placed in the minutes of the meeting or unless he or she shall file their written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the Corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favor of such action.

11. Compensation

By resolution of the Board of Directors, the Directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors or a stated salary as Director. No such payment shall preclude any Director from serving the Corporation in any other capacity and receiving compensation therefor.

12. Emergency Power

When, due to a national disaster or death, a majority of the Directors are incapacitated or otherwise unable to attend the meetings and function as Directors, the remaining members of the Board of Directors shall have all the powers necessary to function as a complete Board, and for the purpose of doing business and filling vacancies shall constitute a quorum, until such time as all Directors can attend or vacancies can be filled pursuant to these Bylaws.

13. Chairman

The Board of Directors may elect from its own number a Chairman of the Board, who shall preside at all meetings of the Board of Directors, and shall perform such other duties as may be prescribed from time to time by the Board of Directors. The Chairman may by appointment fill any vacancies on the Board of Directors.

41 Page

9/10/2020 Articles Of Incorporation

Article IV

Officers

1. Number

The officers of the Corporation shall be a President, one or more Vice Presidents, a Secretary, and a Treasurer, each of whom shall be elected by a majority of the Board of Directors. Such other Officers and assistant Officers as may be deemed necessary may be elected or appointed by the Board of Directors. In its discretion, the Board of Directors may leave unfilled for any such period as it may determine any office except those of President and Secretary. Any two or more offices may be held by the same person. Officers may or may not be Directors or shareholders of the Corporation.

2. Election and Term of Office

The Officers of the Corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of Officers shall not be held at such meeting, such election shall be held as soon thereafter as convenient. Each Officer shall hold office until their successor shall have been duly elected and shall have qualified or until their death or until they shall resign or shall have been removed in the manner hereinafter provided.

3. Resignations

Any Officer may resign at any time by delivering a written resignation either to the President or to the Secretary. Unless otherwise specified therein, such resignation shall take effect upon delivery.

4. Removal

Any Officer or agent may be removed by the Board of Directors whenever in its judgment the best interests Corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Election or appointment of an Officer or agent shall not of itself create contract rights. Any such removal shall require a majority vote of the Board of Directors, exclusive of the Officer in question if he or she is also a Director.

5. Vacancies

A vacancy in any office because of death, resignation, removal, disqualification or otherwise, or is a new office shall be created, may be filled by the Board of Directors for the un-expired portion of the term.

6. President

The president shall be the chief executive and administrative Officer of the Corporation. He or she shall preside at all meetings of the stockholders and, in the absence of the Chairman of the Board, at meetings of the Board of Directors. He or she shall exercise such duties as customarily pertain to the office of President and shall have general and active supervision over the property, business, and affairs of the Corporation and over its several Officers, agents, or employees other than those appointed by the Board of Directors. He or she may sign, execute and deliver in the name of the Corporation powers of attorney, contracts, bonds and other obligations, and shall perform such other duties as may be prescribed from time to time by the Board of Directors or by the Bylaws.

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9/10/2020 Articles Of Incorporation

7. Vice President

The Vice President shall have such powers and perform such duties as may be assigned to him by the Board of Directors or the President. In the absence or disability of the President, the Vice President designated by the Board or the President shall perform the duties and exercise the powers of the President. A Vice President may sign and execute contracts any other obligations pertaining to the regular course of their duties.

8. Secretary

The Secretary shall keep the minutes of all meetings of the stockholders and of the Board of Directors and, to the extent ordered by the Board of Directors or the President, the minutes of meeting of all committees. He or she shall cause notice to be given of meetings of stockholders, of the Board of Directors, and of any committee appointed by the Board. He or she shall have custody of the corporate seal and general charge of the records, documents and papers of the Corporation not pertaining to the performance of the duties vested in other Officers, which shall at all reasonable times be open to the examination of any Directors. He or she may sign or execute contracts with the President or a Vice President thereunto authorized in the name of the Corporation and affix the seal of the Corporation thereto. He or she shall perform such other duties as may be prescribed from time to time by the Board of Directors or by the Bylaws.

9. Treasurer

The Treasurer shall have general custody of the collection and disbursement of funds of the Corporation. He or she shall endorse on behalf of the Corporation for collection check, notes and other obligations, and shall deposit the same to the credit of the Corporation in such bank or banks or depositories as the Board of Directors may designate. He or she may sign, with the President or such other persons as may be designated for the purpose of the Board of Directors, all bills of exchange or promissory notes of the Corporation. He or she shall enter or cause to be entered regularly in the books of the Corporation full and accurate account of all monies received and paid by him on account of the Corporation; shall at all reasonable times exhibit his (or her) books and accounts to any Director of the Corporation upon application at the office of the Corporation during business hours; and, whenever required by the Board of Directors or the President, shall render a statement of his (or her) accounts. The Treasurer shall perform such other duties as may be prescribed from time to time by the Board of Directors or by the Bylaws.

10. Other Officers

Other Officers shall perform such duties and shall have such powers as may be assigned to them by the Board of Directors.

11. Salaries

Salaries or other compensation of the Officers of the Corporation shall be fixed from time to time by the Board of Directors, except that the Board of Directors may delegate to any person or group of persons the power to fix the salaries or other compensation of any subordinate Officers or agents. No Officer shall be prevented from receiving any such salary or compensation by reason of the fact the he or she is also a Director of the Corporation.

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12. Surety Bonds

In case the Board of Directors shall so require, any Officer or agent of the Corporation shall execute to the Corporation a bond in such sums and with such surety or sureties as the Board of Directors may direct, conditioned upon the faithful performance of his (or her) duties to the Corporation, including responsibility for negligence and for the accounting for all property, monies or securities of the Corporation, which may come into his (or her) hands.

**Article V**

**Contracts, Loans, Checks and Deposits**

1. Contracts

The Board of Directors may authorize any Officer or Officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Corporation and such authority may be general or confined to specific instances.

2. Loans

No loan or advance shall be contracted on behalf of the Corporation, no negotiable paper or other evidence of its obligation under any loan or advance shall be issued in its name, and no property of the Corporation shall be mortgaged, pledged, hypothecated or transferred as security for the payment of any loan, advance, indebtedness or liability of the Corporation unless and except as authorized by the Board of Directors. Any such authorization may be general or confined to specific instances.

3. Deposits

All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositories as the Board of Directors may select, or as may be selected by an Officer or agent of the Corporation authorized to do so by the Board of Directors.

4. Checks and Drafts

All notes, drafts, acceptances, checks, endorsements and evidence of indebtedness of the Corporation shall be signed by such Officer or Officers or such agent or agents of the Corporation and in such manner as the Board of Directors from timer to time may determine. Endorsements for deposits to the credit of the Corporation in any of its duly authorized depositories shall be made in such manner as the Board of Directors may from time to time determine.

5. Bonds and Debentures

Every bond or debenture issued by the Corporation shall be in the form of an appropriate legal writing, which shall be signed by the President or Vice President and by the Treasurer or by the Secretary, and sealed with the seal of the Corporation. The seal may be facsimile, engraved or printed. Where such bond or debenture is authenticated with the manual signature of an authorized Officer of the Corporation or other trustee designated by the indenture of trust or other agreement under which such security is issued, the signature of any of the Corporation's Officers named thereon may be facsimile. In case any Officer who signed, or whose facsimile signature has been used on any such bond or debenture, shall cease to be an Officer of the Corporation for any reason before the same has been delivered by the Corporation, such bond or debenture may nevertheless by adopted by the Corporation and issued and delivered as though the person who signed it or whose facsimile signature has been used thereon had not ceased to be such Officer.

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9/10/2020 Articles Of Incorporation

**Article VI**

**Capital Stock**

1. Certificate of Share

The shares of the Corporation shall be represented by certificates prepared by the Board of Directors and signed by the President. The signatures of such Officers upon a certificate may be facsimiles if the certificate is countersigned by a transfer agent or registered by a registrar other than the Corporation itself or one of its employees. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the Corporation. All certificates surrendered to the Corporation for transfer shall be canceled except that in case of a lost, destroyed or mutilated certificate, a new one may be issued therefor upon such terms and indemnity to the Corporation as the Board of Directors may prescribe.

2. Transfer of Shares

Transfer of shares of the Corporation shall be made only on the stock transfer books of the Corporation by the holder of record thereof or by his (or her) legal representative, who shall furnish proper evidence of authority to transfer, or by his (or her) attorney thereunto authorized by power of attorney duly executed and filed with the Secretary of the Corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the Corporation shall be deemed by the Corporation to be the owner thereof for all purposes.

3. Transfer Agent and Registrar

The Board of Directors of the Corporation shall have the power to appoint one or more transfer agents and registrars for the transfer and registration of certificates of stock of any class, and may require that stock certificates shall be countersigned and registered by one or more of such transfer agents and registrars.

4. Lost or Destroyed Certificates

The Corporation may issue a new certificate to replace any certificate theretofore issued by it alleged to have been lost or destroyed. The Board of Directors may require the owner of such a certificate or his (or her) legal representative to give the Corporation a bond in such sum and with such sureties as the Board of Directors may direct to indemnify the Corporation as transfer agents and registrars, if any, against claims that may be made on account of the issuance of such new certificates. A new certificate may be issued without requiring any bond.

5. Registered Shareholders

The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder thereof, in fact, and shall not be bound to recognize any equitable or other claim to or on behalf of this Corporation to any and all of the rights and powers incident to the ownership of such stock at any such meeting, and shall have power and authority to execute and deliver proxies and consents on behalf of this Corporation in connection with the exercise by this Corporation of the rights and powers incident to the ownership of such stock. The Board of Directors, from time to time, may confer like powers upon any other person or persons.

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Article VII

Indemnification

No Officer or Director shall be personally liable for any obligations of the Corporation or for any duties or obligations arising out of any acts or conduct of said Officer or Director performed for or on behalf of the Corporation. The Corporation shall and does hereby indemnify and hold harmless each person and their heirs and administrators who shall serve at any time hereafter as a Director or Officer of the Corporation from and against any and all claims, judgments and liabilities to which such persons shall become subject by reason of their having heretofore or hereafter been a Director or Officer of the Corporation, or by reason of any action alleged to have heretofore or hereafter taken or omitted to have been taken by him as such Director or Officer, and shall reimburse each such person for all legal and other expenses reasonably incurred by him in connection with any such claim or liability, including power to defend such persons from all suits or claims as provided for under the provisions of the Nevada Revised Statutes; provided, however, that no such persons shall be indemnified against, or be reimbursed for, any expense incurred in connection with any claim or liability arising out of his (or her) own negligence or willful misconduct. The rights accruing to any person under the foregoing provisions of this section shall not exclude any other right to which he or she may lawfully be entitled, nor shall anything herein contained restrict the right of the Corporation to indemnify or reimburse such person in any proper case, even though not specifically herein provided for. The Corporation, its Directors, Officers, employees and agents shall be fully protected in taking any action or making any payment, or in refusing so to do in reliance upon the advice of counsel.

Article VIII

Notice

Whenever any notice is required to be given to any shareholder or Director of the Corporation under the provisions of the Articles of Incorporation, or under the provisions of the Nevada Statutes, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Attendance at any meeting shall constitute a waiver of notice of such meetings, except where attendance is for the express purpose of objecting to the holding of that meeting.

Article IX

Amendments

These Bylaws may be altered, amended, repealed, or new Bylaws adopted by a majority of the entire Board of Directors at any regular or special meeting. Any Bylaw adopted by the Board may be repealed or changed by the action of the shareholders.

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Article X

Fiscal Year

The fiscal year of the Corporation shall be fixed and may be varied by resolution of the Board of Directors.

Article XI

Dividends

The Board of Directors may at any regular or special meeting, as they deem advisable, declare dividends payable out of the surplus of the Corporation.

Article XII

Corporate Seal

The seal of the Corporation shall be in the form of a circle and shall bear the name of the Corporation and the year of incorporation per sample affixed hereto.

CERTIFIED TO BE THE BYLAWS OF:

**<u>Capstone Technologies Group Inc.</u>**

/s/ Michael D. Pruitt

Chief Executive Officer

IO I Page

## Exhibit 3.4

**Exhibit 3.4**

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**FRANCISCO V. AGUILAR** <br> *Secretary of State*<br>**DEANNA L. REYNOLDS** <br> *Deputy Secretary for Commercial <br> Recordings* | **STATE OF NEVADA**<br>**OFFICE OF THE <br> SECRETARY OF STATE**  | *Commercial Recordings Division<br> 401 N. Carson Street <br> Carson City, NV 89701 <br> Telephone (775) 684-5708 <br> Fax (775) 684-7141* <br>*North Las Vegas City Hall* <br> *2250 Las Vegas Blvd North, Suite 400* <br> *North Las Vegas, NV 89030* <br> *Telephone (702) 486-2880* <br> *Fax (702) 486-2888* |

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**Certified Copy**

10/15/2025 8:31:31 AM

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|:---|:---|
| **Work Order Number:** | W2025101402128 |

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|:---|:---|
| **Reference Number:** | 20255241529 |

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|:---|:---|
| **Through Date:** | 10/15/2025 8:31:31 AM |

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|:---|:---|
| **Corporate Name:** | VisitIQ Corp. |

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The undersigned filing officer hereby certifies that the attached copies are true and exact copies of all requested statements and related subsequent documentation filed with the Secretary of State's Office, Commercial Recordings Division listed on the attached report.

Document Number <u>Description</u> <u>Number of Pages</u> <br> <u>20255241492</u> <u>Amended Certification of Stock Designation After Issuance of Class/Series</u> <u>23</u>

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|:---|:---|
| ![](img027_v2.jpg)<br> Certified By: Rene Richardson <br> Certificate Number: B202510156179522<br> You may verify this certificate <br> online at <u>https://www.nvsilverflume.gov/home</u> | &nbsp;&nbsp;&nbsp;&nbsp;Respectfully,<br>![](img026_v2.jpg)<br>FRANCISCO V. AGUILAR <br> Nevada Secretary of State |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> ***FRANCISCO V. AGUILAR*** <br> *Secretary of State* <br>***RUBEN J. RODRIGUEZ*** <br> *Deputy Secretary for Southern Nevada* <br>*2250 Las Vegas Blvd North, Suite 400* <br> *North Las Vegas, NV 89030* <br> *Telephone (702) 486-2880* <br> *Fax (702) 486-2452* | **STATE OF NEVADA**<br>**OFFICE OF THE <br> SECRETARY OF STATE**  | ****<br> ***GABRIEL DI CHIARA*** <br> *Chief Deputy Secretary of State* <br>***DEANNA L. REYNOLDS*** <br> *Deputy Secretary for Commercial Recordings* <br>*401 N. Carson Street* <br> *Carson City, NV 89701* <br> *Telephone (775) 684-5708* <br> *Fax (775) 684-7141* |

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**Business Entity - Filing Acknowledgement**

10/15/2025

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|:---|:---|
| **Work Order Item Number:** | W2025101402128-4783719 |

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|:---|:---|
| **Filing Number:** | 20255241492 |

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|:---|:---|
| **Filing Type:** | Amended Certification of Stock Designation After Issuance of Class/Series |

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|:---|:---|
| **Filing Date/Time:** | 10/14/2025 2:45:00 PM |

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|:---|:---|
| **Filing Page(s):** | 24 |

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**Indexed Entity Information:**

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|:---|:---|
| **Entity ID:** E0183342009-3 | **Entity Name:** VisitIQ Corp. |

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|:---|:---|
| **Entity Status:** Active | **Expiration Date:** None |

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Commercial Registered Agent

NEVADA AGENCY AND TRANSFER COMPANY

50 West Liberty Street, Suite 880, Reno, NV 89501, USA

The attached document(s) were filed with the Nevada Secretary of State, Commercial Recording Division. The filing date and time have been affixed to each document, indicating the date and time of filing. A filing number is also affixed and can be used to reference this document in the future.

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| Respectfully, |
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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRANCISCO V. AGUILAR <br> Secretary of State |

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Page 1 of 1

**Commercial Recording**

2250 Las Vegas Blvd North 401 N. Carson Street 1 State of Nevada Way <br> North Las Vegas, NV 89030 Carson City, NV 89701 Las Vegas, NV 89119

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## Exhibit 10.1

**Exhibit 10.1**

**SECURITY AGREEMENT**

This Security Agreement (this "<u>Agreement</u>") is entered into as of October 24, 2024, by CAPSTONE TECHNOLOGIES GROUP, INC. a Nevada corporation ("<u>Capstone</u>"), VISITIQ, LLC, a Delaware limited liability company ("<u>Visit</u>", and together with Capstone, each a "<u>Borrower</u>" and collectively, the "<u>Borrowers</u>"), each Subsidiary of Capstone party hereto from time to time, (such Subsidiaries, together with the Borrowers, each a "<u>Grantor</u>" and collectively, the "<u>Grantors</u>") in favor of Arena Investors, LP, in its capacity as collateral agent and investor representative on behalf of the Investors (as defined in the Note Purchase Agreement referred to below) (in such capacity, together with its successors and assigns in such capacity, the "<u>Investor Representative</u>").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant to that certain Note Purchase Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Note Purchase Agreement</u>"), by and among the Borrowers, the Investors and the Investor Representative, the Investors have agreed, severally, but not jointly and severally, to purchase certain original issue discount senior secured convertible promissory notes (each a "<u>Note</u>" and collectively, the "<u>Notes</u>") from the Borrowers on the terms and subject to the terms and conditions set forth in the Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. It is a condition precedent to the Investors' willingness to enter into the Note Purchase Agreement and to purchase the Notes from the Borrowers that each Grantor pledge all of its right, title and interest in and to the Collateral (as hereinafter defined) to the Investor Representative to secure the Secured Obligations (as defined below), subject to the terms and conditions set forth herein.

**AGREEMENT**

In consideration of the Recitals and the mutual agreements set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. <u>Definitions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions, Generally</u>. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings given to such terms in the Note Purchase Agreement or the Notes. Additionally, other capitalized terms that are not defined herein or in the Note Purchase Agreement or the Notes, but are defined in the UCC, shall have the meanings given to them in the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Certain Defined Terms</u>. As used in this Agreement, the following terms have the meanings set forth below:

"<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law or executive order to close.

"<u>Collateral</u>" means each Grantor's right, title and interest in, to and under the following property of such Grantor, whether now owned or existing or hereafter acquired or arising and wherever located, whether tangible or intangible:

&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) all Accounts and all Instruments, contract rights and "chattel paper" (as defined in the UCC, including but not limited to electronic chattel paper) relating to or arising out of any Accounts and all of such Grantor's rights, remedies, security, Liens and supporting obligations in, to and in respect of the foregoing;

&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) all now existing and hereafter acquired or arising deposit accounts (including without limitation any deposit account), investment accounts, commercial paper, investment securities, Investment Property, and certificates of deposit, of every nature, wherever located, and all funds received thereby, deposited therein or associated therewith and all signature cards, account agreements and other documents and records associated therewith, and all supporting obligations, letter of credit rights and commercial tort claims and all cash and other monies and property in the possession or control of Investor Representative or any Investor (including cash collateral held by Investor Representative pursuant to this Agreement);

&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) all goods relating to, or which by sale have resulted in, Accounts, including, without limitation, all goods described in invoices or other documents or instruments with respect to, or otherwise representing or evidencing, any Account, and all returned, reclaimed or repossessed goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all refunds, returned and unearned insurance premiums, insurance proceeds, and rights and claims under insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Inventory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) General Intangibles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Equipment that can be perfected by the filing of a financing statement in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Commercial Tort Claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Intellectual Property, including, for the avoidance of doubt, Software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Goods and Fixtures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All money, cash and cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All Investment Property (including the Pledged Collateral);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all books and records (including records in electronic format) evidencing or relating to or associated with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) all right, title and interest (excluding any leasehold estate) in and to any parcel of owned real property, together with, in each case, all improvements and appurtenant fixtures, equipment, personal property, easements and other property and rights incidental to the ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) all information and data compiled or derived by such Grantor with respect to any of the foregoing (other than any such information and data subject to legal restrictions of patient confidentiality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) all other personal property of such Grantor not described above whether now existing or hereafter acquired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) all collections and Proceeds, whether cash or non-cash, of all of the foregoing <u>provided</u>, that Collateral shall not include any Excluded Assets.

"<u>Control Agreement</u>" shall mean, an agreement, in form and substance that is reasonably satisfactory to the Investor Representative), establishing the Investor Representative's exclusive Control (as defined in the UCC) of a deposit account, securities account or commodities account, by and among the applicable Grantor, the Investor Representative and the financial institution maintaining such account.

"<u>Copyrights</u>" shall mean all of a Grantor's present and hereafter acquired copyrights, copyright registrations, recordings, applications, designs, styles, licenses, marks, prints and labels bearing any of the foregoing, all reissues and renewals thereof, all licenses thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the goodwill associated therewith, and all income, royalties and other Proceeds of any of the foregoing.

"<u>Copyright License</u>" means any written agreement, now or hereafter in effect, granting any right to any third party under any registered Copyright now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting any right to any Grantor under any registered Copyright now or hereafter owned by any third party, and all rights of any Grantor under any such agreement, but excluding off-the-shelf software and immaterial Copyrights.

"<u>Excluded Asset</u>" means each of the following assets (<u>provided</u>, the term Excluded Asset shall not at any time include the Proceeds of any such asset): (a) any lease, license, contract, property right, Permit or agreement (or any General Intangibles or other rights arising thereunder) to which any Grantor is a party or any of its rights or interests thereunder if and to the extent and for so long as the grant of the security interest of Investor Representative with respect thereto shall constitute or result in (i) the abandonment, invalidation or unenforceability of any right, title or interest of any Loan Party therein or (ii) a breach, default or termination pursuant to the terms thereof, including pursuant to any "change of control" or similar provision (<u>provided</u>, that such asset shall no longer be an Excluded Asset immediately at such time as the condition causing such abandonment, invalidation, unenforceability, breach, default or termination shall be remedied); (b) (i) any asset or property, the granting of a security interest in which would (A) require any governmental consent, approval, license or authorization not obtained, (B) be prohibited by enforceable anti-assignment provisions of contracts (binding on such asset at the time of acquisition thereof and not entered into in contemplation of such acquisition) or applicable law, except to the extent that any such prohibition or restriction is ineffective under Section 9-406, 9-407, 9-408, or 9-409 of the UCC or other applicable law, or (III) result in materially adverse tax consequences to any Grantor as reasonably determined by the Administrative Borrower (and approved by the Investor Representative) and (ii) any governmental licenses or state or local franchises, charters or authorizations that are not permitted to be pledged and/or not permitted to have a security interest granted therein under applicable law; (c) any "intent-to-use" trademark application, filed pursuant to Section 1(b) of the Lanham Act, 17 U.S.C. § 1051(b), prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto (as each is defined in such act), to the extent, if any, that, and solely during the period, if any, in which, the grant of the security interest of Investor Representative with respect thereto would impair the validity or enforceability of such intent-to-use trademark application or any registration that issues from such intent-to-use application under applicable federal law; (d) fixed or capital assets of any Grantor that are subject to a purchase money lien or a capital lease that is permitted under the Transaction Documents and the governing documentation of which prohibits, or requires the consent of a third party (other than a Grantor or any of its Affiliates) to, the creation of a Lien therein; (e) Excluded Deposit Accounts; and (f) with the consent of the Investor Representative, any asset to the extent the cost, burden, difficulty or consequence of obtaining or perfecting a security interest therein outweighs the benefit of a security interest to the Investors.

"<u>Excluded Deposit Accounts</u>" means any bank account established by any Grantor (i) used exclusively for payroll, payroll taxes or employee wages and/or benefits, withholding, escrow, customs, insurance, or trust or fiduciary purposes or (ii) prohibited by legal requirements from the granting of a Lien thereon.

"<u>Intellectual Property</u>" means the following as such may exist or be created in any jurisdiction worldwide (a) all trademarks, service marks, trade names, business names, corporate names, trade dress, look and feel, product and service names, logos, brand names, slogans, 800 numbers, Internet domain names, URLs, social media usernames, handles, hashtags and account names, symbols, emblems, insignia and other distinctive identification and indicia of source of origin, whether or not registered, including all common law rights thereto, and all applications and registrations therefor, and all goodwill associated with any of the foregoing and/or the business connected with the use of and symbolized by the foregoing; (b) all copyrights, author's rights, moral rights and copyrightable subject matter and all other works of authorship, whether or not published and whether or not registered, and all applications and registrations therefor; (c) all patents, applications for patents and statutory invention registrations, including reissues, divisions, provisionals, non-provisionals, continuations, renewals, re-examinations, extensions and continuations-in-part of the foregoing; (d) all Software; (e) all designs, design registrations and design registration applications; (f) all rights in databases and data collections (including design databases, knowledge databases and customer databases); (g) all trade secrets and confidential or Proprietary Information; (h) all other proprietary information and intellectual property in all forms and media, and all goodwill associated therewith, and whether or not subject to patent, copyright, trademark, design or other intellectual property registration or classification, now known or hereafter recognized in any jurisdiction worldwide; (i) all rights pertaining to the foregoing, including those arising under international treaties and convention rights; (j) all rights and powers to assert, defend and recover title to any of the foregoing; (k) all rights to assert, defend, sue, and recover damages for any past, present and future infringement, misuse, misappropriation, impairment, unauthorized use or other violation of any rights in or to any of the foregoing; (l) all proceeds, income, royalties, damages and payments now and/or hereafter due and payable under and/or in respect of all of the foregoing (including with respect to past, present or future infringement or violation thereof); and (m) all administrative rights arising from the foregoing, including the right to prosecute applications and oppose, interfere with or challenge the applications of others, the rights to obtain renewals, continuations, divisions, and extensions of legal protection pertaining to any of the foregoing.

"<u>Intellectual Property Collateral</u>" means all Intellectual Property of any Grantor other than any such Intellectual Property that, at the time of determination, constitutes an Excluded Asset.

"<u>Intellectual Property Security Agreements</u>" means any short-form Patent Security Agreement, short-form Trademark Security Agreement, and short-form Copyright Security Agreement.

"<u>Inventory</u>" shall mean, with respect to any Grantor, all of such Grantor's present and hereafter acquired inventory (as defined in the UCC) including all merchandise and inventory in all stages of production (from raw materials through work-in-process to finished goods), and all additions, substitutions and replacements thereof, wherever located, together with all goods and materials used or usable in manufacturing, processing, packaging or shipping of the foregoing, and all Proceeds of any of the foregoing.

"<u>Officer's Certificate</u>" means a certificate of an officer of the Administrative Borrower delivered to the Investor Representative, addressing such matters as may be required by the terms hereof.

"<u>Patents</u>" shall mean all of any Grantor's present and hereafter acquired patents, patent applications, registrations, all reissues and renewals thereof, all licenses thereof, all inventions and improvements claimed thereunder, all general intangible, intellectual property and other rights of any Grantor with respect thereto, and all income, royalties and other Proceeds of the foregoing.

"<u>Payment in Full</u>" or "<u>Paid in Full</u>" has the meaning ascribed thereto in <u>Section 9.10</u>.

"<u>Permits</u>" shall mean all accreditations, certifications, provider or supplier numbers, registrations, certificates of authority, certificates of need, certificates of reimbursement, variances, qualifications, filings, consents, governmental licenses, authorizations, supplier numbers, registrations, permits, device authorizations and approvals, certificates, franchises, qualifications, accreditations, consents, approvals, listings, certificates, product clearances or approvals, marketing authorizations and all other licenses, authorizations, registrations, permits, consents and approvals or exemptions thereto required in connection with the conduct of any Grantor's business or to comply with any applicable laws and implementing regulations, and those issued by state governments, environmental protection agency permits, and any and all licenses, patents, trademarks and other intellectual property rights necessary for the conduct of any Grantor's business.

"<u>Permitted Liens</u>" means the following Liens on assets of any Grantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens under the Transaction
 Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens imposed by law for
 taxes that are not yet required to be paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) statutory or common law Liens of landlords', carriers', warehousemen's, mechanics', materialmen's, repairmen's, construction contractors and other like Liens arising in the ordinary course of business which secure obligations that (i) are not overdue by more than 90 days or if more than ninety (90) days overdue, are unfiled (or if filed have been discharged or stayed or does not otherwise permit such lien or to exercise any power of sale) and no other action has been taken to enforce such Lien or (ii) are being contested in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pledges or deposits made, or Liens arising as a matter of law, in the ordinary course of business (i) in compliance with workers' compensation, payroll taxes, unemployment insurance and other social security laws or regulations, and (ii) pledges and deposits made in the ordinary course of business and securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Grantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) easements, rights-of-way, licenses, restrictions, covenants, conditions, encroachments, protrusions and other and similar encumbrances and minor title defects on or affecting real property which do not in any case materially interfere with the ordinary conduct of the business of the Grantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Grantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (A) any interest or title of a lessor, sub-lessor, licensor or sub-licensor under leases, subleases, licenses or sublicenses entered into by a Grantor in the ordinary course of business or not otherwise materially interfering with the business of any Grantor and (B) licenses, sublicenses, leases or subleases and Liens on the property covered thereby, in each case, with respect to any assets granted to third Persons in the ordinary course of business or that do not otherwise materially interfering with the with the business of any Grantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens (i) of a collection bank (including those arising under Section 4-210 of the Uniform Commercial Code) on the items in the course of collection and (ii) in favor of a banking or other financial institution arising as a matter of law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution (including the right of set off) and which are within the general parameters customary in the banking industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens that are contractual rights of set-off relating to the establishment of depository relations with banks or other financial institutions not given in connection with the incurrence of indebtedness.

"<u>Proprietary Information</u>" means proprietary information, including inventions (whether patentable or unpatentable and whether or not reduced to practice), know-how, testing information, processes and techniques, research and development information, methods, formulations, drawings, specifications, designs, algorithms, plans, proposals, financial information, improvements, discoveries, ideas, developments, data, processes, techniques, manuals, instructions, blueprints, plans, descriptions, financial, technical, marketing and business data, sales, plans, pricing and cost information, vendor, customer, distributor, end user and supplier lists, personal data, prospect lists, projections, analyses and copies and tangible embodiments of all of the foregoing, in whatever form or medium.

"<u>Registered Intellectual Property Collateral</u>" means the Collateral consisting of United States issued Patents, United States registered Trademarks and United States registered Copyrights together with, in the case of such Patents and Trademarks, all pending applications therefor, and all Copyright Licenses.

"<u>Responsible Officer</u>" means the officer of the Investor Representative with direct responsibility for the administration of this Agreement.

"<u>Secured Obligations</u>" means the obligations of any and/or all of the Grantors from time to time arising under the Notes and the other Transaction Documents with respect to the due and prompt payment of (i) the principal of, and interest on, the Notes, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, attorneys' fees and disbursements, reimbursement obligations and expenses and indemnities, whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise, including interest, fees and other amounts that accrue after the commencement by or against any Grantor of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether such interest, fees and other amounts are allowed claims in such proceeding, of such Grantor under or in respect of the Notes and the other Transaction Documents.

"<u>Software</u>" means (a) all software, firmware, middleware, computer programs, applications, interfaces, tools, operating systems, software code of any nature (including all object code, source code, interpreted code, data files, rules, definitions and methodology derived from the foregoing) and any derivations, updates, enhancements and customization of any of the foregoing, together with all processes, technical data, build scripts, test scripts, algorithms, APIs, subroutines, techniques, operating procedures, screens, user interfaces, report formats, development tools, templates, menus, buttons, icons and user interfaces, (b) all electronic data, databases and data collections, and (c) all documentation, including user manuals, technical manuals, training manuals, programming comments, descriptions, flow charts and other work products used to design, plan, organize and develop any of the foregoing.

"<u>Trademarks</u>" shall mean all of each Grantor's present and hereafter acquired trademarks, trademark registrations, recordings, applications, tradenames, trade styles, corporate names, business names, service marks, logos and any other designs or sources of business identities, prints and labels (on which any of the foregoing may appear), all reissues and renewals thereof, all licenses thereof, all other general intangible, intellectual property and other rights pertaining to any of the foregoing, together with the goodwill associated therewith, and all income, royalties and other Proceeds of any of the foregoing.

"<u>UCC</u>" means the Uniform Commercial Code as enacted in the State of New York, as in effect from time to time.

"<u>USCO</u>" means the United States Copyright Office.

"<u>USPTO</u>" means the United States Patent and Trademark Office.

2. <u>Grant of Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>General</u>. As collateral security for the prompt payment and performance in full of the Secured Obligations, each Grantor hereby grants to Investor Representative, for the benefit of the Investors, a security interest in, and continuing lien upon, all of such Grantor's right, title and interest in and to all of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Grant of License to Use Intellectual Property</u>. Without limiting any other rights of the Investor Representative as the holder of a security interest in any Intellectual Property Collateral, for the purpose of enabling the Investor Representative to exercise rights and remedies under this Agreement at such time as the Investor Representative shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Investor Representative (a) an irrevocable, nonexclusive license (exercisable without payment of rent, royalty or other compensation to any Grantor) to use, license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired by such Grantor, and wherever the same may be located (whether or not any license agreement by and between such Grantor and any other Person relating to the use of such Intellectual Property Collateral may be terminated hereafter), and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof and, to the extent permitted by applicable law, the right to prosecute and maintain all Intellectual Property Collateral and the right to sue for infringement of the Intellectual Property Collateral, and (b) an absolute power of attorney to sign, upon the occurrence and during the continuation of an Event of Default, any document which may be required to effect any assignments or enforce any rights or obligations in the Transaction Documents or available under applicable law. The use of such license by the Investor Representative may only be exercised, at the option of the Investor Representative, during the continuation of an Event of Default; <u>provided</u> that any license, sublicense or other transaction entered into by the Investor Representative in accordance herewith shall be binding upon the Grantors notwithstanding any subsequent waiver of an Event of Default. Each Grantor further agrees to cooperate with the Investor Representative in any attempt to prosecute or maintain the Intellectual Property Collateral or sue for infringement of the Intellectual Property Collateral.

3. <u>Pledge</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Each Grantor, as security for the prompt payment and performance in full of the Secured Obligations of such Grantor, hereby pledges to the Investor Representative, its successors and permitted assigns, for the benefit of the Investors, and hereby grants to the Investor Representative, its successors and permitted assigns, for the benefit of the Investors, a security interest in all of such Grantor's right, title and interest in, to and under any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Equity Securities held by it, including without limitation, the Equity Securities which are listed on <u>Schedule II</u>, and any other Equity Securities obtained in the future by such Grantor and the certificates (if any) representing all such Equity Securities (the "<u>Pledged Equity</u>"); *provided* that the Pledged Equity shall not include Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) all promissory notes, debt securities and other instruments owned by it, including, without limitation, the promissory notes, debt securities and instruments which are listed opposite the name of such Grantor on <u>Schedule II</u>, and (B) any promissory notes, debt securities and other instruments obtained in the future by such Grantor (the "<u>Pledged Debt</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;(iii) all other property that may be delivered to and held by the Investor Representative pursuant to the terms of this <u>Section 3</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;(iv) subject to this <u>Section 3</u>, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in <u>clauses (i)</u> and <u>(ii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) subject to this <u>Section 3</u>, all rights and privileges of such Grantor with respect to the securities and other property referred to in <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all Proceeds of any of the foregoing

(the items referred to in <u>clauses (i)</u> through <u>(vi)</u> above being collectively referred to as the "<u>Pledged Collateral</u>"); *provided, however*, that neither "Pledged Collateral" nor any defined term used therein shall include any Excluded Assets;

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Investor Representative, its successors and permitted assigns, for the benefit of the Investors, *subject, however*, to the terms, covenants and conditions hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Delivery of the Pledged Equity</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;(a) Without limiting the provisions of any other Transaction Document, if any Grantor acquires any Pledged Equity or Pledged Debt, such Grantor hereby agrees to deliver or cause to be delivered to the Investor Representative, for the benefit of the Investors, any and all certificates (if any) representing Pledged Equity acquired after the Closing Date and any and all Pledged Debt acquired after the Closing Date that is evidenced by a promissory note or other instrument having a value in excess of $10,000 by not later than the date on which the quarterly financial statements required to be delivered pursuant to the terms of the Notes following the calendar quarter during which such Pledged Equity or Pledged Debt is received.

&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) Any Pledged Equity delivered to the Investor Representative pursuant to the terms hereof shall be accompanied by (i) stock or security powers, endorsements or allonges duly executed in blank or other instruments of transfer, as applicable, in each case reasonably satisfactory to the Investor Representative and (ii) a schedule describing such Pledged Equity, which schedule shall be deemed to supplement <u>Schedule II</u> and made a part hereof; *provided* that failure to supplement <u>Schedule II</u> shall not affect the validity of such pledge of such Pledged Equity. Each schedule delivered pursuant to the terms hereof shall supplement any prior schedules so delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Representations, Warranties and Covenants</u>. Each Grantor hereby represents, warrants and covenants to and with the Investor Representative, for the benefit of the Investors, on the Closing Date and on each date on which quarterly financial statements are required to be delivered under the Notes (as of the last day of the most-recently-ended calendar quarter), that:

&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) <u>Schedule II</u> sets forth a true, correct and complete list, with respect to such Grantor, of (i) all the Equity Securities owned by such Grantor and the percentage of the issued and outstanding units of each class of the Equity Securities of the issuer thereof represented by the Pledged Equity owned by such Grantor and (ii) all the Pledged Debt that is evidenced by a promissory note or other instrument having a value in excess of $10,000 that is owned by such Grantor;

&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) the Pledged Equity has been duly and validly authorized and issued by the issuers thereof and is fully paid and non-assessable (if applicable);

&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) such Grantor (i) is the record owner of the Pledged Equity of such Grantor indicated on <u>Schedule II</u>, (ii) holds such Pledged Equity free and clear of all Liens, other than (A) the Lien in favor of the Investor Representative securing the Secured Obligations and (B) Permitted Liens, and (iii) if reasonably requested by the Investor Representative in writing, will use commercially reasonable efforts necessary to defend such Grantor's title or interest thereto or therein against any and all Liens (other than the Permitted Liens), however arising, of all Persons whomsoever, with respect to such Pledged Equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except (i) for restrictions and limitations imposed or permitted by the Transaction Documents or securities laws generally, (ii) any change of control or similar provisions contained in any leases, licenses or other assets held by the issuer of such Pledged Equity, and (iii) in the case of Pledged Equity of Persons that are not wholly-owned Subsidiaries, transfer restrictions that exist at the time of acquisition of Equity Securities in such Persons (but not entered into in contemplation thereof), the Pledged Collateral of such Grantor is freely transferable and assignable and is not subject to any option, right of first refusal, shareholders agreement, charter or bylaw provisions or contractual restriction of any nature that could reasonably be expected to prohibit, impair, delay or otherwise affect, in each case, in any manner material and adverse to the Investors, the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Investor Representative of rights and remedies hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the execution and performance by such Grantor of this Agreement are within such Grantor's corporate or company powers and have been duly authorized by all necessary corporate action or other organizational action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no material consent or approval of any Governmental Authority under applicable U.S. law is necessary to ensure the validity of the pledge effected hereby except for (i) approvals, consents, exemptions, authorizations, or other actions by, or notices to, or filings and registrations necessary to perfect the Liens on the Collateral granted by such Grantor in favor of the Investor Representative (or to release existing Liens) or for the Investor Representative to exercise remedies in respect of such Collateral, (ii) approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect and (iii) approvals, consents, exemptions, authorizations or other actions, notices or filings, in each case, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by virtue of the execution and delivery by such Grantor of this Agreement, and delivery by such Grantor of such Grantor's certificated Pledged Equity to, and continued possession of such Pledged Equity by, the Investor Representative in the State of New York (or in the case of any Pledged Equity not represented by a physical certificate, upon the proper filing of UCC-1 financing statements against such Grantor), the Investor Representative has a legal, valid and perfected first-priority lien upon and security interest in such Pledged Equity as security for the payment and performance of the Secured Obligations to the extent such perfection is governed by the UCC, subject, in each case, only to Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) by virtue of (i) the proper filing in the appropriate filing office of UCC financing statements or other appropriate filings, recordings or registrations prepared on behalf of the Investor Representative, and (ii) to the extent required hereby, the delivery of promissory notes or other instruments evidencing Pledged Debt to, and continued possession of such promissory notes or other instruments evidencing Pledged Debt by, the Investor Representative in the State of New York, the Investor Representative has a legal, valid and perfected security interest in respect of such Pledged Debt in which the Investor Representative's security interest therein may be perfected by filing or recording in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC or by possession of such promissory notes or other instruments evidencing such Pledged Debt.

Subject to the terms of this Agreement, each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and the Investor Representative having given the Administrative Borrower written notice (which may be contemporaneous) of the Investor Representative's intent to exercise such rights (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note), such Grantor will comply with instructions of the Investor Representative with respect to the Equity Securities in such Grantor that constitute Pledged Equity hereunder without further consent by the applicable owner or holder of such Equity Securities.

Notwithstanding anything to the contrary in this Agreement, to the extent any provision of this Agreement or the Notes excludes any assets from the scope of the Pledged Collateral, or from any requirement to take any action to perfect any security interest in favor of the Investor Representative in the Pledged Collateral, the representations, warranties and covenants made by any Grantor in this Agreement with respect to the creation, perfection or priority (as applicable) of the security interest granted in favor of the Investor Representative (including, without limitation, in this <u>Section 3.3</u>) shall be deemed not to apply to such Excluded Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Article 8 Opt-In</u>. Each Grantor shall take all actions necessary to cause all membership interests, partnership interests and other equity interests of each limited liability company or limited partnership owned or controlled by such Grantor to be or become a "security" within the meaning of, or to be governed by Article 8 of the UCC as in effect under the laws of any state having jurisdiction, including causing each such limited liability company and limited partnership to "opt in" and to take all other action necessary to establish such membership interests, partnership interests and other equity interests of such limited liability company or limited partnership comprising the Collateral as a "security", to become a certificated security and to deliver all certificates evidencing such interest to the Investor Representative in accordance with and as required by <u>Section 3.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Registration in Nominee Name; Denominations</u>.

If an Event of Default shall have occurred and be continuing and the Investor Representative shall have given the Administrative Borrower written notice (which may be contemporaneous) of its intent to exercise such rights (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note), (a) the Investor Representative, on behalf of the Investors, shall have the right (but not the obligation) to hold the Pledged Equity in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of any Grantor, endorsed or assigned in blank or in favor of the Investor Representative, and each Grantor will promptly deliver to the Investor Representative copies of any written notices or other written communications received by such Grantor with respect to the Pledged Equity registered in the name of such Grantor and (b) the Investor Representative shall have the right to exchange the certificates representing the Pledged Equity for certificates of smaller or larger denominations for any purpose consistent with this Agreement, to the extent permitted by the documentation governing such Pledged Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Voting Rights; Dividends and Interest</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;(a) Unless and until an Event of Default shall have occurred and be continuing and the Investor Representative shall have provided written notice (which may be contemporaneous) to the Administrative Borrower that the rights of the Grantors under this <u>Section 3.6</u> are being suspended (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note):The Grantors shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Equity or any part thereof for all purposes not in violation of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Investor Representative shall promptly (after reasonable advance notice and at the Grantors' sole cost and expense) execute and deliver to the Grantors, or cause to be executed and delivered to the Grantors, all proxies, powers of attorney and other instruments as the Administrative Borrower may reasonably request for the purpose of enabling the Grantors to exercise the voting and/or consensual rights and powers the applicable Grantors are entitled to exercise pursuant to <u>clause (1)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Grantors shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Equity to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Notes, the other Transaction Documents and applicable Laws; *provided* that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Securities of the issuer of any Pledged Equity or received in exchange for Pledged Equity or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall be promptly delivered to the Investor Representative in the same form as so received (with any endorsement reasonably requested by the Investor Representative) to the extent required by <u>Section 3.2</u>. So long as no Event of Default has occurred and is continuing, the Investor Representative shall promptly deliver to the Administrative Borrower any Pledged Equity in its possession if requested to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Equity not prohibited by the Notes in accordance with this <u>Section 3.6</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;(b) Upon the occurrence and during the continuance of an Event of Default, after the Investor Representative shall have notified the Administrative Borrower of the suspension of the Grantors' rights under <u>Section 3.6(a)(3)</u> (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note), all rights of the Grantors to dividends, interest, principal or other distributions that the Grantors are authorized to receive pursuant to <u>Section 3.6(a)(3)</u> shall cease, and all such rights shall thereupon become vested in the Investor Representative, which shall have the sole and exclusive right and authority to receive and retain as Collateral such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this <u>Section 3.6</u> shall be promptly delivered to the Investor Representative upon demand in the same form as so received (with any endorsement reasonably requested by the Investor Representative). Any and all money and other property paid over to or received by the Investor Representative pursuant to the provisions of this <u>Section 3.6(b)</u> shall be retained by the Investor Representative as Collateral in an account to be established by the Investor Representative upon receipt of such money or other property. After all Events of Default have been waived, the Investor Representative shall promptly repay to the Administrative Borrower for the benefit of the Grantors (without interest) all dividends, interest, principal or other distributions that the Grantors would otherwise have been permitted to retain pursuant to the terms of <u>Section 3.6(a)(3)</u> and that remain in such account.

&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) Upon the occurrence and during the continuance of an Event of Default, after the Investor Representative shall have provided the Administrative Borrower with notice of the suspension of the Grantors' rights under <u>Section 3.6(a)(1)</u> (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note), then all rights of the Grantors to exercise the voting and consensual rights and powers the Grantors are entitled to exercise pursuant to <u>Section 3.6(a)(1)</u>, and the obligations of the Investor Representative under <u>Section 3.6(a)(2)</u>, shall cease, and all such rights shall thereupon become vested in the Investor Representative, which shall have the sole and exclusive right and authority (but not the obligation) to exercise such voting and consensual rights and powers; <u>provided</u> that the Investor Representative shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been waived, the Grantors shall have the exclusive right to exercise the voting and/or consensual rights and powers that the Grantors would otherwise be entitled to exercise pursuant to the terms of <u>Section 3.6(a)(1)</u> above, and the obligations of the Investor Representative under <u>Section 3.6(a)(2)</u> shall be reinstated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In order, and to the extent necessary, to permit the Investor Representative to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder, each Grantor hereby grants to the Investor Representative an irrevocable (until the termination of this agreement) proxy to vote all or any part of the Pledged Collateral held by such Grantor and to exercise all other rights, powers, privileges and remedies to which a holder of such Pledged Collateral would be entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall only be effective during each period of time that an Event of Default has occurred and is continuing and the Investor Representative has provided reasonable prior written notice to the Administrative Borrower (which may be contemporaneous) that the Investor Representative is exercising its rights under such proxy (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note); *provided* that during such time, such proxy shall be effective automatically and without the necessity of any action other than the written notice described above (including any transfer of such Pledged Collateral on the record books of the issuer thereof) by any other Person (including the issuer of such Pledged Collateral or any officer or Investor Representative thereof). Each Grantor acknowledges and agrees that the irrevocable proxy granted to the Investor Representative by such Grantor pursuant to the preceding sentence with respect to the Pledged Collateral held by such Grantor is irrevocable until the Secured Obligations have been Paid in Full and is coupled with an interest and shall be exercisable by the Investor Representative only during each period of time that an Event of Default has occurred and is continuing and the Investor Representative has provided reasonable prior written notice to the Administrative Borrower (which may be contemporaneous) that the Investor Representative is exercising its rights under such proxy (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note). Each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Investor Representative all proxies, dividend payment orders and other instruments as the Investor Representative may from time to time reasonably request, but in any event solely after an Event of Default has occurred and is continuing, and after having provided required notice to the Administrative Borrower of its desire to exercise its rights hereunder (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note), and each Grantor acknowledges that the Investor Representative may utilize the power of attorney set forth in <u>Section 8</u> herein in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Grantor which is an issuer of Pledged Collateral hereby agrees to comply with instructions originated by the Investor Representative with respect to such Pledged Collateral after the occurrence and during the continuance of an Event of Default without further consent by the registered owner of such Pledged Collateral.

Any notice given by the Investor Representative to the Administrative Borrower under <u>Section 3.5</u> or <u>Section 3.6</u> (which notice shall be deemed to have been given immediately upon the occurrence of an Event of Default under <u>Section 5.1(b)</u> of the Note) (i) shall be given in writing and (ii) may suspend the rights of the Grantors under <u>Section 3.6(a)(1) or (a)(3)</u> in part without suspending all such rights (as specified by the Investor Representative in its sole and absolute discretion) and without waiving or otherwise affecting the Investor Representative's rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing.

4. <u>Representations and Warranties</u>. Each Grantor represents and warrants to Investor Representative for the benefit of the Investors as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Absence of Liens and Interests</u>. Each Grantor owns the Collateral purported to be owned by it, free and clear of any Liens other than Permitted Liens. Subject to Permitted Liens, each Grantor has good and valid rights in and title to (or, with respect to Intellectual Property or leased property, good and valid rights in and title to or a license or lease or other right to use) the Collateral with respect to which it has purported to grant a security interest hereunder and has full organizational power and authority to grant to the Investor Representative the security interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any Person other than (a) any consent or approval that has been obtained, (b) approvals, consents, exemptions, authorizations, or other actions by, or notices to, or filings and registrations necessary to perfect the Liens on the Collateral granted by such Grantor in favor of the Investor Representative (or to release existing Liens) or for the Investor Representative to exercise remedies in respect of such Collateral and (c) approvals, consents, exemptions, authorizations or other actions, notices or filings, in each case, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Prior Names</u>. Except as provided on <u>Schedule III</u> hereto, no Grantor has, during the five years preceding the Closing Date, changed its name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>State of Organization</u>. As of the Closing Date, each Grantor is organized under the laws of the state set forth opposite its name on <u>Schedule III</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Chief Executive Office: Location of Records</u>. Each Grantor's chief executive office is listed on <u>Schedule III</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Filings</u>. The UCC financing statements prepared by the Investor Representative and delivered to the Administrative Borrower on or prior to the Closing Date (or in the case of a Grantor that becomes a party to this Agreement after the Closing Date, on or prior to the date on which such Grantor becomes a party to this Agreement) are the only filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Investor Representative in respect of all Collateral of the Grantors in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC; *provided, however*, that additional filings may be necessary in the USPTO and USCO to perfect the security interest in any Registered Intellectual Property Collateral acquired, owned, filed or developed by or on behalf of any Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Intellectual Property</u>. Each Grantor represents and warrants that, if applicable, Intellectual Property Security Agreements containing a description of all Collateral consisting of Registered Intellectual Property Collateral (other than, in each case, any Excluded Assets) owned by, or Copyright Licenses granted to, such Grantor on the Closing Date, have been delivered as of the date hereof for recording with the USPTO and the USCO pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, in respect of all Collateral consisting of Registered Intellectual Property Collateral owned by, or Copyright Licenses granted to, such Grantor on the Closing Date to the extent required by this Agreement or the Notes. To the extent a security interest may be perfected by filing, recording or registration with the USPTO or the USCO, then no further or subsequent filing, re-filing, recording, rerecording, registration or reregistration is necessary (other than (i) such filings and actions as are necessary to perfect the Investor Representative's security interest with respect to any Collateral consisting of Registered Intellectual Property Collateral acquired or owned by such Grantor after the date hereof and (ii) the UCC financing and continuation statements). Each Perfection Certificate, on the date of delivery thereof, contains an accurate, correct and complete list of all Intellectual Property owned by or licensed to such Grantor (including all Software, whether or not such Software is subject to any Copyrights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Perfection</u>. The security interest granted herein constitutes (i) a legal and valid security interest in all the Collateral securing the payment and performance of the Secured Obligations of each Grantor and (ii) subject to the filings described in <u>Section 4.5</u>, a perfected security interest in all Collateral in which a security interest may be perfected by such filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC, which security interest shall be prior to any other Lien on any such Collateral, other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Locations</u>. As of the Closing Date, <u>Schedule IV</u> lists each location at which Collateral constituting Inventory and Equipment having a value in excess of $10,000 (other than (x) mobile goods, (y) Inventory or Equipment in transit or out for repair or refurbishment and (z) Inventory and Equipment in the possession of employees or customers of any Grantor in the ordinary course of business) is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Deposit Accounts and Securities Accounts</u>. All depositary and other accounts (including securities accounts) maintained by any Grantor are described on <u>Schedule V</u> hereto (as such schedule may be updated from time to time in accordance with the terms hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Commercial Tort Claims</u>. As of the Closing Date, no Grantor holds any Commercial Tort Claim except for those disclosed on <u>Schedule VI</u> hereto.

5. <u>Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Performance</u>. Each
 Grantor shall pay and perform all the Secured Obligations according to their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Liens</u>. Each Grantor shall, at its own expense keep the Collateral free of all Liens other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Expenditures by Investor Representative</u>. The Grantors shall reimburse Investor Representative within 30 days following written demand therefor (accompanied by reasonably detailed supporting invoices therefor) for any reasonable and documented out-of-pocket expenditures incurred by Investor Representative after the occurrence and continuation of an Event of Default for the maintenance, protection and preservation of the Collateral or Investor Representative's security interest in the Collateral, including taxes, levies, insurance and repairs, and for the collection, repossession, holding, preparation and sale or other disposition of or realization upon the Collateral. In no event will Investor Representative have any obligation to make such expenditures or any liability for failing to make them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Protection of Collateral</u>. Each Grantor shall comply with all laws and regulations affecting the ownership or use of the Collateral and shall not permit the waste, injury or destruction of any of the Collateral, in each case, except to the extent any such failure to so comply or any such waste, injury or destruction would not be reasonably be expected to result in a Material Adverse Effect. Each Grantor shall perform all its obligations with respect to the Collateral, whether such obligations arise pursuant to the express terms of the Collateral or pursuant to applicable law, except to the extent any such failure to so comply would not be reasonably be expected to result in a Material Adverse Effect. If any Grantor fails to perform any material obligation under this Agreement with respect to the Collateral, then, after the occurrence and continuation of an Event of Default and upon written notice to the Administrative Borrower (which may be contemporaneous), Investor Representative may do so (without any obligation so to do), and the Grantors shall, within 30 days following receipt of written demand therefor (accompanied by reasonably-detailed invoices with respect thereto), jointly and severally reimburse Investor Representative for any reasonable and documented out-of-pocket cost and expenses, including reasonable and documented out-of-pocket attorneys' fees, incurred by Investor Representative in connection with such performance. To the extent commercially reasonable to do so, each Grantor shall defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Certain Changes</u>. No Grantor shall, without providing the Investor Representative with 10 days' prior written notice thereof, make any change in (i) the legal name of such Grantor, (ii) the identity or type of organization or corporate structure of such Grantor, (iii) the jurisdiction of organization of such Grantor, (iv) the chief executive office of such Grantor or (v) the organizational identification number of such Grantor (to the extent such information is necessary to maintain perfection of the security interest in the collateral).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Perfection</u>. Each Grantor shall take all steps required to be taken hereunder to ensure that the security interests granted to Investor Representative pursuant to this Agreement are perfected at all times following the Closing Date and, subject to Permitted Liens, of first-lien priority to the extent that such Lien may be perfected by the filing of financing statements under the UCC, the execution of Control Agreements (other than with respect to Excluded Accounts) or filing of Intellectual Property Security Agreements with the USPTO and/or the USCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Financing Statements. Etc</u>. Each Grantor hereby authorizes the filing of any financing statements, fixture filings, amendments, continuation statements or assignments relating to the Collateral that Investor Representative may reasonably request in order to perfect any security interest granted herein, including "all assets" and other similar filings. Each Grantor agrees to cause all financing statements, fixture filings, amendments, continuation statements or assignments to be filed or recorded in the appropriate filing office in order to perfect the Investor Representative's Lien in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Accounts</u>. The Administrative Borrower shall deliver to the Investor Representative a revised version of <u>Schedule V</u> showing any changes thereto within 10 Business Days of any such change. Each Grantor hereby authorizes the financial institutions at which such Grantor maintains any account to provide the Investor Representative with such information with respect to such account as the Investor Representative from time to time reasonably may request, and each Grantor hereby consents to such information being provided to the Investor Representative. Each Grantor shall enter into a Control Agreement, in a form reasonably satisfactory to the Investor Representative, with the Investor Representative and each financial institution with which such Grantor maintains from time to time any Deposit Accounts included in the Collateral on the Closing Date by not later than thirty (30) days from the date hereof. Pursuant to the Control Agreements and pursuant hereto, each Grantor grants and shall grant to the Investor Representative, for the benefit of the Investors, a continuing lien upon, and security interest in, all such Deposit Accounts and all funds at any time paid, deposited, credited or held in such Deposit Accounts (whether for collection, provisionally or otherwise) or otherwise in the possession of such financial institutions, and each such financial institution shall act as the Investor Representative's agent in connection therewith. Following the Closing Date, no Grantor shall establish any Deposit Account with any financial institution unless prior thereto, the Investor Representative and such Grantor shall have entered into a Control Agreement with such financial institution with respect to such account. During the continuance of any Event of Default, the Investor Representative may in its sole discretion give a "Notice of Exclusive Control" or similar term pursuant to any Control Agreement (as defined in such Control Agreement) to the financial institution pursuant to such Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Commercial Tort Claims</u>. Together with the delivery of quarterly financial statements under the Notes, the Grantors shall deliver to the Investor Representative a revised version of <u>Schedule VI</u> showing any changes thereto as of the last day of the most recently-ended calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Further Assurances</u>. Each Grantor agrees to take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as the Investor Representative may request from time to time in order (a) to carry out more effectively the purposes of this Agreement and the other Transaction Documents, including compliance with the covenants herein, (b) to subject to valid and perfected first priority Liens any of the Collateral or any other property of such Grantor, (c) to establish and maintain the validity and effectiveness of any of the Transaction Documents and the validity, perfection and priority of the Liens intended to be created thereby, (d) to better assure, convey, grant, assign, transfer and confirm unto the Investor Representative the rights now or hereafter intended to be granted to it under this Agreement or any other Transaction Document and (e) to enable the Investor Representative to exercise and enforce its rights and remedies hereunder or under any other Transaction Document with respect to any Collateral (including, without limitation, entering into source code escrow agreements or other similar arrangements satisfactory to the Investor Representative with respect to the Software and other Intellectual Property of such Grantor). In furtherance of, and to the extent necessary to accomplish, the foregoing, to the maximum extent permitted by applicable law, each Grantor (i) authorizes the Investor Representative to execute any such agreements, instruments or other documents in such Loan Party's name (including source code escrow agreements and other similar documents) and to file such agreements, instruments or other documents in any appropriate filing office, (ii) authorizes (but without any obligation to do so) the Investor Representative to file any financing statement required hereunder or under any other Transaction Document, and any continuation statement or amendment with respect thereto, in any appropriate filing office without the signature of such Grantor, and (iii) ratifies the filing of any financing statement, and any continuation statement or amendment with respect thereto, filed prior to the date hereof. Notwithstanding anything to the contrary, the Investor Representative shall have no obligation to make any request permitted by this <u>Section 5.10</u> and shall have no liability to the Investors or any other Person connection with any such request or its failure to make any such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Intellectual Property Covenants</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;(i) Each Grantor agrees to (A) take, at its expense, all reasonable steps, including, but not limited to, filing or recording with the USPTO or the USCO, as applicable, documents and instruments, to pursue the registration and maintenance of each Patent, Trademark or Copyright registration or application now or hereafter included in the Collateral owned by such Grantor that are not Excluded Assets, (B) take all reasonable steps to prevent any of the Registered Intellectual Property included in the Collateral owned by such Grantor from lapsing, being terminated, or becoming invalid or unenforceable or placed in the public domain (or in the case of a trade secret, become publicly known) and (C) take all reasonable steps to preserve and protect each item of Registered Intellectual Property owned by such Grantor, including, without limitation, taking reasonable steps necessary to ensure that all licensed users of any of such Grantor's Trademarks abide by the applicable license's terms with respect to standards of quality, in each case of (A), (B) and (C) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Together with the delivery of quarterly financial statements under the Notes, to the extent not previously disclosed, each Grantor shall provide a list of any Registered Intellectual Property Collateral owned by such Grantor and Copyright Licenses granted to such Grantor as of the last day of the most-recently-ended calendar quarter, accompanied by Intellectual Property Security Agreements with respect thereto, in each case, in form and substance reasonably satisfactory to the Investor Representative.

6. <u>Events of Default</u>. Any Event of Default under any Note or any other Transaction Document is an Event of Default under this Agreement.

7. <u>Remedies of Investor Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>General</u>. In addition to the rights and remedies granted to Investor Representative in this Agreement, Investor Representative shall at all times have the rights and remedies of a secured party under the UCC and under all other applicable laws or at equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Remedies</u>. Without limiting the generality of <u>Section 7.1</u>, after the occurrence, and during the continuance, of an Event of Default, Investor Representative may take any one or more of the following actions in its sole discretion (but without any obligation to do so):

&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) Declare all or any part of the Secured Obligations due and payable, without presentment, demand, protest or other notice of any kind, all of which are expressly waived.

&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) Require the Grantors to assemble the Collateral, and make it available to Investor Representative at any Grantor's premises or at any other location selected by Investor Representative, where it will remain at the expense of the Grantors pending sale or other disposition.

&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) Sell, collect or otherwise dispose of the Collateral. If notice of sale or disposition of Collateral is required, 10 calendar days' notice of any intended sale or other disposition of the Collateral shall not be deemed to be unreasonable. Each purchaser at any such sale will hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Investor Representative shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Investor Representative may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Investor Representative may specifically disclaim any and all warranties of any kind with respect to sales of Collateral to the extent permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Until the Investor Representative is able to effect a sale, lease, or other disposition of Collateral, hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indorse any note, draft, check or other instrument or document with respect to the Collateral, as the attorney-in-fact for the applicable Grantor with full power of substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Accept and receive payment of, receipt for or defend, settle, compromise or adjust any claim, suit, action or proceeding with respect to the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Apply for the appointment of (or appoint, as applicable) a receiver, trustee, liquidator, conservator or keeper of the Collateral, to take possession of and/or assume control of or ownership of all or any portion of the Collateral and to enforce any of the Investor Representative's rights and remedies hereunder and under the other Transaction Documents (for the benefit of itself and the Investors), in each case, without prior notice, without a hearing as to such appointment, without regard to the adequacy of the security for the Secured Obligations and without regard to the solvency of any Borrower, any other Grantor or any other Person liable for any of the Secured Obligations (it being understood and agreed that (i) such receiver, trustee, liquidator, conservator or keeper shall have all the rights, powers and protections provided (A) to it by applicable law or court order and (B) to the Investor Representative under this Agreement and the other Transaction Documents, and (ii) each Grantor hereby (A) agrees to cooperate fully with all requests made by such receiver, trustee, liquidator, conservator or keeper, (B) acknowledges and agrees that a violation of such Grantor's covenant to so cooperate would result in irreparable harm to the Investor Representative and the Investors for which monetary damages are not readily ascertainable and that accordingly, the same may be specifically enforced, and (C) waives, and agrees to waive, any claim or defense that the Investor Representative would have an adequate remedy at law for the breach of such undertakings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Additional Provisions regarding Intellectual Property</u>. Anything contained herein to the contrary notwithstanding, upon the occurrence and during the continuation of an Event of Default:

&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) the Investor Representative shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the name of any Grantor, the Investor Representative or otherwise, in the Investor Representative's sole discretion, to enforce any Intellectual Property, in which event each Grantor shall, at the request of the Investor Representative, do any and all lawful acts and execute any and all documents required by the Investor Representative in aid of such enforcement and the Grantors shall promptly, upon demand, jointly and severally reimburse and indemnify the Investor Representative in connection with the exercise of its rights under this Section, and, to the extent that the Investor Representative shall elect not to bring suit to enforce any Intellectual Property as provided in this <u>Section 7.3</u>, each Grantor agrees to use, in its reasonable business judgment, all reasonable measures, whether by action, suit, proceeding or otherwise, to prevent the infringement or other violation of any of such Grantor's rights in the Intellectual Property that is material to the business by others and for that purpose agrees to diligently maintain any action, suit or proceeding against any Person so infringing as shall be reasonably necessary to prevent such infringement or violation;

&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) upon written demand from the Investor Representative or exercise of its rights under <u>Section 2.2</u>, each Grantor shall grant, assign, convey or otherwise transfer to the Investor Representative an absolute assignment of all of such Grantor's right, title and interest in and to the Intellectual Property and shall execute and deliver to the Investor Representative such documents as are reasonably necessary or appropriate to carry out the intent and purposes of this Agreement;

&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) the Investor Representative shall have the right to notify, or require each Grantor to notify, any obligors with respect to amounts due or to become due to such Grantor in respect of the Intellectual Property, of the existence of the security interest created herein, to direct such obligors to make payment of all such amounts directly to the Investor Representative, and, upon such notification and at the joint and several expense of the Grantors (i) to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done; and (ii) no Grantor shall adjust, settle or compromise the amount or payment of any such amount or release wholly or partly any obligor with respect thereto or allow any credit or discount thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Investor Representative may (but shall not be obligated to), by written notice to the Administrative Borrower, take any or all of the following actions: (A) declare the entire right, title, and interest of each Grantor in the Intellectual Property vested in the Investor Representative in order to collect, enforce, or satisfy the Secured Obligations, in which event such right, title, and interest shall immediately vest in the Investor Representative for the benefit of the Secured Parties, in which case the Investor Representative shall be entitled to exercise the power of attorney referred to in <u>Section 7.3(c)(ii)</u> hereof to execute, cause to be acknowledged and notarized and to record said absolute assignment with the applicable agency; (B) use or sell the Intellectual Property; (C) use or sell the goodwill of each Grantor's business symbolized by the Trademarks and the right to carry on the business and use the assets of each Grantor in connection with which the Trademarks have been used; and (D) direct each Grantor to refrain, in which event each Grantor shall refrain, from using the Intellectual Property directly or indirectly, and each Grantor shall execute such further documents as the Investor Representative may reasonably request further to confirm this and to transfer ownership of the Intellectual Property and registrations and any pending applications in the United States Copyright Office, United States Patent and Trademark Office, equivalent office in a state of the United States or a foreign jurisdiction or applicable domain name registrar to the Investor Representative for the benefit of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Proceeds</u>. The proceeds of sales, collections or other dispositions of the Collateral will not be credited to the Secured Obligations unless and until actually received in cash by Investor Representative. After payment of all amounts owed to Investor Representative, proceeds shall be applied as provided in <u>Section 4.2</u> of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Deficiency</u>. The Grantors shall jointly and severally pay any deficiency remaining after application of the net proceeds of the Collateral to the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Delivery of Books and Records</u>. If Investor Representative holds a foreclosure or other sale with respect to any Collateral, or otherwise exercises any rights or remedies under the Transaction Documents or applicable law pursuant to which any Grantor is divested of title to any Collateral, then such Grantor shall within ten (10) days thereafter deliver to the transferee of such Collateral any and all correspondence, books, records and documentation in such Grantor's possession, or in the possession of any person or entity under the direct or indirect control of such Grantor, relating to such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Other Obligors</u>. Each Grantor waives any right such Grantor may have or claim to require Investor Representative to seek to recover payment of the Secured Obligations, or any portion thereof from any person or entity obligated therefor other than such Grantor.

8. <u>Power of Attorney</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Each Grantor hereby irrevocably (during the term of this Agreement) constitutes and appoints Investor Representative and any officer or Investor Representative thereof, with full power of substitution, as its true and lawful attorney-in-fact at any time during the continuance of an Event of Default and upon written notice (which may be contemporaneous) to the Administrative Borrower (in the name of the applicable Grantor or otherwise), to do the following:

&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) transfer to Investor Representative or to any other person all or any of the Collateral, to indorse any instruments pledged to Investor Representative, and to fill in blanks in any transfers of Collateral, powers of attorney, or other documents delivered to Investor Representative;

&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) pay or discharge taxes and liens levied or placed on the Collateral, and effect any repairs called for by the terms of this Agreement or the other Transaction Documents;

&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) (i) take possession of, indorse, and collect any checks, drafts, notes, acceptances, or other instruments for the payment of moneys due under any account, instrument or general intangible or with respect to any other Collateral and (ii) file any claim or to take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by Investor Representative for the purpose of collecting all such moneys due under any account, financial asset, instrument, investment property, or general intangible or with respect to any other Collateral whenever payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) direct any party liable for any payment with respect to any of the Collateral to make payment of all moneys due or to become due in connection therewith directly to Investor Representative or as Investor Representative shall direct; (ii) ask for, demand, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (iii) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts, assignments, verifications, notices, and other documents in connection with any of the Collateral; (iv) commence and prosecute any suits, actions, or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any thereof and to enforce any other right in respect of any Collateral; (v) defend any suit, action, or proceeding brought against any Grantor with respect to any Collateral; (vi) settle, compromise, or adjust any suit, action, or proceeding described in clause (v) above and, in connection therewith, to give such discharge or releases as Investor Representative may deem appropriate; (vii) to take such actions to amend the organizational documents of such Grantor as the Investor Representative deems necessary or appropriate, including by soliciting votes from the holders of such Grantor's Equity Securities with respect thereto; and (viii) generally sell, transfer, pledge, and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though Investor Representative were the absolute owner thereof for all purposes; and to do, at Investor Representative's option and at the joint and several expense of the Grantors, at any time or from time to time, all acts and things that Investor Representative deems necessary to protect, preserve or realize upon the Collateral and to effect the intent of this Agreement, all as fully and effectively as the Grantor might do; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) take any action that the Investor Representative, in its sole discretion, deems necessary to manage the operations of such Grantor's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Each Grantor hereby ratifies all that said attorneys lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable until the Secured Obligations (other than contingent obligations as to which no claim has been made) are Paid in Full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The powers conferred on Investor Representative hereunder are solely to protect Investor Representative's interests in the Collateral and do not impose any duty upon Investor Representative to exercise any such powers.

9. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendment</u>. This Agreement and the other Transaction Documents contain the complete and final expression of the entire agreement of the parties. No provision of this Agreement may be amended, modified, waived or supplemented, except by a writing signed by the Investor Representative and the Grantors; <u>provided</u>, that no amendment or waiver shall impair Investor Representative's rights or impose duties on Investor Representative without Investor Representative's written consent. No waiver by Investor Representative of any Event of Default is a waiver of any other Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Remedies Cumulative</u>. All rights and remedies of Investor Representative are cumulative and may be exercised at such times and in such order as Investor Representative determines, and no delay or omission in exercising any right or remedy is a waiver of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Effectiveness</u>. This Agreement is irrevocable by the Grantors and remains in full force and effect until (i) the Payment in Full of all outstanding Secured Obligations (other than contingent obligations as to which no claim has been made); and (ii) Investor Representative and the Investors have no further obligation to advance funds, or provide other financial accommodations, to or for the benefit of any Borrower or any other Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Disclaimer</u>. Neither Investor Representative nor any of its directors, officers of Investor Representatives are liable for any claims, demands, losses or damages made, claimed or suffered by any Grantor, except any which may be caused by their own gross negligence or willful misconduct, as determined by a final, non-appealable order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Fees and Legal Expenses</u>. The Grantors shall be required to pay, jointly and severally, all fees and documented out-of-pocket costs and expenses incurred by Investor Representative in connection with the negotiation of this Agreement and the Transaction Documents, Investor Representative's performance of its duties hereunder and thereunder and enforcement of its remedies hereunder or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Notices</u>. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, email, courier service or personal delivery. All communications shall be sent to the respective parties at their address as set forth on the signature page, or to such address as subsequently modified by written notice given in accordance with this <u>Section 9.6</u>.

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial overnight courier service; if mailed, five (5) Business Days after being deposited in the mail, postage prepaid; or if by email, when receipt is acknowledged; provided that notices given to the Investor Representative shall be deemed given when actually received by the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Governing Law; Jurisdiction; Jury Trial</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;(a) This Agreement and the rights and obligations of the parties hereto are contracts under the laws of the state of New York and for all purposes are governed by and will be construed and enforced in accordance with the laws of the state of New York, without giving effect to any choice of law or conflict provision or rule (whether of the state of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the state of New York. Each Grantor waives any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Each Grantor waives the right to remove any judicial proceeding brought against such Grantor in any state court to any federal court. Any judicial proceeding by any Grantor against Investor Representative or any Investor involving, directly or indirectly, any matter or claim in any way arising out of, related to or connected with this Agreement or any related agreement, shall be brought only in a federal or state court located in the County of New York, State of New York.

&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) <u>Waiver of Jury Trial</u>. EACH GRANTOR, INVESTOR REPRESENTATIVE AND EACH INVESTOR HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be deemed an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile, e-mail transmission of a PDF file or other electronic methods is as effective as delivery of an original executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Assignment; Binding Effect</u>. Investor Representative may assign the benefits of this Agreement to any successor Investor Representative acting on behalf of the Investors, and, upon such assignment, such successor Investor Representative shall be entitled to all the benefits of this Agreement. No Grantor may assign this Agreement, or delegate its duties hereunder, without the prior written consent of Investor Representative. Subject to the foregoing, this Agreement inures to the benefit of and is binding upon the successors and assigns of each Grantor and Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Termination; Release</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;(a) This Agreement and the security interest in the Collateral created hereby, shall terminate automatically upon the earlier of (i) the date on which all of the outstanding Secured Obligations (other than inchoate or contingent obligations not yet due and as to which no claim has been asserted hereunder) have been paid in full in cash, and (ii) the date on which all of the Notes have been converted to Series B Preferred Shares (the "<u>Payment in Full</u>" or "<u>Paid in Full</u>"). Upon termination as aforesaid, Investor Representative shall promptly execute and deliver, at the joint and several expense of the Grantors and upon receipt of an Officer's Certificate of Administrative Borrower, such releases and discharges as the Administrative Borrower may reasonably request to evidence the foregoing. Investor Representative shall have no liability to any Grantor, any Investor or any other Person for releases delivered in reliance on such Officer's Certificate.

&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) In the event that any part of the Collateral is sold or otherwise disposed of in connection with a sale, dividend or other disposition permitted under the terms of any Transaction Document, or is otherwise released at the written direction of Investor Representative (acting at the written direction of the requisite number or percentage of Investors in accordance with the Note Purchase Agreement) in accordance with the terms of the Transaction Documents, and the Proceeds of such sale or sales are free and clear of any third-party Liens, such Collateral will be sold free and clear of the Liens created hereunder, and Investor Representative, at the request of the Administrative Borrower and at the joint and several expense of the Grantors and upon receipt of an Officer's Certificate of the Administrative Borrower, will promptly execute and deliver to the Administrative Borrower such instrument or instruments (including UCC termination statements) reasonably requested by the Administrative Borrower and will duly assign, transfer and deliver to the Administrative Borrower for the benefit of the Grantors (without recourse, and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or released to the extent in the physical possession of Investor Representative and has theretofore been released pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Rules of Construction</u>. The provisions of <u>Section 6.13</u> of the Note Purchase Agreement shall be incorporated herein *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Agreement to the extent they are held to be unenforceable and the remainder of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Entire Agreement</u>. This Agreement and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior agreements and understandings, oral or written.

10. <u>Appointment of Investor Representative as Investor Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Appointment</u>. The Investors, by their acceptance of the Notes and the benefits of this Agreement, hereby designate Arena Investors, LP to act as Investor Representative on behalf of, and as agent for the Investors as specified in this Agreement and the other Transaction Documents. Each Investor shall be deemed irrevocably to authorize Arena Investors, LP, in its capacity as Investor Representative, to take such action on its behalf under the provisions of this Agreement and any other Transaction Document and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Investor Representative by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The Investor Representative may perform any of its duties hereunder by or through its agents or attorneys and shall not be responsible for the acts or omissions of any such agent or attorneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Nature of Duties</u>. The Investor Representative shall have no duties or responsibilities except those expressly set forth in this Agreement. Neither the Investor Representative nor any of its partners, members, shareholders, officers, directors, employees or agents shall be liable for any action taken or omitted by it as such under this Agreement or any other Transaction Document or in connection herewith or therewith, be responsible for the consequence of any oversight or error of judgment or answerable for any loss, whether before or after an Event of Default, unless caused solely by its or their gross negligence or willful misconduct as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction. The duties of the Investor Representative shall be mechanical and administrative in nature; and nothing in this Agreement or any other Transaction Document, expressed or implied, is intended to or shall be so construed as to impose upon the Investor Representative any obligations in respect of this Agreement or any other Transaction Document except as expressly set forth herein, and no implied obligations shall be read into this Agreement or any other Transaction Document against the Investor Representative. The permissive rights of the Investor Representative to take actions under this Agreement or the other Transaction Documents shall not be construed as a duty. Beyond the exercise of reasonable care in the custody of the collateral in its possession and the accounting of monies received by it in respect of the Collateral and/or the Secured Obligations, the Investor Representative will have no duty as to any collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Investor Representative will be deemed to have exercised reasonable care in the custody of the collateral in its possession if the collateral is accorded treatment substantially equal to that which it accords its own property, and the Investor Representative will not be liable or responsible for any loss or diminution in the value of any of the collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Investor Representative in good faith. The Investor Representative shall have no duty to file any financing statements, amendments thereto, continuation statements, intellectual property security agreements or any other agreement or instrument to perfect or maintain the perfection of the Investor Representative's security interest in the Collateral. In no event shall the Investor Representative or any Investor be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Investor Representative or any Investor has been advised of the likelihood of such loss or damage and regardless of the form of action. The Investor Representative shall not be charged with knowledge of (A) any events or other information, or (B) any default or Event of Default unless a Responsible Officer of the Investor Representative shall have received written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Lack of Reliance on the Investor Representative</u>. Independently and without reliance upon the Investor Representative, each Investor, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Borrowers and the other Grantors in connection with such Investor's investment in the Borrowers and/or the other Grantors, the creation and continuance of the Secured Obligations, the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of the Borrowers and the other Grantors and the value of the Collateral from time to time, and the Investor Representative shall have no duty or responsibility, either initially or on a continuing basis, to provide any Investor with any credit, market or other information with respect thereto, whether coming into its possession before any Secured Obligations are incurred or at any time or times thereafter. The Investor Representative shall not be responsible to any Grantor, any Investor or any other Person for any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of this Agreement or any other Transaction Document, or for the financial condition of any or all of the Grantors or the value of any of the Collateral, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or any other Transaction Document, or the financial condition of any or all of the Grantors, or the value of any of the Collateral, or the existence or possible existence of any default or Event of Default under this Agreement, the Notes or any of the other Transaction Documents. The Investor Representative will not be responsible for the existence, genuineness or value of any of the collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Investor Representative hereby disclaims any representation or warranty to the present and future Investors concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Certain Rights of the Investor Representative</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;(a) The Investor Representative shall have the right on behalf of all of the Investors to take any action with respect to the Collateral permitted or required by the Transaction Documents. The Investor Representative may (but shall not be required to) request instructions from the Investors with respect to any material act or action (including failure to act) in connection with this Agreement or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of the Majority Investors; if such instructions are not provided despite the Investor Representative's request therefor, the Investor Representative shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be entitled to indemnification satisfactory to the Investor Representative from the Investors in respect of actions to be taken by the Investor Representative; and the Investor Representative shall not incur liability to any Person by reason of so acting or refraining. Without limiting the foregoing, (i) no Investor shall have any right of action whatsoever against the Investor Representative as a result of the Investor Representative acting or refraining from acting hereunder in accordance with the terms of this Agreement or any other Transaction Document and (ii) the Investor Representative shall not be required to take any action that the Investor Representative believes (A) could reasonably be expected to expose it to personal liability unless it is indemnified to its satisfaction or (B) is contrary to this Agreement, the Transaction Documents or applicable law.

&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) The Investor Representative shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement at the request or direction of any Investor, pursuant to the provisions of this Agreement, unless such Investor shall have offered, and if requested, provided to the Investor Representative security or indemnity (satisfactory to the Investor Representative in its sole and absolute discretion) against the costs, expenses and liabilities which may be incurred by it in compliance with such request or direction.

&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) Nothing in this Agreement shall require the Investor Representative to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not expressly provided for therein, when Arena Investors, LP acts as Investor Representative under any other Transaction Document, Arena Investors, LP shall be entitled to the rights, privileges, immunities and indemnities granted to the Investor Representative in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Reliance</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;(a) The Investor Representative shall be entitled to conclusively rely, and shall be fully protected in relying, upon any writing, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, resolution, statement, certificate, instrument, telex, teletype or facsimile message, cablegram, radiogram, judgment, or other paper or document or telephone message, reasonably believed by it in good faith to be genuine signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Agreement and the other Transaction Documents and its duties hereunder and thereunder, upon advice of counsel selected by it (which may be counsel to the Grantors or the Investors) and upon all other matters pertaining to this Agreement and the other Transaction Documents and its duties thereunder, upon advice of other experts reasonably selected by it in good faith. The Investor Representative may, at the joint and several expense of the Grantors, request, rely on and act in accordance with Officer's Certificates and/or opinions of counsel, and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance with such Officer's Certificates and opinions of counsel.

&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) Whenever the Investor Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Secured Obligations or the identity of the Investors, it may request that such information be furnished to it in writing by the Borrowers, the Grantors or the Investors and shall be entitled to make such determination on the basis of the information so furnished and may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the foregoing (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any Investor or any other Person as a result of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Expenses; Indemnification</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;(a) The Grantors shall reimburse the Investor Representative for expenses in accordance with <u>Section 9.5</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;(b) In addition to the payment of fees and reimbursement of expenses, the Grantors jointly and severally agrees to defend, indemnify, pay and hold harmless the Investor Representative, its officers, members, shareholders, partners, directors, trustees, employees, advisors (including attorneys, accountants and experts), representatives and agents and each of their respective successors and assigns and each Person who controls any of the foregoing (each, an "<u>Indemnitee</u>"), from and against any and all losses, liabilities or reasonable expenses, including reasonable fees and expenses of counsel, incurred by it arising out of or in connection with the acceptance or administration of its duties under this Agreement and the other Transaction Documents or in any way relating to or arising out of this Agreement or any other Transaction Document, including the reasonable costs and expenses of enforcing this Agreement and the Transaction Documents against any Grantor (including this <u>Section 10.6</u>) and defending itself against any claim (whether asserted by any Grantor, any Investor or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct.

&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) To the extent that the Investor Representative is not reimbursed and indemnified by the Grantors, the Investors will jointly and severally reimburse and indemnify the Investor Representative, in proportion to their initially purchased respective principal amounts of Notes, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Investor Representative in performing its duties hereunder or under this Agreement or any other Transaction Document, or in any way relating to or arising out of this Agreement or any other Transaction Document except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct. Prior to taking any action hereunder as Investor Representative, the Investor Representative may require each Investor to deposit with it sufficient sums as it determines in good faith is necessary to protect the Investor Representative for fees, costs and expenses associated with taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this <u>Section 10.6</u> shall survive termination of this Agreement and any resignation or removal of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Resignation by the Investor Representative</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;(a) The Investor Representative may resign from the performance of all its functions and duties under this Agreement and the other Transaction Documents at any time by giving 30 days' prior written notice to the Administrative Borrower and the Investors. Such resignation shall take effect upon the appointment of a successor Investor Representative pursuant to clauses (b) and (c) below.

&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) Upon any such notice of resignation, Majority Investors (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) shall appoint a successor Investor Representative hereunder.

&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) If a successor Investor Representative shall not have been so appointed within said thirty (30)-day period, the Administrative Borrower in consultation with the Investor Representative shall then appoint a successor Investor Representative who shall serve as Investor Representative until such time, if any, as the Majority Investors appoint a successor Investor Representative (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) as provided above. If a successor Investor Representative has not been appointed within such thirty (30)-day period, the Investor Representative may petition any court of competent jurisdiction or may interplead the Grantors and the Investors in a proceeding for the appointment of a successor Investor Representative, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable jointly and severally by the Grantors promptly following written demand to the Administrative Borrower therefor. Upon the acceptance of any appointment as Investor Representative hereunder by a successor Investor Representative, such successor Investor Representative shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Investor Representative and the retiring Investor Representative shall be discharged from its duties and obligations under this Agreement. After any retiring Investor Representative's resignation or removal hereunder as Investor Representative, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any corporation or association into which the Investor Representative may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Investor Representative is a party, will be and become the successor the Investor Representative under this Agreement and will have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Borrower, Grantor, Investor or any other Person or Persons shall have the right to remove or replace Arena Investors, LP as the Investor Representative without the Investor Representative's prior written consent (which consent shall be given or withheld in the Investor Representative's sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Rights with Respect to Collateral</u>. Each Investor (other than Arena Investors, LP in its capacity as Investor Representative) agrees with all other Investors and the Investor Representative that it shall not, and shall not attempt to, (a) exercise any rights with respect to the Grantors, the Collateral or the Investor Representative's security interest in the Collateral, whether pursuant to this Agreement, any other Transaction Document, any other agreement, applicable law or otherwise (it being understood and agreed that any exercise of rights or remedies under the Transaction Documents shall be exercised exclusively by the Investor Representative (and not by any Holder or Investor or other Person)), or (b) take or institute any action against the Investor Representative or any of the other Investors in respect of the Collateral, the Transaction Documents or its rights under the Transaction Documents (other than any such action arising from the breach of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Force Majeure</u>. The Investor Representative shall not be responsible or liable for any failure or delay in the performance of its agent-related obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, any act or provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

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## Exhibit 10.2

**Exhibit 10.2**

**SHAREHOLDERS' AGREEMENT**

This **SHAREHOLDERS AGREEMENT** (this "<u>Agreement</u>"), dated as of November <u>15,</u> 2024, is by and among Capstone Technologies Group, Inc., a Nevada corporation (the "<u>Corporation</u>"), the Arena Investor (as defined herein) and the Other Shareholders (as defined herein).

**WHEREAS,** each Shareholder (as defined herein) owns, as of the date hereof, that number of Shares (as defined herein) set forth opposite such Shareholder's name on <u>Annex I</u> attached hereto or <u>Annex II</u> attached hereto, as applicable;

**WHEREAS,** the Corporation and the Arena Investor are parties to a certain Note Purchase Agreement dated as of October 24, 2024 (the "<u>Note Purchase Agreement</u>"), pursuant to which, among other things, the Corporation issued to the Arena Investor the Notes (as defined in the Note Purchase Agreement) (the "<u>Convertible Notes</u>");

**NOW THEREFORE,** in consideration of the mutual covenants and agreements contained in this Agreement, the sufficiency of which is hereby acknowledged, the parties agree as follows:

**ARTICLE I**

**DEFINITIONS; RULES OF CONSTRUCTION**

The following terms have the following meanings:

"<u>Acceptance Notice</u>" has the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Accredited Investor</u>" shall have the meaning set forth in Rule 501 of the Securities Act.

"<u>Affiliate</u>" means, with respect to any Person, any (a) director, manager, officer, limited or general partner, member or equity holder holding 5% or more of the outstanding capital stock or other equity interests of such Person, (b) spouse, parent, sibling or descendant of such Person (or a spouse, parent, sibling or descendant of a Person specified in clause (a) above relating to such Person) and (c) other Person that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. The term "control" includes, without limitation, the possession, directly or indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

"<u>Agreement</u>" shall have the meaning set forth in the preamble.

"<u>Approved Sale</u>" shall have the meaning set forth in <u>Section 3.6(a)</u>.

"<u>Arena Directors</u>" shall have the meaning set forth in <u>Section 2.1(b)(i)</u>.

"<u>Arena Investor</u>" means, collectively, Arena Investors, LP, its successors and assigns and any Permitted Transferee thereof and any Person who becomes a party to this Agreement as an Arena Investor pursuant to <u>Section 3.1</u> or <u>3.2</u> as approved by Arena Investors, LP.

"<u>Arena Investor Shares</u>" means all Equity Securities of the Corporation held at any time during the term of this Agreement by the Arena Investor.

"<u>Arena Right of First Refusal</u>" shall have the meaning set forth in <u>Section 3.3(a)(ii)</u>.

"<u>Arena Option Period</u>" shall have the meaning set forth in <u>Section 3.3(a)(ii)</u>.

"<u>Audit Committee</u>" has the meaning set forth in <u>Section 2.4</u>.

"<u>Audit Firm</u>" has the meaning set forth in <u>Section 5.1(a)</u>.

"<u>Board</u>" means the Board of Directors of the Corporation.

"<u>Business Day</u>" shall mean any day that is not a Saturday, Sunday or a day on which banking institutions in New York, New York are not required to be open.

"<u>Bylaws</u>" shall mean the bylaws of the Corporation (as the same may be amended, modified or supplemented from time-to-time after the date hereof).

"<u>Charter</u>" means the Amended and Restated Articles of Incorporation of the Corporation filed with the Secretary of State of the State of Nevada on or around the date hereof, and as amended from time to time.

"<u>Common Stock</u>" means the Corporation's common stock, par value $0.001 per share.

"<u>Common Stock Equivalent</u>" means, at any time, a share of Common Stock or the right to acquire, whether or not such right is immediately exercisable, a share of Common Stock, whether evidenced by an option, warrant, convertible security (including the Convertible Notes) or other instrument or agreement.

"<u>Compensation Committee</u>" has the meaning set forth in <u>Section 2.4</u>.

"<u>Corporation</u>" shall have the meaning set forth in the preamble.

"<u>Corporation Right of First Refusal</u>" shall have the meaning set forth in <u>Section 3.3(a)(iv).</u>

"<u>DrivenIQ</u>" means DrivenIQ Corporation, a Delaware corporation.

"<u>DrivenIQ Transaction Documents</u>" means that certain Note Purchase Agreement, dated as of April 29, 2024, by and among DrivenIQ Corporation, a Delaware corporation, the Corporation and the other Investors party thereto (the "<u>NPA</u>"), the Transaction Documents (as defined in the NPA) and Shareholder Agreements (as defined in the NPA).

"<u>Equity Securities</u>" means all shares of capital stock of the Corporation, including, without limitation, the Shares, all Common Stock Equivalents and all options, warrants, and other rights to purchase or otherwise acquire from the Corporation shares of such capital stock, including any stock appreciation or similar rights, contractual or otherwise.

"<u>Excluded Securities</u>" means (i) shares of Common Stock at any time issuable upon the exercise of options granted to directors, officers, consultants and employees of the Corporation issued pursuant to the Option Plan, (ii) shares of Common Stock issued in connection with any acquisition by the Corporation approved by the Board, (iii) Equity Securities issued or issuable in connection with an acquisition, merger, strategic partnership, consulting, vendor, distributor, joint venture or similar agreement, provided that such agreement is approved by a majority of the Board of Directors, and (iv) Equity Securities of the Corporation issued after the date hereof to give effect to any stock dividend or distribution, stock split, reverse stock split or combination or other similar pro rata recapitalization event affecting any class or series of Common Stock.

"<u>Future Shareholder</u>" shall have the meaning set forth in <u>Section 3.1</u>.

"<u>GAAP</u>" means generally accepted accounting principles employed in the United States.

"<u>Governance Committee</u>" has the meaning set forth in <u>Section 2.4</u>.

"<u>Governmental Entity</u>" means any nation or government, any state, province, county, city, municipality, town, village, department or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

"<u>Group</u>" means:

&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) in the case of any Shareholder who is an individual, (i) such Shareholder, (ii) the spouse or any lineal descendant (including adopted children) of such Shareholder, (iii) any trust solely for the benefit of such Person and/or the spouse or lineal descendants (including adopted children) of such Shareholder, (iv) a charitable foundation under the control of such Shareholder, (v) a family trust, partnership or limited liability company under the control of such Shareholder or established solely for the benefit of such Shareholder and/or such Shareholder's spouse or lineal descendants (including adopted children) or for estate planning purposes provided such family trust, partnership or limited liability company remains under the control of such Shareholder, (vi) the estate of such Person and (vii) all Affiliates of such Shareholder;

&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) in the case of any Shareholder that is a partnership, (i) such Shareholder, (ii) its limited, special and general partners, (iii) any Person to which such Shareholder shall Transfer all or substantially all of its assets or with which it shall be merged, (iv) all employees of such Shareholder and (v) all Affiliates such Shareholder; and

&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) in the case of any Shareholder which is a corporation or a limited liability company, (i) such Shareholder, (ii) its shareholders or members as the case may be, (iii) any Person to which such Shareholder shall Transfer all or substantially all of its assets, and (iv) all Affiliates of such Shareholder.

"<u>Initial Subscribing Investor</u>" shall have the meaning set forth in <u>Section 3.5(f)</u>.

"<u>Joinder Agreement</u>" shall have the meaning set forth in <u>Section 3.1</u>.

"<u>Liquidation</u>" shall mean (i) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, other than any dissolution, liquidation or winding up in connection with any reincorporation of the Corporation in another jurisdiction, or (ii) any Sale of the Corporation.

"<u>New Securities</u>" means all Equity Securities other than Excluded Securities.

"<u>New Security Purchase Price</u>" shall have the meaning set forth in <u>Section 3.5(a)</u>.

"<u>Note Purchase Agreement</u>" shall have the meaning set forth in the recitals.

"<u>Offer Notice</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Offer Price</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Offered Shares</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Option Plan</u>" means a stock option plan of the Corporation adopted by the Board.

"<u>Other Accredited Shareholder</u>" shall have the meaning set forth in <u>Section 3.5(f)</u>.

"<u>Other Shareholder</u>" means each of the Persons set forth on <u>Annex II</u> hereto and any Person who becomes a party to this Agreement as an Other Shareholder pursuant to <u>Section 3.1 or 3.2.</u>

"<u>Other Shareholder Shares</u>" means all Equity Securities held at any time during the term of this Agreement by any Other Shareholder.

"<u>Permitted Transferee</u>" shall have the meaning set forth in <u>Section 3.2(a)</u>.

"<u>Person</u>" shall be construed as broadly as possible and shall include an individual or natural person, a partnership (including a limited liability partnership), a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and a Governmental Entity.

"<u>Preemptive Offer</u>" shall have the meaning set forth in <u>Section 3.5(a)</u>.

"<u>Preemptive Offer Notice</u>" shall have the meaning set forth in <u>Section 3.5(a)</u>.

"<u>Preemptive Offer Number</u>" shall have the meaning set forth in <u>Section 3.5(b)</u>.

"<u>Preemptive Offer Period</u>" shall have the meaning set forth in <u>Section 3.5(a)</u>.

"<u>Prevailing Party</u>" means, in an action seeking (i) monetary damages, a party shall be deemed a Prevailing Party for purposes of this Agreement if it secures as a final judgment, a dollar amount (excluding interest) that is equal to or greater than fifty percent (50%) of the amount claimed as damages in the complaint or as a counterclaim in the answer, and, if such party fails to secure an amount equal to or greater than fifty percent (50%) of the amount claimed, then the other party shall be deemed to be the Prevailing Party for purposes of this Agreement; (ii) a declaratory ruling or a permanent injunction, a party shall be deemed a Prevailing Party for purposes of this Agreement if it successfully secures the relief sought, and, if such party is unsuccessful in securing such relief, then the other party shall be deemed to be the Prevailing Party; and (iii) monetary damages and a demand for a declaratory ruling or permanent injunction, such party shall be deemed to be a Prevailing Party for purposes of this Agreement only if it satisfies the criteria in both clauses (i) and (ii), and, if such party does not satisfy such criteria, then the other party shall be deemed to be the Prevailing Party; *provided, however*, if one party would be a Prevailing Party under one of the clauses in this definition and the other party would be a Prevailing Party under another clause, then neither party shall be deemed a Prevailing Party for purposes of this Agreement.

"<u>Pro Rata Amount</u>" means, with respect to any Shareholder, the quotient obtained by dividing (i) the number of Common Stock Equivalents held by such Shareholder by (ii) the aggregate number of Common Stock Equivalents held by all Shareholders or class of Shareholders (as applicable), assuming in each case the conversion or exchange of all securities by their terms convertible into or exchangeable for Common Stock and the exercise of all vested and "in the money" options to purchase or rights to subscribe for Common Stock (including warrants) or such convertible or exchangeable securities.

"<u>Proposed Transaction</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Proposed Transferee</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Purchase Notice</u>" shall have the meaning set forth in <u>Section 3.5(b)</u>.

"<u>Related Fund</u>" means, with respect to a Shareholder, any fund, trust, collective pool, vehicle or entity that (i) primarily invests in equity and/or debt securities of corporations or other entities in the ordinary course of its business and (ii) is principally advised or managed by such Shareholder, an Affiliate of such Shareholder, an investment advisor that manages an such Shareholder or an Affiliate of any such investment advisor that manages such Shareholder.

"<u>Rights of First Refusal</u>" shall have the meaning set forth in <u>Section 3.3(a)(ii)</u>.

"<u>Sale of the Corporation</u>" shall have the meaning set forth in the Charter.

"<u>Sale Representative</u>" shall have the meaning set forth in <u>Section 3.6(c)</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations promulgated thereunder.

"<u>Second Option Period</u>" shall have the meaning set forth in <u>Section 3.3(a)(iii)</u>.

"<u>Shareholders</u>" means the Arena Investors, the Other Shareholders and any Future Shareholders.

"<u>Shares</u>" means all Investor Shares and all Other Shareholder Shares.

"<u>Subscribing Shareholders</u>" shall have the meaning set forth in <u>Section 3.5(a)</u>.

"<u>Subsidiary</u>" means, with respect to any Person, any other Person the majority of whose Equity Securities or voting securities are directly or indirectly owned or controlled by such Person.

"<u>Tag-Along Notice</u>" shall have the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Tag-Along Right</u>" shall have the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Transfer</u>" means to sell, transfer, assign, pledge, hypothecate or otherwise dispose of Equity Securities, either voluntarily or involuntarily and with or without consideration.

"<u>Transferee</u>" means any Person to whom a Shareholder shall Transfer Shares in accordance with this Agreement.

"<u>Transferring Shareholder</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

**ARTICLE II**

**BOARD REPRESENTATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.  **<u>Board Representation.</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;(a) The size of the Board shall initially be set at five (5) members.

&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) The presence of three (3) Directors is required to constitute a quorum of the Board, which shall be comprised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Three persons (or such greater number so that the number of Arena Directors constitutes a majority of the members of the Board) designated from time to time by the Arena Investors (the "<u>Arena Directors</u>"), which individuals shall initially be Vincent DeVito, Shahid Ramzan and Jose Velasco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one person designated from time to time by the holders of a majority of the Common Stock, which individually shall initially be Michael Pruitt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) DrivenIQ's Chief Executive Officer, who as of the date of this Agreement is Vernon Hanzlik.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.  **<u>Voting Agreement.</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;(a) Each Shareholder covenants and agrees to vote all Equity Securities held by such Shareholder for (i) the election to the Board of all individuals nominated in accordance with <u>Section 2.1</u> of this Agreement and for the removal from the Board of all directors proposed to be removed in accordance with <u>Section 2.1</u> of this Agreement, and (ii) the election to each committee of the Board of at least one Director nominated by the Arena Investor, and in each case shall take all actions required on its behalf to give effect to the agreements set forth in this <u>Article II</u>. Each Shareholder shall use its respective best efforts to cause each individual originally nominated by such Shareholder to vote for the election to the Board of all individuals nominated in accordance with <u>Sections 2.1</u> and <u>2.4</u> of this Agreement and Section 4.5(b) of the Charter.

&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) Pursuant to this <u>Section 2.2</u>, the Act and the Bylaws, each Shareholder hereby approves and votes all of his, her or its Equity Securities in favor of the election to the Board of each of the initial designees named pursuant to <u>Section 2.1</u> of this Agreement.

&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) Each Shareholder agrees to vote or cause to be voted all Equity Securities owned by such Shareholder, or over which such Shareholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to (x) increase the number of authorized shares of Common Stock from time to time to ensure that there will be sufficient shares of Common Stock available for conversion of all of the shares of convertible notes, preferred stock or other instruments outstanding at any given time or (y) implement a reverse stock split transaction recommended by the Board in order to reduce the number of outstanding shares of the Corporation on a *pro rata* basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Other Shareholder hereby delivers to the Arena Investor an irrevocable proxy, coupled with an interest, authorizing the Arena Investor, to act as proxy of such Other Shareholder, with full powers of substitution and resubstitution, and hereby authorizes the Arena Investor to vote, give consents and in all other ways act in such Other Shareholder's place with respect to all Other Shareholder Shares held by such Other Shareholder (and any and all other Equity Securities issued in respect thereof) in connection with such Other Shareholder's agreements contained in <u>Section 2.2</u>, which proxy shall be valid and remain in effect until the provisions of <u>Section 2.2</u> expire. Each of the Other Shareholders and the Corporation hereby agrees to hold harmless, and the Corporation further agrees to defend and indemnify the Arena Investor against all losses, claims, damages and liabilities, together with all reasonable costs and expenses (including reasonable legal fees and expenses), related to or arising from their exercise of the proxy and power of attorney granted hereby. For the avoidance of doubt, this proxy right solely relates to appointing the Arena Directors and will automatically terminate upon an uplisting transaction of the Company onto NASDAQ or other stock exchange (an "Uplisting").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon Uplisting, 2 of the 3 Arena Directors appointed pursuant to this agreement will resign and will be replaced by qualified independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.  **<u>Nomination and Removal Procedures; Vacancies.</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;(a) Each nomination of a director to the Board or any committee thereof and any proposal to remove a director from the Board or any committee thereof shall be made by delivering to the Corporation a notice signed by the party or parties entitled to such nomination or removal. As promptly as practicable, but in any event within ten (10) days, after delivery of such notice, the Corporation shall take or cause to be taken such corporate actions as may be required to cause the election or removal proposed in such notice. Such corporate actions may include calling a meeting or soliciting a written consent of the Board, or calling a meeting or soliciting a written consent of the Shareholder.

&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) The directors designated as nominees under <u>Section 2.1</u> of this Agreement (and in accordance with <u>Section 2.3(a)</u> above) will be elected at any annual or special meeting of the Shareholders (or by written consent of the entitled Shareholder in lieu of a meeting of the Shareholders) and will serve until their successors are duly elected and qualified or until their earlier resignation or removal.

&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) Subject to the foregoing regarding the appointment of directors, in the event a vacancy is created on the Board (whether by reason of the death, disability, removal (with or without cause) or resignation of any director), such vacancy shall be filled in accordance with the procedures set forth in <u>Section 2.1</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Shareholder shall have the ability to remove a director to the extent that such director was not nominated by such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Corporation and each Shareholder shall take such corporate actions as may be reasonably required to ensure that the composition of the board of directors (or similar governing body) of all direct and indirect Subsidiaries of the Corporation is identical to the composition of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.  **<u>Committees.</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;(a) The Board may, by resolution passed by a majority of the Board, designate one or more committees of the Board, and, except as otherwise provided in this Agreement, may delegate certain authority to such committees of the Board. The size of each committee of the Board shall be set at two (2) members. The two (2) members of any given committee of the Board shall be nominated by the Arena Investor.

&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) The presence of at least two (2) Directors shall be required for any meeting of a committee and the vote of two (2) Directors shall be required for a committee to make a recommendation to the Board or take any other action.

&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) The Board of Directors shall have a compensation committee (the "<u>Compensation Committee</u>"), an audit committee (the "<u>Audit Committee</u>") and a corporate governance committee (the "<u>Governance Committee</u>"). For each committee of the Board, the Board shall, by resolution of a majority of the Board establish charters for each committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Compensation Committee shall be a standing committee whose purpose is to discharge the Board's responsibilities relating to the compensation of the Corporation's executive officers and to consider, recommend, administer and implement the Corporation's compensation plans, policies and programs, including incentive- compensation plans and equity-based plans. Without limiting the foregoing and the requirements set forth in <u>Section 2.4(b)</u>, the Compensation Committee shall be responsible for considering and making recommendations to the Board in respect of (A) adoption or amendment of an Option Plan, and (B) creating bonus plans or programs, issuing (or agreeing to issue) bonuses, the payment of which is contingent upon the occurrence of a Liquidation, a change of control or similar event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Governance Committee shall be a standing committee whose purpose is to exercise general oversight with respect to the governance of the Board, assist in shaping the Corporation's corporate governance policies and practices and oversee the Corporation's executive management team. Without limiting the foregoing and the requirements set forth in <u>Section 2.4(b)</u>, the Governance Committee shall be responsible for considering and making recommendations to the Board in respect of (A) hiring or terminating the employment of the chief executive officer, president, chief financial officer, chief operating officer, or any other employee or consultant to the Corporation or its Subsidiaries with total annual compensation in excess of $100,000, amendments or modifications to the compensation of any such employee or consultant (inclusive of any bonus that may be payable to such Person), and amendments or modifications to any other terms of any employment agreement or consulting agreement with any such employee or consultant, (B) managing and settling any material lawsuit, proceeding or investigation or (C) the creation of any joint venture, partnership or Subsidiary or any other investments in any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Audit Committee shall be a standing committee whose purpose is to assist the Board in overseeing the Corporation's compliance with legal and regulatory requirements regarding accounting, internal accounting controls and auditing matters, the audit services provided by the Corporation's independent auditors, and the quality of the Corporation's financial reporting process, internal controls and procedures for financial reporting and internal audit function, and development of the Corporation's financial statements. The Corporation's independent auditor shall report directly to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. **<u>Meetings; Expenses</u>.** The Corporation shall reimburse each member of the Board for his or her reasonable out-of-pocket expenses (including travel) incurred in connection with the attendance of meetings of the Board or committees of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.  **<u>Matters Requiring Arena Director Approval.</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;(a) The Corporation shall not, and shall cause its Subsidiaries not to, either directly or indirectly by amendment, merger, consolidation, domestication, transfer, continuance, recapitalization, reclassification, waiver, statutory conversion or otherwise, effect any of the following without (in addition to any other vote required by law or the Charter) the written consent or affirmative vote of each of the Arena Directors given in writing or by vote at a meeting, consenting or voting (as the case may be), and any such act or transaction entered into without such consent or vote prior to such act or transaction being effected shall be null and void ab initio, and of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liquidate, effect any merger, consolidation, statutory conversion, transfer, domestication, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend, alter or repeal any provision of the Charter or Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) create, or authorize the creation of, any class or series of capital stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) purchase or redeem (or permit any Subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary pursuant to the terms of written agreements in connection with the cessation of such employment or service at no greater than the original purchase price thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) create, adopt, amend, terminate or repeal any equity (or equity-linked) compensation plan or amend or waive any of the terms of any option or other grant pursuant to any such plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) create, or authorize the creation of, or issue, or authorize the issuance of any debt security or create any lien or security interest (except for purchase money liens or statutory liens of landlords, mechanics, materialmen, workmen, warehousemen and other similar persons arising or incurred in the ordinary course of business) or incur other indebtedness for borrowed money, including but not limited to obligations and contingent obligations under guarantees, or permit any subsidiary to take any such action with respect to any debt security lien, security interest or other indebtedness for borrowed money other than equipment leases, bank lines of credit or trade payables incurred in the ordinary course unless such debt security has received the prior approval of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) create, or hold capital stock in, any subsidiary that is not wholly owned (either directly or through one (1) or more other subsidiaries) by the Corporation, or permit any subsidiary to create, or authorize the creation of, or issue or obligate itself to issue, any shares of any class or series of capital stock, or sell, transfer or otherwise dispose of any capital stock of any direct or indirect subsidiary of the Corporation, or permit any direct or indirect subsidiary to sell, lease, transfer, exclusively license or otherwise dispose (in a single transaction or series of related transactions) of all or substantially all of the assets of such subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) increase or decrease the authorized number of directors constituting the Board, change the number of votes entitled to be cast by any director or directors on any matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) approve any merger, sale of assets or any other corporate reorganization or acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) enter into or be a party to any transaction with any director or officer of the Corporation or any "**associate**" (as such term is defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended) of any such person, except as contemplated hereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) take any action, provide any consent or provide any additional funding under the DrivenIQ Transaction Documents, including, without limitation, exercising any remedies that the Corporation has pursuant to the convertible notes issued to the Corporation by DrivenIQ, designating board directors of DrivenIQ or providing any consent the Corporation has in its capacity as a stockholder or noteholder of DrivenIQ.

**ARTICLE III**

**ISSUANCE OF SHARES; RESTRICTIONS ON TRANSFER; RIGHTS OF FIRST REFUSAL; TAG-ALONG RIGHTS; DRAG-ALONG RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.  **<u>Future Shareholders.</u>** 

The Corporation shall require each Person that acquires Equity Securities (excluding options to acquire Common Stock) after the date hereof (a "<u>Future Shareholder</u>"), as a condition to the effectiveness of such acquisition, to execute a joinder to this Agreement, substantially in the form attached hereto as <u>Exhibit A</u> (a "<u>Joinder Agreement</u>"), agreeing to be treated as (i) the Arena Investor, if such Person acquires such Equity Securities from the Arena Investor, (ii) an Other Shareholder, if such Person acquires such Equity Securities from an Other Shareholder, or (iii) an Other Shareholder, if such Person is not otherwise a Shareholder and acquires Equity Securities from the Corporation, whereupon, in each case, such Person shall be bound by, and entitled to the benefits of, the provisions of this Agreement relating to the Arena Investor or Other Shareholders, as the case may be. The Shareholders agree to take all actions necessary to permit the Corporation to comply with all of its obligations under all agreements with the Arena Investor. Upon an uplisting of the Company, the requirement to execute and deliver Joinder Agreement pursuant to this Section 3.1 will terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.  **<u>Limitations on Transfers.</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;(a) Each Shareholder agrees that such Shareholder will not Transfer all or any portion of the Shares held by such Shareholder except in connection with, and strictly in compliance with the conditions of, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transfers approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transfers effected pursuant to <u>Sections 3.3</u> and <u>3.4</u>, in each case made strictly in accordance with the procedures set forth therein; provided that such Transferee(s) shall have executed a Joinder Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transfers by such Shareholder to or for the benefit of any spouse or child, or to such Shareholder's parents or parents-in-law or to a lineal descendant of the Shareholder's parents or parents-in-law or to a trust for such descendant's benefit; provided that such Transferee shall have executed a Joinder Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Transfers by any Shareholder of all or any portion of the Shares held by such Shareholder to any parent corporation, wholly-owned subsidiary, Affiliate, Related Fund, or partner, of any such Shareholder if Shareholder is a partnership, or member if Shareholder is a limited liability company (including without limitation Transfers by the Shareholder to a limited liability company wholly owned by the Shareholder); provided that the Transferee shall have executed a Joinder Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Transfers for bona fide estate planning purposes, either by will or by the laws of intestate succession, to such Shareholder's executors, administrators, testamentary trustees, legatees or beneficiaries; provided that such Transferee shall have executed a Joinder Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Transfers by such Shareholder to the Corporation or to another Shareholder of the Corporation.

Any Transferee described in the preceding <u>clauses (i), (ii), (iii), (iv), (v)</u> and (<u>vi)</u> shall be referred to herein as a "Permitted Transferee".

&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) No Transfer of any Equity Securities by any Shareholder shall become effective unless and until (i) the Transferee (unless already subject to this Agreement) executes and delivers to the Corporation a Joinder Agreement, agreeing to be treated in the same manner as the Transferring Shareholder (*i.e.*, as either the Arena Investor or an Other Shareholder) and (ii) such Transfer is either (x) a Transfer to a Permitted Transferee or (y) otherwise made in compliance with this <u>Article III</u>. Upon such Transfer and such execution and delivery, the Transferee shall be bound by, and entitled to the benefits of, this Agreement with respect to the Transferred Equity Securities in the same manner as the Transferring Shareholder. The provisions regarding Transfers of Equity Securities contained in this <u>Article III</u> shall apply to all Equity Securities now owned or hereafter acquired by a Shareholder. Any Transfer of Equity Securities by a Shareholder not made in accordance with this <u>Article III</u> shall be void *ab initio*.

&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) Notwithstanding anything to the contrary contained herein, no Shareholder may Transfer any Equity Securities to any Person (or to any Affiliate thereof), other than in connection with an Approved Sale, who directly or indirectly competes with the Corporation or any of the Corporation's Subsidiaries, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Shareholder that is an entity that was formed for the sole purpose of directly or indirectly acquiring Equity Securities or that has no substantial assets other than Equity Securities or direct or indirect interests in Equity Securities agrees that (i) certificates for shares of its common stock or other instruments reflecting equity interests in such entity (and the certificates for shares of common stock or other equity interests in any similar entities controlling such entity) will note the restrictions contained in this Agreement on the restrictions on transfer of shares as if such common stock or other equity interests were Equity Securities, (ii) no shares of such common stock or other equity interests may be Transferred to any Person other than in accordance with the terms and provisions of this Agreement as if such common stock or other equity interests were Equity Securities and (iii) any Transfer of such common stock or other equity interests shall be deemed to be a transfer of a *pro rata* number of Equity Securities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.  **<u>Rights of First Refusal.</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;(a) <u>Other Shareholder Transfers</u>. In the event that any Other Shareholder or any of such Other Shareholder's Permitted Transferees (a "<u>Transferring Shareholder</u>") proposes to Transfer all or any portion of the Shares held by such Other Shareholder (a "<u>Proposed Transaction</u>") to a Person other than a Permitted Transferee (a "<u>Proposed Transferee</u>"), such Other Shareholder or Permitted Transferee may consummate the Proposed Transaction, provided that such parties strictly comply with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Offer Notice</u>. Such Transferring Shareholder shall deliver written notice (the "<u>Offer Notice</u>") of its desire to consummate the Proposed Transaction to the Arena Investor and the Corporation and shall otherwise comply with the provisions of this <u>Section 3.3</u> and, if applicable, <u>Section 3.4</u>. The Offer Notice shall specify: (i) the number of Shares and type of Equity Securities of the Transferring Shareholder subject to the Proposed Transaction (the "<u>Offered Shares</u>"); (ii) the consideration per Share to be paid for the Offered Shares (the "<u>Offer Price</u>"); (iii) the identities of the Proposed Transferees; and (iv) all other material terms and conditions of the Proposed Transaction. In the event that the Offer Price is stated in consideration other than cash or cash equivalents, the Board will determine the fair market value of such consideration, reasonably and in good faith, and the Arena Investor or the Corporation may exercise their respective Rights of First Refusal (as defined below) by payment of such fair market value in cash or cash equivalents. If the Transferring Shareholder disagrees with the Board's determination of fair market value, then, upon a written request from the Transferring Shareholder, the Board shall engage on behalf of the Corporation a reputable investment banking firm to undertake such valuation. The Transferring Shareholder shall pay all fees and expenses of such investment banking firm. The Transferring Shareholder's Offer Notice shall constitute an irrevocable offer to sell all of the Offered Shares to the Arena Investor and the Corporation on the basis described below at a purchase price per Share equal to the Offer Price, and on the same terms as set forth in the Offer Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Arena Investor's Right of First Refusal</u>. For a period of fifteen (15) Business Days after giving the Offer Notice pursuant to <u>Section 3.3(a)(i)</u> and (the "<u>Arena Option Period</u>"), the Arena Investor shall have the first right (the "<u>Arena Right of First Refusal</u>" and, together with the Corporation Right of First Refusal, the "<u>Rights of First Refusal</u>") to accept the offer to purchase all of the Offered Shares for the consideration per Share and on the terms and conditions specified in the Offer Notice. The Arena Investor shall exercise its Right of First Refusal by giving notice of such acceptance to the Transferring Shareholder within the Investor Option Period, which notice shall indicate the number of Offered Shares which the Arena Investor shall purchase. The failure of the Arena Investor to respond within the Arena Option Period shall be deemed to be a waiver of the Arena Right of First Refusal, provided that the Arena Investor may waive its Right of First Refusal prior to the expiration of the Arena Option Period by giving written notice to the Transferring Shareholder, with a copy to the Corporation. The closing for any purchase of Shares by the Arena Investor hereunder shall take place within fifteen (15) Business Days after the expiration of the Arena Option Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Corporation Right of First Refusal</u>. If the Arena Investor does not elect to purchase all of the Offered Shares pursuant to <u>Sections 3.3(a)(ii)</u>, then for a period of fifteen (15) Business Days after the expiration of the Investor Option Period pursuant to <u>Section 3.3(a)(ii)</u>(the "<u>Second Option Period</u>"), the Corporation shall have the second right (the "<u>Corporation Right of First Refusal</u>") to purchase any or all of the remaining Offered Shares at a purchase price per Share equal to the Offer Price and upon the terms and conditions set forth in the Offer Notice. The right of the Corporation to purchase any or all of the Offered Shares under this <u>Section 3.3(a)(iii)</u> shall be exercisable by delivering written notice of the exercise of the Corporation Right of First Refusal, prior to the expiration of the Second Option Period, to the Transferring Shareholder, with a copy to the Arena Investor and the rest of the Other Shareholders, which notice shall state the number of Offered Shares elected to be purchased by the Corporation. The failure of the Corporation to respond within the Second Option Period shall be deemed to be a waiver of the Corporation Right of First Refusal, provided that the Corporation may waive its Corporation Right of First Refusal prior to the expiration of the Second Option Period by giving written notice to the Transferring Shareholder, with a copy to the Arena Investor and the rest of the Other Shareholders. The closing for any purchase of the Offered Shares by the Corporation hereunder shall take place within fifteen (15) Business Days after the expiration of the Second Option Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Sale to Proposed Transferee</u>. In the event that the Arena Investor and/or Corporation do not elect to exercise their respective Rights of First Refusal with respect to all of the Offered Shares, the Transferring Shareholder may consummate the sale of the remaining Offered Shares to the Proposed Transferee on the terms and conditions set forth in the Offer Notice, subject to the provisions of <u>Section 3.4</u>; provided that the Proposed Transferee shall have executed a Joinder Agreement and the other conditions of <u>Sections 3.1</u> and <u>3.2</u> have been satisfied. If the Transferring Shareholder's Transfer to the Proposed Transferee is not consummated in accordance with the terms of the Offer Notice within the later of: (i) ninety (90) days after the expiration of the later of (x) the Corporation Right of First Refusal and (y) the Tag-Along Rights set forth in <u>Section 3.4</u>, if applicable; and (ii) the satisfaction of all governmental approval or filing requirements, if any, the Proposed Transaction shall be deemed to lapse, and any Transfers of Shares pursuant to such Proposed Transaction shall be deemed to be in violation of the provisions of this Agreement unless the Arena Investor and the Corporation are once again afforded the Rights of First Refusal provided for herein with respect to such Proposed Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. **<u>Tag-Along Rights</u>.** In the event that any Transferring Shareholder proposes to Transfer all or any portion of the Offered Shares in a Proposed Transaction, and the Rights of First Refusal under <u>Section 3.3</u> above are not exercised with respect to all of the Offered Shares proposed to be Transferred, such Transferring Shareholder may Transfer the remaining Offered Shares only pursuant to and in accordance with the following provisions of this <u>Section 3.4</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;(a) Each Shareholder shall have the right to participate in the Proposed Transaction on the terms and conditions herein stated (the "<u>Tag-Along Right</u>"), which right shall be exercisable upon written notice (the "<u>Acceptance Notice</u>") to the Transferring Shareholder within fifteen (15) Business Days after receipt by the Shareholders of a written notice ("<u>Tag-Along Notice</u>") from the Transferring Shareholder that the Arena Investor and Corporation have not elected to exercise their Rights of First Refusal with respect to all of the Offered Shares. The Acceptance Notice shall indicate the maximum number of Shares each Shareholder wishes to Transfer on the terms and conditions stated in the Offer Notice.

&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) Each Shareholder shall have the right to exercise its Tag-Along Right and sell a portion of its Shares pursuant to the Proposed Transaction which is equal to or less than the product obtained by multiplying: (i) the remaining number of Offered Shares to be sold to a Proposed Transferee pursuant to the Proposed Transaction by (ii) a fraction, the numerator of which is the total number of Shares deemed to be held by such Shareholder on the date of the Tag- Along Notice, and the denominator of which is the total number of Shares deemed to be held by the Transferring Shareholder and deemed to be held by all of the Shareholders exercising the Tag- Along Right.

&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) Within fifteen (15) Business Days after the date by which the Shareholders were required to deliver the Acceptance Notice to the Transferring Shareholder, the Transferring Shareholder shall notify each participating Shareholder of the number of Shares elected to be sold by such Shareholder that will be included in the sale and the date on which the Proposed Transaction will be consummated, which shall be no later than the later of: (i) thirty (30) days after the date by which the Shareholders were required to notify the Transferring Shareholder of their intent to exercise the Tag-Along Right; and (ii) the satisfaction of all governmental approval or filing requirements, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Shareholder may effect its participation in any Proposed Transaction hereunder by delivery to the Proposed Transferee, or to the Transferring Shareholder for delivery to the Proposed Transferee, of one or more instruments or certificates, properly endorsed for Transfer, representing the Shares it elects to sell therein and by executing the agreement effecting such Proposed Transaction; provided that all Shareholders exercising the Tag-Along Right shall take all necessary and desirable actions in connection with the consummation of the Proposed Transaction, including, without limitation, the execution of such agreements and such instruments and other actions reasonably necessary to provide the representations, warranties, indemnities, covenants, conditions, escrow agreements and other provisions and agreements relating to such Proposed Transaction. At the time of consummation of the Proposed Transaction, the Proposed Transferee shall remit directly to each such Shareholder that portion of the sale proceeds to which such Shareholder is entitled by reason of its participation therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after such sale, the Transferring Shareholder shall notify each Shareholder of the consummation and shall furnish evidence of the completion of such sale and of the terms thereof as may reasonably be requested in writing by any such Shareholder. In the event that the Proposed Transaction is not consummated within the period required by <u>subsection (c)</u> hereof or the Proposed Transferee fails to timely remit to each such Shareholder its portion of the sale proceeds, the Proposed Transaction shall be deemed void, and any Transfers of Offered Shares pursuant to such Proposed Transaction shall be in violation of the provisions of this Agreement unless the Transferring Shareholder once again complies with the provisions of <u>Sections 3.3</u> and <u>3.4</u> hereof with respect to such Proposed Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.  **<u>Preemptive Rights.</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;(a) If the Corporation proposes to issue any New Securities to any Person, the Corporation shall, before such issuance, deliver to the Shareholders (other than those Shareholders that are not Accredited Investors) (collectively, the "<u>Subscribing Shareholders</u>") a written notice offering to issue to the Subscribing Shareholders such New Securities upon the terms set forth in this <u>Section 3.5</u> (the "<u>Preemptive Offer Notice</u>"). The Preemptive Offer Notice shall state that the Corporation proposes to issue New Securities and shall set forth the number and terms and conditions (including the purchase price (the "<u>New Security Purchase Price</u>")) of such New Securities. The offer (the "<u>Preemptive Offer</u>") shall remain open and irrevocable for a period of fifteen (15) days (the "<u>Preemptive Offer Period</u>") from the date of its delivery.

&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) Each Subscribing Shareholder may accept the Preemptive Offer by delivering to the Corporation a notice (the "<u>Purchase Notice</u>") at any time during the Preemptive Offer Period. The Purchase Notice shall state the number (the "<u>Preemptive Offer Number</u>") of New Securities such Subscribing Shareholder desires to purchase. If the sum of all Preemptive Offer Numbers exceeds the number of New Securities, the New Securities shall be allocated among the Subscribing Shareholders that delivered a Purchase Notice in accordance with their respective Pro Rata Amounts (based on the aggregate number of Common Stock Equivalents outstanding at the time of the Preemptive Offer and held by all Subscribing Shareholders).

&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) The issuance of New Securities to the Subscribing Shareholders who delivered a Purchase Notice shall be made on a Business Day, as designated by the Corporation, not less than ten (10) and not more than sixty (60) days after expiration of the Preemptive Offer Period on those terms and conditions of the Preemptive Offer not inconsistent with this <u>Section 3.5</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;(d) If the number of New Securities exceeds the sum of all Preemptive Offer Numbers, the Corporation may issue such excess or any portion thereof on the terms and conditions set forth in the Preemptive Offer to any Person within ninety (90) days after expiration of the Preemptive Offer Period. If such issuance is not made within such 90-day period, the restrictions provided for in this <u>Section 3.5</u> shall again become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of this <u>Section 3.5</u>, each Subscribing Shareholder may aggregate his, her or its Pro Rata Amount among other Subscribing Shareholders in his, her or its Group to the extent that other Subscribing Shareholders in his, her or its Group do not elect to purchase their respective Pro Rata Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained herein, the Corporation may, in order to expedite the issuance of the New Securities under this <u>Section 3.5(f)</u>, issue all or a portion of the New Securities to one or more Persons (each, an "<u>Initial Subscribing Investor</u>"), without complying with the provisions of this <u>Section 3.5</u>; <u>provided</u>, that prior to such issuance, either (i) each Initial Subscribing Investor agrees to offer to sell to each Shareholder who is an accredited investor and who is not an Initial Subscribing Investor (each such Shareholder, an "<u>Other Accredited Shareholder</u>") his or its respective pro rata amount of such New Securities on the same terms and conditions as issued to the Initial Subscribing Investors or (ii) the Corporation shall offer to sell an additional amount of New Securities to each Other Accredited Shareholder only in an amount and manner which provides such Other Accredited Shareholder with rights substantially similar to the rights outlined in <u>Sections 3.5(b)</u> and <u>3.5(c)</u>. The Initial Subscribing Investors or the Corporation, as applicable, shall offer to sell such New Securities to each Other Accredited Shareholder within sixty (60) days after the closing of the purchase of the New Securities by the Initial Subscribing Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.  **<u>Sale of the Corporation; Drag-Along Rights.</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;(a) At any time that (i) the Board, subject to <u>Section 2.6(x)</u>, (shall approve a Sale of the Corporation to one or more Persons, or (any such approved Sale of the Corporation pursuant to <u>clause (i)</u> or <u>(ii)</u>, an "<u>Approved Sale</u>"), each Shareholder and the Corporation shall consent to and raise no objections against the Approved Sale, and if the Approved Sale is structured as (A) a merger or consolidation of the Corporation or a sale of all or substantially all of the Corporation's assets, each Shareholder shall, and hereby does, waive any dissenter's rights, appraisal rights or similar rights in connection with such merger or consolidation and hereby instructs the Board to vote in favor of such Approved Sale, or (B) a sale of shares of Equity Securities (whether directly or indirectly through the sale of a Shareholder), each Shareholder shall, and hereby does, agree to sell their Equity Securities (whether directly or indirectly through the sale of a Shareholder) on the terms and subject to the conditions approved by, as applicable, the Board (such approving Person, as applicable, the "<u>Sale Representative</u>"), and in each such instance shall release any claims any Shareholder may have against the Arena Investor, the Board or such other Sale Representative in connection with such Approved Sale. All Shareholders and the Corporation shall take all necessary and desirable actions in connection with the consummation of the Approved Sale, including, without limitation, the execution of such agreements and such instruments and other actions reasonably necessary to (1) provide the representations, warranties, indemnities, covenants, conditions, escrow agreements and other provisions and agreements relating to such Approved Sale and (2) to effectuate the allocation and distribution of the aggregate consideration upon the Approved Sale as set forth below. The Shareholders shall not be required to comply with, and shall have no rights under, <u>Sections 3.1</u> through <u>3.5</u> in connection with any Approved Sale.

&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) The Corporation shall provide the Shareholders with written notice of any Approved Sale at least ten (10) days prior to the consummation thereof setting forth in reasonable detail the terms (including price, time and form of payment) of any Approved Sale. The obligations of the Shareholders to participate in any Approved Sale are subject to the satisfaction of 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;(i) each Shareholder shall receive the same portion of the aggregate consideration from such Approved Sale that such Shareholder would have received if such aggregate consideration (in the case of an asset sale, after payment or provision for all liabilities) had been distributed by the Corporation in a Liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Shareholders of a class, series or type of Equity Securities are given an option as to the form and amount of consideration to be received with respect to Equity Securities in a class, series or type, all holders of Equity Securities of such class, series or type will be given the same option; *provided, however*, that those Shareholders that are not Accredited Investors shall not be entitled to receive securities in connection with such Approved Sale and instead, shall receive cash proceeds equivalent in value to the securities being offered in such Approved Sale (as determined in good faith by the Board); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Shareholder shall be obligated to pay more than his or its pro rata amount of reasonable expenses incurred (based on the proportion of the aggregate transaction consideration received) in connection with a consummated Approved Sale to the extent such expenses are incurred for the benefit of all Shareholders and are not otherwise paid by the Corporation or the acquiring party (expenses incurred by or on behalf of a Shareholder for its or his sole benefit not being considered expenses incurred for the benefit of all Shareholders).

&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) Each Shareholder and the Corporation hereby grants an irrevocable proxy and power of attorney to the Sale Representative to take all necessary actions and execute and deliver all documents deemed necessary and appropriate by such Person to effectuate the consummation of any Approved Sale. The Shareholders hereby agree to indemnify, defend and hold the Sale Representative harmless (severally in accordance with their pro rata share of the consideration received in any such Approved Sale (and not jointly and severally)) against all liability, loss or damage, together with all reasonable costs and expenses (including reasonable legal fees and expenses), relating to or arising from its exercise of the proxy and power of attorney granted hereby.

**ARTICLE IV**

**PROTECTIVE PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.  **<u>Confidentiality.</u>** 

Each Shareholder agrees that such Shareholder will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor or make decisions with respect to its investment in the Corporation) any confidential information obtained from the Corporation pursuant to the terms of this Agreement, unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section 4.1</u> by such Shareholder), (b) is or has been independently developed or conceived by such Shareholder without use of the Corporation's confidential information, or (c) is or has been made known or disclosed to such Shareholder by a third party without a breach of any obligation of confidentiality such third party may have to the Corporation; provided, however, that a Shareholder may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent reasonably necessary to obtain their services in connection with monitoring its investment in the Corporation; (ii) to any prospective purchaser of any Shares from such Shareholder, if such prospective purchaser agrees to be bound by the provisions of this <u>Section 4.1</u>; (iii) to any Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Shareholder in the ordinary course of business, provided that such Shareholder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Shareholder promptly notifies the Corporation of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

**ARTICLE V**

**ADDITIONAL AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.  **<u>Information Rights</u>.** The Corporation covenants and agrees that it shall provide to the Shareholders:

&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) as soon as practicable, but in any event within 120 days after the end of each fiscal year of the Corporation (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement of stockholders' equity as of the end of such year, provided that all such financial statements shall be audited and certified by independent public accountants of recognized national standing selected by the Corporation (the "<u>Audit Firm</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;(b) as soon as practicable, but in any event within 45 days after the end of each quarter of each fiscal year of the Corporation, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year- end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP), provided that all such financial statements shall be reviewed by the Audit Firm by fiscal year 2022; and

&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) as soon as practicable, but in any event by December 31st of each fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Corporation.

If, for any period, the Corporation has any subsidiary whose accounts are consolidated with those of the Corporation, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Corporation and all such consolidated subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **<u>Inspection</u>.** The Corporation shall permit each Shareholder, at such Shareholder's expense, to visit and inspect the Corporation's properties; examine its books of account and records; and discuss the Corporation's affairs, finances, and accounts with its officers, during normal business hours of the Corporation as may be reasonably requested by such Shareholder; provided, however, that the Corporation shall not be obligated pursuant to this <u>Section 5.2</u> to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Corporation) or the disclosure of which would adversely affect the attorney-client privilege between the Corporation and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.  **<u>Expenses.</u>** 

The Corporation will pay, and hold the Arena Investor and/or its representatives harmless against all liability for the payment of: (i) all costs and other expenses incurred from time to time by the Corporation or any of its Subsidiaries in connection with the Corporation's or any of its Subsidiaries' performance of and compliance with all agreements and conditions contained in this Agreement on its part to be performed or complied with, and (ii) the reasonable costs and expenses (including fees and expenses of counsel, accountants and other advisors) incurred by the Arena Investor and its Affiliates in connection with any amendment or waiver of, or enforcement of, any of the provisions of this Agreement.

**ARTICLE VI**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.  **<u>Amendments, Waivers and Consents.</u>** 

This Agreement may be amended, modified or terminated (other than pursuant to this <u>Section 6.1</u>) and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by (a) the holders of a majority of the then-outstanding Other Shareholder Shares, and (b) the holders of a majority of the then-outstanding Arena Investor Shares. Any amendment, modification, termination or waiver so effected will be binding upon the Corporation, the Arena Investor, the Other Shareholders and all of their respective successors and permitted assigns whether or not such party, assignee or other shareholder entered into or approved such amendment, modification, termination or waiver. Notwithstanding the foregoing, the consent of the Other Shareholders will not be required for any amendment, modification, termination or waiver if such amendment, modification, termination or waiver does not apply to, or would otherwise not disproportionately and adversely affect the rights, preferences, powers or privileges of the Other Shareholders set forth hereunder as compared to the rights, preferences, powers or privileges of the Arena Investor. The holders of a majority of all then outstanding Other Shareholder Shares may grant a waiver or effect any modification or amendment on behalf of all Other Shareholders. Each waiver or exception to any term, condition or provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which it was given and in no event will be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.  **<u>Legend on Securities.</u>** 

The Corporation and each of the Shareholders acknowledge and agree that substantially the following legend shall be typed on each certificate evidencing any of the Shares held at any time by a Shareholder:

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (i) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SHARES, (ii) THIS CORPORATION RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THESE SHARES SATISFACTORY TO THIS CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (iii) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.

THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED FOR SALE, TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF (A "**TRANSFER**") UNLESS SUCH TRANSFER COMPLIES WITH THE PROVISIONS OF A SHAREHOLDERS' AGREEMENT, DATED AS OF NOVEMBER ___, 2024, AS AMENDED, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THIS CORPORATION AND AVAILABLE TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.  **<u>Notices and Demands.</u>** 

Any notice or demand which, by any provision of this Agreement or any agreement, document or instrument executed pursuant hereto or thereto, except as otherwise provided therein, is required or provided to be given shall be deemed to have been sufficiently given and received for all purposes when delivered by hand, telecopy, telex or other method of facsimile or five (5) Business Days after being sent by certified or registered mail, postage and charges prepaid, return receipt requested, or one (1) Business Day after being sent by overnight delivery providing receipt of delivery, to:

&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) If to the Corporation, at such address designated by the Corporation to the Arena Investor in writing (email being sufficient); and

&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) If to the Shareholders, at the mailing and email addresses as shown on the signature pages hereto or on the Joinder Agreement of such Shareholder, or at such other address designated by a Shareholder to the Corporation in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.  **<u>Remedies; Severability.</u>** 

Notwithstanding the last sentence of this <u>Section 6.4</u>, it is specifically understood and agreed that any breach of the provisions of this Agreement by any Person subject hereto will result in irreparable injury to the other parties hereto, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition to any other remedies which they may have, such other parties may enforce their respective rights by actions for specific performance in federal or state courts in the State of Delaware (to the extent permitted by law), without the necessity of posting any bond or other security. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be deemed prohibited or invalid under such applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, and such prohibition or invalidity shall not invalidate the remainder of such provision or the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.  **<u>Counterparts; Electronic Execution.</u>** 

This Agreement may be executed in counterparts, and/or via electronic signature, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.  **<u>Effect of Heading.</u>** 

The section headings herein are for convenience only and shall not affect the construction hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.  **<u>Governing Law.</u>** 

This Agreement shall be governed by the internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.  **<u>Dispute Resolution.</u>** 

The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.  **<u>Integration; Entire Agreement.</u>** 

This Agreement contains the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings with respect to such subject matter. The parties hereto represent and warrant that there are no other agreements or understandings regarding any of the subject matter hereof other than as set forth herein and covenant not to enter into any such agreements or understandings after the date hereof except pursuant to an amendment, modification or waiver of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.  **<u>Successors and Assigns.</u>** 

This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto as contemplated herein, and any successor to the Corporation by way of merger or otherwise shall specifically agree to be bound by the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.  **<u>Termination.</u>** 

This Agreement shall terminate, in its entirety, on the occurrence of any of the following events: (i) the rendering of any final adjudication against the Corporation in any proceeding under any bankruptcy, receivership, insolvency, readjustment of debt or similar law of any jurisdiction; or (ii) a Liquidation. The rights and obligations of any Shareholder under this Agreement shall in any event terminate when he shall no longer own or hold any Shares of record or beneficially; provided that a Shareholder's obligations under <u>Section 4.1</u> shall survive any such termination with respect to a Shareholder. Notwithstanding anything to the contrary contained in this Agreement, the termination of this Agreement or of the rights or obligations of any Shareholder under this Agreement, whether pursuant to this <u>Section 6.11</u> or otherwise, shall not affect any rights or obligations of any parties hereto which have accrued or arisen prior to the effective date of any such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.  **<u>Further Assurances.</u>** 

Each party shall cooperate and take such action as may be reasonably requested by another party in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13.  **<u>Informed Consent.</u>** 

Each Shareholder hereby represents and warrants that such Shareholder has read this Agreement, and has consulted with, or has had sufficient opportunity to consult with, independent counsel of his choice regarding the terms and effect of this Agreement, and that such Shareholder's execution of this Agreement constitutes such shareholder's knowing and voluntary agreement to the terms hereof.

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## Exhibit 10.3

**Exhibit 10.3**

**EXCHANGE AGREEMENT**

This EXCHANGE AGREEMENT (this "**Agreement**"), dated as of November 15, 2024 (the "**Effective Date**"), is by and among Capstone Technologies Group, Inc., a Nevada corporation (the "**Company**"), and each holder of the Capstone Interests (as defined below) listed on the Schedule of Interest Holders set forth on <u>Schedule A</u> hereto (each a "**Interest Holder**" and together, the "**Interest Holders**"). The Company and the Interest Holders are collectively referred to herein as the "**Parties**" and each is a "**Party**."

**RECITALS**

WHEREAS, the Company has outstanding convertible notes issued to the Interest Holders in the aggregate amounts set forth on Schedule A opposite such Interest Holders name (the "**Notes**");

WHEREAS, the Company has outstanding warrants issued to the Interest Holders in the aggregate amounts set forth on Schedule A opposite such Interest Holders name (the "**Warrants**");

WHEREAS, the Company has outstanding shares of common stock of the Company issued to the Interest Holders in the aggregate amounts set forth on Schedule A opposite such Interest Holders name (the **"Common Stock"** and together with the Warrants and Notes, the "**Existing Interests**");

WHEREAS, the Company seeks to exchange shares of Series B Convertible Preferred Stock of the Company in the amounts set forth in the aggregate amounts set forth on Schedule A opposite such Interest Holders name (the "**Series B Preferred Stock**"), in exchange for the Existing Interests; and

WHEREAS, each Interest Holder desires to enter into this Agreement to effect the exchange of the Existing Interests for the Series B Preferred Stock (the "**Exchange**")on the terms and conditions set forth in the Offer and in this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

**ARTICLE I.**

<u>DEFINITIONS</u>

Section 1.01. <u>Definitions</u>. In addition to terms defined elsewhere in this Agreement, the following terms when used in this Agreement shall have the meanings indicated below:

"**Business Day**" shall mean any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

"**Law**" means the common law of any jurisdiction, or any provision of any foreign, federal, state or local law, statute, rule, regulation, order, permit, judgment, injunction, decree or other decision of any court or other tribunal or governmental authority legally binding on the relevant Person or its properties.

"**Lien**" shall mean any lien, claim, levy, charge, assessment, assignment, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"**Person**" shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

**ARTICLE II.**

<u>EXCHANGE</u>

Section 2.01. <u>Exchange</u>. Subject to the terms and conditions hereof, each Interest Holder hereby agrees to exchange the Existing Interests set forth opposite each such Interest Holder's name on Schedule A for Series B Preferred Stock, in the amounts set forth opposite each such Interest Holder's name on <u>Schedule A</u>.

Section 2.02. <u>Deliveries</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;(a) Promptly following the execution of this Agreement, the Interest Holder shall deliver to the Company for cancellation its original Existing Interests (or an affidavit of loss in respect of such Existing Interests reasonably acceptable to the Company). All of each Interest Holder's interest in any Existing Interests are set forth opposite such Interest Holder's name on Schedule A (including any interests in any Existing Interests not formally documented). and (ii) any other documentation reasonably requested by the Company to effectuate the transactions contemplated by this Agreement (foregoing clauses (i) and (ii), the "**Interest Holder Deliverables**").

&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) Upon receipt by the Company of the Interest Holder's Interest Holder Deliverables, but in no event prior to such receipt by the Company, the Company shall promptly deliver to such Interest Holder a fully executed stock certificate evidencing such Interest Holders Series B Preferred Stock.

Section 2.03. <u>Effect of Agreement</u>. For the avoidance of doubt, and notwithstanding whether the Interest Holder shall have delivered its Interest Holder Deliverables to the Company, from and after the Effective Date, (i) each Interest Holders' right, title and interest under its Existing Interests shall be extinguished and each Interest Holder shall no longer be deemed to be a creditor of the Company with respect to such Interest Holder's Notes; (ii) all of the rights of each Interest Holder under the Existing Interests shall be fully paid and satisfied, and the Notes shall be canceled and no longer in force or effect; (iii) each Interest Holder shall be deemed for all corporate purposes to have become the holder of record of their respective shares of Series B Preferred Stock; and (iv) the rights of each Interest Holder under its Existing Interests shall be cancelled and no longer in force or effect, and replaced with the terms as set forth under this Agreement.

Section 2.04. <u>Release</u>. In consideration for the transactions contemplated herein and effective as of the date hereof, each Interest Holder, on behalf of itself and its heirs, family members, executors, successors and assigns, hereby knowingly and voluntarily unconditionally and irrevocably waives, releases and forever discharges the Company and each of its respective past, present and future directors, managers, officers, employees, agents, predecessors, successors, assigns, equityholders, partners, insurers, affiliates and affiliated companies (collectively, the "**Releasees**") from any and all claims, demands, damages, lawsuits, obligations, promises, and causes of action of any kind whatsoever, whether known or unknown, asserted or unasserted, foreseen or unforeseen, discovered or undiscovered, fixed or contingent, at law or in equity, that the Interest Holder may have had or has against the Releasees at any time from the beginning of time up to and including the date on hereof, including, without limitation, any liability arising from, relating to or in connection with, to the extent relating to, arising out of or in connection with (i) any act or omission by any of the Releasees prior to the date hereof, (ii) the amount, form or calculation of the Series B Preferred Stock to be received by the Interest Holder pursuant this Agreement, or (iii) the Interest Holder's status as a Interest Holder or his, her or its its Existing Interests and right in or to any equity interests of the Company exercisable under the Existing Interests (the "**Released Liabilities**"), in each case whether such Released Liabilities are absolute or contingent, liquidated or unliquidated, vested or unvested, and neither the Interest Holder nor any person, organization or other entity acting on the Interest Holder's behalf, shall not seek to recover any amounts in connection with the Released Liabilities from the Company or any other Releasee. The Interest Holder agrees that neither the Interest Holder nor any person, organization, or other entity acting on the Interest Holder's behalf will file a lawsuit or administrative proceeding seeking legal, equitable, administrative, or other relief asserting any claims or causes of action for any Released Liability. If any such claim or cause of action is asserted, the Interest Holder will indemnify and hold harmless each of the Releasees from and against any and all losses, costs, damages, expenses, and attorneys' fees incurred as a result of any attempt to assert such claims or cause of action.

**ARTICLE III.**

<u>REPRESENTATIONS AND WARRANTIES OF THE INTEREST HOLDER</u>

Each Interest Holder hereby represents and warrants to the Company as follows:

Section 3.01. <u>Organization and Authority; Enforceability</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;(a) (i) The Interest Holder is duly organized, validly existing and in good standing under the laws of the state of its organization, and has full power, right and authority to enter into and perform its respective obligations under this Agreement and each Interest Holder Deliverable to which it is a party; (ii) the execution, delivery and performance of this Agreement and the Interest Holder Deliverable(s) have been duly and properly authorized by all requisite action in accordance with applicable law and with the organizational and governing documents of the Interest Holder; and (iii) each person executing this Agreement and the Interest Holder Deliverable(s) on behalf of the Interest Holder, has the requisite power and authority to execute and deliver this Agreement and the Interest Holder Deliverable(s), to consummate the transactions contemplated hereby and thereby and to cause the Interest Holder to perform its obligations hereunder and thereunder. Each of this Agreement and any Interest Holder Deliverable to which the Interest Holder is a party has been duly executed and delivered by the Interest Holder and constitutes a legal, valid and binding obligation of the Interest Holder, enforceable against the Interest Holder in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or other laws relating to or affecting creditors' rights generally and the exercise of judicial discretion in accordance with general equitable principles.

Section 3.02. <u>Title</u>. As of the date hereof, the Interest Holder is the record and beneficial owner of, and has good and valid title to, its Existing Interests, free and clear of all Liens, and has full and unrestricted power to dispose of and to exercise all rights thereunder, without the consent or approval of, or any other action on the part of, any other Person. Other than the transactions contemplated by this Agreement, there is no outstanding contract, agreement, vote, plan, proposal or other right of any Person to acquire all or any of the Interest Holder's Existing Interests including any portion thereof. [The Interest Holder holds no other interest in any Existing Interests other than as set forth opposite such Interest Holder's name on <u>Schedule A</u>.] [NOTE: Confirm if any holder is retaining any common interests.]

Section 3.03. <u>No Conflicts</u>. The execution, delivery and performance of this Agreement and each Interest Holder Deliverable to which the Interest Holder is a party, and the consummation of the transactions contemplated hereby and thereby, will not (i) violate or result in a breach of any of the terms, conditions or provisions of the organizational documents of the Interest Holder, if the Interest Holder is an entity; (ii) violate or result in a breach of any Law applicable to the Interest Holder or by which any of the Interest Holder's property or assets, including, but not limited to its Existing Interests, may be bound; or (iii) contravene, result in a violation or breach of or default under (with or without the giving of notice or the lapse of time or both), permit any party to terminate, amend or accelerate the provisions of, or result in the imposition of any Lien (or any obligation to create any Lien) upon any property or assets of the Interest Holder (including its Existing Interests) under any contract, agreement, indenture, letter of credit, mortgage, security agreement, pledge agreement, deed of trust, bond, note, guarantee, surety obligation, license, permit, power of attorney, instrument or other agreement to which the Interest Holder is a party or by which any of the Interest Holder's property or assets (including its Existing Interests) may be bound.

Section 3.04. <u>No Consents</u>. No authorization, consent or approval of or by, or any notification of or filing with, any Person is required by the Interest Holder in connection with the execution, delivery and performance of this Agreement or any Interest Holder Deliverable to which the Interest Holder is a party, or the consummation by the Interest Holder of the transactions contemplated hereby or thereby.

Section 3.05. <u>Securities Representations</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;(a) The Interest Holder is an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "**Securities Act**"). The Interest Holder has previously delivered to the Company an investor questionnaire pursuant to which it confirmed to the Company that it was an "accredited investor" and indicated the specific basis of such "accredited investor" status.

&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) The Interest Holder acknowledges that it has had the opportunity to ask questions of, and receive answers from, the Company concerning, and is thus familiar with, the terms and conditions of the Exchange, and of the business, affairs and current prospects of the Company, and all such questions have been answered to the Interest Holder's full satisfaction. The Interest Holder has made such further investigation of the Company as it deemed appropriate to obtain additional information about the Company and to evaluate the merits and risks of an investment in the Series B Preferred Stock.

**ARTICLE IV.**

<u>REPRESENTATIONS AND WARRANTIES OF COMPANY</u>

The Company hereby represents and warrants to the Interest Holder as of the date hereof:

Section 4.01. <u>Organization, Good Standing and Qualification</u>. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure so to qualify would have a material adverse effect on its business or properties.

Section 4.02. <u>Authorization and Enforceability</u>. The Company has the power and authority to issue the Series B Preferred Stock contemplated hereunder. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement and any other agreements necessary to consummate the transactions contemplated hereunder, the performance of all obligations of the Company hereunder and thereunder as of the Effective Date, and the authorization, issuance (or reservation for issuance), and delivery of the Series B Preferred Stock being issued hereunder, when executed and delivered by the Company, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, subject to: (a) laws limiting the availability of specific performance, injunctive relief and other equitable remedies; and (b) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect generally relating to or affecting creditors' rights generally.

Section 4.03. <u>Compliance with Other Instruments</u>. The Company is not in violation or default with respect to (i) any provisions of Company's Certificate of Incorporation or Bylaws (as amended, the "**Charter Documents**"), (ii) any material judgment, order or decree of any court or arbitrator to which the Company is a party or is subject, (iii) any material agreement or contract of the Company, or (iv) to the Company's knowledge, any provision of law applicable to the Company, except, in each case, for such violations or default as would not reasonably be expected to, individually or in the aggregate, result in a material adverse effect on the Company. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated thereby will not result in any such violation or default, or be in conflict with or result in a violation or breach of, with or without the passage of time or the giving of notice or both, the Charter Documents of the Company, any judgment, order or decree of any court or arbitrator to which the Company is a party or is subject, any material agreement or contract of the Company, or, to the Company's knowledge, a violation of any statute, law, regulation or order, or an event which results in the creation of any lien, charge or encumbrance upon any asset of the Company.

**ARTICLE V.**

<u>MISCELLANEOUS</u>

Section 5.01. <u>Counterparts</u>. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party; provided that a facsimile signature (including by portable document format) shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile signature.

Section 5.02. <u>Headings</u>. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

Section 5.03. <u>Severability</u>. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

Section 5.04. <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements existing between the parties hereto are expressly canceled.

Section 5.05. <u>Amendments</u>. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written signed consent of the Company and the Interest Holders. Any waiver, modification or amendment of any provision of this Agreement requested by any party hereto must be in writing, and such writing must expressly state an intent to so waive, modify or amend such provision. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the parties.

Section 5.06. <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. None of the Parties shall assign this Agreement or any rights or obligations hereunder without the prior written consent of each of the other Party.

Section 5.07. <u>Waiver</u>. No failure or delay on the part of any Party in the exercise of any power, right or privilege hereunder or any of the Transaction Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

Section 5.08. <u>Waiver of Conflicts</u>. Each party to this Agreement acknowledges that Winston & Strawn, LLP, counsel for the Company, has in the past performed and may continue to perform legal services for certain of the Interest Holders and the Stockholders in matters related and unrelated to the transactions described in this Agreement. Accordingly, each party to this Agreement hereby (a) acknowledges that they have had an opportunity to ask for information relevant to this disclosure; and (b) gives its informed consent to Winston & Strawn, LLP's representation of certain of the Interest Holders in such matters and to Winston & Strawn, LLP's representation of the Company and Holdings in connection with this Agreement and the transactions contemplated hereby.

Section 5.09. <u>Governing Law</u>. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law.

Section 5.10. <u>Jury Trial</u>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT.

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## Exhibit 10.4

**Exhibit 10.4**

**<u>EMPLOYMENT AGREEMENT</u>**

THIS EMPLOYMENT AGREEMENT (the "<u>Agreement</u>"), dated as of this 13<sup>th</sup> day of March 2025 (the "<u>Effective Date</u>"), is made by and between VisitIQ Corp. (the "<u>Company</u>") and Vernon Hanzlik (the "<u>Executive</u>"), and shall govern the employment relationship between Executive and the Company from and after the Effective Date, except as otherwise set forth in <u>Sections 6(a) – 6(d)</u> in connection with the covenants therein.

WHEREAS, the Company desires to continue to employ Executive pursuant to the terms and conditions set forth in this Agreement, and Executive is willing and able to render such services and desires to do so on the terms and conditions hereinafter set forth herein.

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

**1.**  **<u>Retention and Duties</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company hereby engages and employs Executive for the Period of Employment (as defined in <u>Section 2</u>) on the terms and conditions expressly set forth in this Agreement. Executive hereby accepts and agrees to such engagement and employment, on the terms and conditions expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** During the Period of Employment, Executive shall serve as the Chief Executive Officer ("<u>CEO</u>") of the Company and will perform duties and responsibilities that are commensurate with such position as well as such other duties as may be assigned from time to time. Executive shall report to the board of directors of the Company (the "<u>Board</u>"). Executive's principal place of employment shall be within the State of Minnesota, however, Executive may be required to travel in fulfillment of his duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** During the Period of Employment, Executive shall (i) devote his full business time, attention, and best efforts to the performance of his duties for the Company and to the furtherance of the Company's interests, (ii) perform such duties in a faithful, effective and efficient manner to the best of his abilities, and (iii) hold no other employment besides his employment with the Company as described herein this Agreement. Executive's service on the boards of directors (or similar body) of other business entities is subject to the written approval of the Board. Executive agrees to perform his duties and responsibilities within and subject to the Company's general employment policies and practices, and such other reasonable policies, practices and restrictions as the Company shall from time to time establish for its similarly situated executives, and shall at all times carry out such policies, practices and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement and the performance by Executive of his duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which Executive is a party or otherwise bound or any legal or work-related restriction, judgment, order or decree to which Executive is subject; (ii) Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out his duties hereunder, or would give rise to a violation of such other agreement or arrangement; (iii) Executive is not bound by any employment, consulting, non-competition, confidentiality, trade secret or similar agreement (other than this Agreement) with any other person or entity that would prevent Executive under the terms of any other agreement or arrangement from entering into this Agreement or carrying out his duties hereunder, or would give rise to a violation of such other agreement or arrangement; and (iv) Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of Executive set forth herein and Executive consents to such reliance.

**2. <u>Period of Employment</u>.** The "<u>Period of Employment</u>" shall be the period commencing on the Effective Date and ending upon its termination by either the Company or the Executive at any time, with or without Cause (as defined below), and with or without notice (unless otherwise required pursuant to <u>Section 5(b)</u> in the event Executive resigns his employment with the Company for any reason or pursuant to <u>Section 5(c)</u> in the event Executive's employment with the Company is terminated by the Company without Cause) and for any reason or no particular reason. The Period of Employment may be modified only by a written agreement between the parties and in such case, the term "<u>Period of Employment</u>" shall be deemed to mean the Period of Employment as so modified.

Notwithstanding anything to the contrary in the foregoing or elsewhere in this Agreement, Executive's employment with the Company shall be "at will."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation, Incentive Equity and Reimbursement of Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Compensation.** Executive's initial annual base salary (the "Base Salary") for the Period of Employment shall be $275,000 per year, payable in accordance with the Company's standard payroll practices in effect from time to time and subject to all applicable taxes, withholdings and deductions as required by law. The Base Salary is subject to review annually and may be adjusted by the Board in its sole discretion. For 2025, Executive's Base Salary will be pro-rated based on the number of days Executive is employed by the Company during the 2025 calendar year, subject to all applicable taxes, withholdings and deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Annual Cash Bonus Plan Participation.** During the Period of Employment, Executive shall be eligible to participate in the Company's annual cash bonus plan on the same terms and conditions as other similarly situated executives. Each year, Executive's target bonus opportunity will be up to 75% of Executive's then-current Base Salary, with a maximum bonus opportunity of $206,000 (the "<u>Annual Bonus</u>"), subject to all applicable taxes, withholdings and deductions. Actual payments of the Annual Bonus will be determined quarterly based on a combination of Company results and individual performance against the applicable performance goals established by the Board. In the event that an Annual Bonus is payable by the Company to Executive with respect to a particular quarter, such portion of the Annual Bonus will be paid within three (3) months following the end of the applicable fiscal quarter to which such portion of the Annual Bonus relates. For fiscal year 2025, Executive will be eligible to receive an Annual Bonus, which shall be pro-rated based on the number of days Executive is employed by the Company from the Effective Date until the end of the 2025 fiscal year, subject to all applicable taxes, withholdings and deductions. Executive must remain continuously employed by the Company through the payment date of any portion of the Annual Bonus in order to be eligible to receive a portion of the Annual Bonus payment for a particular fiscal quarter. Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Incentive Equity Grants.** Subject to the approval of the Board, the Executive will be granted an option to purchase shares of the Company's common stock equal to three and a half percent (3.5%) of the fully diluted equity of the Company as of the grant date. The number of options, vesting conditions, and exercise price per share and all other terms and conditions will be determined by the Board when the option is granted and set forth in the forthcoming award agreement and incentive equity plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Reimbursement of Business Expenses.** Executive is authorized to incur reasonable expenses in carrying out his duties hereunder and shall, upon receipt by the Company of proper documentation with respect thereto (setting forth the amount, business purpose and establishing payment) be reimbursed for all such reasonable business expenses incurred during the Period of Employment, subject to the Company's written expense reimbursement policies and any written pre-approval policies in effect from time to time.

**4.**  **<u>Employee Benefits</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Company Employee Benefit Plans.** During the Period of Employment, Executive shall be provided the opportunity to participate in all standard employee benefit programs made available by the Company to the Company's senior executive employees generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time. The Company reserves the right to amend or to modify any employee benefit plan, policy, program or arrangement from time to time, or to terminate such plan, policy, program or arrangement, consistent with the terms thereof at any time and for any reason without providing Executive with notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Vacation.** During the Period of Employment, Executive shall be entitled to paid vacation in accordance with and subject to the Company's vacation policies in effect from time to time as applicable to similarly situated executives. The Company reserves the right to amend or to modify any of its vacation plans, policies, programs or arrangements from time to time, or to terminate such plans, policies, programs or arrangements, at any time and for any reason without providing Executive with notice.

**5.**  **<u>Termination of Employment</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Termination by the Company for Cause or Executive's Disability; Termination Due to Death.** Executive's employment with the Company and the Period of Employment may be terminated by the Company immediately upon notice to Executive for an involuntary termination of employment for Cause (as defined in <u>Section 5(g)(ii)</u>) or due to Executive's Disability (as defined in <u>Section 5(g)(iii)</u>). Executive's employment with the Company, and the Period of Employment, shall automatically terminate upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Termination by Executive**. In the event of Executive's resignation from employment with the Company, for any reason, Executive shall provide the Company with ninety (90) days of advance written notice and the Period of Employment shall terminate at the close of business on the ninetieth (90<sup>th</sup>) day following the date of such written notice. The Board may elect to shorten this notice period in its discretion without any further obligation to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Termination by the Company without Cause.** Executive's employment with the Company and the Period of Employment may be terminated by the Company upon 180 days' prior written notice (the "<u>Notice Period</u>") to Executive for an involuntary termination by the Company without Cause (as defined in <u>Section 5(g)(ii)</u>). During the Notice Period, Executive will continue to serve in his position as CEO and will be actively employed and eligible for employee benefits. There will be no bonus earned during the Notice Period or any accrual of paid vacation during the Notice Period. Any paid vacation taken during the Notice Period shall require the advance approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Benefits upon Termination.** If Executive's employment with the Company is terminated during the Period of Employment for any reason by the Company or by Executive, the Company shall have no further obligation to make or provide to Executive, and Executive shall have no further right to receive or obtain from the Company, any payments or benefits except the Company shall pay Executive (or, in the event of his death, Executive's estate) any Accrued Obligations (as defined in <u>Section 5(g)</u>) within the thirty (30) day period following Executive's last day of employment with the Company (the "<u>Separation Date</u>"), and Executive shall receive any vested accrued benefits for which Executive remains eligible under the Company's employee welfare benefit and retirement plans, payable according to the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Cooperation Upon Termination.** Upon the Executive's termination of employment for any reason, Executive shall cooperate as reasonably requested by the Board to effect an orderly transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Exclusive Remedy.** Executive agrees that the payments and benefits contemplated by <u>Section 5(d)</u> shall constitute the exclusive and sole remedy for any termination of his employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Certain Defined Terms.** As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Accrued Obligations</u>" means (A) any Base Salary that had accrued but had not been paid on or before the Separation Date, (B) any amount for accrued and unused vacation time that had accrued on or before the Separation Date or, for purposes of <u>Section 5(c)</u>, the Notice Period, payable in accordance with the Company's vacation policy then in effect or applicable law, (C) any reimbursement due to Executive pursuant to <u>Section 3(d)</u> for expenses incurred by Executive on or before the Separation Date and (D) any other vested benefits or vested amounts due and owed to Executive under the terms of any plan, program or arrangement of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Cause</u>" means: (A) Executive's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude; (B) Executive's commission of fraud, theft, embezzlement, self-dealing, misappropriation or other similar malfeasance against the business of the Company, VisitIQ Corp., or their respective subsidiaries or affiliates (collectively, the "<u>Company Group</u>"); (C) Executive's failure to perform any material aspect of his lawful duties or responsibilities as an employee for the Company (other than by reason of disability) and such failure is not cured within thirty (30) days after Executive's receipt of written notice from the Company specifying such failure in reasonable detail; (D) Executive's failure to comply with any lawful policy of the Company or reasonable directive of the Board or its designee in furtherance of the Company's business, and in either case, Executive shall be afforded the opportunity for discussion with the Board of the reasons for the applicable policy or directive and Executive's objections thereto, if any, and the opportunity to cure such failure within thirty (30) calendar days after such discussion; (E) Executive's commission of acts or omissions constituting gross negligence or gross misconduct in the performance of any aspect of his lawful duties or responsibilities as an employee of the Company which have or may be reasonably expected to have an adverse effect on the Company Group; (F) Executive's breach of any fiduciary duty owed to the Company as an employee of the Company; (G) Executive's violation or breach of any restrictive covenant or any material term of this Agreement and, if curable, fails to cure such violation or breach within thirty (30) calendar days after receiving notice from the Company identifying such violation or breach; or (H) Executive's commission of any act or omission that materially damages or is reasonably likely to materially damage the financial condition or business of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Disability</u>" means a physical or mental impairment that renders Executive unable to perform the essential functions of his employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than ninety (90) days, whether consecutive or not consecutive, in any consecutive twelve (12) month period, unless a longer period is required by federal or state law, in which case that longer period would apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "<u>Section 409A</u>" means Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the regulations, rules and other guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Officer/Board/Committee Resignations.** Upon the termination of Executive's employment, Executive will be deemed to have resigned, without any further action by Executive, from any and all positions (including, but not limited to, any officer, board and/or director positions or positions as a fiduciary of any of the Company Group's employee benefit plans) that Executive, immediately prior to such termination, (i) held within the Company Group and (ii) held with any other entities at the direction of, or as a result of Executive's affiliation with, the Company Group. If, for any reason, this <u>Section 5(h)</u> is deemed to be insufficient to effectuate such resignations, then Executive will, upon the Company's request, execute any documents or instruments that the Company may reasonably deem necessary to effectuate such resignations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Section 409A.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is intended that any amounts payable under this Agreement shall be exempt from and avoid the imputation of any tax, penalty or interest under Section 409A to the fullest extent permissible under applicable law; provided that if any such amount is or becomes subject to the requirements of Section 409A, it is intended that those amounts shall comply with such requirements. This Agreement shall be construed and interpreted consistent with that intent. In furtherance of that intent, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such additional tax. In no event, however, shall the Company be liable for any tax, interest or penalty imposed on Executive under Section 409A or any damages for failing to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Executive is a "specified employee" within the meaning of Treasury Regulation Section 1.409A-1(i) as of the Separation Date, Executive shall not be entitled to any payment or benefit pursuant to this Agreement that constitutes nonqualified deferred compensation for purposes of Section 409A and that is payable upon a separation from service (within the meaning of Section 409A) until the earlier of (A) the date which is six (6) months after his separation from service for any reason other than death, or (B) the date of Executive's death; provided that this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive's separation from service that are not so paid by reason of this <u>Section 5(i)(ii)</u> shall be paid (without interest) as soon as practicable (and in any event within thirty (30) days) after the date that is six (6) months after Executive's separation from service (provided that in the event of Executive's death after such separation from service but prior to payment, then such payment shall be made as soon as practicable, and in all events within thirty (30) days, after the date of Executive's death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any reimbursement payment or in-kind benefit due to Executive pursuant to <u>Section 3(d)</u>, to the extent that such reimbursements or in-kind benefits are taxable to him, shall be paid on or before the last day of Executive's taxable year following the taxable year in which the related expense was incurred. Executive agrees to provide prompt notice to the Company of any such expenses (and any other documentation that the Company may reasonably require to substantiate such expenses) in order to facilitate the Company's timely reimbursement of the same. Reimbursements and in-kind benefits pursuant to <u>Section 3(d)</u> are not subject to liquidation or exchange for another benefit and the amount of such benefits that Executive receives in one taxable year shall not affect the amount of such reimbursements or benefits that Executive receives in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Section 409A, Executive's right to receive any installment payments hereunder shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., payment shall be made within thirty (30) days following the date of Executive's last day of employment with the Company), the actual date of payment within the specified period shall be within the sole discretion of the Company.

**6.**  **<u>Restrictive Covenants</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Non-Disclosure and Non-Use of Confidential Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive shall not use or disclose to any individual or natural person, partnership (including a limited liability partnership), corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or governmental authority (each, a "<u>Person</u>"), either during the Period of Employment (which for purposes of this covenant shall include any period prior to the Effective Date that Executive was employed by the Company) or the Notice Period (if applicable) or thereafter, any Confidential Information (as defined below) of which Executive is or becomes aware, whether or not such information is developed by him, for any reason or purpose whatsoever, nor shall he make use of any of the Confidential Information for his own purposes or for the benefit of any Person except for the Company Group, except (A) to the extent that such disclosure or use is directly related to and required by Executive's performance in good faith of duties assigned to Executive by the Company or (B) to the extent required to do so by a law or legal process, including a court of competent jurisdiction. Executive shall not modify, reverse engineer, decompile, create other works from or disassemble any software programs contained in the Confidential Information of the Company unless permitted in writing by the Company. Executive will, at the sole expense of the Company, take all reasonable steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of this Agreement, "<u>Confidential Information</u>" means information that is not generally known to the public (including the financial terms of this Agreement) and that is used, developed or obtained by any member of the Company Group in connection with its business, including, but not limited to, information, observations and data obtained by Executive during Executive's employment with the Company concerning (A) the business or affairs of the Company Group (or any predecessor thereof) and (B) products, services, fees, costs, pricing structures, analyses, drawings, photographs and reports, computer software (including operating systems, applications and program listings), data bases, accounting and business methods, inventions, devices, new developments, methods and processes (whether patentable or unpatentable and whether or not reduced to practice), customers and clients and customer and client lists, information on current and prospective independent sales agents, software vendors or partners and sponsor banks, all technology and trade secrets, and all similar and related information in whatever form. Notwithstanding the foregoing, "Confidential Information" will not include any information that has been published in a form generally available to the public prior to the date Executive proposes to disclose or use such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the avoidance of doubt, this <u>Section 6(a)</u> does not prohibit or restrict Executive (or Executive's attorney) from responding to any inquiry about the Agreement or its underlying facts and circumstances by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, any other self-regulatory organization or governmental entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive understands and acknowledges that he does not need the prior authorization of the Company to make any such reports or disclosures and that he is not required to notify the Company that he has made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything in this <u>Section 6(a)</u> or elsewhere in the Agreement to the contrary, Executive understands that Executive may, pursuant to the U.S. Defend Trade Secrets Act of 2016 ("<u>DTSA</u>"), without informing the Company prior to any such disclosure, disclose Confidential Information (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, without informing the Company prior to any such disclosure, if Executive files a lawsuit against the Company for retaliation for reporting a suspected violation of law, Executive may, pursuant to the DTSA, disclose Confidential Information to his attorney and use the Confidential Information in the court proceeding or arbitration, provided that Executive files any document containing the Confidential Information under seal and does not otherwise disclose the Confidential Information, except pursuant to court order. Without prior authorization of the Company, however, the Company does not authorize Executive to disclose to any third party (including any government official or any attorney Executive may retain) any communications that are covered by the Company's attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Intellectual Property Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive hereby assigns, transfers and conveys to the Company all of Executive's right, title and interest in and to all Work Product (as defined below). Executive agrees that all Work Product belongs in all instances to the Company. Executive will promptly disclose such Work Product to the Company and perform all actions reasonably requested by the Company (whether during or after the Period of Employment, which for purposes of this covenant shall include all periods that Executive was employed by the Company prior to the Effective Date, or the Notice Period, if applicable) to establish and confirm the Company's ownership of such Work Product (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to the Company (whether during or after the Period of Employment, which for purposes of this covenant shall include all periods that Executive was employed by the Company prior to the Effective Date, or the Notice Period, if appliable) in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Executive recognizes and agrees that the Work Product, to the extent copyrightable, constitutes works for hire under the copyright laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of this Agreement, "<u>Work Product</u>" means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, trade dress, logos and all similar or related information (whether patentable or unpatentable) which relates to the actual or anticipated business, operations, research and development of existing or future products or services of the Company Group and which are conceived, developed or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) during the Period of Employment (which for purposes of this covenant shall include all periods that Executive was employed by the Company prior to the Effective Date) or the Notice Period, if applicable, together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. Notwithstanding the foregoing, "<u>Work Product</u>" shall not include the patents and other assets set forth on <u>Exhibit A</u> hereto. Executive hereby represents and warrants that the patents and other assets owned by Executive set forth on <u>Exhibit A</u> are not related in any way to the Company Group, except as stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Non-Competition.** During the Period of Employment (which for purposes of this covenant shall include all periods that Executive was employed by the Company prior to the Effective Date) and for the Notice Period, if applicable, the Executive will not, directly or indirectly, through or in association with any third party, in the United States and any other territory in which the Company's products are sold or services rendered (the "<u>Restricted Area</u>"), (i) engage in, sell or provide any products or services which are the same or similar to or otherwise directly competitive with the products and services sold or provided by the Company Group; or (ii) own, acquire, or control any interest, financial or otherwise, in a third party or business engaged in selling or providing the same, similar or otherwise competitive services or products which the Company Group is selling or providing, other than ownership of one percent (1%) or less of the equity of a publicly-traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Non-Solicitation and Non-Interference.** During the Period of Employment (which for purposes of this covenant shall include all periods that Executive was employed by the Company prior to the Effective Date), the Notice Period (if applicable), and for twelve (12) months following Executive's last day of employment with the Company due to a termination of Executive's employment for any reason, Executive will not, and will cause his affiliates not to, directly or indirectly through or in association with any third party, (i) call on, solicit or service, engage or contract with or take any action which may interfere with, impair, subvert, disrupt or alter the relationship, contractual or otherwise, between any member of the Company Group and (A) any current customer, supplier, distributor, developer, service provider, licensor or licensee, or other material business relation of such member of the Company Group, or (B) any prospective customer, supplier, distributor, developer, service provider, licensor or licensee, or other material business relation of any member of the Company Group with whom Executive or any of his direct reports has done business or had material contact or engagement during the last twelve (12) months of Executive's employment with the Company, (ii) solicit, induce, recruit or encourage any employees of or consultants to the Company Group to terminate their relationship with the Company Group or take away or hire such employees or consultants, (iii) divert or take away the business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished or sold by the Company Group) of (A) any of the clients, customers or accounts of the Company Group, or (B) any of the prospective clients, customers or accounts of the Company Group with whom Executive or any of his direct reports has done business or had material contact or engagement during the last twelve (12) months of Executive's employment with the Company, or (iv) attempt to do any of the foregoing, either for Executive's own purposes or for any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Non-Disparagement.** Executive shall not, in any manner or at any time, directly or indirectly, make any oral or written statement to any Person that disparages any member of the Company Group or any of their respective officers, shareholders, members or advisors, or any member of the Board, provided, however, that Executive shall not be required to make any untruthful statement or to violate any law.

**7.**  **<u>Acknowledgment and Enforcement of Covenants</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Acknowledgment.** Executive acknowledges that he has become familiar, or will become familiar with the members of the Company Group's trade secrets and with other confidential and proprietary information concerning the members of the Company Group and their respective predecessors, successors, customers and suppliers, and that his services are of special, unique and extraordinary value to the Company. Executive acknowledges and agrees that the Company would not enter into this Agreement, providing for compensation and other benefits to Executive on the terms and conditions set forth herein but for Executive's agreements herein (including those set forth in <u>Section 6</u>). Furthermore, Executive acknowledges and agrees that the Company will be providing Executive with additional special knowledge after the Effective Date, with such special knowledge to include additional Confidential Information and trade secrets. Executive agrees that the covenants set forth in <u>Section 6</u> (collectively, the "<u>Restrictive Covenants</u>") are reasonable and necessary to protect the Company Group's trade secrets and other Confidential Information, proprietary information, good will, stable workforce and customer relations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Representations.** Without limiting the generality of Executive's agreement with the provisions of <u>Section 7(a)</u>, Executive (i) represents that he is familiar with and has carefully considered the Restrictive Covenants, (ii) represents that he is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company currently conducts business throughout the Restricted Area and (v) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above regardless of whether Executive is then entitled to receive severance pay or benefits from the Company. Executive understands that the Restrictive Covenants may limit his ability to earn a livelihood in a business similar to the business of the Company and its affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), Executive does not believe would prevent him from otherwise earning a living. Executive agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Enforcement.** Executive agrees that a breach by Executive of any of the Restrictive Covenants may cause immediate and irreparable harm to the Company or another member of the Company Group that would be difficult or impossible to measure, and that damages to the Company or the member of the Company Group for any such injury may therefore be an inadequate remedy for any such breach. Therefore, Executive agrees that in the event of any breach or threatened breach of any provision of the Restrictive Covenants, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement at law or otherwise, to seek to obtain from any court of competent jurisdiction specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the Restrictive Covenants, or require Executive to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of the Restrictive Covenants if and when final judgment of a court of competent jurisdiction is so entered against Executive. Executive further agrees that the applicable period of time any Restrictive Covenant is in effect following his last day of employment with the Company shall be extended by the same amount of time that Executive is in breach of any Restrictive Covenant.

**8. <u>Clawback</u>.** Executive acknowledges and agrees that any amounts payable hereunder are subject to any policy (whether currently in existence or later adopted) established by the Company or any member of the Company Group (if the latter is applicable to Executive) providing for the clawback or recovery of amounts that were paid to Executive in compliance with the rules of the Company's or any member of the Company Group's trading market at the time, including Nasdaq and/or the New York Stock Exchange ("NYSE"), as applicable.

**9. <u>Withholding Taxes/Authorized Deductions</u>.** Notwithstanding anything herein to the contrary, the Company may withhold (or cause to be withheld) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, social security, employment or other taxes as may be required to be withheld pursuant to any applicable law or regulation, and make such deductions as may be applicable pursuant to the Company's policies and employee benefit plans.

**10. <u>Cooperation</u>.** During the Period of Employment, the Notice Period (if applicable) and thereafter, Executive shall cooperate fully with any investigation or inquiry by the Company, or any governmental or regulatory agency or body concerning the Company or any other member of the Company Group, provided that the Company shall reimburse Executive's reasonable expenses incurred in providing such cooperation subject to Executive's delivery of written notice to the Company prior to the time such expenses are incurred.

**11. <u>Governing Law</u>.** This Agreement will be governed by and construed in accordance with the laws of the State of Minnesota without giving effect to any choice or conflict of law provision or rule (whether of the State of Minnesota) that would cause the application of the laws of any jurisdiction other than the State of Minnesota.

**12. <u>Consent to Jurisdiction</u>.** With the exception of any claims brought against any party arising out of or relating to <u>Section 6(c)</u>, all judicial proceedings brought against any party arising out of or relating to this Agreement, or any obligations or liabilities hereunder, shall be brought and maintained in the federal courts or state courts of competent subject matter jurisdiction located in the State of New York applying the laws of the State of Minnesota. By executing this Agreement, each party irrevocably: (a) accepts generally and unconditionally the exclusive jurisdiction and venue of such courts; (b) waives, to the fullest extent permitted by applicable law any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute; (c) agrees that service of all process in any such proceeding in any such court may be made by nationally recognized overnight courier or by registered or certified mail, return receipt requested, to such party at its address provided in accordance with <u>Section 18</u>; (d) agrees that service as provided in clause (c) above is sufficient to confer personal jurisdiction over the party in any such proceeding in any such court, and otherwise constitutes effective and binding service in every respect; (e) agrees that the parties retain the right to serve process in any other manner permitted by law but shall not have any right to bring proceedings against the other party in the courts of any other jurisdiction; and (f) agrees that the provisions of this <u>Section 12</u> relating to jurisdiction and venue shall be binding and enforceable to the fullest extent permissible under applicable law. Notwithstanding the foregoing, the Company may seek injunctive or equitable relief to enforce the terms of this Agreement in any court of competent jurisdiction.

**13. <u>Waiver of Jury Trial</u>.** Each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

**14. <u>Severability</u>.** It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under applicable law, such provision, as to such jurisdiction, shall be ineffective without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

**15. <u>Entire Agreement; Amendment</u>.** This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope and supersedes all prior agreements (including, without limitation, any offer letters, term sheets and correspondence relating thereto), whether written or oral, that directly or indirectly bear upon the subject matter hereof; provided, that nothing herein shall supersede any obligations of Executive or any member of the Company Group under any other agreements entered into by the Executive or any member of the Company Group, including, but not limited to, any restrictive covenant obligations set forth therein. This Agreement may not be amended, modified or changed (in whole or in part), except by written agreement executed by both of the parties hereto.

**16. <u>Waiver</u>.** No waiver of any provision of this Agreement will constitute or be deemed to constitute a waiver of any other provision of this Agreement, nor will any such waiver constitute a continuing wavier unless otherwise expressly provided.

**17. <u>Successors and Assigns</u>.** This Agreement can be assigned by the Company and shall be binding and inure to the benefit of the Company, its successors and assigns. No right, obligation or duty of this Agreement may be assigned by Executive without the prior written consent of the Company.

**18. <u>Notices</u>.** Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via electronic mail, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via electronic mail, five days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

If to the Company:

VisitIQ, LLC

729 N. Washington Ave

Suite 600

Minneapolis, MN 55401

Attention: Human Resources

With a copy (which shall not constitute notice) to:

Fredrikson & Byron, P.A.

60 S. Sixth Street <br> Suite 1500

Minneapolis, MN 55402-4400

Attention: Janet Dorr <br> Email: <u>jdorr@fredlaw.com</u> <br> Telephone: (612) 492-7155

If to Executive, to the address most recently on file in the payroll records of the Company.

**19. <u>Legal Counsel; Mutual Drafting</u>.** Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such language. Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

**20. <u>Counterparts</u>.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

*[Signatures on Following Page]*

**IN WITNESS WHEREOF**, the Company and Executive have executed this Agreement as of the date first written above.

"COMPANY"<br>**VISITIQ, LLC**<br>

---

| | |
|:---|:---|
| By: | ![](img062_v2.jpg) |
| Name: | Vincent DeVito |
| Title: | Managing Director |

---

---

| |
|:---|
| **"EXECUTIVE"** |
| ![](img063_v2.jpg) |
| Vernon Hanzlik |

---

[*Signature Page to Employment Agreement*]

**<u>EXHIBIT A</u>**

**EXCLUDED WORK PRODUCT**

---

| |
|:---|
| I have no inventions. |

| Additional sheets attached. |

---

---

| | | | |
|:---|:---|:---|:---|
| Executive: | ![](img064_v2.jpg) | Date: | 4/18/2025 |
|  | Vernon Hanzlik |  |  |

---

## Exhibit 10.5

**Exhibit 10.5**

**<u>FIRST AMENDMENT TO SECURITY <br> AGREEMENT</u>**

This FIRST AMENDMENT TO SECURITY AGREEMENT (the "**<u>Amendment</u>**") is dated effective as of the April 17, 2025 (the **"<u>Amendment Effective Date</u>**"), by VisitIQ Corp. a Nevada corporation (formerly known as Capstone Technologies Group, Inc., "**<u>VisitIQ Corp.</u>**"), VisitIQ, LLC, a Delaware limited liability company ("**<u>VisitIQ LLC</u>**", and together with VisitIQ Corp., each a "**<u>Borrower</u>**" and collectively, the "**<u>Borrowers</u>**"), each Subsidiary of VisitIQ Corp. party hereto from time to time, (such Subsidiaries, together with the Borrowers, each a "Grantor" and collectively, the "**<u>Grantors</u>**") in favor of Arena Investors, LP, in its capacity as collateral agent and investor representative on behalf of the Investors (as defined in the Note Purchase Agreements referred to below) (in such capacity, together with its successors and assigns in such capacity, the "**<u>Investor Representative</u>**").

<u>RECITALS</u>

**WHEREAS,** the Borrowers, Grantors and the Investor Representative, entered into and executed that certain Security Agreement, dated as of October 24, 2024 (such Security Agreement, together with all amendments, modifications, substitutions, or replacements thereof, collectively referred to as the **"<u>Security Agreement</u>**"), in connection with that certain Note Purchase Agreement, dated as of October 24, 2024 (the "**<u>2024 Note Purchase Agreement</u>**"), between the Borrowers, the Investor Representative and the Investors party thereto pursuant to which the Investors were issued by VisitIQ Corp. certain original issue discount senior secured convertible promissory notes (the "**<u>2024 Notes</u>**");

**WHEREAS**, the Borrowers, the Investor Representative and certain Investors party thereto, expect to enter into a Note Purchase Agreement, dated on or about the date hereof (the "**<u>2025 Note Purchase Agreement</u>**" and together with the 2024 Purchase Agreement**,** the "**<u>Note Purchase Agreements</u>**") pursuant to which the Investors party thereto will be issued by VisitIQ Corp. certain original issue discount senior secured convertible promissory notes (the "**<u>2025 Notes</u>**" and together with the 2024 Notes, the "**<u>Notes</u>**");

**WHEREAS,** in connection with the issuance of the entrance into the 2025 Note Purchase Agreement and the issuance of the 2025 Notes, the undersigned have agreed to amend the Security Agreement as provided herein.

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants of the parties hereinafter expressed and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, each intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Recitals</u>. The recitations set forth in the preamble of this Amendment are true and correct and incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Capitalized Terms</u>. All capitalized terms used in this Amendment shall have the same meaning ascribed to them in the Security Agreement, except as otherwise specifically set forth herein. In addition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conflicts</u>. In the event of any conflict or ambiguity by and between the terms and provisions of this Amendment and the terms and provisions of the Security Agreement, the terms and provisions of this Amendment shall control, but only to the extent of any such conflict or ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendments to Security Agreement</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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 1.1 of the Security Agreement is hereby deleted and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions, Generally. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings given to such terms in the Note Purchase Agreement or the Notes, and in the Note Purchase Agreement, among the Borrowers and the Grantor, dated as of April 17, and the original issue discount senior secured convertible notes issued thereto. Additionally, other capitalized terms that are not defined in the foregoing or defined herein, but are defined in the UCC, shall have the meanings given to them in the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Section 1.2 of the Security Agreement is hereby amended by deleting the definition of "Secured Obligations" therein and replacing it with the following:

"<u>Secured Obligations</u>" means the obligations of any and/or all of the Grantors from time to time arising under the Notes and the other Transaction Documents and the original issue senior secured convertible notes issued pursuant to that certain note purchase agreement, entered into on or above April 17, 2025, by the Borrowers, the Investor Representative and the investors party thereto (the "<u>2025 Notes</u>"), with respect to the due and prompt payment of (i) the principal of, and interest on, the Notes and the 2025 Notes, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, attorneys' fees and disbursements, reimbursement obligations and expenses and indemnities, whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise, including interest, fees and other amounts that accrue after the commencement by or against any Grantor of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether such interest, fees and other amounts are allowed claims in such proceeding, of such Grantor under or in respect of the Notes, the 2025 Notes and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Dissolution of DrivenIQ Corporation.</u> Investor Representative acknowledges that VisitIQ Corp. foreclosed on all assets of DrivenIQ Corporation ("**<u>DrivenIQ</u>**"), a corporation in which VisitIQ Corp. is majority shareholder, and assigned such assets to VisitIQ LLC. Investor Representative agrees that VisitIQ Corp. may cause DrivenIQ to be dissolved, releases DrivenIQ from any obligations under the Security Agreement, and waives any restrictions or other rights with respect to such dissolution under the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Waiver</u>. This Amendment, shall not be deemed or construed in any manner as a waiver by the Investor Representative or the Investor of any claims, Proceedings, defaults, Events of Default, breaches or misrepresentations by Borrowers under the 2024 Purchase Agreement, the 2024 Notes any other Transaction Documents (as defined in the 2024 Purchase Agreement), or any of Investors's rights or remedies in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Not a Novation</u>. This Amendment is a modification of the Security Agreement only and not a novation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Effect on Agreement and Transaction Documents</u>. Except as expressly amended by this Amendment, all of the terms and provisions of the Security Agreement and the Transaction Documents shall remain and continue in full force and effect after the execution of this Amendment, are hereby ratified and confirmed, and incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Execution</u>**.** This Amendment may be executed in one or more counterparts, all of which taken together shall be deemed and considered one and the same Amendment. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf' format file or other similar format file, such signature shall be deemed an original for all purposes and shall create a valid and binding obligation of the party executing same with the same force and effect as if such facsimile or ".pdf' signature page was an original thereof.

[*Signatures on the following page*]

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written.

---

| | |
|:---|:---|
| **<u>GRANTORS:</u>** | **<u>GRANTORS:</u>** |
| **VISITIQ CORP:** | **VISITIQ CORP:** |
| By: | ![](img065_v2.jpg) |
| Name: Vernon Hanzlik | Name: Vernon Hanzlik |
| Title: Chief Executive Officer<br>Address for Notices: | Title: Chief Executive Officer<br>Address for Notices: |
| VisitIQ Corp. | VisitIQ Corp. |
| 729 N. Washington Ave., | 729 N. Washington Ave., |
| Suite 600, Minneapolis, MN 55401<br> Attn: Vern Hanzlik | Suite 600, Minneapolis, MN 55401<br> Attn: Vern Hanzlik |
| Email: vern.hanzlik@visitiq.io | Email: vern.hanzlik@visitiq.io |
| **VISITIQ, LLC:** | **VISITIQ, LLC:** |
| By: | ![](img066_v2.jpg) |
| Name: Vernon Hanzlik | Name: Vernon Hanzlik |
| Title: Chief Executive Officer<br>Address for Notices: | Title: Chief Executive Officer<br>Address for Notices: |
| c/o VisitIQ Corp. | c/o VisitIQ Corp. |
| 729 N. Washington Ave., | 729 N. Washington Ave., |
| Suite 600, Minneapolis, MN 55401<br> Attn: Vern Hanzlik | Suite 600, Minneapolis, MN 55401<br> Attn: Vern Hanzlik |
| Email: vern.hanzlik@visitiq.io | Email: vern.hanzlik@visitiq.io |

---

**ACKNOWLEDGED AND AGREED AS OF**

**THE DATE FIRST WRITTEN ABOVE:**

**ARENA INVESTORS, LP,**

As Investor Representative

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](img067_v2.jpg) |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawrence Cutler |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |

---

Notice Details:

Arena Investors

2500 Westchester Avenue Suite 401

Purchase, NY 10577

Attn: Vincent DeVito

Email: vdevito@quaestoradvisors.com

[*Signature Page to the Amendment*]

## Exhibit 10.6

**Exhibit 10.6**

**<u>CONSULTING AGREEMENT</u>**

This Consulting Agreement (the ("Agreement"), dated as of April 17, 2025 (the "Effective Date"), is by and between VisitIQ Corp. (the "Company") and Arena Investors, LP ("Consultant"), and affiliates, acting in its capacity as Investment Manager, on behalf of clients, affiliates and managed accounts (collectively, the "Funds") (each of the Company and Consultant, referred to as a "Party" and collectively, the "Parties").

WHEREAS, the Company wishes to engage the services of Consultant to provide advice to the Company with, and not limited to, the business development of the Company; and

WHEREAS, the Company desires to formalize its agreement with Consultant, to retain the services of Consultant to perform services in accordance with the following terms and conditions, and to compensate the Consultant for services provided prior to the date hereof.

NOW THEREFORE, in consideration of the covenants and conditions set forth herein, the Parties, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Term</u>. Effective as of the Effective Date, the Company shall engage Consultant to provide the Services (as set forth in Section 2 of this Agreement) until the date this Agreement is terminated pursuant to Section 4 (the "Termination Date" and the period from the Effective Date through the Termination Date, the "Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services</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;a. The Consultant has provided and expects to provide the Company with the following services (the "Services"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 performance of financial analysis and key performance indicator design and the providing
 of advice related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. providing
 advice with respect to cash flow management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the
 performance of financial modeling and forecasting and the providing of advice related
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. providing
 advice with respect to product pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the
 providing of assistance with respect to presentation scripting for capital raising activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. the
 providing of introductions to investment banks, potential investors, and prospective
 customers;

VisitIQ Consulting Agreement <br> April 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. advice
 with respect to the evaluation of prospective board candidates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. assistance
 in interviewing sales and marketing professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. evaluating
 of merger and acquisition opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. advice
 with respect to strategic cost management initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. such
 other services as the Company and Consultant shall agree.

&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. Consultant shall report directly to the Company's Board, or such persons as are designated by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation.</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;a. Consultant shall receive no compensation for the Services other than as provided in Section 3(b).

&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. As compensation for the provision by the Consultant of the Services, the Funds hall be entitled, upon notice to the Company, to exchange their shares of Series B Convertible Preferred Stock of the Company (the "Series B") for Series C Convertible Preferred Stock of the Company (the "Series C"), by exchanging for every $0.75 of stated value of shares of Series B, $1.00 of stated value of shares of Series C, as set forth on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Termination</u>. This Agreement and Consultant's Services may be terminated by the Company or the Consultant upon ninety (90) days prior notice for any reason or no reason at all. Following termination, the Consultant shall make reasonable efforts in assisting the Company with the transition of any outstanding Services. Upon the termination of this Agreement and Consultant's Services, Consultant shall be entitled to any unpaid reimbursable expenses through the Termination Date and to effect the exchange described under Section 3(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Independent Contractor.</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;a. Consultant is and shall be deemed for all purposes to be an independent contractor. This Agreement is not an employment contract. Consequently, any fees shall not be deemed to be wages, and therefore, shall not be subject to any withholdings or deductions. The Consultant shall be responsible for all state, local and federal tax payments, estimated tax payments or other tax liabilities, as required for the Consultant.

&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. Nothing contained herein shall be construed to create a relationship of employer and employee between the Company and Consultant. Consultant shall have the sole discretion to determine the manner and means by which Consultant shall perform the Services, the hours of work, and when and where such Services are to be performed.

VisitIQ Consulting Agreement <br> April 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Services Non-Exclusive/Maintenance of Attorney-Client Privileges</u>. The Services to be provided by the Consultant hereunder are not and shall not be deemed to be exclusive to the Company, and Consultant shall be free to render similar services to others and to engage in all such activities as Consultant deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Confidential Information</u>. Consultant acknowledges that, during the Term, it may have access to and shall acquire Confidential Information (as defined below) regarding the business of the Company. Accordingly, Consultant agrees that, without the prior written consent of the Company, the Consultant shall not, at any time, disclose to any unauthorized person or otherwise use any such Confidential Information for any reason other than the business of the Company. If the Consultant is served with legal process (such as a subpoena) that (i) may touch upon, concern, or arise out of Confidential Information or (ii) otherwise require the Consultant to disclose any Confidential Information, the Consultant will as soon as reasonably practical notify the Company in writing, furnish the Company with a copy of such legal process and reasonably cooperate with the Company to protect the Confidential Information. Consultant agrees further to not discuss any Company business, including any Confidential Information with any member of the press or any non-potential investors in the Company, without first obtaining the approval of the Company. The Company shall pay all of the fees and expenses of the Consultant in connection with the Consultant addressing any legal, regulatory, litigation or similar request.

"Confidential Information" means non-public information concerning the operations, systems, services, personnel, marketing, financial affairs, tax returns and files, philosophies, strategies and techniques, client lists of the Company, personal or financial information of the Company's partners, officers, employees, or clients. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall limit the right of the Consultant or its members to approach any prospective investor or client of the Company to participate as an investor in another investment firm's investment fund or products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidentiality of Agreement</u>. Consultant agrees that the terms and conditions of this Agreement are confidential and that he will not disclose the existence of this Agreement, or the terms and conditions of this Agreement to any third parties, other than (i) to Consultant's attorneys, advisors, or accountants, <u>provided that</u> Consultant instructs such persons not to disclose the terms and conditions of this Agreement to any third party; or (ii) as required by law or as may be necessary to enforce this Agreement or to comply with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Modification</u>. It is the intention of the Parties that Sections 8 through 11 of this Agreement be enforced to the fullest extent possible permitted by law. In case any provision of Sections 8 through 11 of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or unenforceable as written, the Parties agree that the court shall modify and reform such provision to permit enforcement to the greatest extent permitted by law.

VisitIQ Consulting Agreement<br> April 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification.</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;a. The Company agrees that (i) the Consultant is only providing consulting services to the Company; and (ii) the Consultant (and/or any of its employees, or member, including any of their affiliates) as well as its designees to the Company's Board of Directors (collectively, the "Consultant Group"), shall have no liability to any of the Company, or any of its affiliates, investors, shareholders, officers, directors, employees, agents, or any other representatives related to the Consultant's services to the Company.

&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. The Company agrees to defend, indemnify and hold harmless the Consultant and the Consultant Group any of their affiliate and their officers, directors, employees, agents, successors and assigns, from and against any and all loses, damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fine, costs, or expenses of whatever kind (including reasonable attorney's fees) arising out of or resulting from, directly or indirectly, from the Consultant's work for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law, Venue and Jurisdiction.</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;a. This Agreement will be governed by and construed in accordance with the laws of the State of Nevada, without giving effect to the principles of conflicts of laws.

&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. Any dispute, controversy or claim arising out of or related to this Agreement, including but not limited to its existence, validity, interpretation, performance or non- performance, or breach, shall be decided by a single neutral arbitrator agreed upon by the parties, or if no agreement can be reached by the parties, selected as set forth in the rules of JAMS then in effect, and conducted pursuant to the commercial arbitration rules of JAMS then in effect. The arbitration shall be held in Manhattan, New York. The parties to any such arbitration shall be limited to the parties to this Agreement or any successor thereof. The written decision of the arbitrator shall be final and binding and may be entered and enforced in any court of competent jurisdiction. Each party waives any right to a jury trial in any such forum. The Company agrees to pay the fees and expenses of the arbitration for both parties including, without limitation, the enforcement of the arbitrator's decisions in a court of competent jurisdiction or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignability</u>. This Agreement, and the rights and obligations hereunder, may not be assigned by either Party without the express written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Effectiveness</u>. This Agreement shall be effective on the Effective Date subject to approval by counsel.

VisitIQ Consulting Agreement <br> April 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Entire Agreement; Amendment</u>. This Agreement may be amended only by a written instrument signed by the Parties. This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between the Parties with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Survival</u>. The Parties acknowledge that upon termination of this Agreement, Sections 8 of this Agreement shall survive for one year from the date of this Agreement and, 9, 10, 11, 13, 14, and 15 of this Agreement shall survive the termination of the Agreement and/or Consultant's Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices</u>. Any notices required to be given hereunder shall be deemed given if delivered by hand, overnight delivery service, or U.S. Postal Service, certified mail, as follows:

<u>If to Company</u>:

VisitIQ Corp.

729 Washington Ave. N <br> Suite 600

Minneapolis, MN 55401 <br> Attn: Vernon Hanzlik

Email:

<u>If to Arena Investors:</u>

Arena Investors, LP

2500 Westchester Avenue, Suite 401

Purchase, NY 10577 <br> Attention: Lawrence Cutler

<u>With a copy to:</u>

Praetor Legal Services, PLLC

420 Lexington Avenue, Suite 1402

New York, New York 10170

Attention: Thomas Amon/Daniel Blanks

Email:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

VisitIQ Consulting Agreement <br> April 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Section Headings; Construction</u>. The headings of Sections in this Agreement are provided for convenience only and will not affect the Agreement's construction or interpretation. All references to "Section" or "Sections" refer to the corresponding Section or Sections of this Agreement unless otherwise specified. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit the preceding words or terms.

*[Signature Page to Follow]*

VisitIQ Consulting Agreement<br> April 2025

**<u>SIGNATURE PAGE DRIVENIQ CORPORATION AND ARENA INVESTORS LP CONSULTING AGREEMENT</u>**

IN WITNESS WHEREOF, the parties have executed the Agreement as of the date and year first above written.

---

| | |
|:---|:---|
| VISITIQ CORP. | VISITIQ CORP. |
| By: | /s/ Vernon Hanzlik |
|  | Name: Vernon Hanzlik |
|  | Title: Chief Executive Officer |
| ARENA INVESTORS, LP | ARENA INVESTORS, LP |
| By: | /s/ Lawrence D. Cutler |
|  | Name: Lawrence D. Cutler |
|  | Title: Authorized Signatory |

---

## Exhibit 10.7

**Exhibit 10.7**

**VISITIQ CORP.**

**2025 INCENTIVE AWARD PLAN**

**Effective as of March 1, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *<u>Establishment of the Plan; Effective Date; Duration</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Establishment of the Plan; Effective Date</u>*. VisitIQ Corp., a Nevada corporation (the "<u>Company</u>"), hereby establishes this incentive compensation plan to be known as the "VisitIQ Corp. 2025 Incentive Award Plan," as amended from time to time (the "<u>Plan</u>"). The Plan permits the grant of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, Other Cash-Based Awards, Dividend Equivalents, and Performance Compensation Awards. The Plan shall become effective on the Effective Date. The Plan shall remain in effect as provided in Section 1(b) of the Plan. Capitalized but undefined terms shall have the meaning set forth in Section 3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Duration of the Plan</u>*. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board to amend or terminate the Plan at any time pursuant to Section 14. However, in no event may an Award be granted under the Plan on or after ten (10) years from the Effective Date; <u>provided</u>, <u>however</u>, that in the case of an Award that is an Incentive Stock Option, no Incentive Stock Option shall be granted on or after ten (10) years from the *earlier* of (i) the date the Plan is approved by the Board, and (ii) the date that the Company's stockholders approve the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *<u>Purpose</u>*. The purpose of the Plan is to provide a means through which the Company and its Affiliates may attract and retain key personnel and to provide a means whereby certain directors, officers, employees, consultants and advisors of the Company and its Affiliates can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may be measured by reference to the value of its Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *<u>Definitions</u>*. Certain terms used herein have the definitions given to them in the first instance in which they are used. In addition, for purposes of the Plan, the following terms are defined as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "*<u>Affiliate</u>*" means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "*<u>Applicable Law</u>*" means any applicable law, including without limitation: (i) provisions of the Code, and, to the extent applicable, if at all, the Securities Act and the Exchange Act and any rules or regulations thereunder, (ii) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether federal, state, local or foreign, and (iii) rules of any securities exchange or automated quotation system on which the Common Stock is listed, quoted or traded, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "*<u>Award</u>*" means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Awards, Other Cash-Based Awards, Dividend Equivalents, and/or Performance Compensation Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "*<u>Award Agreement</u>*" means a written agreement between a Participant and the Company which sets out the terms of the grant of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "*<u>Beneficial Owner</u>*" means any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares (i) voting power, which includes the power to vote, or to direct the voting of, any security, and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "*<u>Board</u>*" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "*<u>Cause</u>*" means, in the case of a particular Award, unless the applicable Award Agreement states otherwise, (i) the Company or an Affiliate having "cause" to terminate a Participant's employment or service, as defined in any employment or consulting or similar agreement between the Participant and the Company or an Affiliate in effect at the time of such termination, or (ii) in the absence of any such employment or consulting or similar agreement (or the absence of any definition of "Cause" contained therein), a Participant's (A) conviction of, or the entry of a plea of guilty or no contest to, a felony or any other crime that causes the Company or its Affiliates public disgrace or disrepute, or materially and adversely affects the Company's or its Affiliates' operations or financial performance or the relationship the Company has with its customers; (B) gross negligence or willful misconduct with respect to the Company or any of its Affiliates, including, without limitation, fraud, embezzlement, theft or proven dishonesty in the course of his employment or other service to the Company or an Affiliate; (C) refusal to perform any lawful, material obligation or fulfill any duty (other than any duty or obligation of the type described in clause (E) below) to the Company or its Affiliates (other than due to a Disability, which refusal, if curable, is not cured within 15 days after delivery of written notice thereof; (D) material breach of any agreement with or duty owed to the Company or any of its Affiliates, which breach, if curable, is not cured within 15 days after the delivery of written notice thereof; (E) any breach of any obligation or duty to the Company or any of its Affiliates (whether arising by statute, common law or agreement) relating to confidentiality, noncompetition, nonsolicitation and/or proprietary rights (in each case, to the extent enforceable under applicable law), or (F) material violation or breach of the documented code of ethics, code of conduct or similar document of the Company or an Affiliate or fiduciary duties to the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "*<u>Change in Contro</u>l*" shall, in the case of a particular Award, unless the applicable Award Agreement states otherwise or contains a different definition of "Change in Control," be deemed to occur upon any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person (other than (A) the Company or any of its Affiliates, (B) any trustee or other fiduciary holding securities under any employee benefit plan of the Company or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common Stock) becomes the Beneficial Owner directly or indirectly, by way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the total voting power of the then outstanding voting securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a merger or consolidation of the Company with any other company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consummation of a plan of complete liquidation of the Company or the sale or disposition by the Company of all or substantially all the Company's assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other event specified as a "Change in Control" in an applicable Award Agreement.

Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral of compensation that is subject to Code Section 409A, to the extent required to avoid the imposition of additional taxes under Code Section 409A, the transaction or event described in subsection (i), (ii), (iii), or (iv) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a "change in control event," as defined in Treasury Regulation Section 1.409A-3(i)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "*<u>Claim</u>*" means any claim, liability or obligation of any nature, arising out of or relating to the Plan or an alleged breach of the Plan or an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "*<u>Code</u>*" means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any Code section shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "*<u>Committee</u>*" means a committee of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed by the Board, the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "*<u>Common Stock</u>*" means shares of the Company's common stock, par value $0.001 per share (and any stock or other securities into which such shares may be converted or into which they may be exchanged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "*<u>Company</u>*" means VisitIQ Corp., a Nevada corporation or its successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "*<u>Date of Gran</u>t*" means the date on which the granting of an Award is authorized, or such other date as may be specified in such authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "*<u>Disability</u>*" means, in the case of a particular Award, unless the applicable Award Agreement states otherwise, (i) the Participant's "disability," as defined in any employment or consulting or similar agreement between the Participant and the Company or an Affiliate in effect at the time of such termination, or (ii) in the absence of any such employment or consulting or similar agreement (or the absence of any definition of "Disability" contained therein), the Participant's permanent and total disability as defined in Code Section 22(e)(3). A determination of Disability may be made by a physician selected or approved by the Committee, and, in this respect, the Participant shall submit to any reasonable examination(s) required by such physician upon request. Notwithstanding the foregoing, in the event that the applicable Award is considered to be "non-qualified deferred compensation" as defined in Code Section 409A, then, in lieu of the foregoing definition, and to the extent necessary to comply with Code Section 409A, the definition of "Disability" for purposes of such Award shall be the definition of "disability" provided for under Code Section 409A and the regulations or other guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "*<u>Dividend Equivalent</u>*" means a right awarded under Section 11 to receive the equivalent value (in cash or Common Stock) of ordinary dividends that would otherwise be paid on the Common Stock subject to an Award that is a full-value award but that have not been issued or delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "*<u>Effectiv</u>*<u>e *Date*</u>" shall mean the date on which the Board has approved and adopted the Plan, which is the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "*<u>Eligible Person</u>*" with respect to an Award denominated in Common Stock, means any (i) individual employed by the Company or an Affiliate; (ii) member of the Board or a member of the board of directors or managers of an Affiliate of the Company; (iii) consultant or advisor to the Company or an Affiliate; <u>provided</u> that if the Securities Act applies, such persons must be eligible to be offered securities registrable on Form S-8 under the Securities Act; or (iv) prospective employees, directors, officers, consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through (iii) above once he begins employment with or begins providing services to the Company or its Affiliates, provided that the Date of Grant of any Award to such individual shall not be prior to the date he or she begins employment with or begins providing services to the Company or its Affiliates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "*<u>Exchange Ac</u>t*" means the U.S. Securities Exchange Act of 1934, as it may be amended from time to time, including the rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "*<u>Exercise Price</u>*" has the meaning given such term in Section 7(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "*<u>Fair Market Value</u>*" means, as of any date, the value of Common Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Common Stock are listed on any established stock exchange or a national market system, the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in *The Wall Street Journal* or such other source as the Committee deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Common Stock are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Common Stock will be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in *The Wall Street Journal* or such other source as the Committee deems reliable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Committee (acting on the advice of an Independent Third Party, should the Committee elect in its sole discretion to utilize an Independent Third Party for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding the foregoing, the determination of Fair Market Value in all cases shall be in accordance with the requirements set forth under Code Section 409A to the extent necessary for an Award to comply with, or be exempt from, Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "*<u>Immediate Family Members</u>*" means, with respect to a Participant, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of the Participant, any person sharing the Participant's household (other than a tenant or employee), a trust in which any of the foregoing have more than 50% of the beneficial interest, a foundation in which any of the foregoing (or the Participant) control the management of assets, and any other entity in which any of the foregoing (or the Participant) own more than 50% of the voting interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "*<u>Incentive Stock Option</u>*" means an Option that is designated by the Committee as an incentive stock option as described in Code Section 422 and otherwise meets the requirements set forth in the Plan for incentive stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "*<u>Indemnifiable Person</u>*" shall have the meaning set forth in Section 4(e) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "*<u>Independent Third Party</u>*" means an individual or entity independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes of the Plan. The Committee may utilize one or more Independent Third Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *"<u>Mature Share</u>s*" means Common Stock owned by a Participant that are not subject to any pledge or security interest and that meet such other requirements, if any, as the Committee may determine are necessary in order to avoid an accounting earnings charge on account of the use of such shares to pay the Exercise Price or satisfy a tax or deduction obligation of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "*<u>Nonqualified Stock Option</u>*" means an Option that is not designated by the Committee as an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "*<u>Option</u>*" means an Award granted under Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "*<u>Option Period</u>*" has the meaning given such term in Section 7(c) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "*<u>Other Cash-Based Award</u>*" means a cash Award granted to a Participant under Section 10 of the Plan, including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "*<u>Other Stock-Based Award</u>*" means an equity-based or equity-related Award, other than an Option, SAR, Restricted Stock, Restricted Stock Unit or Dividend Equivalent, granted in accordance with the terms and conditions set forth under Section 10 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "*<u>Participan</u>t*" means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to Section 6 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "*<u>Performance Compensation Award</u>*" shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "*<u>Performance Criteria</u>*" shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan pursuant to Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "*<u>Performance Formula</u>*" shall mean, for a Performance Period, the one or more formulae applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the applicable Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "*<u>Performance Goals</u>*" shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria pursuant to Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "*<u>Performance Period</u>*" shall mean the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant's right to, and the payment of, a Performance Compensation Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "*<u>Permitted Transferee</u>*" shall have the meaning set forth in Section 15(b)(ii) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "*<u>Person</u>*" means any individual, partnership, corporation, limited liability company, trust, joint venture, unincorporated association, or other entity or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "*<u>Plan</u>*" means this VisitIQ Corp. 2025 Incentive Award Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "*<u>Restricted Period</u>*" means the period of time determined by the Committee during which an Award is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "*<u>Restricted Stock Uni</u>t*" means an unfunded and unsecured promise to deliver Common Stock, cash, other securities or other property, subject to certain performance or time-based restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "*<u>Restricted Stock</u>*" means a share of Common Stock, subject to certain specified performance or time-based restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "*<u>SAR Period</u>*" has the meaning given such term in Section 8(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "*<u>Securities Ac</u>t*" means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, rules, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "*<u>Stock Appreciation Righ</u>t*" or *"<u>SAR</u>"* means an Award granted under Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "*<u>Strike Price</u>*" means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value on the Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "*<u>Subsidiary</u>*" means, with respect to any specified Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any corporation, association or other business entity of which more than 50% of the total voting power of shares (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders' agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any partnership (or any comparable foreign entity (A) the sole general partner (or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

To the extent applicable, "Subsidiary" shall have the meaning set forth in Code Section 424(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "*<u>Substitute Award</u>*" has the meaning given such term in Section 5(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *<u>Administration</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee shall administer the Plan. To the extent required to comply with Applicable Law, including, to the extent it applies, the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be a "non-employee director" within the meaning of Rule 16b-3 of the Exchange Act; <u>provided</u>, <u>however</u>, that the fact that a Committee member shall fail to qualify as such shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the Plan and Applicable Law, the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants, (ii) determine the type or types of Awards to be granted to a Participant, (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards, (iv) determine the terms and conditions of any Award, (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Common Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended, (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Stock, other securities, other Awards or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee, (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan, (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan, (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards, and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan, in each case, to the extent consistent with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a matter of law, except, to the extent the Exchange Act applies, for grants of Awards to persons subject to Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No member of the Board, the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an "<u>Indemnifiable Person</u>") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys' fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company's approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person; <u>provided</u> that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person's bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's Articles of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company's Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the sake of clarity, it is the intention of the Committee that Awards granted under the Plan and any Award Agreement be granted pursuant to Applicable Law, and, where applicable, exemptions from registration requirements, including, without limitation, Rule 701 of the Securities Act, adopted pursuant to Section 3(b) of the Securities Act, and Section 4(a)(2) of the Securities Act. The Plan, together with any Award Agreement hereunder, is intended to constitute a plan for purposes of Rule 701 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *<u>Grant of Awards; Shares Subject to the Plan; Limitations</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may, from time to time, grant Awards to one or more Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to adjustment as provided in Section 13 of the Plan, the maximum number of Common Stock that may be delivered in satisfaction of Awards under the Plan as of the Effective Date is 10,000,000 shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that (i) any Option or other Award granted hereunder is exercised through the tendering of Common Stock (either actually or by attestation) or by the withholding of Common Stock by the Company, or (ii) tax or deduction liabilities arising from such Option or other Award are satisfied by the tendering of Common Stock (either actually or by attestation) or by the withholding of Common Stock by the Company, then in each such case the Common Stock so tendered or withheld shall be added to the Common Stock available for grant under the Plan on a one-for-one basis. Common Stock underlying Awards under the Plan that are forfeited, canceled, expire unexercised, or are settled in cash shall also be available again for issuance as Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or with which the Company combines ("<u>Substitute Awards</u>"). The number of Common Stock underlying any Substitute Awards shall not be counted against the aggregate number of Common Stock available for Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *<u>Eligibility</u>*. Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification from the Committee or from a person designated by the Committee, that they have been selected to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *<u>Options</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Generally</u>*. Each Option granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company). Each Option so granted shall be subject to the conditions set forth in this Section 7 and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Subject to Section 13, the maximum aggregate number of Common Stock that may be issued through the exercise of Incentive Stock Options granted under the Plan is the number of Common Stock specified in Section 5(b) above. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Code Section 422(b)(1) ; <u>provided</u> that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Code Section 422. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Exercise Price</u>*. Except with respect to Substitute Awards, the exercise price ("<u>Exercise Price</u>") per Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; <u>provided</u>, <u>however</u>, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares representing more than 10% of the total combined voting power of all classes of shares of the Company or any related corporation (as determined in accordance with Treasury Regulation Section 1.422-2(f)), the Exercise Price per share shall not be less than 110% of the Fair Market Value per share on the Date of Grant and <u>provided</u>, <u>further</u>, that, notwithstanding any provision herein to the contrary, the Exercise Price shall not be less than the par value per one (1) share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Vesting and Expiration</u>*. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten (10) years, as may be determined by the Committee (the "<u>Option Period</u>"); <u>provided</u>, <u>howeve</u>r, that the Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns shares representing more than 10% of the total combined voting power of all classes of shares of the Company or any related corporation (as determined in accordance with Treasury Regulation Section 1.422-2(f)); <u>provided</u>, <u>further</u>, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. If the Option would expire at a time when the exercise of the Option would violate applicable securities laws, the expiration date applicable to the Option will be automatically extended to a date that is 30 calendar days following the date such exercise would no longer violate applicable securities laws (so long as such extension shall not violate Code Section 409A); <u>provided</u>, that in no event shall such expiration date be extended beyond the expiration of the Option Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Method of Exercise and Form of Paymen</u>t*. No shares of Common Stock shall be delivered pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any taxes required to be withheld or paid upon exercise of such Option. Options that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Option, accompanied by payment of the Exercise Price. The Exercise Price with respect to each Option shall be payable as determined by the Committee, including (i) in cash, check, cash equivalent and/or Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of Common Stock in lieu of actual delivery of such shares to the Company); <u>provided</u> that such Common Stock are not subject to any pledge or other security interest and are Mature Shares; and (ii) by such other method as the Committee may permit in accordance with Applicable Law, in its sole discretion, including without limitation: (A) in other property having a Fair Market Value on the date of exercise equal to the Exercise Price, (B) if there is a public market for the Common Stock at such time, by means of a broker-assisted "cashless exercise" pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price, or (C) by a "net exercise" method whereby the Company withholds from the delivery of the Common Stock for which the Option was exercised that number of Common Stock having a Fair Market Value equal to the aggregate Exercise Price for the Common Stock for which the Option was exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Notification upon Disqualifying Disposition of an Incentive Stock Option</u>*. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (i) two (2) years after the Date of Grant of the Incentive Stock Option or (ii) one (1) year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Compliance With Laws, etc</u>*. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, any other Applicable Law, the applicable rules and regulations of the Securities and Exchange Commission, or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, or cause the Option or the Plan to fail to qualify for any applicable exemption from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *<u>Stock Appreciation Rights</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Generally</u>*. Each SAR granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR so granted shall be subject to the conditions set forth in this Section 8 and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award SARs to Eligible Persons independent of any Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Strike Price</u>*. The Strike Price per Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Vesting and Expiration</u>*. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed 10 years, as may be determined by the Committee (the "<u>SAR Period</u>"); <u>provided</u>, <u>however</u>, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability. If the SAR would expire at a time when the exercise of the SAR would violate applicable securities laws, the expiration date applicable to the SAR will be automatically extended to a date that is 30 calendar days following the date such exercise would no longer violate applicable securities laws (so long as such extension shall not violate Code Section 409A); <u>provided</u>, that in no event shall such expiration date be extended beyond the expiration of the SAR Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Method of Exercise</u>*. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Payment</u>*. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that are being exercised, multiplied by the excess, if any, of the Fair Market Value of one (1) share of Common Stock on the exercise date over the Strike Price, less an amount equal to any taxes required to be withheld or paid. The Company shall pay such amount in cash, in Common Stock having a Fair Market Value equal to such amount, or any combination thereof, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *<u>Restricted Stock and Restricted Stock Units</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Generally</u>*. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each such grant shall be subject to the conditions set forth in this Section 9 and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Restricted Accounts; Escrow or Similar Arrangemen</u>t*. With respect to any Award of Restricted Stock, pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement, the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including, without limitation, the right to vote such Restricted Stock and the right to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any share certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Vesting</u>*. Unless otherwise provided by the Committee in an Award Agreement the unvested portion of Restricted Stock and Restricted Stock Units shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Delivery of Restricted Stock and Settlement of Restricted Stock Unit</u>s*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired or, if applicable, shall register such shares in the Participant's name without any such restrictions. Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in Common Stock having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends (except as otherwise set forth by the Committee in the applicable Award Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one (1) share of Common Stock for each such outstanding Restricted Stock Unit; <u>provided</u>, <u>however</u>, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part Common Stock in lieu of delivering only Common Stock in respect of such Restricted Stock Units or (B) defer the delivery of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation of Applicable Law until such time as is no longer the case, so long as such deferral does not violate Code Section 409A. If a cash payment is made in lieu of delivering Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units, less an amount equal to any taxes required to be withheld or paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *<u>Other Stock-Based Awards and Other Cash-Based Awards</u>*..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Other Stock-Based Awards</u>.* The Committee may grant types of equity-based or equity-related Awards not otherwise described by the terms of the Plan (including the grant or offer for sale of Mature Shares), in such amounts and subject to such terms and conditions, as the Committee shall determine. Such Other Stock-Based Awards may involve the transfer of actual Common Stock to Participants, or payment in cash or otherwise of amounts based on the value of Common Stock. The terms and conditions of such Awards shall be consistent with the Plan and set forth in the Award Agreement and need not be uniform among all such Awards or all Participants receiving such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Other Cash-Based Awards</u>*. The Committee may grant a Participant a cash Award not otherwise described by the terms of the Plan, including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Value of Awards</u>*. Each Other Stock-Based Award shall be expressed in terms of Common Stock or units based on Common Stock, as determined by the Committee, and each Other Cash-Based Awards shall be expressed in terms of cash, as determined by the Committee. The Committee may establish Performance Goals in its discretion pursuant to Section 12, and any such Performance Goals shall be set forth in the applicable Award Agreement. If the Committee exercises its discretion to establish Performance Goals, the number and/or value of Other Stock-Based Awards or Other Cash-Based Awards that will be paid out to the Participant will depend on the extent to which such Performance Goals are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Payment of Awards</u>*. Payment, if any, with respect to an Other Stock-Based Award or Other Cash-Based Award shall be made in accordance with the terms of the Award, as set forth in the Award Agreement, in cash, Common Stock or a combination of cash and Common Stock, as the Committee determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Vesting</u>*. The Committee shall determine the extent to which the Participant shall have the right to receive Other Stock-Based Awards or Other Cash-Based Awards following the Participant's termination of employment or service (including by reason of such Participant's death, Disability or termination without Cause). Such provisions shall be determined in the sole discretion of the Committee and will be included in the applicable Award Agreement but need not be uniform among all Other Stock-Based Awards or Other Cash-Based Awards issued pursuant to the Plan and may reflect distinctions based on the reasons for the termination of employment or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *<u>Dividend Equivalents</u>*. No adjustment shall be made in the Common Stock issuable or taken into account under Awards on account of cash dividends that may be paid or other rights that may be issued to the holders of Common Stock prior to issuance of such Common Stock under such Award. The Committee may grant Dividend Equivalents based on the dividends declared on Common Stock that are subject to any Award (other than an Option or Stock Appreciation Right). Any Award of Dividend Equivalents may be credited as of the dividend payment dates, during the period between the Date of Grant of the Award and the date the Award becomes payable or terminates or expires, as determined by the Committee; <u>provided</u>, <u>however</u>, that Dividend Equivalents shall not be payable unless and until the Award becomes payable, and shall be subject to forfeiture to the same extent as the underlying Award. Dividend Equivalents may be subject to any additional limitations and/or restrictions determined by the Committee, including any limitations or restrictions required for compliance with Code Section 409A. Dividend Equivalents shall be payable in cash, Common Stock or converted to full-value Awards, calculated based on such formula, as may be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *<u>Performance Compensation Awards</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Generally</u>*. The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10 of the Plan, to designate such Award as a Performance Compensation Award. The Committee shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award. Unless otherwise determined by the Committee, all Performance Compensation Awards shall be evidenced by an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Discretion of Committee with Respect to Performance Compensation Award</u>s*. The Committee shall have the discretion to establish the terms, conditions and restrictions of any Performance Compensation Award. With regard to a particular Performance Period, the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply and the Performance Formula.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Performance Criteria</u>*. The Committee may establish Performance Criteria that will be used to establish the Performance Goal(s) for Performance Compensation Awards which may be based on the attainment of specific levels of performance of the Company (and/or one or more Affiliates, divisions, business segments or operational units, or any combination of the foregoing) and may include, without limitation, any of the following: (i) net earnings or net income (before or after taxes), (ii) basic or diluted earnings per share (before or after taxes), (iii) revenue or revenue growth (measured on a net or gross basis), (iv) gross profit or gross profit growth, (v) operating profit (before or after taxes), (vi) return measures (including, but not limited to, return on assets, capital, invested capital, equity, or sales), (vii) cash flow (including, but not limited to, operating cash flow, free cash flow, net cash provided by operations and cash flow return on capital), (viii) financing and other capital raising transactions (including, but not limited to, sales of the Company's equity or debt securities), (ix) earnings before or after taxes, interest, depreciation and/or amortization, (x) gross or operating margins, (xi) productivity ratios, (xii) share price (including, but not limited to, growth measures and total stockholder return), (xiii) expense targets, (xiv) margins, (xv) productivity and operating efficiencies, (xvi) customer satisfaction, (xvii) customer growth, (xviii) working capital targets, (xix) measures of economic value added, (xx) inventory control, (xxi) enterprise value, (xxii) sales, (xxiii) debt levels and net debt, (xxiv) combined ratio, (xxv) timely launch of new facilities, (xxvi) client retention, (xxvii) employee retention, (xxviii) timely completion of new product rollouts, (xxix) cost targets, (xxx) reductions and savings, (xxxi) productivity and efficiencies, (xxxii) strategic partnerships or transactions, (xxxiii) personal targets, goals or completion of projects, and (xxxiv) such other criteria as established by the Committee in its discretion from time to time. Any one or more of the Performance Criteria may be used on an absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of a selected group of comparable or peer companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. Any Performance Criteria that are financial metrics, may be determined in accordance with United States Generally Accepted Accounting Principles ("<u>GAAP</u>") or may be adjusted when established to include or exclude any items otherwise includable or excludable under GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Modification of Performance Goal(s</u>)*. The Committee is authorized at any time to adjust or modify the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect any specified circumstance or event that occurs during a Performance Period, including but not limited to the following: (i) asset write-downs, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results, (iv) any reorganization and restructuring programs, (v) unusual and/or infrequently occurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to stockholders for the applicable year, (vi) acquisitions or divestitures, (vii) discontinued operations, (viii) any other specific unusual or infrequently occurring or non-recurring events, or objectively determinable category thereof, (ix) foreign exchange gains and losses, and (x) a change in the Company's fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Terms and Condition to Receipt of Payment</u>*. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed or engaged (as applicable) by the Company or its applicable Affiliate on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. Unless otherwise determined by the Committee, a Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (i) the Performance Goals for such period are achieved, and (ii) all or some of the portion of such Participant's Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals. Following the completion of a Performance Period, the Committee shall determine whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate the amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the amount of each Participant's Performance Compensation Award actually payable for the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *<u>Changes in Capital Structure and Similar Events</u>*. In the event of (a) any dividend (other than ordinary cash dividends) or other distribution (whether in the form of cash, Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation, spin-off, split-up, split-off, combination, repurchase or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the Common Stock, or (b) unusual or infrequently occurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable, subject to the requirements of Code Sections 409A, 421, and 422, if applicable, including without limitation any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adjusting any or all of (i) the number of Common Stock or other securities of the Company (or number and kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of the Plan), and (ii) the terms of any outstanding Award, including, without limitation, (A) the number of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (B) the Exercise Price or Strike Price with respect to any Award, or (C) any applicable performance measures (including, without limitation, Performance Criteria and Performance Goals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) providing for a substitution or assumption of Awards in a manner that substantially preserves the applicable terms of such Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) accelerating the exercisability or vesting of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise prior to the occurrence of such event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) modifying the terms of Awards to add events, conditions or circumstances (including termination of employment within a specified period after a Change in Control) upon which the exercisability or vesting of or lapse of restrictions thereon will accelerate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) deeming any performance measures (including, without limitation, Performance Criteria and Performance Goals) satisfied at target, maximum or actual performance through closing or such other level determined by the Committee in its sole discretion, or providing for the performance measures to continue (as is or as adjusted by the Committee) after closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) providing that for a period prior to the Change in Control determined by the Committee in its sole discretion, any Options or SARs that would not otherwise become exercisable prior to the Change in Control will be exercisable as to all Common Stock subject thereto (but any such exercise will be contingent upon and subject to the occurrence of the Change in Control and if the Change in Control does not take place after giving such notice for any reason whatsoever, the exercise will be null and void) and that any Options or SARs not exercised prior to the consummation of the Change in Control will terminate and be of no further force and effect as of the consummation of the Change in Control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) cancelling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Common Stock, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per Common Stock received or to be received by other stockholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor); <u>provided</u>, <u>however</u>, that in the case of any "equity restructuring" (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718 or any successor provision), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be final, conclusive and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *<u>Amendments and Termination</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Amendment and Termination of the Plan</u>*. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; <u>provided</u> that no such amendment, alteration, suspension, discontinuation or termination shall be made without stockholder approval (but only if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the Common Stock may be listed or quoted)); <u>provided</u>, <u>further</u>, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not be effective without the consent of the affected Participant, holder or beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Amendment of Award Agreements; Repricing</u>*. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively; <u>provided</u> that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not be effective without the consent of the affected Participant, unless the Committee determines, in its sole discretion, that the amendment is necessary for the Award to comply with Code Section 409A. In addition, the Committee shall, without the approval of the stockholders of the Company, have the authority to reduce the exercise price per share of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share that is less than the exercise price per share of the original Options or Stock Appreciation Rights, provided that such action complies with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *<u>Genera</u>l*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Award Agreements</u>*. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability or termination of employment or service of a Participant, or of such other events as may be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Nontransferability</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;(i) Each Award shall be exercisable only by a Participant during the Participant's lifetime, or, if permissible under Applicable Law, by the Participant's legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; <u>provided</u> that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to: (A) any person who is an Immediate Family Member of the Participant, (B) a trust solely for the benefit of the Participant and his Immediate Family Members; (C) a partnership or limited liability company whose only partners or stockholders are the Participant and his Immediate Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award Agreement (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as, a "<u>Permitted Transferee</u>"); <u>provided</u> that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the Participant's employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Tax Withholding and Deductions</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;(i) A Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby authorized to deduct and withhold, from any cash, Common Stock, other securities or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Stock, other securities or other property) of any required taxes (up to the maximum statutory rate under Applicable Law as in effect from time to time as determined by the Committee) and deduction in respect of an Award, its grant, vesting or exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing tax and deduction liability by (A) the delivery of Common Stock (which are not subject to any pledge or other security interest and are Mature Shares, except as otherwise determined by the Committee) owned by the Participant having a Fair Market Value equal to such liability, or (B) having the Company withhold from the number of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value equal to such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>No Claim to Awards; No Rights to Continued Employment; Waiver</u>*. No employee or other service provider of the Company or an Affiliate, or other person, shall have any Claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. A Participant's sole remedy for any Claim related to the Plan or any Award shall be against the Company, and no Participant shall have any Claim or right of any nature against any Subsidiary or Affiliate of the Company or any stockholder or existing or former director, officer or employee of the Company or any Subsidiary of the Company. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee's determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting or other service provider relationship, free from any liability or any Claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any Claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, notwithstanding any provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates and the Participant, whether any such agreement is executed before, on or after the Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>International Participant</u>s*. With respect to Participants who reside or work outside of the United States of America, the Committee may in its sole discretion amend the terms of the Plan or outstanding Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment and, in furtherance of such purposes the Committee may make such modifications, amendments, procedures, sub-plans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Designation and Change of Beneficiary</u>*. Each Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; <u>provided</u>, <u>however</u>, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant's death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his spouse or, if the Participant is unmarried at the time of death, his estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>Termination of Employment/Service</u>*. Unless determined otherwise by the Committee at any time following such event and subject to Section 15(r) of the Plan: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or service with the Company or an Affiliate, and (ii) if a Participant's employment with the Company and its Affiliates terminates, but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or vice-versa), such change in status shall not be considered a termination of employment with the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *<u>No Rights as a Stockholder</u>*. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall be entitled to the privileges of ownership in respect of Common Stock or other securities that are subject to Awards hereunder until such shares have been issued or delivered to that person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Government and Other Regulations</u>*. The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Common Stock or other securities pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the Common Stock or other securities to be offered or sold under the Plan. The Committee shall have the authority to provide that all certificates for Common Stock or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such shares or other securities are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *<u>Payments to Persons Other Than Participants</u>*. If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior Claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *<u>Nonexclusivity of the Plan</u>*. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *<u>No Trust or Fund Created</u>*. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees or service providers under general law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *<u>Reliance on Reports</u>*. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any agent of or service provider to the Company or the Committee or the Board, other than himself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *<u>Relationship to Other Benefits</u>*. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *<u>Governing Law</u>*. The Plan shall be governed by and construed in accordance with the internal laws of the State of Minnesota applicable to contracts made and performed wholly within the State of Minnesota, without giving effect to the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *<u>Severability</u>*. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the Applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *<u>Obligations Binding on Successors</u>*. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *<u>Code Section 409A</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;(i) Notwithstanding any provision of the Plan to the contrary, all Awards made under the Plan are intended to be exempt from or, in the alternative, comply with Code Section 409A and the authoritative guidance thereunder, including the exceptions for stock rights and short-term deferrals. The Plan shall be construed and interpreted in accordance with such intent. Each payment under an Award shall be treated as a separate payment for purposes of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a Participant is a "specified employee" (as such term is defined for purposes of Code Section 409A) at the time of his termination of employment or service, no amount that is nonqualified deferred compensation subject to Code Section 409A and that becomes payable by reason of such termination of service shall be paid to the Participant (or in the event of the Participant's death, the Participant's representative or estate) before the earlier of (A) the first (1<sup>st</sup>) business day after the date that is six (6) months following the date of the Participant's termination of service, and (B) within 30 days following the date of the Participant's death. For purposes of Code Section 409A, a termination of service shall be deemed to occur only if it is a "separation from service" within the meaning of Code Section 409A, and references in the Plan and any Award Agreement to "termination of service" or similar terms shall mean a "separation from service." If any Award is or becomes subject to Code Section 409A, unless the applicable Award Agreement provides otherwise, such Award shall be payable upon the Participant's "separation from service" within the meaning of Code Section 409A. If any Award is or becomes subject to Code Section 409A and if payment of such Award would be accelerated or otherwise triggered under a Change in Control, then the definition of Change in Control shall be deemed modified, only to the extent necessary to avoid the imposition of any additional tax under Code Section 409A, to mean a "change in control event" as such term is defined for purposes of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any adjustments made pursuant to Section 13 to Awards that are subject to Code Section 409A shall be made in compliance with the requirements of Code Section 409A, and any adjustments made pursuant to Section 13 to Awards that are not subject to Code Section 409A shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Code Section 409A or (B) comply with the requirements of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *<u>Expenses; Gender; Titles and Headings</u>*. The expenses of administering the Plan shall be borne by the Company and its Affiliates. Masculine pronouns and other words of masculine gender shall refer to persons of any gender. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *<u>Other Agreements</u>*. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of Common Stock or other securities under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *<u>Payments</u>.* Participants shall be required to pay, to the extent required by Applicable Law, any amounts required to receive Common Stock or other securities under any Award made under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *<u>Erroneously Awarded Compensation</u>*. All Awards shall be subject (including on a retroactive basis) to (i) any clawback, forfeiture or similar incentive compensation recoupment policy established from time to time by the Company, including, without limitation, any such policy established to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, (ii) Applicable Law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), and/or (iii) if applicable, the rules and regulations of the applicable securities exchange or inter-dealer quotation system on which the Common Stock or other securities are listed or quoted, and such requirements shall be deemed incorporated by reference into all outstanding Award Agreements.

**<u>Annex A</u>**

(Provisions Applicable to Awards Issued in California)

To the extent not in accordance with the foregoing, the following shall govern all Awards granted or sold to Participants under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;1. Options shall be exercisable for not more than 120 months from the applicable Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;2. Awards granted pursuant to the Plan shall not be transferred other than by will, by the laws of
descent and distribution, or to a revocable trust, or as permitted by Rule 701 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;3. The number of shares of Common Stock subject to any Award, the Exercise Price of any Option, and
the Strike Price of any SAR, shall be proportionally adjusted in the event of a stock split, reverse stock split, stock dividend,
recapitalization, combination, reclassification, or other distribution of the Company's equity securities. without the receipt
of consideration by the Company, of or on the Company's class or series of securities underlying the Award.

&nbsp;&nbsp;&nbsp;&nbsp;4. Unless a Participant's employment is service is terminated for Cause, the right to exercise
an Option in the event of such termination, to the extent the Participant is entitled to exercise on the date of termination, shall
continue until the earlier of (i) the end of the applicable Option Period, (ii) at least twelve (12) months from the date of termination
if caused by death or Disability, or (iii) at least three (3) months from the date of termination if other than due to death or
Disability.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan must be approved by the majority of the outstanding securities of the Company entitled
to vote by the later of (i) within 12 months before or after the date the Plan is adopted, or (ii) prior to or within 12 months
of the granting of any Award to a Participant in California. Any Award granted to a Participant in California that is exercised
before security holder approval is obtained will be rescinded if security holder approval is not obtained in the manner described
in the preceding sentence. Such securities shall not be counted in determining whether such approval is obtained.

&nbsp;&nbsp;&nbsp;&nbsp;6. No Award may be granted more than 10 years from the date the Plan is adopted, or the date the Plan
is approved by the Company's security holders, whichever is earlier.

## Exhibit 10.8

**Exhibit 10.8**

**NOTE PURCHASE AGREEMENT**

This **NOTE PURCHASE AGREEMENT**, dated as of April 17, 2025, by and among VisitIQ Corp., a Nevada corporation (formerly known as Capstone Technologies Group, Inc., "**<u>VisitIQ Corp.</u>**"), VisitIQ, LLC, a Delaware limited liability company ("**<u>VisitIQ, LLC</u>**", and together with VisitIQ Corp., each a "**Borrower**" and collectively, the "**<u>Borrowers</u>**"), Arena Investors, LP, a Delaware limited partnership (the "**<u>Lead Investor</u>**"), and the other persons party to this agreement as Investors (together with the Lead Investor and each of their respective successors and permitted assigns, each referred to as an "**<u>Investor</u>**" and together as the "**<u>Investors</u>**") and Arena Investors, LP, a Delaware limited partnership, in its capacity as collateral agent and investor representative for the Investors (in such capacity, together with its successors and assigns in such capacity, the "**<u>Investor Representative</u>**").

**<u>STATEMENT OF PURPOSE:</u>**

**WHEREAS,** upon the terms and conditions set forth in this Agreement, (i) the Borrowers jointly and severally desire to issue and sell to the Investors, certain original issue discount senior secured convertible promissory notes, in the aggregate principal amount equal to the Total Principal Amount for proceeds in an aggregate amount equal to the Total Purchase Price, and (ii) each Investor (severally, but not jointly and severally) desires to purchase an original issue discount senior secured convertible promissory note from the Borrowers in the original principal amount set forth opposite its name (under the column "Principal Note Amount") on <u>Exhibit D</u> hereto for the purchase price set forth opposite its name (under the column "Purchase Price");

**NOW, THEREFORE,** in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Definitions.** As used in this Agreement, the following terms have the meanings set forth or referenced below:

"**<u>Affiliate</u>**" of any Person means any other Person (except, with respect to an Investor that is a shareholder of VisitIQ Corp., VisitIQ Corp. or any of its direct or indirect Subsidiaries) directly or indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person (i) owns ten percent (10%) or more of any class of voting securities (or other ownership interests) of the controlled Person or (ii) possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of Equity Securities, by contract or otherwise.

"**<u>Agreement</u>**" means this Agreement, including the exhibits and schedules attached hereto, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof.

"**<u>Borrower</u>**" has the meaning given to that term in the preamble hereto.

"**<u>Business Day</u>**" means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law or executive order to close.

"**<u>Capitalization Schedule</u>**" has the meaning given to that term in Section 3.5 hereof.

"**<u>Closing</u>**" has the meaning given to that term in <u>Section 2.2</u> hereof. "**<u>Closing Date</u>**" has the meaning given to that term in <u>Section 2.2</u> hereof.

"**Change of Control**" means, with respect to VisitIQ Corp.:

&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) a change in the composition of the board of directors of VisitIQ Corp. at a single shareholder meeting where a majority of the individuals that were directors of the Company immediately prior to the start of such shareholder meeting are no longer directors at the conclusion of such meeting, expect as required by the rules of the Trading Market in connection with the listing of the Common Stock thereon;

&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) a change in composition of the board of directors of VisitIQ Corp. prior to the termination of this Agreement where a majority of the individuals that were directors as of the date of this Agreement cease to be directors of VisitIQ Corp. prior to the termination of this Agreement, expect as required by the rules of the Trading Market in connection with the listing of the Common Stock thereon;

&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) other than a shareholder that holds such a position at the date of this Agreement, if a Person comes to have beneficial ownership, control or direction over more than forty percent (40%) of the voting rights attached to any class of voting securities of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the sale or other disposition by the Borrower or any of their Subsidiaries in a single transaction, or in a series of transactions, of all or substantially all of their respective assets.

"**<u>Charter</u>**" means the certificate of incorporation of VisitIQ Corp.

"**<u>Common Stock</u>**" means the common stock of the VisitIQ Corp., par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

"**<u>Contractual Obligations</u>**" means, as to any Person, any obligations of such Person pursuant to any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which such Person is a party or by which such Person or any of such Person's property is bound.

"**<u>Covered Person</u>**" means those Persons specified in Rule 506(d)(1) under the Securities Act, including any Borrower; any predecessor or affiliate of any Borrower; any director, executive officer or other officer participating in the offering of the Notes by the Borrowers or the Purchase and Sale, or any general partner or managing member of any Borrower; any beneficial owner of 20% or more of any Borrower's outstanding voting equity securities, calculated on the basis of voting power; any promoter (as defined in Rule 405 under the Securities Act) connected with any Borrower in any capacity at the time of the sale of the Notes; and any Person that has been or will be paid (directly or indirectly) remuneration for solicitation of Investors in connection with the sale of the Notes (a "**<u>Solicitor</u>**"), any general partner or managing member of any Solicitor, and any director, executive officer or other officer participating in the offering of Notes by the Borrowers or the Purchase and Sale of any Solicitor or general partner or managing member of any Solicitor.

"**<u>Disqualification Event</u>**" means a circumstance or condition in which a Covered Person is subject to any of the "bad actor" disqualifications described in Rule 506(d)(l)(i) to (viii) under the Securities Act.

"**<u>Equity Securities</u>**" means (a) any capital stock, partnership, membership, limited liability company, joint venture or other ownership or equity interest, participation or securities (whether voting or non-voting, whether preferred, common or otherwise), including any profits interest, stock appreciation, phantom equity or similar rights, contractual or otherwise, and (b) any option, warrant, security or other right (including indebtedness securities or other evidence of indebtedness) directly or indirectly convertible into or exercisable or exchangeable for, or otherwise to acquire directly or indirectly, any capital stock, partnership, membership, limited liability company, joint venture or other ownership or equity interest, participation or security described in clause (a) above.

"**<u>Governmental Authority</u>**" means the government of any nation, state, city, locality or other political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, regulation or compliance, including, without limitation, any federal, state or local public health commission.

"**<u>Guarantor</u>**" means each Subsidiary of a Note Party (other than a Borrower) that guarantees the repayment of the Notes and the other obligations under the Transaction Documents pursuant to the Guaranty.

"**<u>Guaranty</u>**" means the Guaranty Agreement, made by the Guarantors from time to time party thereto in favor of the Investor Representative, substantially in the form attached hereto as <u>Exhibit C</u>.

"**<u>Investor</u>**" and "**<u>Investors</u>**" have the meanings given to those terms in the preamble hereto.

"**<u>Investor Representative</u>**" has the meaning given to that term in the preamble hereto.

"**<u>Lead Investor</u>**" has the meaning given to that term in the preamble hereto.

"**<u>Lien</u>**" means any lien (statutory or other), security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, capital lease or other title retention agreement).

"**<u>Majority Investors</u>**" means those Investors, who at the time referenced, hold Notes representing a majority of the principal amount of all outstanding Notes held by the Investors.

"**<u>Material Adverse Effect</u>**" means a violation, circumstance, change, condition, state of facts, effect or other matter, either individually or in the aggregate with all other violations, circumstances, changes, effects and other matters, that has had, or would be expected to have in the Investor Representative's sole and absolute discretion, (a) a material adverse effect on the assets, business, properties, operations, condition (financial or otherwise), results of operations or financial performance of any Note Party, (b) a material adverse effect upon the legality, validity, binding effect or enforceability against any Note Party of any Transaction Document, or (c) a material adverse effect on the ability of any Note Party to perform its obligations under any Transaction Document.

"**<u>Notes</u>**" has the meaning given to that term in <u>Section 2.1</u> hereof.

"**<u>Note Parties</u>**" means each Borrower and each Guarantor.

"**<u>Perfection Certificate</u>**" has the meaning given to that term in the Notes.

"**<u>Person</u>**" means any individual, firm, corporation, limited liability company, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity.

"**<u>Property</u>**" of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

"**<u>Purchase and Sale</u>**" means the purchase and sale of the Notes as contemplated hereunder.

"**<u>Requirements of Law</u>**" means as to any Person, provisions of the Charter (or other governing or organizational document) of such Person, or any law, treaty, code, rule, regulation, right, privilege, qualification, license or franchise, or any determination of an arbitrator or a court or other Governmental Authority, in each case applicable to such Person or any of such Person's property or to which such Person or any of such Person's property is subject or pertaining to any or all of the transactions contemplated or referred to herein.

"**<u>Securities Act</u>**" means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations thereunder as the same shall be in effect at the time.

"**<u>Security Agreement</u>**" means the Security Agreement, dated as of the October 24, 2024, as amended by that certain amendment thereto, dated as of date hereof, and as further amended, restated, supplemented or otherwise modified from time to time, made by the Note Parties from time to time party thereto in favor of the Investor Representative, substantially in the form attached hereto as <u>Exhibit A</u>.

"**<u>Series C Preferred Shares</u>**" means shares of the Series C Convertible Preferred Stock of VisitIQ Corp., as set forth in the Charter (as in effect on the date hereof).

"**<u>Shareholders Agreement</u>**" means that certain Shareholders Agreement of VisitIQ Corp., effective in November 2024, by and among VisitIQ Corp, the Lead Investor and the other shareholders of VisitIQ Corp. party thereto, as amended or otherwise modified from time to time.

"**<u>Subsidiary</u>**" means, with respect to any Person, a corporation or other entity of which more than fifty percent (50%) of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person; it being understood that a Person shall be deemed to have such an ownership interest in a partnership, association or other unincorporated business entity if such Person is allocated a majority of the gains or losses of such partnership, association or other entity or is or controls the managing member or director or the general partner of such partnership, association or other entity. Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of VisitIQ Corp, whether direct or indirect.

"**<u>Total Principal Amount</u>**" has the meaning given to that term in <u>Section 2.1</u> hereof.

"**<u>Total Purchase Price</u>**" has the meaning given to that term in <u>Section 2.1</u> hereof.

"**<u>Trading Market</u>**" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

"**<u>Transaction Documents</u>**" means this Agreement, the Notes, the Guaranty, the Security Agreement, the ancillary security documents delivered pursuant to the Security Agreement and each other document, certificate and instrument being delivered pursuant to any of the foregoing.

"**<u>Transactions</u>**" means, collectively, the Purchase and Sale and the payment of all fees and expenses required to be paid by the Borrowers in connection with the foregoing.

**ARTICLE II**

**PURCHASE AND SALE OF NOTES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Purchase and Sale of the Notes**. Subject to the terms and conditions herein set forth, (a) the Borrowers jointly and severally agree to sell to each Investor, and (b) each Investor (severally, but not jointly and severally) agrees to purchase from the VisitIQ Corp., an original issue discount senior secured convertible promissory note substantially in the form attached to this Agreement as <u>Exhibit B</u> (each individually a "**<u>Note</u>**" and collectively the "**<u>Notes</u>**") in the original principal amount set forth opposite such Investor's name (under the column "Principal Note Amount") on <u>Exhibit D</u> hereto for the purchase price set forth opposite such Investor's name (under the column "Purchase Price"). The Notes shall be issued with original issue discount, such that the aggregate principal amount of the Notes on the Closing Date shall be $2,222,222.00 (the "**<u>Total Principal Amount</u>**") but the aggregate purchase price payable by the Investors for the Notes shall be $2,000,000 (the "**<u>Total Purchase Price</u>**"). The Total Purchase Price shall be payable by each Investor to the Borrowers in accordance with <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Closing**. The purchase and issuance of the Notes shall take place remotely via the electronic exchange of documents and executed signature pages at the closing (the "**<u>Closing</u>**") on the date hereof (the "**<u>Closing Date</u>**"). At the Closing, following the satisfaction of the conditions specified on <u>Exhibit F</u> hereof (as determined by the Investor Representative in its reasonable discretion), each Investor will deliver to the Administrative Borrower, as payment in full for the Note to be purchased by such Investor at the Closing, the portion of the Total Purchase Price set forth opposite such Investor's name on <u>Exhibit D</u> hereto, by wire transfer of funds to a bank account designated by the Administrative Borrower in accordance with the wire instructions delivered by the Administrative Borrower to the Investors, except to the extent otherwise provided in <u>Section 6.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Use of Proceeds**. The Borrowers shall use the proceeds of the Total Purchase Price for general corporate matters, working capital and transaction expenses.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE BORROWERS**

Each Borrower hereby represents and warrants to each Investor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Existence and Power**. Each Note Party (a) is a corporation or limited liability company, as applicable, duly organized, validly existing and in good standing under the laws of the state of its incorporation or formation, as specified in the Perfection Certificate; (b) has all requisite corporate or limited liability company power and authority to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently, or is currently proposed to be, engaged; (c) is duly qualified as a foreign entity, licensed and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except to the extent that the failure to qualify would not have a Material Adverse Effect; and (d) has the corporate power and authority to execute, deliver and perform its obligations under each Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Authorization; No Contravention**. The execution, delivery and performance by each Note Party of each Transaction Document to which it is a party and the consummation of the transactions contemplated hereby (including the Transactions) and thereby: (a) have been duly authorized by all necessary corporate or company action, as applicable; (b) do not and will not violate (i) the terms of the Charter (or any other organizational document or equity holder agreement) of such Note Party or any amendment thereto or (ii) any Requirement of Law applicable to such Note Party or such Note Party's assets, business or properties; (c) do not and will not (i) conflict with, contravene, result in any violation or breach of or default under any material Contractual Obligation of such Note Party (with or without the giving of notice or the lapse of time or both), (ii) create in any other Person a right or claim of termination or amendment of any material Contractual Obligation of such Note Party, or (iii) require modification, acceleration or cancellation of any material Contractual Obligation of such Note Party, and (d) do not and will not result in the creation of any Lien (or obligation to create a Lien) against any property, asset or business of such Note Party (other than in favor of the Investor Representative pursuant to the terms of the Security Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Governmental Authorization; Third Party Consents**. Except for those consents or approvals received on or prior to the date hereof, no approval, consent, compliance, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person in respect of any Requirement of Law, material Contractual Obligation or otherwise, and no lapse of a waiting period under a Requirement of Law or material Contractual Obligation, is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Note Party of the Transaction Documents or the consummation of the transactions contemplated hereby (including the Transactions) and thereby, except for filings pursuant to (i) Regulation D of the Securities Act and applicable securities laws and (ii) actions required to be taken to perfect the Liens granted under the Security Agreement and the other collateral documents required pursuant to the Security Agreement and any consents required for the Investor Representative to exercise rights and remedies under the Transaction Documents and/or with respect to the Collateral (as defined in the Security Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Binding Effect**. Each Note Party has duly executed and delivered the Transaction Documents to which it is a party, and such Transaction Documents constitute the legal, valid and binding obligations of such Note Party, enforceable against such Note Party in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Capitalization**. As of the Closing Date, the ownership of the Equity Securities of each Note Party is set forth on the capitalization schedule attached hereto as Exhibit E (the "**<u>Capitalization Schedule</u>**"). All outstanding Equity Securities of each Note Party have been duly authorized and validly issued and are fully paid and non- assessable and, except as set forth on the Capitalization Schedule, free and clear of all Liens except those arising under applicable securities laws. The Notes and the Series C Preferred Shares (each as defined in the Notes) issuable upon conversion of the Notes, when issued, sold and delivered in accordance with the terms of this Agreement and the Notes for the consideration provided for herein and therein, have been duly authorized and will be duly and validly issued and fully paid and non-assessable and free of any adverse claims and are (or will be in the case of the Series C Preferred Shares) issued in compliance with all applicable federal and state securities Requirements of Law. Except as set forth on the Capitalization Schedule or as contemplated by the Transactions, on the Closing Date, there will be no outstanding securities convertible into or exchangeable for Equity Securities of any Note Party or options, warrants or other rights to purchase or subscribe for Equity Securities of any Note Party, or contracts, commitments, agreements, understandings or arrangements of any kind to which any Note Party is a party relating to the issuance of any Equity Securities of any Note Party, or any such convertible or exchangeable securities or any such options, warrants or rights. On the Closing Date, except in connection with the Transactions, no Note Party has any obligation, whether mandatory or at the option of any other Person, at any time to redeem or repurchase any Equity Securities of any Borrower or any other Note Party, pursuant to the Charter or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Subsidiaries**. As of the Closing Date, no Note Party (a) owns any Subsidiary or (b) owns or controls, directly or indirectly, any interest or other Investment in any other Person, other than VisitIQ Corp's ownership interests in VisitIQ, LLC and DrivenIQ Corporation, a Delaware corporation ("**<u>DrivenIQ</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Private Offering**. Assuming (i) the Notes are issued, sold and delivered under the circumstances contemplated by this Agreement and (ii) the accuracy of the representations and warranties of the Investors set forth herein, and their compliance with the agreements set forth herein and therein, it is not necessary in connection with the offer, sale and delivery of the Notes to the Investors in the manner contemplated by this Agreement to register the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) under the Securities Act. No Borrower has, directly or indirectly, offered, sold or solicited any offer to buy, and no Borrower will, directly or indirectly, offer, sell or solicit any offer to buy, any security of a type or in a manner which would be integrated with the sale of the Notes and require the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) to be registered under the Securities Act. None of the Borrowers, their respective Subsidiaries, their respective Affiliates or any Person acting on its or any of their behalf (other than the Investors, as to whom the Borrowers make no representation or warranty) has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Rule 502(c) under the Securities Act) in connection with the offering of the Notes or any post- issuance preemptive rights offering undertaken by the Borrowers. The issuance of the Series C Preferred Shares to the Investors upon conversion of the Notes, assuming (i) no change in currently applicable Requirements of Law and (ii) no commission or other remuneration is paid or given, directly or indirectly, for soliciting the issuance of the Series C Preferred Shares, are exempt from the registration, qualification and prospectus delivery requirements of the Securities Act and state securities laws. No Disqualification Event is applicable to any Borrower or, to the knowledge of the Borrowers, with respect to any Borrower as an "issuer" for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1), except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3) is applicable.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF THE INVESTORS**

Each Investor, severally and not jointly, hereby represents and warrants to the Borrowers as of the Closing Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Existence and Power**. Such Investor: (a) if an entity, is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation; (b) if an entity, has all power and authority to own and operate to conduct the business in which it is currently, or is currently proposed to be, engaged; and (c) has the power and authority to execute, deliver and perform his or her obligations under each Transaction Document to which he or she is or will be a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Authorization; No Contravention**. The execution, delivery and performance by such Investor of this Agreement: (a) if an entity, is within its power and authority and has been duly authorized by all necessary action; (b) if an entity, does not contravene the terms of its organizational documents or any amendment thereof; and (c) will not violate, conflict with or result in any breach or contravention of any of its, his or her material Contractual Obligations, or any material order or decree directly relating to such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Binding Effect**. This Agreement has been duly executed and delivered by such Investor and this Agreement constitutes its, his or her legal, valid and binding obligation, enforceable against such Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 No Legal Bar**. The execution, delivery and performance of this Agreement by such Investor will not violate any Requirement of Law applicable to such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Securities Laws.** 

&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) The Notes are being or will be acquired by such Investor hereunder for its, his or her own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof in any transaction which would be in violation of state or federal securities laws.

&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) Such Investor is an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

&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) Such Investor understands that (i) the Notes (and the Series C Preferred Shares that may be issued in conversion thereof) constitute "restricted securities" under the Securities Act, (ii) the offer and sale of the Notes hereunder is not registered under the Securities Act or under any "blue sky" laws in reliance upon certain exemptions from such registration and that the Borrowers are relying on the representations made herein by such Investor in its determination of whether such specific exemptions are available, and (iii) the Notes (and the Series C Preferred Shares that may be issued in conversion thereof) may not be transferred except pursuant to an effective registration statement under the Securities Act, or under an exemption from such registration available under the Securities Act and under applicable "blue sky" laws or in a transaction exempt from such registration. Such Investor acknowledges that: (A) except as set forth in the Shareholders Agreement or any amendment thereof, it has no right to require registration of the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) under the Securities Act or any "blue sky" laws, and (B) there is not now and is not contemplated to be any public market therefor. As a result, such Investor is prepared to bear the economic risk of an investment in the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The principal place of business of such Investor is identified in the address of such Investor set forth in on the signature page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither such Investor, nor, if an entity, any of its officers, directors, employees, agents, equity holders or partners has either directly or indirectly, including through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent applicable to such Investor, neither such Investor (nor any of its members, if applicable) is subject to any Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Such Investor has had an opportunity to ask questions of and receive answers, and received such requested information, from representatives of the Borrowers concerning the terms and conditions of such Investor's investment in the Borrowers. The foregoing, however, does not in any way limit or modify the representations and warranties made by the Borrowers in <u>Article III</u> above or in any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Broker's, Finder's or Similar Fees**. There are no brokerage commissions, finder's fees or similar fees or commissions payable in connection with the Transactions based on any agreement, arrangement or understanding with such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** **Independent Investigation; Borrowers' Representations.** 

&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) Such Investor has conducted its own independent investigation, review and analysis of the business, operations, assets, liabilities, results of operations, financial condition, software, technology and prospects of the Note Parties, which investigation, review and analysis was done by such Investor and its representatives. In entering into this Agreement, such Investor acknowledges that it has relied solely upon the aforementioned investigation, review and analysis and not on any factual representations or opinions of the Note Parties or their respective representatives (except the specific representations and warranties of the Borrowers set forth in <u>Article III</u>, the representations of the Note Parties set forth in the Security Agreement and in any certificate delivered by or on behalf of any Note Party).

&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) Such Investor represents that by reason of its business or financial experience, it has the capacity to evaluate the merits and risks of its investment in the Borrowers and protect its own interests in connection with the transactions contemplated in this Agreement.

**ARTICLE V**

**CERTAIN COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Right of First Refusal.**

&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) <u>Definitions</u>. For purposes of this <u>Article V</u>, the term "<u>Additional Financing</u>" shall mean any Indebtedness (including convertible securities) to be incurred by, or any Equity Securities to be issued by, any Borrower, any of their respective Subsidiaries, any of their respective Affiliates or through any of their respective special purpose vehicles or joint venture structures. For the avoidance of doubt, it is understood and agreed that the term "<u>Additional Financing</u>" shall not include the Notes or any other financing provided by the Investors in connection with the Transaction Documents and the term "Offeror" shall not include any Investor.

&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) <u>Grant of Right of First Refusal</u>. Each Borrower, on behalf of itself and each of its Subsidiaries and Affiliates, hereby grants to the Lead Investor a right of first refusal to provide any Additional Financing to be sought, directly or indirectly, by such Borrower, any of its Subsidiaries, any of their respective Affiliates or any of their respective special purpose vehicles or joint venture structure) (each, an "<u>Offeror</u>" and collectively, the "<u>Offerors</u>"), subject to the following terms and conditions (the "<u>Right of First Refusal</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;(c) <u>Financing Notice</u>. Without derogating from any other provision under this Agreement, the Notes or any other Transaction Document, from and after the Closing Date, prior to the consummation of any Additional Financing with any other lender or finance provider, each Offeror shall notify the Lead Investor of its intention to obtain such Additional Financing. In connection therewith, such Offeror shall deliver to the Lead Investor a written notice setting forth all of the terms and conditions of any such Additional Financing proposed to be entered into, along with a binding commitment letter from the lender or finance provider that has agreed to provide such Additional Financing to such Offeror (the "<u>Financing Notice</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;(d) <u>ROFR Election Notice</u>. If the Lead Investor wishes to exercise the Right of First Refusal, the Lead Investor must provide notice of its election to provide such Additional Financing upon the same terms and provisions in the Financing Notice (the "<u>ROFR Election Notice</u>"), within five (5) Business Days of its receipt of the Financing Notice. Upon receipt of the ROFR Election Notice by an Offeror, such Offeror and the Lead Investor shall negotiate in good faith and enter into definitive agreements with respect to the Additional Financing in the ROFR Election Notice and consummate such transaction within sixty (60) days of receipt of the ROFR Notice by Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Effect of Waiver of Right of First Refusal</u>. If the Lead Investor (i) does not elect to exercise the Right of First Refusal or (ii) the Lead Investor does not provide its response to the Financing Notice within such fourteen (14) Business Days, the Lead Investor shall be deemed to have waived its Right of First Refusal for the subject Additional Financing, but not any Right of First Refusal for future Additional Financing. If the Right of First Refusal is deemed waived pursuant to this <u>Section 5.5</u>, the Offeror shall have the right to negotiate and consummate the Additional Financing described in the Financing Notice with the lender specified in the Financing Notice on terms not more favorable than the terms described in the Financing Notice, to be consummated within sixty (60) days from the date of such waiver or deemed waiver by the Lead Investor, otherwise such Additional Financing shall again be subject to the Right of First Refusal set forth in this <u>Article V</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Distributions on Capital Stock**. So long as any Series C Preferred Shares shall remain outstanding, the VisitIQ Corp. shall not without the Investor Representative's written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities) on shares of capital stock other than dividends on the Series C Preferred Shares and as required in the VisitIQ Corp.'s Series B Convertible Preferred Stock, or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions pursuant to any shareholders' rights plan which is approved by a majority of the VisitIQ Corp.'s disinterested directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Restriction on Stock Repurchases**. So long as any Series C Preferred Shares shall remain outstanding, the Borrowers shall not without the Investor Representative's written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction or series of related transactions any of their shares of capital stock or any warrants, rights or options to purchase or acquire any such shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Advances and Loans**. So long as any Series C Preferred Shares shall remain outstanding VisitIQ Corp. shall not, without the Investor Representative's written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of either Borrower, except loans, credits or advances (a) in existence or committed on the date hereof and which the Borrowers has informed the Investor Representative in writing prior to the date hereof, (b) made in the ordinary course of business or (c) not in excess of $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Change of Control**. So long as any Series C Preferred Shares shall remain outstanding VisitIQ Corp. shall not, without the Investor Representative's written consent, permit or agree to a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Non-circumvention**. So long as any Series C Preferred Shares shall remain outstanding, VisitIQ Corp. hereby covenants and agrees that it will not, by amendment of its Certificate or Articles of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement or the Series B Convertible Preferred Stock of VisitIQ Corp., and will at all times in good faith carry out all the provisions of this Agreement and the Series C Preferred Shares and take all action as may be required to protect the rights of the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Survival**. The provisions of this <u>Article V</u> shall survive the repayment and/or conversion of the Notes and any termination or expiration of the Transaction Documents.

**ARTICLE VI**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Survival of Representations and Warranties**. All of the representations, warranties and covenants made herein shall survive the execution and delivery of this Agreement, any investigation by or on behalf of the Investors, acceptance of the Notes and payment therefor, or termination of this Agreement, and neither such representations, warranties or covenants, nor any right of the Investors or the Borrowers to recover for breaches thereof or inaccuracies therein, shall in any way be adversely affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Borrowers, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Exculpation Among Investors**. Each Investor acknowledges that it is not relying upon any other Investor or upon any other Person, other than the Borrowers and their respective officers and managers, in making its investment or decision to invest in the Borrowers. Each Investor agrees that neither any Investor nor the respective controlling Persons, officers, managers, directors, partners, agents, employees or Affiliates of any Investor shall be liable to any other Investor for any action heretofore taken or omitted to be taken by any of them in connection with the purchase of the Notes. The parties hereto acknowledge that a breach by any Investor of any of its, his or her obligations under this Agreement shall be the sole responsibility of such Investor and no other Investor nor their respective controlling Persons, officers, managers, directors, partners, agents, employees or Affiliates shall be liable to any other party with respect to any such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Notices**. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, email, courier service or personal delivery. All communications shall be sent to the respective parties at their address as set forth on the signature page, or to such e-mail address or address as subsequently modified by written notice given in accordance with this <u>Section 6.3</u>.

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial overnight courier service; if mailed, five (5) Business Days after being deposited in the mail, postage prepaid; or if by email, when receipt is acknowledged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Counsel.** Each Investor and each Borrower represents that it has had the opportunity to be, or has been, represented by counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Expenses.** The Borrowers shall jointly and severally pay all costs and expenses incurred by the Lead Investor and the Investor Representative in connection with this Agreement, the other Transaction Documents and the Transactions including any enforcement proceedings related thereto. For the avoidance of doubt, the Lead Investor may fund the Total Purchase Price net of such expense amounts with such amounts having been deemed to be invested and wired to the Borrowers in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 Successors and Assigns.** This Agreement binds and benefits the parties and their respective heirs, executors, administrators, successors and assigns, and none of the parties may assign any of its respective rights and/or obligations under this Agreement without the prior written consent of the Borrowers, the Majority Investors and the Lead Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Amendments and Waivers.** 

&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) No failure or delay on the part of any of the parties hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for in this Agreement are cumulative and are not exclusive of any remedies that may be available to the parties hereto at law, in equity or otherwise. Notwithstanding anything to the contrary contained herein or in any other Transaction Document, each Investor acknowledges and agrees that all enforcement actions and/or exercises of remedies in respect of any Transaction Document shall be made exclusively by the Investor Representative and not by any Investor (or group of Investors) in its (or their) capacity as such.

&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) Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Borrowers, the Majority Investors and the Lead Investor. Any amendment or waiver so effected shall be binding upon each Investor, each Borrower, the Lead Investor and the Investor Representative. Each Investor acknowledges that by the operation of, and subject to compliance with, this <u>Section 6.7</u>, the Majority Investors will have the right and power to diminish or eliminate all rights of such Investor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 Signatures; Counterparts**. Facsimile or email transmissions of any executed original document and/or retransmission of any executed facsimile or email transmission shall be deemed to be the same as the delivery of an executed original. At the request of any party hereto, the other parties hereto shall confirm facsimile and email transmissions by executing duplicate original documents and delivering the same to the requesting party or parties. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 Headings**. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 GOVERNING LAW**. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED UNDER, THE LAWS OF THE STATE OF NEVADA, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS OF SUCH STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11** **JURISDICTION, JURY TRIAL WAIVER, ETC.** 

&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) EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR ANY AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM. EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN <u>SECTION 6.3</u> HEREOF, SUCH SERVICE TO BECOME EFFECTIVE TEN (10) DAYS AFTER SUCH MAILING.

&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) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR ANY OF THE OTHER TRANSACTION DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EACH BORROWER (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY INVESTOR HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH INVESTOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (ii) ACKNOWLEDGES THAT THE INVESTORS HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, AND THE OTHER TRANSACTION DOCUMENTS TO WHICH THEY ARE PARTY BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED HEREIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 Severability**. If any one or more of the provisions contained in this Agreement, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions of this Agreement. The parties hereto further agree to replace such invalid, illegal or unenforceable provision of this Agreement with a valid, legal and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13 Rules of Construction**. Unless the context otherwise requires, "or" is not exclusive, and references to sections or subsections refer to sections or subsections of this Agreement. Unless otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall apply:

&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) <u>Calculation of Time Period</u>. When calculating the period of time before which, within which or following which, any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day.

&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) <u>Gender and Number</u>. Any reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural and vice versa.

&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) <u>Headings</u>. The furnishing of a table of contents to this Agreement, and the division of this Agreement into articles, sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. All references in this Agreement to sections, exhibits and schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Herein</u>. Words such as "herein", "hereinafter", "hereof' and "hereunder" refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Including</u>. The word "including" or any variation thereof means (unless the context of its usage otherwise requires) "including, without limitation" and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14 Entire Agreement.** This Agreement, together with the exhibits and schedules hereto and the other Transaction Documents, is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein. This Agreement, together with the exhibits and schedules hereto, and the other Transaction Documents supersede all prior agreements and understandings between the parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15 Publicity.** Except as may be required by Requirements of Law or otherwise expressly provided herein, none of the parties hereto shall issue a publicity release or announcement or otherwise make any public disclosure concerning this Agreement or the transactions contemplated hereby, without prior approval by the Borrowers and the Majority Investors (in each case, not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, <u>however</u>, that nothing contained in this <u>Section 6.15</u> shall be construed to preclude or limit the Investors from disclosing the terms of this Agreement or the transactions contemplated hereby in confidence, and on a non-public basis, to their respective partners, advisors, members, financing sources, prospective investors or other investors, in each case who are subject to customary obligations to maintain such terms in confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16 Further Assurances.** Each of the parties shall execute such documents and perform such further acts (including, without limitation, obtaining any consents, exemptions, authorizations, or other actions by, or giving any notices to, or making any filings with, any Governmental Authority or any other Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.18 Attorneys' Fees.** If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of this Agreement or any of the other Transaction Documents, the prevailing party shall be entitled to attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.19 No Strict Construction.** The parties hereto have participated jointly in the negotiation and drafting of this Agreement and the other Transaction Documents. In the event an ambiguity or question of intent or interpretation arises under any provision of this Agreement or any Transaction Document, this Agreement or such other Transaction Document shall be construed as if drafted jointly by the parties thereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement or any other Transaction Document. No knowledge of, or investigation, including without limitation, due diligence investigation, conducted by, or on behalf of, the Investors shall limit, modify or affect the representations set forth in <u>Article III</u> of this Agreement or the right of any Investor to rely thereon.

**[Signature Pages Follow]**

![](img068_v2.jpg)

![](img069_v2.jpg)

## Exhibit 10.9

**Exhibit 10.9**

*NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**ACT**"), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THIS NOTE AND SUCH SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUERS OF THIS NOTE AND ANY SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUERS TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS.*

*THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT (''**OID**'') WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE ''**CODE**''), AND THIS LEGEND IS REQUIRED BY SECTION 1275(c) OF THE CODE. HOLDER MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF OID, THE ISSUE PRICE, THE ISSUE DATE, AND THE YIELD TO MATURITY RELATING TO THE NOTE BY CONTACTING **[***●***]*** *AT THE ADMINISTRATIVE BORROWER (AS DEFINED BELOW).*

**VISITIQ CORP.**

**ORIGINAL ISSUE DISCOUNT SENIOR SECURED CONVERTIBLE PROMISSORY NOTE**

---

| | |
|:---|:---|
| Original Principal Amount: $[●] | &nbsp;&nbsp;Original Issue Date: [●], 2025 |

---

Purchase Price: $**[**●**]**

FOR VALUE RECEIVED, VISITIQ CORP., a Nevada corporation (the "***Borrower")***, hereby promise to pay, to the order of ARENA SPECIAL OPPORTUNITIES PARTNERS II, LP, a Delaware limited partnership, or its registered assigns (the "***Holder***"), the principal sum of **[**●**]** ($**[**●**]**), together with all interest accrued on the unpaid principal amount of this Original Discount Senior Secured Convertible Promissory Note (this ***"Note"***) from time to time, in each case, on the dates, in the amounts and in the manner set forth in this Note.

This Note is issued pursuant to that certain Note Purchase Agreement, dated as of April 17, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "***Purchase Agreement***"), by and among the Borrower, the Investors from time to time party thereto and the Investor Representative, and is subject to, and incorporates, the provisions of the Purchase Agreement.

This Note is secured by that certain Security Agreement, dated as of October 24, 2024, as amended by that certain first amendment thereto, dated as of April 17, 2025 (as further amended, restated, supplemented or otherwise modified from time to time, the "***Security Agreement***"), made by each Note Party in favor of the Investor Representative.

The following is a statement of the rights of the Holder and the terms and conditions to which this Note is subject, and to which the Borrower and the Holder hereof, by the acceptance of this Note, agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>DEFINITIONS</u>.** Capitalized terms used herein have the meanings given to them in the Purchase Agreement. In addition, the following definitions shall apply for all purposes of this Note:

***"Administrative Borrower"*** has the meaning set forth for such term in <u>Section 12.11</u>.

"***Applicable Rate***" means a rate equal to 12.0% per annum.

"***Borrower***" shall include, in addition to the Borrower identified in the opening paragraph of this Note, any Person that succeeds to any Borrower's obligations under this Note, whether by permitted assignment, by merger or consolidation, operation of law or otherwise.

***"Disposition" or "Dispose"*** means the sale, transfer, license, lease or other disposition of any property by any Person; <u>provided</u> that "Disposition" and "Dispose" shall not be deemed to include any issuance by the Borrower of any of its Equity Securities to another Person.

***"Disqualified Stock"*** means any Equity Security, which, by its terms (or by the terms of any Equity Security or other equity interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, or (ii) is redeemable at the option of the holder thereof, in whole or in part, (b) is convertible into or exchangeable at the option of the holder thereof for (i) debt securities or (ii) any Equity Securities referred to in (a) above or (c) is entitled to receive scheduled dividends or distributions in cash, in each case, prior to the earlier of (x) October 31, 2026 and (y) the date that is one year following the date on which the Obligations are repaid in full.

"***Event of Default***" has the meaning set forth in <u>Section 5.1</u> hereof.

***"Guarantor"*** means each Subsidiary of the Borrower, and any other Person or entity which guarantees all or any part of the Notes and/or the other obligations under the Transaction Documents.

"***Guaranty***" has the meaning set forth in the recitals hereof.

"***Holder***" has the meaning set forth in the opening paragraph of this Note.

***"Indebtedness"*** means, as of any date, without duplication, all indebtedness and liabilities: (a) for borrowed money; (b) evidenced by bonds, debentures, notes, or other similar instruments or securities; (c) under letters of credit, bankers' acceptances, cash collateral obligations, guarantee, surety, performance or appeals bonds or other similar instruments, in each case only to the extent drawn and outstanding, and any reimbursement obligations in respect thereof; (d) in respect of the deferred purchase price of any property, business, assets, or services (including seller notes, earn-out payments, purchase price adjustments (other than working capital adjustments), deferred compensation, any post-closing true-up obligations or similar obligations to the extent required to be reflected on the balance sheet of such Person prepared as of such date in accordance with GAAP), but excluding trade payables incurred or accrued in the ordinary course of business; (e) under any leases that are classified as, or are required to be classified as, finance or capital leases in accordance with GAAP or recorded as capital or finance leases, to the extent the capitalized amount thereof would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP (other than any such lease that was (or would have been) an operating lease under GAAP on December 31, 2018); (f) pursuant to hedging agreements; (g) in respect of debt, notes or other instruments that are convertible, exercisable or exchangeable for Equity Securities or voting securities; (h) that are secured, in whole or in part, by a Lien on property, whether or not the secured obligation is one that has been incurred by such Person; (i) in respect of Disqualified Stock and (j) in respect of guarantees of the types of indebtedness referred to in the foregoing clauses (a) through (i). However, "Indebtedness" shall not include letters of credit (to the extent undrawn). The amount of any obligation under any hedging agreement on any date shall be deemed to be the net termination amount thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (h) shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby.

***"Investment"*** shall mean, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Securities of another Person or the making of a capital contribution to another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person and/or (d) any investment in any other items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP.

***"Investor Representative"*** means (i) initially, Arena Investors, LP, in its capacity as collateral agent and representative for the Investors, and (ii) thereafter, its successors and permitted assigns in such capacity.

***"Investor"*** means the Persons from time to time party to the Purchase Agreement as "Investors", including the Holder.

***"Lead Investor"*** means Arena Investors, LP.

"***Liquidation***" has the meaning set forth in the Charter.

"***Lost Note Documentation***" means documentation satisfactory to the Administrative Borrower with regard to a lost or stolen Note, including, if required by the Administrative Borrower, an affidavit of lost note and an indemnification agreement by the Holder in favor of the Borrower with respect to such lost or stolen Note.

"***Maturity Date***" means **[**●**]**, 2026.

***"Notes***" means, collectively, this Note and each other Note issued under the Purchase Agreement.

***"Note Party"*** means any Borrower and any Guarantor.

***"Obligations"*** means all present and future indebtedness, obligations, and liabilities of each Note Party to the Investor Representative and the Investors arising under or in connection with this Note or any other Transaction Document, whether or not the right of payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in <u>Section 5.1(b)</u>. Without limiting the generality of the foregoing, the Obligations of each Note Party under the Transaction Documents include (a) the obligation (irrespective of whether a claim therefor is allowed in any proceeding referred to in <u>Section 5.1(b)</u> or any other insolvency proceeding) to pay principal, interest, charges, expenses, fees, premiums, attorneys' fees and disbursements, indemnities and other amounts payable by such Person under the Transaction Documents, and (b) the obligation of such Person to reimburse any amount in respect of any of the foregoing that the Investor Representative (in its sole discretion) may elect to pay or advance on behalf of such Person.

"***Outstanding Amount***" means, as of any given date, the then-outstanding principal amount of this Note, plus all accrued and unpaid interest under this Note.

***"Perfection Certificate"*** means a perfection certificate, in form and substance reasonably satisfactory to the Investor Representative, duly executed by each Note Party and delivered to the Investor Representative.

***"Permitted Liens"*** has the meaning set forth for such term in the Security Agreement.

"***Purchase Agreement***" has the meaning set forth in the recitals hereof.

"***Security Agreement***" has the meaning set forth in the recitals hereof.

*"**Series C Preferred Shares**"* means the Series C Preferred Shares of the Borrower, as set forth in the Charter.

"***Series C Preferred Shares Conversion Value***" means $0.75 per Series C Preferred Share, as may be adjusted for stock splits, recapitalizations or other similar events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>REPAYMENT OF NOTE</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 <u>Maturity Date</u>**. The Outstanding Amount, together with all other Obligations, shall be due and payable on the Maturity Date or, if earlier, on the date on which the Obligations are declared (or otherwise become) due and payable pursuant to the terms of this Note; <u>provided</u>, that if this Note has not been previously converted (as provided in <u>Section 6.1</u> below), then on the Maturity Date, this Note shall be treated as provided in <u>Section 6.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 <u>Interest</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;(a) Except as otherwise provided in clause (c) below, interest shall accrue on the unpaid principal amount of this Note at the Applicable Rate and shall be payable in cash in immediately available funds (i) on the last day of each month, commencing on April 30, 2025, and (ii) on the date of any payment of any principal amount of this Note (on the amount so paid).

&nbsp;&nbsp;&nbsp;&nbsp;&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) Interest (i) shall begin to accrue on the date of this Note and shall continue to accrue on the outstanding principal amount of this Note, until this Note is repaid in full (or to the extent permitted hereunder, converted in full) and (ii) shall be computed on the basis of a year of 365/366 days, as applicable, for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Automatically after the occurrence and during the continuance of any Event of Default under <u>Section 5.1(a) or 5.1(b)</u>, or at the written election of the Investor Representative after the occurrence and during the continuance of any other Event of Default hereunder (which election may be made retroactively to the date on which the applicable Event of Default occurred), interest hereunder shall accrue (to the maximum extent not prohibited by applicable law) at a rate per annum equal to four percent (4.00%) per annum above the then-effective Applicable Rate (such rate, the "***Default Rate***"). Interest accrued at the Default Rate shall be payable in cash on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 <u>Currency, Method of Payment, etc</u>**. All payments to be made by any Borrower or any other Note Party shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff, including any withholding for any taxes. All payments hereunder shall be made (a) in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts and (b) by wire transfer of immediately available funds to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 <u>Status of the Holder</u>**. If the Holder is entitled to an exemption from, or reduction of, withholding tax with respect to payments made on this Note, it shall deliver to the Administrative Borrower, at the time or times reasonably requested by the Administrative Borrower, such properly completed and executed documentation reasonably requested by the Administrative Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Holder, if reasonably requested by the Administrative Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Administrative Borrower as will enable the Borrower to determine whether or not the Holder is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, if the Holder is a United States person within the meaning of Section 7701(a)(30) of the Code, shall deliver to the Administrative Borrower on or about the date hereof (and from time to time thereafter upon the reasonable request of the Administrative Borrower), an executed copy of IRS Form W-9 certifying that the Holder is exempt from U.S. federal backup withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>PREPAYMENT</u>.** The Borrower may not prepay this Note in whole or in part at any time without the advance written consent of the Holder which may be withheld by the Holder for any reason or no reason. If any such consent is so provided, any such prepayment of principal shall be accompanied by payment of accrued and unpaid interest on the principal amount being repaid at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>NOTES PARI PASSU; APPLICATION OF PAYMENTS.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Notes Pari Passu</u>**. Each of the notes issued under the Purchase Agreement (including this Note) (collectively, the "***Purchased Notes***") shall rank equally without preference or priority of any kind over one another, and all payments and recoveries under any other Transaction Document payable on account of principal and interest on the Purchased Notes shall be paid and applied ratably and proportionately based on the relative Outstanding Amount of each such Purchased Note on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Application of Payments</u>**. Subject to <u>Section 6</u> below (to the extent applicable) and the foregoing provisions of this <u>Section 4</u>, all payments will be applied first to costs and expenses payable by the Borrower to the Investor Representative under the Transaction Documents, then to interest accrued under the Purchased Notes until the outstanding accrued and unpaid interest in respect of each of the Purchased Notes has been paid in full, and then to the repayment of principal of the Purchased Notes (including all principal outstanding hereunder) until all principal of the Purchased Notes (including all principal hereunder) has been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>EVENTS OF DEFAULT; REMEDIES</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>Events of Default</u>.** Each of the following events shall constitute an "***Event of Default***" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Borrower fails to make any payment in respect of (i) any principal of this Note or any other Purchased Note on the applicable due date therefor (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (ii) any interest on this Note or any other Purchased Note or any other amount payable hereunder or under any other Transaction Document within three (3) Business Days after the same becomes due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Borrower or any of its Subsidiaries (A) shall institute any proceeding or voluntary case seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, (B) shall be generally not paying its debts as such debts become due or shall admit in writing its inability to pay its debts generally, (C) shall make a general assignment for the benefit of creditors, or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection (i); or (ii) any proceeding shall be instituted against the Borrower or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, and either such proceeding shall remain undismissed or unstayed for a period of 30 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against any such Person or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Note Party breaches (or fails to perform or comply with) any obligation set forth in <u>Article V</u> of the Purchase Agreement, <u>Section 9.2(a)</u> hereof, <u>Section 9.4(a)</u> hereof, <u>Section 9.9</u> hereof, <u>Section 9.10</u> hereof or <u>Section 10</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Note Party breaches (or fails to perform or comply with) any obligation under any Transaction Document (other than any covenant otherwise described in any other clause of this <u>Section 5.1</u>), and such breach or failure, if capable of being remedied, shall remain unremedied for three (3) days after the earlier of (a) the date on which any Note Party obtains knowledge of such breach or failure and (b) the date of receipt by the Administrative Borrower of written notice thereof by the Investor Representative or the Majority Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The board of directors (or equivalent) or any holders of Equity Securities of any Note Party adopt a resolution for the liquidation, dissolution or winding up of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Security Agreement (or any other security document) after delivery thereof shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected Lien in favor of the Investor Representative, with the priority required by the Security Agreement on, and security interest in, any of the Collateral (as defined in the Security Agreement) purported to be covered thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any action, suit, litigation or other proceeding affecting any Note Party or any of its properties is commenced before any court or other Governmental Authority or any arbitrator that (i) seeks monetary damages in excess of $75,000, (ii) if adversely determined, could reasonably be expected to have a Material Adverse Effect (as determined in Investor Representative's sole and absolute discretion) or (iii) relates to any Transaction Document, or any transaction contemplated by any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There is entered against the Borrower or any of its Subsidiaries one or more judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could result in a judgment, order or award) for the payment of money in an aggregate amount exceeding $100,000 in the aggregate (except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has been notified and has not denied coverage) and (i) enforcement proceedings shall have been commenced by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of 10 consecutive days after entry thereof during which (A) a stay of enforcement thereof is not be in effect or (B) the same is not vacated, discharged, stayed or bonded pending appeal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be in full force and effect or valid and binding on or enforceable against any Note Party intended to be a party thereto or any Note Party contests in writing the validity or enforceability of any provision of any Transaction Document or the validity or priority of a Lien as required by the Security Agreement on any of the Collateral or a proceeding shall be commenced by any Note Party or any Governmental Authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof; or any Note Party denies in writing that it has any (or any further) liability or obligation under any Transaction Document, or purports in writing to revoke or rescind any Transaction Document (other than in accordance with its terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any representation, warranty, certification or statement of fact made or deemed made by the Borrower or any of its Subsidiaries herein, in any other Transaction Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made (or, in the case of any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language, shall be incorrect in any respect when made or deemed made);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower or any of its Subsidiaries shall fail to pay when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) any principal, interest or other amount payable in respect of Indebtedness (excluding Indebtedness evidenced by this Note and/or any other Purchased Note) having an aggregate amount outstanding in excess of $75,000, and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, or any other default under any agreement or instrument relating to any such Indebtedness, or any other event, shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower or any of its Subsidiaries is enjoined, restrained or in any way prevented by the order of any court or any Governmental Authority from conducting, or otherwise ceases to conduct for any reason whatsoever, all or any material part of its business for more than 15 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 15 consecutive days, the cessation or substantial curtailment of revenue producing activities by any Note Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of its Subsidiaries, if such loss, suspension, revocation or failure to renew could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The indictment, or the threatened indictment of the Borrower or any of its Subsidiaries or any senior officer thereof under any criminal statute, or commencement or threatened commencement of criminal or civil proceedings against the Borrower or any of its Subsidiaries or any senior officer thereof, pursuant to which statute or proceedings the penalties or remedies sought or available include forfeiture to any Governmental Authority of any material portion of the property of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) An event or development occurs which has had, or could reasonably be expected to have, a Material Adverse Effect (as determined by the Investor Representative in its sole discretion); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Any Note Party or any Subsidiary of any Note Party shall become an "investment company" or a company "controlled" by an "investment company" or a "subsidiary" of an "investment company", within the meaning of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Remedies</u>.** Upon the occurrence of any Event of Default, the Outstanding Amount and all other Obligations shall (i) in the case of any Event of Default under <u>Section 5.1(b)</u> above, become immediately due and payable in full without further notice or demand by the Investor Representative or any other Person and (ii) in the case of any Event of Default other than under <u>Section 5.1(b)</u> above, become immediately due and payable in full upon written notice by the Investor Representative to the Administrative Borrower. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, the Investor Representative may exercise any other right, power, or remedy granted to it by this Note, the Security Agreement or any other Transaction Document or as otherwise permitted to it by law, either by suit in equity or by action at law, or both. No failure to exercise and no delay in exercising any right or remedy under this Note shall operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>CONVERSION OF NOTE</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>Optional</u>.** If prior to the Maturity Date, the Majority Investors notify the Administrative Borrower in writing of their election to convert all of the Purchased Notes into Series C Preferred Shares, then the Administrative Borrower will (i) provide all Investors with three (3) calendar days' notice of such election and (ii) within seven (7) days of the Administrative Borrower receiving notice of such election, cause the Outstanding Amount on all of the Purchased Notes as of the election/conversion date to automatically be converted into such number of Series C Preferred Shares equal to the Outstanding Amount on all of the Purchased Notes as of the election/conversion date divided by the Series C Preferred Shares Conversion Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Conversion on the Maturity Date or Liquidation</u>.** If the Outstanding Amount has not been previously repaid or converted pursuant to <u>Section 6.1</u>, then, effective upon the earlier of (i) the Maturity Date and (ii) immediately prior to the consummation of a Liquidation, the Holder may elect to (x) be paid the Outstanding Amount in cash or (y) convert the Outstanding Amount as of the conversion date into that number of Series C Preferred Shares equal to the Outstanding Amount on all of the Purchased Notes divided by the Series C Preferred Shares Conversion Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Delivery of Note and Equity Documents</u>.** In connection with a conversion pursuant to this <u>Section 6</u>, the Holder shall execute and deliver to the Borrower, in the event of a conversion pursuant to <u>Sections 6.1 or 6.2</u>, a joinder to the Shareholders Agreements and such other agreements as may be required of the holders of the Series C Preferred Shares generally; <u>provided, however</u>, if the Holder is already a holder of Series C Preferred Shares as of the date hereof, or becomes one prior to such conversion, then the Holder shall not be required to execute or deliver such documents, and in each case, the Holder shall deliver the original of this Note to the Administrative Borrower (or Lost Note Documentation where applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Termination of Rights</u>.** All rights with respect to this Note shall terminate upon repayment and/or effective conversion of the Outstanding Amount as provided in <u>Section 6.1 or 6.2</u> above. The Holder shall not be entitled to receive the shares issued upon conversion of this Note unless and until the Holder has executed the documentation pursuant to <u>Section 6.3</u> and deliver to the Administrative Borrower this Note or Lost Note Documentation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>PROVISIONS RELATING TO EQUITY SECURITIES</u>.** This Note does not entitle the Holder to any voting rights or other rights as a stockholder of the Borrower, unless and until (and only to the extent that) this Note (a) is permitted to be converted into Equity Securities of the Borrower and (b) is actually converted into Equity Securities of the Borrower, in each case, in accordance with its terms. In the absence of conversion of this Note into Equity Securities of the Borrower, no provisions of this Note or any Transaction Document and no enumeration herein of the rights or privileges of the Holder shall cause the Holder to be a stockholder of the Borrower for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>REPRESENTATIONS AND WARRANTIES OF THE BORROWER AND THE HOLDER</u>**. In order to induce (a) the Borrower and the Holder to enter into the Transaction Documents, (b) the Borrower to issue this Note to the Holder and (c) the Holder to purchase this Note from the Company, the Borrower and the Holder each have made representations and warranties to each other as set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>AFFIRMATIVE COVENANTS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Reporting Requirements</u>**. The Borrower will furnish to the Holder and the Investor Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 45 days (or in the case of the calendar quarter ended June 30, 2025, 90 days) after the end of each calendar quarter, commencing with the calendar quarter ended March 30, 2025, consolidated balance sheets, statements of operations and statements of cash flows of the Borrower and its Subsidiaries as at the end of such quarter, and for the period commencing at the end of the immediately preceding calendar year and ending with the end of such quarter, setting forth in each case in comparative form the figures for the corresponding date or period set forth in (i) the financial statements for the immediately preceding calendar year and (ii) after the first delivery thereof hereunder, the projections delivered pursuant to <u>Section 9.1(c)</u>, and certified by an officer of the Administrative Borrower as fairly presenting, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as of the end of such quarter and the consolidated results of operations and cash flows of the Borrower and its Subsidiaries for such quarter and for such year-to-date period, in accordance with GAAP, subject to the absence of footnotes and normal year-end adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 120 days after the end of each calendar year, commencing with the calendar year ended December 31, 2025, consolidated balance sheets, statements of operations and retained earnings and statements of cash flows of the Borrower and its Subsidiaries as at the end of such calendar year, in accordance with GAAP, accompanied by (i) a report thereon of independent certified public accountants of recognized national standing selected by the Administrative Borrower and reasonably satisfactory to the Investor Representative, which report shall be unqualified as to going concern and scope of audit (other than solely with respect to, or resulting solely from an upcoming maturity date under the Notes occurring within one year from the time such report is delivered), and shall state that an examination of such accounts in connection with such financial statements has been made in accordance with generally accepted auditing standards and that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the dates indicated and the results of operations and cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years and (ii) an officer's certificate confirming that there have been no changes to the information contained the Perfection Certificate most recently delivered hereunder (or under the Purchase Agreement, as applicable) and/or attaching an updated Perfection Certificate identifying any such changes to the information contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not later than December 31st of each calendar year, commencing with the calendar year ended December 31, 2025, a certificate of an officer of the Administrative Borrower (A) attaching projections for the Borrower and its Subsidiaries, and if applicable, supplementing and superseding the projections previously required to be delivered pursuant to this Note, prepared on a monthly basis for the immediately succeeding calendar year and (B) certifying that the projections were prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time made, it being recognized by the Holder that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly upon request, such other information concerning the condition or operations, financial or otherwise, of the Borrower and its Subsidiaries as the Holder may from time to time may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Notices</u>**. The Borrower shall deliver to the Holder (with a copy to the Investor Representative):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 3 days after the occurrence of any Default or Event of Default, the written statement of a senior officer of the Administrative Borrower setting forth the details of such Default or Event of Default and the action which the affected Note Party (or the applicable Subsidiary) proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not later than 5 days after service of process with respect thereto on the Borrower or any of its Subsidiaries, notice of each action, suit or proceeding before any court or other any entity, authority, agency, division or department exercising the legislative, judicial, regulatory or administrative functions of or pertaining to a government or other regulatory body or any arbitrator seeking damages in excess of $75,000 or which would reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within 3 days after the occurrence of any other matter or development that has had or could reasonably be expected to have a Material Adverse Effect, the written statement of a senior officer of the Administrative Borrower setting forth the details of such matter or development and the action which the affected Note Party proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>Taxes</u>**. The Borrower shall, and shall cause each of its Subsidiaries to, pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of taxes and similar claims imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent any such tax is being contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been established in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4 <u>Preservation of Existence</u>**. The Borrower shall, and shall cause each of its Subsidiaries to, (a) preserve, renew and maintain in full force and effect its legal existence under the laws of the jurisdiction of its organization; and (b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business and maintain and operate such business in substantially the manner in which it is presently conducted and operated, except, in the case this <u>Section 9.4(b)</u>, to the extent that failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5 <u>Maintenance of Properties</u>**. The Borrower shall, and shall cause each of its Subsidiaries to, maintain, preserve and protect all of the material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear, fire, casualty and/or condemnation excepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6 <u>Compliance with Laws</u>**. The Borrower shall, and shall cause each of its Subsidiaries to, comply in all material respects with the requirements of all applicable laws and all orders, writs, injunctions and decrees applicable to it or to its business or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7 <u>Additional Note Parties; Collateral Security</u>**. Without limiting any prohibition on the making of Investments contained in <u>Section 10.1</u> hereof, the Borrower shall cause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Subsidiary of any Note Party not in existence on the Closing Date, to execute and deliver to the Investor Representative promptly and in any event within 3 days after the formation or acquisition thereof, (A) a Guaranty, (B) a supplement to the Security Agreement, together with (1) certificates evidencing all of the Equity Securities of any Person owned by such Subsidiary required to be pledged under the terms of the Security Agreement, (2) undated stock powers for such Equity Securities executed in blank with signature guaranteed, and (3) such opinions of counsel as the Investor Representative may reasonably request, and (C) such other agreements, instruments, approvals or other documents reasonably requested by the Investor Representative in order to create, perfect, establish the first priority of or otherwise protect any Lien purported to be covered by the Security Agreement or otherwise to effect the intent that such Subsidiary shall become bound by all of the terms, covenants and agreements contained in the Transaction Documents and that all property and assets of such Subsidiary shall become Collateral for the Secured Obligations (as defined in the Security Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each owner of the Equity Securities of any such Subsidiary to execute and deliver promptly and in any event within 3 days after the formation or acquisition of such Subsidiary a Pledge Amendment (as defined in the Security Agreement), together with (i) certificates evidencing all of the Equity Securities of such Subsidiary required to be pledged under the terms of the Security Agreement, (ii) undated stock powers or other appropriate instruments of assignment for such Equity Securities executed in blank with signature guaranteed, (iii) such opinions of counsel as the Investor Representative may reasonably request and (iv) such other agreements, instruments, approvals or other documents requested by the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Further Assurances</u>**. The Borrower shall, and shall cause each of its Subsidiaries to, take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as the Investor Representative may require from time to time in order (a) to carry out more effectively the purposes of this Note and the other Transaction Documents, (b) to subject to valid and perfected first priority Liens any of the Collateral or any other property of any Note Party and its Subsidiaries, (c) to establish and maintain the validity and effectiveness of any of the Transaction Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (d) to better assure, convey, grant, assign, transfer and confirm unto each the Investor Representative and/or the Investors the rights now or hereafter intended to be granted to it under this Note or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8 <u>Inspection Rights.</u>** The Borrower shall permit, and cause each of its Subsidiaries to permit, the agents and representatives of the Investor Representative at any time and from time to time during normal business hours, at the expense of the Borrower, to examine and make copies of and abstracts from its records and books of account, to visit and inspect its properties, to verify materials, leases, notes, accounts receivable, deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals, or examinations and to discuss its affairs, finances and accounts with any of its directors, officers, managerial employees, independent accountants or any of its other representatives. In furtherance of the foregoing, the Borrower hereby authorizes its independent accountants, and the independent accountants of each of its Subsidiaries, to discuss the affairs, finances and accounts of such Person (independently or together with representatives of such Person) with the agents and representatives of the Investor Representative in accordance with this <u>Section 9.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9 <u>Maintenance of Insurance</u>**. The Borrower shall, and shall cause each of its Subsidiaries to, maintain insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent, worker's compensation and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering such risks as is required by any Governmental Authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and in any event in amount, adequacy and scope reasonably satisfactory to the Investor Representative. All policies covering the Collateral are to be made payable to the Investor Representative for the benefit of the Investors, as its interests may appear, in case of loss, under a standard non-contributory "lender" or "secured party" clause and are to contain such other provisions as the Investor Representative may require to fully protect the Investors' interest in the Collateral and to any payments to be made under such policies. All certificates of insurance are to be delivered to the Investor Representative and the policies are to be premium prepaid, with the loss payable and additional insured endorsement in favor of the Investor Representative and such other Persons as the Investor Representative may designate from time to time, and shall provide for not less than 30 days' (10 days' in the case of non-payment) prior written notice to the Investor Representative of the exercise of any right of cancellation. If any Note Party or any Subsidiary of any Note Party fails to maintain such insurance, the Investor Representative may arrange for such insurance, but at the Borrower's expense and without any responsibility on the Investor Representative's part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Upon the occurrence and during the continuance of an Event of Default, the Investor Representative shall have the sole right, in the name of the Investors, any Note Party and/or any Subsidiary of any Note Party, to file claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>NEGATIVE COVENANTS</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Investments</u>**. No Borrower shall, or shall permit any of its Subsidiaries to, make or maintain any Investments except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments existing on the Closing Date that have been disclosed to the Investor Representative in writing prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments in cash and cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (including debt obligations and Equity Securities) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other Investments in an aggregate amount, as valued at cost at the time each such Investment is made, not exceeding $250,000; provided that immediately after giving effect to any such purchase or other acquisition, no Event of Default shall have occurred and be continuing.

Notwithstanding the foregoing (or anything to the contrary contained herein (including <u>Section 9.7</u>) or in any other Transaction Document), no Borrower shall (or shall permit any of its Subsidiaries to) form or otherwise acquire any Subsidiary without the prior written consent of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Business of the Company**. No Borrower shall, or shall permit any of its Subsidiaries to, engage in any material lines of business other than those substantially similar to those lines of business conducted by the Company on the date hereof or any business reasonably related, complementary or ancillary thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Distributions.** No Borrower shall, or shall permit any of its Subsidiaries to, declare or pay any dividends, or make any redemptions or repurchases of Equity Securities, distributions

or withdrawals to the holders of its Equity Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 <u>Maintenance of Assets</u>.** No Borrower shall, or shall permit any of its Subsidiaries to, Dispose of any of its assets (including by way of merger, consolidation, dissolution or liquidation) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of inventory made in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of obsolete, worn out or surplus property, whether now owned or hereafter acquired, and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of cash and cash equivalents in the ordinary course of business; (d) transfers of property subject to casualty and condemnation events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dispositions of accounts receivable in the ordinary course of business in connection with the collection or compromise thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the surrender or waiver of contractual rights and leases and the settlement or waiver of contractual or litigation claims in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other Dispositions; <u>provided</u>, (i) at the time of such Disposition, no Default or Event of Default shall have occurred and be continuing or would result therefrom, (ii) the consideration paid to such Borrower or such Subsidiary, as applicable, for such Disposition shall not be less than the fair market value of the assets subject to such Disposition, shall be paid such Borrower or such Subsidiary, as applicable, at the time of such Disposition and shall be paid exclusively in cash, (iii) all of the net cash proceeds from such Disposition shall be, within 90 days from the date of receipt thereof, invested in other assets used or useful in the business of such Borrower or such Subsidiary, as applicable; and (iv) any Disposition incurred under this <u>Section 10.4(g)</u> shall not exceed, as valued at the time the agreement governing such Disposition is entered into, $1,000,000 taken together with any other such Disposition in the aggregate for any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 <u>Fundamental Changes</u>**. No Borrower shall, or shall permit any of its Subsidiaries to, merge, dissolve, liquidate, consolidate or amalgamate with or into another Person, reorganize, recapitalize or reclassify its Equity Securities (including pursuant to a division) or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, in each case, without the prior written consent of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 <u>Liens</u>.** No Borrower shall, or shall permit any of its Subsidiaries to, (a) create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, (b) sign or file or suffer to exist under the Uniform Commercial Code of any jurisdiction a financing statement that names the Company as debtor, or (c) assign any accounts or other right to receive income (other than, in each case, in respect of Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 <u>Indebtedness</u>**. Other than Indebtedness in respect of the Notes issued pursuant to the Purchase Agreement, no Borrower shall, or shall permit any of its Subsidiaries to, incur or permit to exist any Indebtedness greater than $100,000 in the aggregate without the prior written consent of the Investor Representative; <u>provided</u> that notwithstanding the foregoing, any incurrence of Indebtedness that constitutes an "Additional Financing" shall be subject to the provisions of <u>Article VI</u> of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 <u>Negative Pledge</u>**. No Borrower shall, or shall permit any of its Subsidiaries to, enter into (or otherwise permit to exist) any agreement which prohibits or limits the ability of the Company or any of its Subsidiaries to pledge or otherwise grant a security interest or otherwise create a Lien on any Collateral (as defined in the Security Agreement) without the prior written consent of the Investor Representative in its sole discretion; <u>provided</u> that the foregoing shall not apply to restrictions or conditions imposed by any Requirement of Law or any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9 <u>Issuance of Certain Equity Securities</u>**. The Borrower will not (a) authorize or issue any Equity Securities that rank senior in preference to the Series C Preferred Shares or (b) permit any of its Subsidiaries to issue any Equity Securities to any Person other than the Borrower or a wholly-owned Subsidiary of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 <u>Changes in Fiscal Year; Changes in Accounting Principles</u>**. No Borrower shall, or shall permit any of its Subsidiaries to, (a) end its fiscal year on any day other than December 31st, or (b) make any material change in tax or accounting methods or policies (other than as required by generally accepted accounting principles in the United States applied on a consistent basis or approved by the Company's accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11 Transactions with Affiliates**. No Borrower shall, or shall permit any of its Subsidiaries to, enter into or conduct any transaction with any of its Affiliates, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions that are no less favorable to such Borrower or such Subsidiary, as applicable, as such Borrower or such Subsidiary would obtain at the time in a comparable arm's-length transaction with a Person that is not an Affiliate, so long as such transactions are fully disclosed to the Investor Representative prior to the consummation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the issuance of Equity Securities by the Borrower to any officer, director, manager, employee or consultant of the Borrower or any of its Subsidiaries in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transactions permitted under <u>Section 10.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) employment, bonus and severance arrangements between such Borrower or such Subsidiary and its officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) transactions approved in writing by the Investor Representative in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>APPOINTMENT OF ARENA INVESTORS, LP AS INVESTOR REPRESENTATIVE</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 Appointment**. The Holder, by its acceptance of this Note and the benefits of the other Transaction Documents, hereby designates Arena Investors, LP to act as Investor Representative on behalf of, and as agent for, the Holder as specified in this Note and the other Transaction Documents. Each Investor shall be deemed irrevocably to authorize Arena Investors, LP, in its capacity as Investor Representative, to take such action on its behalf under the provisions of this Note and/or any other Transaction Document and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Investor Representative by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The Investor Representative may perform any of its duties hereunder by or through its agents or attorneys and shall not be responsible for the acts or omissions of any such agent or attorneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 <u>Nature of Duties</u>**. The Investor Representative shall have no duties or responsibilities except those expressly set forth in this Note and the other Transaction Documents to which it is a party. Neither the Investor Representative nor any of its partners, members, shareholders, officers, directors, employees or agents shall be liable for any action taken or omitted by it as such under this Note or any other Transaction Document or in connection herewith or therewith, be responsible for the consequence of any oversight or error of judgment or answerable for any loss, whether before or after an Event of Default, unless caused solely by its or their gross negligence or willful misconduct as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction. The duties of the Investor Representative shall be mechanical and administrative in nature; and nothing in this Note or any other Transaction Document, expressed or implied, is intended to or shall be so construed as to impose upon the Investor Representative any obligations in respect of this Note or any other Transaction Document except as expressly set forth herein, and no implied obligations shall be read into this Note or any other Transaction Document against the Investor Representative. The permissive rights of the Investor Representative to take actions under this Note or the other Transaction Documents shall not be construed as a duty. Beyond the exercise of reasonable care in the custody of the collateral in its possession and the accounting of monies received by it in respect of the Collateral and/or the Secured Obligations, the Investor Representative will have no duty as to any collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Investor Representative will be deemed to have exercised reasonable care in the custody of the collateral in its possession if the collateral is accorded treatment substantially equal to that which it accords its own property, and the Investor Representative will not be liable or responsible for any loss or diminution in the value of any of the collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Investor Representative in good faith. The Investor Representative shall have no duty to file any financing statements, amendments thereto, continuation statements, intellectual property security agreements or any other agreement or instrument to perfect or maintain the perfection of the Investor Representative's security interest in the Collateral. In no event shall the Investor Representative or any Investor be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Investor Representative or any Investor has been advised of the likelihood of such loss or damage and regardless of the form of action. The Investor Representative shall not be charged with knowledge of (A) any events or other information, or (B) any default or Event of Default unless a Responsible Officer of the Investor Representative shall have received written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3 <u>Lack of Reliance on the Investor Representative</u>**. Independently and without reliance upon the Investor Representative, each Investor, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Borrower and the other Note Parties in connection with such Investor's investment in the Borrower and/or the other Note Parties, the creation and continuance of the Secured Obligations, the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of the Borrower and the other Note Parties and the value of the Collateral from time to time, and the Investor Representative shall have no duty or responsibility, either initially or on a continuing basis, to provide any Investor with any credit, market or other information with respect thereto, whether coming into its possession before any Secured Obligations are incurred or at any time or times thereafter. The Investor Representative shall not be responsible to any Note Party, any Investor or any other Person for any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of this Note or any other Transaction Document, or for the financial condition of any or all of the Note Parties or the value of any of the Collateral, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Note or any other Transaction Document, or the financial condition of any or all of the Note Parties, or the value of any of the Collateral, or the existence or possible existence of any default or Event of Default under this Note or any of the other Transaction Documents. The Investor Representative will not be responsible for the existence, genuineness or value of any of the collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Note Party to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Investor Representative hereby disclaims any representation or warranty to the present and future Investors concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4 <u>Certain Rights of the Investor Representative</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor Representative shall have the right on behalf of all of the Investors to take any action with respect to the Collateral permitted or required by the Transaction Documents. The Investor Representative may (but shall not be required to) request instructions from the Investors with respect to any material act or action (including failure to act) in connection with this Note or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of the Majority Investors; if such instructions are not provided despite the Investor Representative's request therefor, the Investor Representative shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be entitled to indemnification satisfactory to the Investor Representative from the Investors in respect of actions to be taken by the Investor Representative; and the Investor Representative shall not incur liability to any Person by reason of so acting or refraining. Without limiting the foregoing, (i) no Investor shall have any right of action whatsoever against the Investor Representative as a result of the Investor Representative acting or refraining from acting hereunder in accordance with the terms of this Note or any other Transaction Document and (ii) the Investor Representative shall not be required to take any action that the Investor Representative believes (A) could reasonably be expected to expose it to personal liability unless it is indemnified to its satisfaction or (B) is contrary to this Note, the Transaction Documents or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor Representative shall be under no obligation to exercise any of the rights or powers vested in it by this Note or the other Transaction Documents at the request or direction of any Investors, pursuant to the provisions of such Transaction Document, unless (i) such Investors constitute the Majority Investors, and (ii) such Investors shall have offered, and if requested, provided to the Investor Representative security or indemnity (satisfactory to the Investor Representative in its sole and absolute discretion) against the costs, expenses and liabilities which may be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Note or any other Transaction Document shall require the Investor Representative to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not expressly provided for therein, when Arena Investors, LP acts as Investor Representative under any other Transaction Document, Arena Investors, LP shall be entitled to the rights, privileges, immunities and indemnities granted to the Investor Representative in this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5 <u>Reliance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor Representative shall be entitled to conclusively rely, and shall be fully protected in relying, upon any writing, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, resolution, statement, certificate, instrument, telex, teletype or facsimile message, cablegram, radiogram, judgment, or other paper or document or telephone message, reasonably believed by it in good faith to be genuine signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Note and the other Transaction Documents and its duties hereunder and thereunder, upon advice of counsel selected by it (which may be counsel to the Note Parties or the Investors) and upon all other matters pertaining to this Note and the other Transaction Documents and its duties thereunder, upon advice of other experts reasonably selected by it in good faith. The Investor Representative may, at the joint and several expense of the Borrower, request, rely on and act in accordance with Officer's Certificates and/or opinions of counsel, and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance with such Officer's Certificates and opinions of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the Investor Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Secured Obligations or the identity of the Investors, it may request that such information be furnished to it in writing by the Borrower, the other Note Parties or the Investors and shall be entitled to make such determination on the basis of the information so furnished and may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the foregoing (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Note Party, any Investor or any other Person as a result of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6 <u>Expenses; Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Grantors shall be required to pay, jointly and severally, all fees and documented out-of-pocket costs and expenses incurred by Investor Representative in connection with the negotiation of this Note and the other Transaction Documents, the performance of its duties hereunder and thereunder, and the exercise of its rights and enforcement of its remedies hereunder, thereunder and/or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the payment of fees and reimbursement of expenses, the Borrower jointly and severally agrees to defend, indemnify, pay and hold harmless the Investor Representative, its officers, members, shareholders, partners, directors, trustees, employees, advisors (including attorneys, accountants and experts), representatives and agents and each of their respective successors and assigns and each Person who controls any of the foregoing (each, an "***Indemnitee***"), from and against any and all losses, liabilities or reasonable expenses, including reasonable fees and expenses of counsel, incurred by it arising out of or in connection with the acceptance or administration of its duties under this Note and the other Transaction Documents or in any way relating to or arising out of this Note or any other Transaction Document, including the reasonable costs and expenses of enforcing this Note and the Transaction Documents against any Borrower or any other Note Party (including this <u>Section 11.6</u>) and defending itself against any claim (whether asserted by any Borrower, any other Note Party, any Investor or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Investor Representative is not reimbursed and indemnified by the Borrower and/or the other Note Parties, the Investors will jointly and severally reimburse and indemnify the Investor Representative, in proportion to their initially purchased respective principal amounts of Notes, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Investor Representative in performing its duties hereunder or under this Note or any other Transaction Document, or in any way relating to or arising out of this Note or any other Transaction Document except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct. Prior to taking any action hereunder as Investor Representative, the Investor Representative may require each Investor to deposit with it sufficient sums as it determines in good faith is necessary to protect the Investor Representative for fees, costs and expenses associated with taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this <u>Section 11.6</u> shall survive termination of this Note, the repayment of the Obligations and any resignation or removal of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7 <u>Resignation by the Investor Representative</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor Representative may resign from the performance of all its functions and duties under this Note and the other Transaction Documents at any time by giving 30 days' prior written notice to the Administrative Borrower and the Investors. Such resignation shall take effect upon the appointment of a successor Investor Representative pursuant to clauses (b) and (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any such notice of resignation, Majority Investors (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) shall appoint a successor Investor Representative hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a successor Investor Representative shall not have been so appointed within said thirty (30)-day period, the Administrative Borrower in consultation with the Investor Representative shall then appoint a successor Investor Representative who shall serve as Investor Representative until such time, if any, as the Majority Investors appoint a successor Investor Representative (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) as provided above. If a successor Investor Representative has not been appointed within such thirty (30)-day period, the Investor Representative may petition any court of competent jurisdiction or may interplead the Note Parties and the Investors in a proceeding for the appointment of a successor Investor Representative, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable jointly and severally by the Borrower promptly following written demand to the Administrative Borrower therefor. Upon the acceptance of any appointment as Investor Representative hereunder by a successor Investor Representative, such successor Investor Representative shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Investor Representative and the retiring Investor Representative shall be discharged from its duties and obligations under this Note and the other Transaction Documents. After any retiring Investor Representative's resignation or removal hereunder as Investor Representative, the provisions of this Note shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any corporation or association into which the Investor Representative may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Investor Representative is a party, will be and become the successor the Investor Representative under this Note and the other Transaction Documents and will have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Borrower, other Note Party, Investor or any other Person or Persons shall have the right to remove or replace Arena Investors, LP as the Investor Representative without the Investor Representative's prior written consent (which consent shall be given or withheld in the Investor Representative's sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8 <u>Rights with Respect to Collateral</u>**. Each Investor (other than Arena Investors, LP in its capacity as Investor Representative) agrees with all other Investors and the Investor Representative that it shall not, and shall not attempt to, (a) exercise any rights with respect to the Note Parties, the Collateral or the Investor Representative's security interest in the Collateral, whether pursuant to this Note, any other Transaction Document, any other agreement, applicable law or otherwise (it being understood and agreed that any exercise of rights or remedies under the Transaction Documents shall be exercised exclusively by the Investor Representative (and not by any Holder or Investor or other Person)), or (b) take or institute any action against the Investor Representative or any of the other Investors in respect of the Collateral, the Transaction Documents or its rights under the Transaction Documents (other than any such action arising from the breach by the Investor Representative or any of the other Investors of its express obligations under this Note or any of the other Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9 <u>Force Majeure</u>**. The Investor Representative shall not be responsible or liable for any failure or delay in the performance of its agent-related obligations under this Note or any other Transaction Document arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, any act or provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>GENERAL PROVISIONS</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 <u>Waivers</u>.** Except to the extent otherwise expressly provided for hereunder, the Borrower and all endorsers of this Note hereby waive notice, presentment, protest and notice of dishonor in connection with the delivery, acceptance, performance, default or enforcement of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 <u>Transfer</u>.** Neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the prior written consent of (a) the Investor Representative and (b) so long as no Default or Event of Default has occurred and is continuing, the Administrative Borrower (which consent the Administrative Borrower may withhold in its sole discretion). Upon an assignment, conveyance, or transfer of Notes in accordance with this <u>Section 12.2</u>, the rights and obligations of the assigning, conveying, or transferring Holder will terminate (to the extent so assigned, conveyed or transferred) and the transferee will be bound by the terms of this Note as if a Holder. Subject to the foregoing, the rights and obligations of the Borrower, the Investors (including the Holder) and the Investor Representative under this Note and the other Transaction Documents shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3 <u>Governing Law; Jury Trial Waiver</u>.** This Note shall be governed by and construed under the internal laws of the State of Nevada as applied to agreements entered into and to be performed entirely within the State of New York. THE BORROWER AND EACH HOLDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4 <u>Headings</u>.** The headings and captions used in this Note are used only for convenience and are not to be considered in construing or interpreting this Note. All references in this Note to sections and exhibits shall, unless otherwise provided, refer to sections hereof and exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5 <u>Notices</u>.** All notices required or permitted to be given to a party pursuant to this Note shall be given in the manner set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6 <u>Amendments and Waivers</u>.** This Note may be amended, and any provisions under this Note may be waived, only with the written consent of the Borrower, the Majority Investors (which may, but shall not be required to, include the Holder of this Note) and the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7 <u>Severability</u>.** If one or more provisions of this Note are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Note to the extent they are held to be unenforceable and the remainder of the Note shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8 <u>Counterparts</u>.** This Note may be executed in two (2) or more counterparts, each of which will be deemed an original, and it will not be necessary in making proof of this Note or the terms of this Note to produce or account for more than one (1) of such counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9 <u>Payments Set Aside</u>**. To the extent that any payment by or on behalf of any Borrower or any other Note Party to the Holder, or the Holder exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Holder in its discretion with the consent of the Investor Representative) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any debtor relief law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) the Borrower jointly and severally agree to pay to the Holder upon demand any amount so recovered or repaid. The obligations of the Borrower under this <u>Section 12.9</u> shall survive the payment in full of the Obligations and the termination of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10 <u>Register</u>**. The Administrative Borrower or its agent shall maintain a register for the recordation in book entry form of the names and addresses of any Persons holding a beneficial interest in the right to hold this Note, and the principal amounts (and stated interest) of the Note owing to such Persons pursuant to the terms hereof from time to time (the "***Register***"). No assignment shall be effective unless it has been recorded in the Register as provided in this section. The entries in the Register shall be conclusive absent manifest error, and the Borrower and the Holder and their respective successors and assigns shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a beneficial owner of the right to receive amounts hereunder for all purposes of this Note. The Register shall be available for inspection by the Investor Representative at any reasonable time and from time to time upon reasonable prior notice. The Register is intended to cause the extensions of credit to the Borrower under this Note to be at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury Regulations (or any other relevant or successor provisions of the Code or of such Treasury Regulations) and shall be interpreted and applied in a manner consistent with such intent. The Administrative Borrower shall deliver a copy of the Register to the Investor Representative upon request, upon which the Investor Representative is entitled to (but shall not be required to) conclusively rely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11 <u>Administrative Borrower; Joint and Several Liability of the Borrower</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby irrevocably appoints VisitIQ Corp. as the borrowing agent and attorney-in-fact for the Borrower (the "***Administrative Borrower***") which appointment shall remain in full force and effect unless and until the Investor Representative shall have received prior written notice signed by all of the Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. The Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (i) to provide to, and receive from, the Investor Representative and the Investors all notices under this Note and the other Transaction Documents and (ii) to take such action as the Administrative Borrower deems appropriate on its behalf to issue the Notes and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Note and the other Transaction Documents. It is understood that the handling of the Obligations and Collateral of the Borrower in a combined fashion, as more fully set forth herein, is done solely as an accommodation to the Borrower in order to utilize the collective borrowing powers of the Borrower in the most efficient and economical manner and at their request, and that neither the Investor Representative nor any Investor shall incur liability to the Borrower as a result hereof. The Borrower expects to derive benefit, directly or indirectly, from the handling of the Obligations and the Collateral in a combined fashion since the successful operation of the Borrower is dependent on the continued successful performance of the integrated group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby accepts liability hereunder and under the other Transaction Documents in consideration of the financial accommodations to be provided by the Investors under this Note and the other Transaction Documents, for the mutual benefit, directly and indirectly, of the Borrower and in consideration of the undertakings of liability for the Obligations. The Borrower, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a debtor, the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this <u>Section 12.11</u>). If and to the extent that the Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, such failure shall constitute a direct and immediate default. Subject to the terms and conditions hereof, the Obligations of the Borrower under the provisions of this Section 12.11 constitute the absolute and unconditional, full recourse Obligations of the Borrower, enforceable against the Borrower to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Note, the other Transaction Documents, or any other circumstances whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this <u>Section 12.11</u> are made for the benefit of the Investor Representative, the Investors and their successors and assigns, and may be enforced by them from time to time against the Borrower as often as occasion therefor may arise and without requirement on the part of the Investor Representative, the Investors or such successors or assigns first to marshal any of its or their claims or to exercise any of its or their rights against the Borrower or to exhaust any remedies available to it or them against the Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this <u>Section 12.11</u> shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower hereby agrees that it shall not enforce any rights of contribution or subrogation with respect to any liability incurred hereunder or under any of the other Transaction Documents, or with respect to any payments made by it to the Investor Representative or the Investors with respect to any of the Obligations or any Collateral, until such time as all of the Obligations have been paid in full in cash. Any claim the Borrower may have against any other person with respect to any such payments is hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations.

**[Signature Page Follows]**

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## Exhibit 10.10

**Exhibit 10.10**

EXECUTION COPY

NOTE PURCHASE AGREEMENT

This NOTE PURCHASE AGREEMENT, dated as of November 10, 2025, by and among VisitIQ Corp., a Nevada corporation (formerly known as Capstone Technologies Group, Inc., "<u>VisitIQ Corp.</u>"), VisitIQ, LLC, a Delaware limited liability company ("<u>VisitIQ, LLC</u>", and together with VisitIQ Corp., each a "<u>Borrower</u>" and collectively, the "<u>Borrowers</u>"), Arena Investors, LP, a Delaware limited partnership (the "<u>Lead Investor</u>"), and the other persons party to this agreement as Investors (together with the Lead Investor and each of their respective successors and permitted assigns, each referred to as an "<u>Investor</u>" and together as the "<u>Investors</u>") and Arena Investors, LP, a Delaware limited partnership, in its capacity as collateral agent and investor representative for the Investors (in such capacity, together with its successors and assigns in such capacity, the "<u>Investor Representative</u>").

<u>STATEMENT OF PURPOSE:</u>

WHEREAS, upon the terms and conditions set forth in this Agreement, (i) the Borrowers jointly and severally desire to issue and sell to the Investors, certain original issue discount senior secured convertible promissory notes in tranches at a number of Closings, in the aggregate principal amount equal to the Total Principal Amount for proceeds in an aggregate amount equal to the Total Purchase Price, and (ii) each Investor (severally, but not jointly and severally) desires to purchase an original issue discount senior secured convertible promissory note from the Borrowers in the original principal amount set forth opposite its name (under the column "Principal Note Amount") on <u>Exhibit D</u> hereto for the purchase price set forth opposite its name (under the column "Purchase Price");

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I <br> DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions. As used in this Agreement, the following terms have the meanings set forth or referenced below:

"<u>Affiliate</u>" of any Person means any other Person (except, with respect to an Investor that is a shareholder of VisitIQ Corp., VisitIQ Corp. or any of its direct or indirect Subsidiaries) directly or indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person (i) owns ten percent (10%) or more of any class of voting securities (or other ownership interests) of the controlled Person or (ii) possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of Equity Securities, by contract or otherwise.

"<u>Agreement</u>" means this Agreement, including the exhibits and schedules attached hereto, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof.

EXECUTION COPY

"<u>Borrower</u> " has the meaning given to that term in the preamble hereto.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law or executive order to close.

"<u>Capitalization Schedule</u>" has the meaning given to that term in <u>Section 3.5</u> hereof.

"<u>Change of Control</u>" means, with respect to VisitIQ Corp.:

&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) a change in the composition of the board of directors of VisitIQ Corp. at a single shareholder meeting where a majority of the individuals that were directors of the Company immediately prior to the start of such shareholder meeting are no longer directors at the conclusion of such meeting, expect as required by the rules of the Trading Market in connection with the listing of the Common Stock thereon;

&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) a change in composition of the board of directors of VisitIQ Corp. prior to the termination of this Agreement where a majority of the individuals that were directors as of the date of this Agreement cease to be directors of VisitIQ Corp. prior to the termination of this Agreement, expect as required by the rules of the Trading Market in connection with the listing of the Common Stock thereon;

&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) other than a shareholder that holds such a position at the date of this Agreement, if a Person comes to have beneficial ownership, control or direction over more than forty percent (40%) of the voting rights attached to any class of voting securities of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the sale or other disposition by the Borrower or any of their Subsidiaries in a single transaction, or in a series of transactions, of all or substantially all of their respective assets.

"<u>Charter</u>" means the certificate of incorporation of VisitIQ Corp.

"<u>Closing</u>" and "<u>Closings</u>" mean each of the First Closing and each Subsequent Closing of the purchase and sale of the Notes pursuant to and as defined further in <u>Section 2.2</u> hereof.

"<u>Closing Dates</u>" has the meaning given to that term in <u>Section 2.2</u> hereof.

"<u>Common Stock</u>" means the common stock of the VisitIQ Corp., par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Contractual Obligations</u>" means, as to any Person, any obligations of such Person pursuant to any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which such Person is a party or by which such Person or any of such Person's property is bound.

EXECUTION COPY

"<u>Covered Person</u>" means those Persons specified in Rule 506(d)(1) under the Securities Act, including any Borrower; any predecessor or affiliate of any Borrower; any director, executive officer or other officer participating in the offering of the Notes by the Borrowers or the Purchase and Sale, or any general partner or managing member of any Borrower; any beneficial owner of 20% or more of any Borrower's outstanding voting equity securities, calculated on the basis of voting power; any promoter (as defined in Rule 405 under the Securities Act) connected with any Borrower in any capacity at the time of the sale of the Notes; and any Person that has been or will be paid (directly or indirectly) remuneration for solicitation of Investors in connection with the sale of the Notes (a "<u>Solicitor</u> "), any general partner or managing member of any Solicitor, and any director, executive officer or other officer participating in the offering of Notes by the Borrowers or the Purchase and Sale of any Solicitor or general partner or managing member of any Solicitor.

"<u>Disqualification Event</u>" means a circumstance or condition in which a Covered Person is subject to any of the "bad actor" disqualifications described in Rule 506(d)(l)(i) to (viii) under the Securities Act.

"<u>Equity Securities</u>" means (a) any capital stock, partnership, membership, limited liability company, joint venture or other ownership or equity interest, participation or securities (whether voting or non-voting, whether preferred, common or otherwise), including any profits interest, stock appreciation, phantom equity or similar rights, contractual or otherwise, and (b) any option, warrant, security or other right (including indebtedness securities or other evidence of indebtedness) directly or indirectly convertible into or exercisable or exchangeable for, or otherwise to acquire directly or indirectly, any capital stock, partnership, membership, limited liability company, joint venture or other ownership or equity interest, participation or security described in clause (a) above.

"<u>First Closing</u>" shall have the meaning ascribed to such term in Section 2.2.

"<u>First Closing Date</u>" shall have the meaning ascribed to such term in Section 2.2.

"<u>Governmental Authority</u>" means the government of any nation, state, city, locality or other political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, regulation or compliance, including, without limitation, any federal, state or local public health commission.

"<u>Guarantor</u>" means each Subsidiary of a Note Party (other than a Borrower) that guarantees the repayment of the Notes and the other obligations under the Transaction Documents pursuant to the Guaranty.

"<u>Guaranty</u>" means the Guaranty Agreement, made by the Guarantors from time to time party thereto in favor of the Investor Representative, substantially in the form attached hereto as <u>Exhibit C</u>.

"<u>Investor</u>" and "<u>Investors</u>" have the meanings given to those terms in the preamble hereto.

EXECUTION COPY

"<u>Investor Representative</u>" has the meaning given to that term in the preamble hereto.

"<u>Lead Investor</u>" has the meaning given to that term in the preamble hereto.

"<u>Lien</u>" means any lien (statutory or other), security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, capital lease or other title retention agreement).

"<u>Majority Investors</u>" means those Investors, who at the time referenced, hold Notes representing a majority of the principal amount of all outstanding Notes held by the Investors.

"<u>Material Adverse Effect</u>" means a violation, circumstance, change, condition, state of facts, effect or other matter, either individually or in the aggregate with all other violations, circumstances, changes, effects and other matters, that has had, or would be expected to have in the Investor Representative's sole and absolute discretion, (a) a material adverse effect on the assets, business, properties, operations, condition (financial or otherwise), results of operations or financial performance of any Note Party, (b) a material adverse effect upon the legality, validity, binding effect or enforceability against any Note Party of any Transaction Document, or (c) a material adverse effect on the ability of any Note Party to perform its obligations under any Transaction Document.

"<u>Notes</u>" has the meaning given to that term in <u>Section 2.1</u> hereof.

"<u>Note Parties</u>" means each Borrower and each Guarantor.

"<u>Perfection Certificate</u>" has the meaning given to that term in the Notes.

"<u>Person</u>" means any individual, firm, corporation, limited liability company, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity.

"<u>Property</u>" of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

"<u>Purchase and Sale</u>" means the purchase and sale of the Notes as contemplated hereunder.

"<u>Requirements of Law</u>" means as to any Person, provisions of the Charter (or other governing or organizational document) of such Person, or any law, treaty, code, rule, regulation, right, privilege, qualification, license or franchise, or any determination of an arbitrator or a court or other Governmental Authority, in each case applicable to such Person or any of such Person's property or to which such Person or any of such Person's property is subject or pertaining to any or all of the transactions contemplated or referred to herein.

EXECUTION COPY

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations thereunder as the same shall be in effect at the time.

"<u>Security Agreement</u>" means the Security Agreement, dated as of the October 24, 2024, as amended by that certain amendment thereto, dated as of date hereof, and as further amended, restated, supplemented or otherwise modified from time to time, made by the Note Parties from time to time party thereto in favor of the Investor Representative, substantially in the form attached hereto as <u>Exhibit A</u>.

"<u>Series C Preferred Shares</u>" means shares of the Series C Convertible Preferred Stock of VisitIQ Corp., as set forth in the Charter (as in effect on the date hereof).

"<u>Shareholders Agreement</u>" means that certain Shareholders Agreement of VisitIQ Corp., effective in November 2024, by and among VisitIQ Corp, the Lead Investor and the other shareholders of VisitIQ Corp. party thereto, as amended or otherwise modified from time to time.

"<u>Subsequent Closing</u>" shall have the meaning ascribed to such term in Section 2.2.

"<u>Subsequent Closing Date</u>" shall have the meaning ascribed to such term in Section 2.2.

"<u>Subsidiary</u>" means, with respect to any Person, a corporation or other entity of which more than fifty percent (50%) of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person; it being understood that a Person shall be deemed to have such an ownership interest in a partnership, association or other unincorporated business entity if such Person is allocated a majority of the gains or losses of such partnership, association or other entity or is or controls the managing member or director or the general partner of such partnership, association or other entity. Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of VisitIQ Corp, whether direct or indirect.

"<u>Total Principal Amount</u>" has the meaning given to that term in <u>Section 2.1</u> hereof.

"<u>Total Purchase Price</u>" has the meaning given to that term in <u>Section 2.1</u> hereof.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transaction Documents</u>" means this Agreement, the Notes, the Guaranty, the Security Agreement, the ancillary security documents delivered pursuant to the Security Agreement and each other document, certificate and instrument being delivered pursuant to any of the foregoing.

EXECUTION COPY

"<u>Transactions</u>" means, collectively, the Purchase and Sale and the payment of all fees and expenses required to be paid by the Borrowers in connection with the foregoing.

ARTICLE II

PURCHASE AND SALE OF NOTES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Purchase and Sale of the Notes. Subject to the terms and conditions herein set forth, including, without limitation, the Closing Conditions set forth in <u>Exhibit F,</u> (a) the Borrowers jointly and severally agree to sell to each Investor, and (b) each Investor (severally, but not jointly and severally) agrees to purchase from the VisitIQ Corp. at the applicable Closing, an original issue discount senior secured convertible promissory note substantially in the form attached to this Agreement as <u>Exhibit B</u> (each individually a "<u>Note"</u> and collectively the "<u>Notes"</u>) in the original principal amount set forth opposite such Investor's name (under the column "Principal Note Amount") at the applicable Closing on <u>Exhibit D</u> hereto for the purchase price set forth opposite such Investor's name (under the column "Purchase Price"). After giving effect to all the transactions contemplated to occur at the Closings, the Notes shall be issued with original issue discount, such that the aggregate principal amount of the Notes shall be $1,944,444.00 (the "<u>Total Principal Amount</u>") but the aggregate purchase price payable by the Investors for the Notes shall be $1,750,000.00(the "<u>Total Purchase Price</u>"). The Total Purchase Price shall be payable by each Investor at the applicable Closing to the Borrowers in accordance with <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Closings. The purchase and issuance of the Notes at the applicable Closing shall take place remotely via the electronic exchange of documents and executed signature pages at the applicable closing (each, a "<u>Closing</u>" and collectively, the "<u>Closings"</u>) on the date hereof (the "<u>Closing Date</u>"). At the applicable Closing, following the satisfaction of the conditions specified on <u>Exhibit F</u> hereof with respect to such Closing (as determined by the Investor Representative in its sole discretion), each Investor will deliver to the Administrative Borrower, as payment in full for the Note to be purchased by such Investor at the applicable Closing, the portion of the Total Purchase Price set forth opposite such Investor's name on <u>Exhibit D</u> hereto, by wire transfer of funds to a bank account designated by the Administrative Borrower in accordance with the wire instructions delivered by the Administrative Borrower to the Investors, except to the extent otherwise provided in <u>Section 6.5.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Deliveries</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;(a) On or prior to the First Closing Date for the First Closing and on or prior to each Subsequent Closing Date for such Subsequent Closing unless previously delivered or otherwise waived by the Investors, the Borrowers shall deliver or cause to be delivered to each Investor the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this
 Agreement duly executed by the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Note duly executed on each date by the Borrowers to the Investors as set
forth in <u>Exhibit D</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;(iii) final
 Perfection Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Security Agreement duly executed by the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Guaranty duly executed by the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) wire
 instructions in accordance with Section 2.2 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a
 certificate executed by the Chief Executive Officer or Chief Financial Officer of the
 Borrowers, dated as of the First Closing Date, in a form and substance reasonably acceptable
 to the Investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) A
 certificate executed by the Secretary of the Company, dated as of the First Closing Date,
 in form and substance reasonably acceptable to the Investors.

&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) On or prior to the First Closing Date for the First Closing and on or prior to each Subsequent Closing Date for such Subsequent Closing unless previously delivered, each Investor, severally and not jointly, shall deliver or cause to be delivered to the Borrowers the following;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this
 Agreement duly executed by the applicable Investor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Security Agreement duly executed by the Investor Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 applicable Purchase Price by wire transfer to the account
 specified Section 2.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Use of Proceeds. The Borrowers shall use the proceeds of the Total Purchase Price for general corporate matters, working capital and transaction expenses.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BORROWERS

Each Borrower hereby represents and warrants to each Investor as of the First Closing Date and each Subsequent Closing Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Existence and Power . Each Note Party (a) is a corporation or limited liability company, as applicable, duly organized, validly existing and in good standing under the laws of the state of its incorporation or formation, as specified in the Perfection Certificate; (b) has all requisite corporate or limited liability company power and authority to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently, or is currently proposed to be, engaged; (c) is duly qualified as a foreign entity, licensed and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except to the extent that the failure to qualify would not have a Material Adverse Effect; and (d) has the corporate power and authority to execute, deliver and perform its obligations under each Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Authorization; No Contravention. The execution, delivery and performance by each Note Party of each Transaction Document to which it is a party and the consummation of the transactions contemplated hereby (including the Transactions) and thereby: (a) have been duly authorized by all necessary corporate or company action, as applicable; (b) do not and will not violate (i) the terms of the Charter (or any other organizational document or equity holder agreement) of such Note Party or any amendment thereto or (ii) any Requirement of Law applicable to such Note Party or such Note Party's assets, business or properties; (c) do not and will not (i) conflict with, contravene, result in any violation or breach of or default under any material Contractual Obligation of such Note Party (with or without the giving of notice or the lapse of time or both), (ii) create in any other Person a right or claim of termination or amendment of any material Contractual Obligation of such Note Party, or (iii) require modification, acceleration or cancellation of any material Contractual Obligation of such Note Party, and (d) do not and will not result in the creation of any Lien (or obligation to create a Lien) against any property, asset or business of such Note Party (other than in favor of the Investor Representative pursuant to the terms of the Security Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Governmental Authorization; Third Party Consents. Except for those consents or approvals received on or prior to the date hereof, no approval, consent, compliance, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person in respect of any Requirement of Law, material Contractual Obligation or otherwise, and no lapse of a waiting period under a Requirement of Law or material Contractual Obligation, is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Note Party of the Transaction Documents or the consummation of the transactions contemplated hereby (including the Transactions) and thereby, except for filings pursuant to (i) Regulation D of the Securities Act and applicable securities laws and (ii) actions required to be taken to perfect the Liens granted under the Security Agreement and the other collateral documents required pursuant to the Security Agreement and any consents required for the Investor Representative to exercise rights and remedies under the Transaction Documents and/or with respect to the Collateral (as defined in the Security Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Binding Effect. Each Note Party has duly executed and delivered the Transaction Documents to which it is a party, and such Transaction Documents constitute the legal, valid and binding obligations of such Note Party, enforceable against such Note Party in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Capitalization. The ownership of the Equity Securities of each Note Party is set forth on the capitalization schedule attached hereto as Exhibit E (the " <u>Capitalization Schedule</u>"). All outstanding Equity Securities of each Note Party have been duly authorized and validly issued and are fully paid and non- assessable and, except as set forth on the Capitalization Schedule, free and clear of all Liens except those arising under applicable securities laws. The Notes and the Series C Preferred Shares (each as defined in the Notes) issuable upon conversion of the Notes, when issued, sold and delivered in accordance with the terms of this Agreement and the Notes for the consideration provided for herein and therein, have been duly authorized and will be duly and validly issued and fully paid and non-assessable and free of any adverse claims and are (or will be in the case of the Series C Preferred Shares) issued in compliance with all applicable federal and state securities Requirements of Law. Except as set forth on the Capitalization Schedule or as contemplated by the Transactions, on the applicable Closing Date, there will be no outstanding securities convertible into or exchangeable for Equity Securities of any Note Party or options, warrants or other rights to purchase or subscribe for Equity Securities of any Note Party, or contracts, commitments, agreements, understandings or arrangements of any kind to which any Note Party is a party relating to the issuance of any Equity Securities of any Note Party, or any such convertible or exchangeable securities or any such options, warrants or rights. On the applicable Closing Date, except in connection with the Transactions, no Note Party has any obligation, whether mandatory or at the option of any other Person, at any time to redeem or repurchase any Equity Securities of any Borrower or any other Note Party, pursuant to the Charter or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Subsidiaries.
 As of the applicable Closing Date, no Note Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) owns
 any Subsidiary or

&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) owns or controls, directly or indirectly, any interest or other Investment in any other Person, other than VisitIQ Corp's ownership interests in VisitIQ, LLC and DrivenIQ Corporation, a Delaware corporation ("DrivenIQ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Private Offering. Assuming (i) the Notes are issued, sold and delivered under the circumstances contemplated by this Agreement and (ii) the accuracy of the representations and warranties of the Investors set forth herein, and their compliance with the agreements set forth herein and therein, it is not necessary in connection with the offer, sale and delivery of the Notes to the Investors in the manner contemplated by this Agreement to register the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) under the Securities Act. No Borrower has, directly or indirectly, offered, sold or solicited any offer to buy, and no Borrower will, directly or indirectly, offer, sell or solicit any offer to buy, any security of a type or in a manner which would be integrated with the sale of the Notes and require the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) to be registered under the Securities Act. None of the Borrowers, their respective Subsidiaries, their respective Affiliates or any Person acting on its or any of their behalf (other than the Investors, as to whom the Borrowers make no representation or warranty) has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Rule 502(c) under the Securities Act) in connection with the offering of the Notes or any post- issuance preemptive rights offering undertaken by the Borrowers. The issuance of the Series C Preferred Shares to the Investors upon conversion of the Notes, assuming (i) no change in currently applicable Requirements of Law and (ii) no commission or other remuneration is paid or given, directly or indirectly, for soliciting the issuance of the Series C Preferred Shares, are exempt from the registration, qualification and prospectus delivery requirements of the Securities Act and state securities laws. No Disqualification Event is applicable to any Borrower or, to the knowledge of the Borrowers, with respect to any Borrower as an "issuer" for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1), except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3) is applicable.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

Each Investor, severally and not jointly, hereby represents and warrants to the Borrowers as of the First Closing Date as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Existence and Power . Such Investor: (a) if an entity, is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation; (b) if an entity, has all power and authority to own and operate to conduct the business in which it is currently, or is currently proposed to be, engaged; and (c) has the power and authority to execute, deliver and perform his or her obligations under each Transaction Document to which he or she is or will be a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Authorization; No Contravention. The execution, delivery and performance by such Investor of this Agreement: (a) if an entity, is within its power and authority and has been duly authorized by all necessary action; (b) if an entity, does not contravene the terms of its organizational documents or any amendment thereof; and (c) will not violate, conflict with or result in any breach or contravention of any of its, his or her material Contractual Obligations, or any material order or decree directly relating to such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Binding Effect. This Agreement has been duly executed and delivered by such Investor and this Agreement constitutes its, his or her legal, valid and binding obligation, enforceable against such Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 No Legal Bar. The execution, delivery and performance of this Agreement by such Investor will not violate any Requirement of Law applicable to such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Securities
 Laws.

&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) The Notes are being or will be acquired by such Investor hereunder for its, his or her own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof in any transaction which would be in violation of state or federal securities laws.

&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) Such Investor is an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

&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) Such Investor understands that (i) the Notes (and the Series C Preferred Shares that may be issued in conversion thereof) constitute "restricted securities" under the Securities Act, (ii) the offer and sale of the Notes hereunder is not registered under the Securities Act or under any "blue sky" laws in reliance upon certain exemptions from such registration and that the Borrowers are relying on the representations made herein by such Investor in its determination of whether such specific exemptions are available, and (iii) the Notes (and the Series C Preferred Shares that may be issued in conversion thereof) may not be transferred except pursuant to an effective registration statement under the Securities Act, or under an exemption from such registration available under the Securities Act and under applicable "blue sky" laws or in a transaction exempt from such registration. Such Investor acknowledges that: (A) except as set forth in the Shareholders Agreement or any amendment thereof, it has no right to require registration of the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) under the Securities Act or any "blue sky" laws, and (B) there is not now and is not contemplated to be any public market therefor. As a result, such Investor is prepared to bear the economic risk of an investment in the Notes (or the Series C Preferred Shares that may be issued in conversion thereof) for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The principal place of business of such Investor is identified in the address of such Investor set forth in on the signature page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither such Investor, nor, if an entity, any of its officers, directors, employees, agents, equity holders or partners has either directly or indirectly, including through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent applicable to such Investor, neither such Investor (nor any of its members, if applicable) is subject to any Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Such Investor has had an opportunity to ask questions of and receive answers, and received such requested information, from representatives of the Borrowers concerning the terms and conditions of such Investor's investment in the Borrowers. The foregoing, however, does not in any way limit or modify the representations and warranties made by the Borrowers in <u>Article III</u> above or in any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Broker's, Finder's or Similar Fees. There are no brokerage commissions, finder's fees or similar fees or commissions payable in connection with the Transactions based on any agreement, arrangement or understanding with such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Independent
 Investigation; Borrowers' Representations.

&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) Such Investor has conducted its own independent investigation, review and analysis of the business, operations, assets, liabilities, results of operations, financial condition, software, technology and prospects of the Note Parties, which investigation, review and analysis was done by such Investor and its representatives. In entering into this Agreement, such Investor acknowledges that it has relied solely upon the aforementioned investigation, review and analysis and not on any factual representations or opinions of the Note Parties or their respective representatives (except the specific representations and warranties of the Borrowers set forth in <u>Article III</u>, the representations of the Note Parties set forth in the Security Agreement and in any certificate delivered by or on behalf of any Note Party).

&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) Such Investor represents that by reason of its business or financial experience, it has the capacity to evaluate the merits and risks of its investment in the Borrowers and protect its own interests in connection with the transactions contemplated in this Agreement.

ARTICLE V

CERTAIN COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Right
 of First Refusal.

&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) <u>Definitions</u>. For purposes of this <u>Article V</u>, the term "<u>Additional Financing</u>" shall mean any Indebtedness (including convertible securities) to be incurred by, or any Equity Securities to be issued by, any Borrower, any of their respective Subsidiaries, any of their respective Affiliates or through any of their respective special purpose vehicles or joint venture structures. For the avoidance of doubt, it is understood and agreed that the term " <u>Additional Financing</u>" shall not include the Notes or any other financing provided by the Investors in connection with the Transaction Documents and the term "Offeror" shall not include any Investor.

&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) <u>Grant of Right of First Refusal</u>. Each Borrower, on behalf of itself and each of its Subsidiaries and Affiliates, hereby grants to the Lead Investor a right of first refusal to provide any Additional Financing to be sought, directly or indirectly, by such Borrower, any of its Subsidiaries, any of their respective Affiliates or any of their respective special purpose vehicles or joint venture structure) (each, an "<u>Offeror"</u> and collectively, the "<u>Offerors"</u>), subject to the following terms and conditions (the "<u>Right of First Refusal</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;(c) <u>Financing Notice</u>. Without derogating from any other provision under this Agreement, the Notes or any other Transaction Document, from and after the First Closing Date, prior to the consummation of any Additional Financing with any other lender or finance provider, each Offeror shall notify the Lead Investor of its intention to obtain such Additional Financing. In connection therewith, such Offeror shall deliver to the Lead Investor a written notice setting forth all of the terms and conditions of any such Additional Financing proposed to be entered into, along with a binding commitment letter from the lender or finance provider that has agreed to provide such Additional Financing to such Offeror (the "<u>Financing Notice</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;(d) <u>ROFR Election Notice</u>. If the Lead Investor wishes to exercise the Right of First Refusal, the Lead Investor must provide notice of its election to provide such Additional Financing upon the same terms and provisions in the Financing Notice (the " <u>ROFR Election Notice</u>"), within five (5) Business Days of its receipt of the Financing Notice. Upon receipt of the ROFR Election Notice by an Offeror, such Offeror and the Lead Investor shall negotiate in good faith and enter into definitive agreements with respect to the Additional Financing in the ROFR Election Notice and consummate such transaction within sixty (60) days of receipt of the ROFR Notice by Offeror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Effect of Waiver of Right of First Refusal</u>. If the Lead Investor (i) does not elect to exercise the Right of First Refusal or (ii) the Lead Investor does not provide its response to the Financing Notice within such fourteen (14) Business Days, the Lead Investor shall be deemed to have waived its Right of First Refusal for the subject Additional Financing, but not any Right of First Refusal for future Additional Financing. If the Right of First Refusal is deemed waived pursuant to this <u>Section 5.5</u>, the Offeror shall have the right to negotiate and consummate the Additional Financing described in the Financing Notice with the lender specified in the Financing Notice on terms not more favorable than the terms described in the Financing Notice, to be consummated within sixty (60) days from the date of such waiver or deemed waiver by the Lead Investor, otherwise such Additional Financing shall again be subject to the Right of First Refusal set forth in this <u>Article V</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Distributions on Capital Stock. So long as any Series C Preferred Shares shall remain outstanding, the VisitIQ Corp. shall not without the Investor Representative's written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities) on shares of capital stock other than dividends on the Series C Preferred Shares and as required in the VisitIQ Corp.'s Series B Convertible Preferred Stock, or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions pursuant to any shareholders' rights plan which is approved by a majority of the VisitIQ Corp.'s disinterested directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Restriction on Stock Repurchases. So long as any Series C Preferred Shares shall remain outstanding, the Borrowers shall not without the Investor Representative's written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction or series of related transactions any of their shares of capital stock or any warrants, rights or options to purchase or acquire any such shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Advances and Loans. So long as any Series C Preferred Shares shall remain outstanding VisitIQ Corp. shall not, without the Investor Representative's written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of either Borrower, except loans, credits or advances (a) in existence or committed on the date hereof and which the Borrowers has informed the Investor Representative in writing prior to the date hereof, (b) made in the ordinary course of business or (c) not in excess of $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Change of Control. So long as any Series C Preferred Shares shall remain outstanding VisitIQ Corp. shall not, without the Investor Representative's written consent, permit or agree to a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Non-circumvention. So long as any Series C Preferred Shares shall remain outstanding, VisitIQ Corp. hereby covenants and agrees that it will not, by amendment of its Certificate or Articles of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement or the Series B Convertible Preferred Stock of VisitIQ Corp., and will at all times in good faith carry out all the provisions of this Agreement and the Series C Preferred Shares and take all action as may be required to protect the rights of the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Survival. The provisions of this <u>Article V</u> shall survive the repayment and/or conversion of the Notes and any termination or expiration of the Transaction Documents.

ARTICLE VI <br> MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Survival of Representations and Warranties. All of the representations, warranties and covenants made herein shall survive the execution and delivery of this Agreement, any investigation by or on behalf of the Investors, acceptance of the Notes and payment therefor, or termination of this Agreement, and neither such representations, warranties or covenants, nor any right of the Investors or the Borrowers to recover for breaches thereof or inaccuracies therein, shall in any way be adversely affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Borrowers, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Exculpation Among Investors. Each Investor acknowledges that it is not relying upon any other Investor or upon any other Person, other than the Borrowers and their respective officers and managers, in making its investment or decision to invest in the Borrowers. Each Investor agrees that neither any Investor nor the respective controlling Persons, officers, managers, directors, partners, agents, employees or Affiliates of any Investor shall be liable to any other Investor for any action heretofore taken or omitted to be taken by any of them in connection with the purchase of the Notes. The parties hereto acknowledge that a breach by any Investor of any of its, his or her obligations under this Agreement shall be the sole responsibility of such Investor and no other Investor nor their respective controlling Persons, officers, managers, directors, partners, agents, employees or Affiliates shall be liable to any other party with respect to any such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, email, courier service or personal delivery. All communications shall be sent to the respective parties at their address as set forth on the signature page, or to such e-mail address or address as subsequently modified by written notice given in accordance with this <u>Section 6.3.</u>

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial overnight courier service; if mailed, five (5) Business Days after being deposited in the mail, postage prepaid; or if by email, when receipt is acknowledged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Counsel. Each Investor and each Borrower represents that it has had the opportunity to be, or has been, represented by counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Expenses. The Borrowers shall jointly and severally pay all costs and expenses incurred by the Lead Investor and the Investor Representative in connection with this Agreement, the other Transaction Documents and the Transactions including any enforcement proceedings related thereto. For the avoidance of doubt, the Lead Investor may fund the Total Purchase Price net of such expense amounts with such amounts having been deemed to be invested and wired to the Borrowers in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Successors and Assigns. This Agreement binds and benefits the parties and their respective heirs, executors, administrators, successors and assigns, and none of the parties may assign any of its respective rights and/or obligations under this Agreement without the prior written consent of the Borrowers, the Majority Investors and the Lead Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Amendments
 and Waivers.

&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) No failure or delay on the part of any of the parties hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for in this Agreement are cumulative and are not exclusive of any remedies that may be available to the parties hereto at law, in equity or otherwise. Notwithstanding anything to the contrary contained herein or in any other Transaction Document, each Investor acknowledges and agrees that all enforcement actions and/or exercises of remedies in respect of any Transaction Document shall be made exclusively by the Investor Representative and not by any Investor (or group of Investors) in its (or their) capacity as such.

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&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) Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Borrowers, the Majority Investors and the Lead Investor. Any amendment or waiver so effected shall be binding upon each Investor, each Borrower, the Lead Investor and the Investor Representative. Each Investor acknowledges that by the operation of, and subject to compliance with, this <u>Section 6.7</u>, the Majority Investors will have the right and power to diminish or eliminate all rights of such Investor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 Signatures; Counterparts. Facsimile or email transmissions of any executed original document and/or retransmission of any executed facsimile or email transmission shall be deemed to be the same as the delivery of an executed original. At the request of any party hereto, the other parties hereto shall confirm facsimile and email transmissions by executing duplicate original documents and delivering the same to the requesting party or parties. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED UNDER, THE LAWS OF THE STATE OF NEVADA, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS OF SUCH STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 JURISDICTION,
 JURY TRIAL WAIVER, ETC.

&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) EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR ANY AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM. EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN <u>SECTION 6.3</u> HEREOF, SUCH SERVICE TO BECOME EFFECTIVE TEN (10) DAYS AFTER SUCH MAILING.

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&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) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR ANY OF THE OTHER TRANSACTION DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EACH BORROWER (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY INVESTOR HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH INVESTOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (ii) ACKNOWLEDGES THAT THE INVESTORS HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, AND THE OTHER TRANSACTION DOCUMENTS TO WHICH THEY ARE PARTY BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED HEREIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 Severability. If any one or more of the provisions contained in this Agreement, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions of this Agreement. The parties hereto further agree to replace such invalid, illegal or unenforceable provision of this Agreement with a valid, legal and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 Rules of Construction. Unless the context otherwise requires, "or" is not exclusive, and references to sections or subsections refer to sections or subsections of this Agreement. Unless otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall apply:

&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) <u>Calculation of Time Period</u>. When calculating the period of time before which, within which or following which, any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day.

&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) <u>Gender and Number</u>. Any reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural and vice versa.

&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) <u>Headings</u>. The furnishing of a table of contents to this Agreement, and the division of this Agreement into articles, sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. All references in this Agreement to sections, exhibits and schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated herein by this reference.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Herein</u>. Words such as "herein", "hereinafter", "hereof' and "hereunder" refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Including</u>. The word "including" or any variation thereof means (unless the context of its usage otherwise requires) "including, without limitation" and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 Entire Agreement. This Agreement, together with the exhibits and schedules hereto and the other Transaction Documents, is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein. This Agreement, together with the exhibits and schedules hereto, and the other Transaction Documents supersede all prior agreements and understandings between the parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 Publicity. Except as may be required by Requirements of Law or otherwise expressly provided herein, none of the parties hereto shall issue a publicity release or announcement or otherwise make any public disclosure concerning this Agreement or the transactions contemplated hereby, without prior approval by the Borrowers and the Majority Investors (in each case, not to be unreasonably withheld, conditioned or delayed); <u>provided,</u> <u>however</u>, that nothing contained in this <u>Section 6.15</u> shall be construed to preclude or limit the Investors from disclosing the terms of this Agreement or the transactions contemplated hereby in confidence, and on a non-public basis, to their respective partners, advisors, members, financing sources, prospective investors or other investors, in each case who are subject to customary obligations to maintain such terms in confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 Further Assurances. Each of the parties shall execute such documents and perform such further acts (including, without limitation, obtaining any consents, exemptions, authorizations, or other actions by, or giving any notices to, or making any filings with, any Governmental Authority or any other Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 Attorneys' Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of this Agreement or any of the other Transaction Documents, the prevailing party shall be entitled to attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement and the other Transaction Documents. In the event an ambiguity or question of intent or interpretation arises under any provision of this Agreement or any Transaction Document, this Agreement or such other Transaction Document shall be construed as if drafted jointly by the parties thereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement or any other Transaction Document. No knowledge of, or investigation, including without limitation, due diligence investigation, conducted by, or on behalf of, the Investors shall limit, modify or affect the representations set forth in <u>Article III</u> of this Agreement or the right of any Investor to rely thereon.

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<u>Exhibit A</u>

<u>Form of Security Agreement</u>

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<u>Exhibit B</u>

<u>Form of Note</u>

NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE " ACT"), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THIS NOTE AND SUCH SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUERS OF THIS NOTE AND ANY SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUERS TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS.

THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT (''OID'') WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE ''CODE''), AND THIS LEGEND IS REQUIRED BY SECTION 1275(c) OF THE CODE. HOLDER MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF OID, THE ISSUE PRICE, THE ISSUE DATE, AND THE YIELD TO MATURITY RELATING TO THE NOTE BY CONTACTING VINCENT DEVITO AT THE ADMINISTRATIVE BORROWER (AS DEFINED BELOW).

VISITIQ CORP.

ORIGINAL ISSUE DISCOUNT SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

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| | |
|:---|:---|
| Original Principal Amount: | Original Issue Date: November [ ], 2025 |

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Purchase Price:

FOR VALUE RECEIVED, VISITIQ CORP., a Nevada corporation and VISITIQ, LLC, a Delaware limited liability company (collectively, the "Borrower"), hereby promise to pay, to the order of [ ], a ____________________, or its registered assigns (the "Holder"), the principal sum of [ ] DOLLARS ($), together with all interest accrued on the unpaid principal amount of this Original Discount Senior Secured Convertible Promissory Note (this "Note") from time to time, in each case, on the dates, in the amounts and in the manner set forth in this Note.

This Note is issued pursuant to that certain Note Purchase Agreement, dated as of November 10, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "Purchase Agreement"), by and among the Borrower, the Investors from time to time party thereto and the Investor Representative, and is subject to, and incorporates, the provisions of the Purchase Agreement.

This Note is secured by that certain Security Agreement, dated as of October 24, 2024, as amended by that certain first amendment thereto, dated as of April 14, 2025 (as further amended, restated, supplemented or otherwise modified from time to time, the "Security Agreement"), made by each Note Party in favor of the Investor Representative.

The following is a statement of the rights of the Holder and the terms and conditions to which this Note is subject, and to which the Borrower and the Holder hereof, by the acceptance of this Note, agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS</u>. Capitalized terms used herein have the meanings given to them in the Purchase Agreement. In addition, the following definitions shall apply for all purposes of this Note:

"Administrative Borrower" has the meaning set forth for such term in <u>Section 12.11</u>.

"Applicable Rate" means a rate equal to 12.0% per annum.

"Borrower" shall include, in addition to the Borrower identified in the opening paragraph of this Note, any Person that succeeds to any Borrower's obligations under this Note, whether by permitted assignment, by merger or consolidation, operation of law or otherwise.

"Disposition" or "Dispose" means the sale, transfer, license, lease or other disposition of any property by any Person; <u>provided</u> that "Disposition" and "Dispose" shall not be deemed to include any issuance by the Borrower of any of its Equity Securities to another Person.

"Disqualified Stock" means any Equity Security, which, by its terms (or by the terms of any Equity Security or other equity interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, or (ii) is redeemable at the option of the holder thereof, in whole or in part, (b) is convertible into or exchangeable at the option of the holder thereof for (i) debt securities or (ii) any Equity Securities referred to in (a) above or (c) is entitled to receive scheduled dividends or distributions in cash, in each case, prior to the earlier of (x) April 10, 2027 and (y) the date that is one year following the date on which the Obligations are repaid in full.

"Event of Default" has the meaning set forth in <u>Section 5.1</u> hereof.

"Guarantor" means each Subsidiary of the Borrower, and any other Person or entity which guarantees all or any part of the Notes and/or the other obligations under the Transaction Documents.

"Guaranty" has the meaning set forth in the recitals hereof.

"Holder" has the meaning set forth in the opening paragraph of this Note.

"Indebtedness" means, as of any date, without duplication, all indebtedness and liabilities: (a) for borrowed money; (b) evidenced by bonds, debentures, notes, or other similar instruments or securities; (c) under letters of credit, bankers' acceptances, cash collateral obligations, guarantee, surety, performance or appeals bonds or other similar instruments, in each case only to the extent drawn and outstanding, and any reimbursement obligations in respect thereof; (d) in respect of the deferred purchase price of any property, business, assets, or services (including seller notes, earn-out payments, purchase price adjustments (other than working capital adjustments), deferred compensation, any post-closing true-up obligations or similar obligations to the extent required to be reflected on the balance sheet of such Person prepared as of such date in accordance with GAAP), but excluding trade payables incurred or accrued in the ordinary course of business; (e) under any leases that are classified as, or are required to be classified as, finance or capital leases in accordance with GAAP or recorded as capital or finance leases, to the extent the capitalized amount thereof would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP (other than any such lease that was (or would have been) an operating lease under GAAP on December 31, 2018); (f) pursuant to hedging agreements; (g) in respect of debt, notes or other instruments that are convertible, exercisable or exchangeable for Equity Securities or voting securities; (h) that are secured, in whole or in part, by a Lien on property, whether or not the secured obligation is one that has been incurred by such Person; (i) in respect of Disqualified Stock and (j) in respect of guarantees of the types of indebtedness referred to in the foregoing clauses (a) through (i). However, "Indebtedness" shall not include letters of credit (to the extent undrawn). The amount of any obligation under any hedging agreement on any date shall be deemed to be the net termination amount thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (h) shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby.

"Investment" shall mean, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Securities of another Person or the making of a capital contribution to another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person and/or (d) any investment in any other items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP.

"Investor Representative" means (i) initially, Arena Investors, LP, in its capacity as collateral agent and representative for the Investors, and (ii) thereafter, its successors and permitted assigns in such capacity.

"Investor" means the Persons from time to time party to the Purchase Agreement as "Investors", including the Holder.

"Lead Investor" means Arena Investors, LP.

"Liquidation" has the meaning set forth in the Charter.

"Lost Note Documentation" means documentation satisfactory to the Administrative Borrower with regard to a lost or stolen Note, including, if required by the Administrative Borrower, an affidavit of lost note and an indemnification agreement by the Holder in favor of the Borrower with respect to such lost or stolen Note.

"Maturity Date" means November 10, 2026.

"Note Party" means any Borrower and any Guarantor.

"Notes" means, collectively, this Note and each other Note issued under the Purchase Agreement.

"Obligations" means all present and future indebtedness, obligations, and liabilities of each Note Party to the Investor Representative and the Investors arising under or in connection with this Note or any other Transaction Document, whether or not the right of payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in <u>Section 5.1(b)</u>. Without limiting the generality of the foregoing, the Obligations of each Note Party under the Transaction Documents include (a) the obligation (irrespective of whether a claim therefor is allowed in any proceeding referred to in <u>Section 5.1(b)</u> or any other insolvency proceeding) to pay principal, interest, charges, expenses, fees, premiums, attorneys' fees and disbursements, indemnities and other amounts payable by such Person under the Transaction Documents, and (b) the obligation of such Person to reimburse any amount in respect of any of the foregoing that the Investor Representative (in its sole discretion) may elect to pay or advance on behalf of such Person.

"Outstanding Amount" means, as of any given date, the then-outstanding principal amount of this Note, plus all accrued and unpaid interest under this Note.

"Perfection Certificate" means a perfection certificate, in form and substance reasonably satisfactory to the Investor Representative, duly executed by each Note Party and delivered to the Investor Representative.

"Permitted Liens" has the meaning set forth for such term in the Security Agreement.

"Purchase Agreement" has the meaning set forth in the recitals hereof.

"Security Agreement" has the meaning set forth in the recitals hereof.

"Series C Preferred Shares" means the Series C Preferred Shares of the Borrower, as set forth in the Charter.

"Series C Preferred Shares Conversion Value" means $0.75 per Series C Preferred Share, as may be adjusted for stock splits, recapitalizations or other similar events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REPAYMENT OF NOTE</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;2.1 <u>Maturity Date</u>. The Outstanding Amount, together with all other Obligations, shall be due and payable on the Maturity Date or, if earlier, on the date on which the Obligations are declared (or otherwise become) due and payable pursuant to the terms of this Note; <u>provided</u>, that if this Note has not been previously converted (as provided in <u>Section 6.1</u> below), then on the Maturity Date, this Note shall be treated as provided in <u>Section 6.2</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;2.2 <u>Interest</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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in clause (c) below, interest shall accrue on the unpaid principal amount of this Note at the Applicable Rate and shall be payable in cash in immediately available funds (i) on the last day of each month, commencing on November 30, 2025, and (ii) on the date of any payment of any principal amount of this Note (on the amount so paid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Interest (i) shall begin to accrue on the date of this Note and shall continue to accrue on the outstanding principal amount of this Note, until this Note is repaid in full (or to the extent permitted hereunder, converted in full) and (ii) shall be computed on the basis of a year of 365/366 days, as applicable, for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Automatically after the occurrence and during the continuance of any Event of Default under <u>Section 5.1(a) or 5.1(b)</u>, or at the written election of the Investor Representative after the occurrence and during the continuance of any other Event of Default hereunder (which election may be made retroactively to the date on which the applicable Event of Default occurred), interest hereunder shall accrue (to the maximum extent not prohibited by applicable law) at a rate per annum equal to four percent (4.00%) per annum above the then-effective Applicable Rate (such rate, the "Default Rate"). Interest accrued at the Default Rate shall be payable in cash on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Currency, Method of Payment, etc</u>. All payments to be made by any Borrower or any other Note Party shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff, including any withholding for any taxes. All payments hereunder shall be made (a) in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts and (b) by wire transfer of immediately available funds to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Status of the Holder</u>. If the Holder is entitled to an exemption from, or reduction of, withholding tax with respect to payments made on this Note, it shall deliver to the Administrative Borrower, at the time or times reasonably requested by the Administrative Borrower, such properly completed and executed documentation reasonably requested by the Administrative Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Holder, if reasonably requested by the Administrative Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Administrative Borrower as will enable the Borrower to determine whether or not the Holder is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, if the Holder is a United States person within the meaning of Section 7701(a)(30) of the Code, shall deliver to the Administrative Borrower on or about the date hereof (and from time to time thereafter upon the reasonable request of the Administrative Borrower), an executed copy of IRS Form W-9 certifying that the Holder is exempt from U.S. federal backup withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>PREPAYMENT</u>. The Borrower may not prepay this Note in whole or in part at any time without the advance written consent of the Holder which may be withheld by the Holder for any reason or no reason. If any such consent is so provided, any such prepayment of principal shall be accompanied by payment of accrued and unpaid interest on the principal amount being repaid at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>NOTES PARI PASSU; APPLICATION OF PAYMENTS.</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;4.1 <u>Notes Pari Passu</u>. Each of the notes issued under the Purchase Agreement (including this Note) (collectively, the "Purchased Notes") shall rank equally without preference or priority of any kind over one another, and all payments and recoveries under any other Transaction Document payable on account of principal and interest on the Purchased Notes shall be paid and applied ratably and proportionately based on the relative Outstanding Amount of each such Purchased Note on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Application of Payments</u>. Subject to <u>Section 6</u> below (to the extent applicable) and the foregoing provisions of this <u>Section 4</u>, all payments will be applied first to costs and expenses payable by the Borrower to the Investor Representative under the Transaction Documents, then to interest accrued under the Purchased Notes until the outstanding accrued and unpaid interest in respect of each of the Purchased Notes has been paid in full, and then to the repayment of principal of the Purchased Notes (including all principal outstanding hereunder) until all principal of the Purchased Notes (including all principal hereunder) has been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>EVENTS OF DEFAULT; REMEDIES</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;5.1 <u>Events of Default</u>. Each of the following events shall constitute an "Event of Default" hereunder:

&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) If the Borrower fails to make any payment in respect of (i) any principal of this Note or any other Purchased Note on the applicable due date therefor (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (ii) any interest on this Note or any other Purchased Note or any other amount payable hereunder or under any other Transaction Document within three (3) Business Days after the same becomes due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise);

&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) (i) Borrower or any of its Subsidiaries (A) shall institute any proceeding or voluntary case seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, (B) shall be generally not paying its debts as such debts become due or shall admit in writing its inability to pay its debts generally, (C) shall make a general assignment for the benefit of creditors, or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection (i); or (ii) any proceeding shall be instituted against the Borrower or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, and either such proceeding shall remain undismissed or unstayed for a period of 30 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against any such Person or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur;

&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) Any Note Party breaches (or fails to perform or comply with) any obligation set forth in <u>Article V</u> of the Purchase Agreement, <u>Section 9.2(a)</u> hereof, <u>Section 9.4(a)</u> hereof, <u>Section 9.9</u> hereof, <u>Section 9.10</u> hereof or <u>Section 10</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Note Party breaches (or fails to perform or comply with) any obligation under any Transaction Document (other than any covenant otherwise described in any other clause of this <u>Section 5.1</u>), and such breach or failure, if capable of being remedied, shall remain unremedied for three (3) days after the earlier of (a) the date on which any Note Party obtains knowledge of such breach or failure and (b) the date of receipt by the Administrative Borrower of written notice thereof by the Investor Representative or the Majority Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The board of directors (or equivalent) or any holders of Equity Securities of any Note Party adopt a resolution for the liquidation, dissolution or winding up of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Security Agreement (or any other security document) after delivery thereof shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected Lien in favor of the Investor Representative, with the priority required by the Security Agreement on, and security interest in, any of the Collateral (as defined in the Security Agreement) purported to be covered thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any action, suit, litigation or other proceeding affecting any Note Party or any of its properties is commenced before any court or other Governmental Authority or any arbitrator that (i) seeks monetary damages in excess of $75,000, (ii) if adversely determined, could reasonably be expected to have a Material Adverse Effect (as determined in Investor Representative's sole and absolute discretion) or (iii) relates to any Transaction Document, or any transaction contemplated by any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There is entered against the Borrower or any of its Subsidiaries one or more judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could result in a judgment, order or award) for the payment of money in an aggregate amount exceeding $100,000 in the aggregate (except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has been notified and has not denied coverage) and (i) enforcement proceedings shall have been commenced by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of 10 consecutive days after entry thereof during which (A) a stay of enforcement thereof is not be in effect or (B) the same is not vacated, discharged, stayed or bonded pending appeal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be in full force and effect or valid and binding on or enforceable against any Note Party intended to be a party thereto or any Note Party contests in writing the validity or enforceability of any provision of any Transaction Document or the validity or priority of a Lien as required by the Security Agreement on any of the Collateral or a proceeding shall be commenced by any Note Party or any Governmental Authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof; or any Note Party denies in writing that it has any (or any further) liability or obligation under any Transaction Document, or purports in writing to revoke or rescind any Transaction Document (other than in accordance with its terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any representation, warranty, certification or statement of fact made or deemed made by the Borrower or any of its Subsidiaries herein, in any other Transaction Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made (or, in the case of any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language, shall be incorrect in any respect when made or deemed made);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower or any of its Subsidiaries shall fail to pay when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) any principal, interest or other amount payable in respect of Indebtedness (excluding Indebtedness evidenced by this Note and/or any other Purchased Note) having an aggregate amount outstanding in excess of $75,000, and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, or any other default under any agreement or instrument relating to any such Indebtedness, or any other event, shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower or any of its Subsidiaries is enjoined, restrained or in any way prevented by the order of any court or any Governmental Authority from conducting, or otherwise ceases to conduct for any reason whatsoever, all or any material part of its business for more than 15 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 15 consecutive days, the cessation or substantial curtailment of revenue producing activities by any Note Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of its Subsidiaries, if such loss, suspension, revocation or failure to renew could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The indictment, or the threatened indictment of the Borrower or any of its Subsidiaries or any senior officer thereof under any criminal statute, or commencement or threatened commencement of criminal or civil proceedings against the Borrower or any of its Subsidiaries or any senior officer thereof, pursuant to which statute or proceedings the penalties or remedies sought or available include forfeiture to any Governmental Authority of any material portion of the property of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) An event or development occurs which has had, or could reasonably be expected to have, a Material Adverse Effect (as determined by the Investor Representative in its sole discretion); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Any Note Party or any Subsidiary of any Note Party shall become an "investment company" or a company "controlled" by an "investment company" or a "subsidiary" of an "investment company", within the meaning of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Remedies</u>. Upon the occurrence of any Event of Default, the Outstanding Amount and all other Obligations shall (i) in the case of any Event of Default under <u>Section 5.1(b)</u> above, become immediately due and payable in full without further notice or demand by the Investor Representative or any other Person and (ii) in the case of any Event of Default other than under <u>Section 5.1(b)</u> above, become immediately due and payable in full upon written notice by the Investor Representative to the Administrative Borrower. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, the Investor Representative may exercise any other right, power, or remedy granted to it by this Note, the Security Agreement or any other Transaction Document or as otherwise permitted to it by law, either by suit in equity or by action at law, or both. No failure to exercise and no delay in exercising any right or remedy under this Note shall operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>CONVERSION OF NOTE</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;6.1 <u>Optional</u>. If prior to the Maturity Date, the Majority Investors notify the Administrative Borrower in writing of their election to convert all of the Purchased Notes into Series C Preferred Shares, then the Administrative Borrower will (i) provide all Investors with three (3) calendar days' notice of such election and (ii) within seven (7) days of the Administrative Borrower receiving notice of such election, cause the Outstanding Amount on all of the Purchased Notes as of the election/conversion date to automatically be converted into such number of Series C Preferred Shares equal to the Outstanding Amount on all of the Purchased Notes as of the election/conversion date divided by the Series C Preferred Shares Conversion Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Conversion on the Maturity Date or Liquidation</u>. If the Outstanding Amount has not been previously repaid or converted pursuant to <u>Section 6.1</u>, then, effective upon the earlier of (i) the Maturity Date and (ii) immediately prior to the consummation of a Liquidation, the Holder may elect to (x) be paid the Outstanding Amount in cash or (y) convert the Outstanding Amount as of the conversion date into that number of Series C Preferred Shares equal to the Outstanding Amount on all of the Purchased Notes divided by the Series C Preferred Shares Conversion Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Delivery of Note and Equity Documents</u>. In connection with a conversion pursuant to this <u>Section 6</u>, the Holder shall execute and deliver to the Borrower, in the event of a conversion pursuant to <u>Sections 6.1 or 6.2</u>, a joinder to the Shareholders Agreements and such other agreements as may be required of the holders of the Series C Preferred Shares generally; <u>provided, however</u>, if the Holder is already a holder of Series C Preferred Shares as of the date hereof, or becomes one prior to such conversion, then the Holder shall not be required to execute or deliver such documents, and in each case, the Holder shall deliver the original of this Note to the Administrative Borrower (or Lost Note Documentation where applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Termination of Rights</u>. All rights with respect to this Note shall terminate upon repayment and/or effective conversion of the Outstanding Amount as provided in <u>Section 6.1 or 6.2</u> above. The Holder shall not be entitled to receive the shares issued upon conversion of this Note unless and until the Holder has executed the documentation pursuant to <u>Section 6.3</u> and deliver to the Administrative Borrower this Note or Lost Note Documentation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>PROVISIONS RELATING TO EQUITY SECURITIES</u>. This Note does not entitle the Holder to any voting rights or other rights as a stockholder of the Borrower, unless and until (and only to the extent that) this Note (a) is permitted to be converted into Equity Securities of the Borrower and (b) is actually converted into Equity Securities of the Borrower, in each case, in accordance with its terms. In the absence of conversion of this Note into Equity Securities of the Borrower, no provisions of this Note or any Transaction Document and no enumeration herein of the rights or privileges of the Holder shall cause the Holder to be a stockholder of the Borrower for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>REPRESENTATIONS AND WARRANTIES OF THE BORROWER AND THE HOLDER</u>. In order to induce (a) the Borrower and the Holder to enter into the Transaction Documents, (b) the Borrower to issue this Note to the Holder and (c) the Holder to purchase this Note from the Company, the Borrower and the Holder each have made representations and warranties to each other as set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>AFFIRMATIVE COVENANTS</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;9.1 <u>Reporting Requirements</u>. The Borrower will furnish to the Holder and the Investor Representative:

&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) within 45 days (or in the case of the calendar quarter ended June 30, 2026, 90 days) after the end of each calendar quarter, commencing with the calendar quarter ended December 31, 2025, consolidated balance sheets, statements of operations and statements of cash flows of the Borrower and its Subsidiaries as at the end of such quarter, and for the period commencing at the end of the immediately preceding calendar year and ending with the end of such quarter, setting forth in each case in comparative form the figures for the corresponding date or period set forth in (i) the financial statements for the immediately preceding calendar year and (ii) after the first delivery thereof hereunder, the projections delivered pursuant to <u>Section 9.1(c)</u>, and certified by an officer of the Administrative Borrower as fairly presenting, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as of the end of such quarter and the consolidated results of operations and cash flows of the Borrower and its Subsidiaries for such quarter and for such year-to-date period, in accordance with GAAP, subject to the absence of footnotes and normal year-end adjustments;

&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) within 120 days after the end of each fiscal year, commencing with the fiscal year ended August 31, 2025, consolidated balance sheets, statements of operations and retained earnings and statements of cash flows of the Borrower and its Subsidiaries as at the end of such fiscal year, in accordance with GAAP, accompanied by (i) a report thereon of independent certified public accountants of recognized national standing selected by the Administrative Borrower and reasonably satisfactory to the Investor Representative, which report shall be unqualified as to going concern and scope of audit (other than solely with respect to, or resulting solely from an upcoming maturity date under the Notes occurring within one year from the time such report is delivered), and shall state that an examination of such accounts in connection with such financial statements has been made in accordance with generally accepted auditing standards and that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the dates indicated and the results of operations and cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years and (ii) an officer's certificate confirming that there have been no changes to the information contained the Perfection Certificate most recently delivered hereunder (or under the Purchase Agreement, as applicable) and/or attaching an updated Perfection Certificate identifying any such changes to the information contained therein;

&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) not later than December 31st of each calendar year, commencing with the calendar year ended December 31, 2025, a certificate of an officer of the Administrative Borrower (A) attaching projections for the Borrower and its Subsidiaries, and if applicable, supplementing and superseding the projections previously required to be delivered pursuant to this Note, prepared on a monthly basis for the immediately succeeding calendar year and (B) certifying that the projections were prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time made, it being recognized by the Holder that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly upon request, such other information concerning the condition or operations, financial or otherwise, of the Borrower and its Subsidiaries as the Holder may from time to time may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Notices</u>. The Borrower shall deliver to the Holder (with a copy to the Investor Representative):

&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) within 3 days after the occurrence of any Default or Event of Default, the written statement of a senior officer of the Administrative Borrower setting forth the details of such Default or Event of Default and the action which the affected Note Party (or the applicable Subsidiary) proposes to take with respect thereto;

&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) not later than 5 days after service of process with respect thereto on the Borrower or any of its Subsidiaries, notice of each action, suit or proceeding before any court or other any entity, authority, agency, division or department exercising the legislative, judicial, regulatory or administrative functions of or pertaining to a government or other regulatory body or any arbitrator seeking damages in excess of $75,000 or which would reasonably be expected to have a Material Adverse Effect; or

&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) within 3 days after the occurrence of any other matter or development that has had or could reasonably be expected to have a Material Adverse Effect, the written statement of a senior officer of the Administrative Borrower setting forth the details of such matter or development and the action which the affected Note Party proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Taxes</u>. The Borrower shall, and shall cause each of its Subsidiaries to, pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of taxes and similar claims imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent any such tax is being contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been established in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Preservation of Existence</u>. The Borrower shall, and shall cause each of its Subsidiaries to, (a) preserve, renew and maintain in full force and effect its legal existence under the laws of the jurisdiction of its organization; and (b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business and maintain and operate such business in substantially the manner in which it is presently conducted and operated, except, in the case this <u>Section 9.4(b),</u> to the extent that failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Maintenance of Properties</u>. The Borrower shall, and shall cause each of its Subsidiaries to, maintain, preserve and protect all of the material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear, fire, casualty and/or condemnation excepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Compliance with Laws</u>. The Borrower shall, and shall cause each of its Subsidiaries to, comply in all material respects with the requirements of all applicable laws and all orders, writs, injunctions and decrees applicable to it or to its business or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Additional Note Parties; Collateral Security</u>. Without limiting any prohibition on the making of Investments contained in <u>Section 10.1</u> hereof, the Borrower shall cause:

&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) each Subsidiary of any Note Party not in existence on the Closing Date, to execute and deliver to the Investor Representative promptly and in any event within 3 days after the formation or acquisition thereof, (A) a Guaranty, (B) a supplement to the Security Agreement, together with (1) certificates evidencing all of the Equity Securities of any Person owned by such Subsidiary required to be pledged under the terms of the Security Agreement, (2) undated stock powers for such Equity Securities executed in blank with signature guaranteed, and (3) such opinions of counsel as the Investor Representative may reasonably request, and (C) such other agreements, instruments, approvals or other documents reasonably requested by the Investor Representative in order to create, perfect, establish the first priority of or otherwise protect any Lien purported to be covered by the Security Agreement or otherwise to effect the intent that such Subsidiary shall become bound by all of the terms, covenants and agreements contained in the Transaction Documents and that all property and assets of such Subsidiary shall become Collateral for the Secured Obligations (as defined in the Security Agreement); and

&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) each owner of the Equity Securities of any such Subsidiary to execute and deliver promptly and in any event within 3 days after the formation or acquisition of such Subsidiary a Pledge Amendment (as defined in the Security Agreement), together with (i) certificates evidencing all of the Equity Securities of such Subsidiary required to be pledged under the terms of the Security Agreement, (ii) undated stock powers or other appropriate instruments of assignment for such Equity Securities executed in blank with signature guaranteed, (iii) such opinions of counsel as the Investor Representative may reasonably request and (iv) such other agreements, instruments, approvals or other documents requested by the Investor Representative.

&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) <u>Further Assurances</u>. The Borrower shall, and shall cause each of its Subsidiaries to, take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as the Investor Representative may require from time to time in order (a) to carry out more effectively the purposes of this Note and the other Transaction Documents, (b) to subject to valid and perfected first priority Liens any of the Collateral or any other property of any Note Party and its Subsidiaries, (c) to establish and maintain the validity and effectiveness of any of the Transaction Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (d) to better assure, convey, grant, assign, transfer and confirm unto each the Investor Representative and/or the Investors the rights now or hereafter intended to be granted to it under this Note or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Inspection Rights.</u> The Borrower shall permit, and cause each of its Subsidiaries to permit, the agents and representatives of the Investor Representative at any time and from time to time during normal business hours, at the expense of the Borrower, to examine and make copies of and abstracts from its records and books of account, to visit and inspect its properties, to verify materials, leases, notes, accounts receivable, deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals, or examinations and to discuss its affairs, finances and accounts with any of its directors, officers, managerial employees, independent accountants or any of its other representatives. In furtherance of the foregoing, the Borrower hereby authorizes its independent accountants, and the independent accountants of each of its Subsidiaries, to discuss the affairs, finances and accounts of such Person (independently or together with representatives of such Person) with the agents and representatives of the Investor Representative in accordance with this <u>Section 9.9</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;9.9 <u>Maintenance of Insurance</u>. The Borrower shall, and shall cause each of its Subsidiaries to, maintain insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent, worker's compensation and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering such risks as is required by any Governmental Authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and in any event in amount, adequacy and scope reasonably satisfactory to the Investor Representative. All policies covering the Collateral are to be made payable to the Investor Representative for the benefit of the Investors, as its interests may appear, in case of loss, under a standard non-contributory "lender" or "secured party" clause and are to contain such other provisions as the Investor Representative may require to fully protect the Investors' interest in the Collateral and to any payments to be made under such policies. All certificates of insurance are to be delivered to the Investor Representative and the policies are to be premium prepaid, with the loss payable and additional insured endorsement in favor of the Investor Representative and such other Persons as the Investor Representative may designate from time to time, and shall provide for not less than 30 days' (10 days' in the case of non-payment) prior written notice to the Investor Representative of the exercise of any right of cancellation. If any Note Party or any Subsidiary of any Note Party fails to maintain such insurance, the Investor Representative may arrange for such insurance, but at the Borrower's expense and without any responsibility on the Investor Representative's part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Upon the occurrence and during the continuance of an Event of Default, the Investor Representative shall have the sole right, in the name of the Investors, any Note Party and/or any Subsidiary of any Note Party, to file claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>NEGATIVE COVENANTS</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;10.1 <u>Investments</u>. No Borrower shall, or shall permit any of its Subsidiaries to, make or maintain any Investments except for:

&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) Investments existing on the Closing Date that have been disclosed to the Investor Representative in writing prior to the Closing Date;

&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) Investments in cash and cash equivalents;

&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) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (including debt obligations and Equity Securities) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other Investments in an aggregate amount, as valued at cost at the time each such Investment is made, not exceeding $250,000; provided that immediately after giving effect to any such purchase or other acquisition, no Event of Default shall have occurred and be continuing.

Notwithstanding the foregoing (or anything to the contrary contained herein (including <u>Section 9.7</u>) or in any other Transaction Document), no Borrower shall (or shall permit any of its Subsidiaries to) form or otherwise acquire any Subsidiary without the prior written consent of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Business of the Company</u>. No Borrower shall, or shall permit any of its Subsidiaries to, engage in any material lines of business other than those substantially similar to those lines of business conducted by the Company on the date hereof or any business reasonably related, complementary or ancillary thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Distributions.</u> No Borrower shall, or shall permit any of its Subsidiaries to, declare or pay any dividends, or make any redemptions or repurchases of Equity Securities, distributions or withdrawals to the holders of its Equity Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Maintenance of Assets</u>. No Borrower shall, or shall permit any of its Subsidiaries to, Dispose of any of its assets (including by way of merger, consolidation, dissolution or liquidation) except:

&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) Dispositions of inventory made in the ordinary course of its business;

&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) Dispositions of obsolete, worn out or surplus property, whether now owned or hereafter acquired, and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Subsidiaries;

&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) Dispositions of cash and cash equivalents in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfers of property subject to casualty and condemnation events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dispositions of accounts receivable in the ordinary course of business in connection with the collection or compromise thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the surrender or waiver of contractual rights and leases and the settlement or waiver of contractual or litigation claims in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other Dispositions; <u>provided</u>, (i) at the time of such Disposition, no Default or Event of Default shall have occurred and be continuing or would result therefrom, (ii) the consideration paid to such Borrower or such Subsidiary, as applicable, for such Disposition shall not be less than the fair market value of the assets subject to such Disposition, shall be paid such Borrower or such Subsidiary, as applicable, at the time of such Disposition and shall be paid exclusively in cash, (iii) all of the net cash proceeds from such Disposition shall be, within 90 days from the date of receipt thereof, invested in other assets used or useful in the business of such Borrower or such Subsidiary, as applicable; and (iv) any Disposition incurred under this <u>Section 10.4(g)</u> shall not exceed, as valued at the time the agreement governing such Disposition is entered into, $1,000,000 taken together with any other such Disposition in the aggregate for any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Fundamental Changes</u>. No Borrower shall, or shall permit any of its Subsidiaries to, merge, dissolve, liquidate, consolidate or amalgamate with or into another Person, reorganize, recapitalize or reclassify its Equity Securities (including pursuant to a division) or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, in each case, without the prior written consent of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Liens</u>. No Borrower shall, or shall permit any of its Subsidiaries to, (a) create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, (b) sign or file or suffer to exist under the Uniform Commercial Code of any jurisdiction a financing statement that names the Company as debtor, or (c) assign any accounts or other right to receive income (other than, in each case, in respect of Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Indebtedness</u>. Other than Indebtedness in respect of the Notes issued pursuant to the Purchase Agreement, no Borrower shall, or shall permit any of its Subsidiaries to, incur or permit to exist any Indebtedness greater than $100,000 in the aggregate without the prior written consent of the Investor Representative; <u>provided</u> that notwithstanding the foregoing, any incurrence of Indebtedness that constitutes an "Additional Financing" shall be subject to the provisions of <u>Article VI</u> of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Negative Pledge</u>. No Borrower shall, or shall permit any of its Subsidiaries to, enter into (or otherwise permit to exist) any agreement which prohibits or limits the ability of the Company or any of its Subsidiaries to pledge or otherwise grant a security interest or otherwise create a Lien on any Collateral (as defined in the Security Agreement) without the prior written consent of the Investor Representative in its sole discretion; <u>provided</u> that the foregoing shall not apply to restrictions or conditions imposed by any Requirement of Law or any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Issuance of Certain Equity Securities</u>. The Borrower will not (a) authorize or issue any Equity Securities that rank senior in preference to the Series C Preferred Shares or (b) permit any of its Subsidiaries to issue any Equity Securities to any Person other than the Borrower or a wholly-owned Subsidiary of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Changes in Fiscal Year; Changes in Accounting Principles</u>. No Borrower shall, or shall permit any of its Subsidiaries to, (a) end its fiscal year on any day other than August 31st, or (b) make any material change in tax or accounting methods or policies (other than as required by generally accepted accounting principles in the United States applied on a consistent basis or approved by the Company's accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Transactions with Affiliates</u>. No Borrower shall, or shall permit any of its Subsidiaries to, enter into or conduct any transaction with any of its Affiliates, other than:

&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) transactions that are no less favorable to such Borrower or such Subsidiary, as applicable, as such Borrower or such Subsidiary would obtain at the time in a comparable arm's-length transaction with a Person that is not an Affiliate, so long as such transactions are fully disclosed to the Investor Representative prior to the consummation thereof;

&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) the Transactions;

&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) the issuance of Equity Securities by the Borrower to any officer, director, manager, employee or consultant of the Borrower or any of its Subsidiaries in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transactions permitted under <u>Section 10.3</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;(e) employment, bonus and severance arrangements between such Borrower or such Subsidiary and its officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) transactions approved in writing by the Investor Representative in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>APPOINTMENT OF ARENA INVESTORS, LP AS INVESTOR REPRESENTATIVE</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;11.1 <u>Appointment</u>. The Holder, by its acceptance of this Note and the benefits of the other Transaction Documents, hereby designates Arena Investors, LP to act as Investor Representative on behalf of, and as agent for, the Holder as specified in this Note and the other Transaction Documents. Each Investor shall be deemed irrevocably to authorize Arena Investors, LP, in its capacity as Investor Representative, to take such action on its behalf under the provisions of this Note and/or any other Transaction Document and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Investor Representative by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The Investor Representative may perform any of its duties hereunder by or through its agents or attorneys and shall not be responsible for the acts or omissions of any such agent or attorneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Nature of Duties</u>. The Investor Representative shall have no duties or responsibilities except those expressly set forth in this Note and the other Transaction Documents to which it is a party. Neither the Investor Representative nor any of its partners, members, shareholders, officers, directors, employees or agents shall be liable for any action taken or omitted by it as such under this Note or any other Transaction Document or in connection herewith or therewith, be responsible for the consequence of any oversight or error of judgment or answerable for any loss, whether before or after an Event of Default, unless caused solely by its or their gross negligence or willful misconduct as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction. The duties of the Investor Representative shall be mechanical and administrative in nature; and nothing in this Note or any other Transaction Document, expressed or implied, is intended to or shall be so construed as to impose upon the Investor Representative any obligations in respect of this Note or any other Transaction Document except as expressly set forth herein, and no implied obligations shall be read into this Note or any other Transaction Document against the Investor Representative. The permissive rights of the Investor Representative to take actions under this Note or the other Transaction Documents shall not be construed as a duty. Beyond the exercise of reasonable care in the custody of the collateral in its possession and the accounting of monies received by it in respect of the Collateral and/or the Secured Obligations, the Investor Representative will have no duty as to any collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Investor Representative will be deemed to have exercised reasonable care in the custody of the collateral in its possession if the collateral is accorded treatment substantially equal to that which it accords its own property, and the Investor Representative will not be liable or responsible for any loss or diminution in the value of any of the collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Investor Representative in good faith. The Investor Representative shall have no duty to file any financing statements, amendments thereto, continuation statements, intellectual property security agreements or any other agreement or instrument to perfect or maintain the perfection of the Investor Representative's security interest in the Collateral. In no event shall the Investor Representative or any Investor be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Investor Representative or any Investor has been advised of the likelihood of such loss or damage and regardless of the form of action. The Investor Representative shall not be charged with knowledge of (A) any events or other information, or (B) any default or Event of Default unless a Responsible Officer of the Investor Representative shall have received written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Lack of Reliance on the Investor Representative</u>. Independently and without reliance upon the Investor Representative, each Investor, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Borrower and the other Note Parties in connection with such Investor's investment in the Borrower and/or the other Note Parties, the creation and continuance of the Secured Obligations, the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of the Borrower and the other Note Parties and the value of the Collateral from time to time, and the Investor Representative shall have no duty or responsibility, either initially or on a continuing basis, to provide any Investor with any credit, market or other information with respect thereto, whether coming into its possession before any Secured Obligations are incurred or at any time or times thereafter. The Investor Representative shall not be responsible to any Note Party, any Investor or any other Person for any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of this Note or any other Transaction Document, or for the financial condition of any or all of the Note Parties or the value of any of the Collateral, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Note or any other Transaction Document, or the financial condition of any or all of the Note Parties, or the value of any of the Collateral, or the existence or possible existence of any default or Event of Default under this Note or any of the other Transaction Documents. The Investor Representative will not be responsible for the existence, genuineness or value of any of the collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Note Party to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Investor Representative hereby disclaims any representation or warranty to the present and future Investors concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.4 <u>Certain Rights of the Investor Representative</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;(a) The Investor Representative shall have the right on behalf of all of the Investors to take any action with respect to the Collateral permitted or required by the Transaction Documents. The Investor Representative may (but shall not be required to) request instructions from the Investors with respect to any material act or action (including failure to act) in connection with this Note or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of the Majority Investors; if such instructions are not provided despite the Investor Representative's request therefor, the Investor Representative shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be entitled to indemnification satisfactory to the Investor Representative from the Investors in respect of actions to be taken by the Investor Representative; and the Investor Representative shall not incur liability to any Person by reason of so acting or refraining. Without limiting the foregoing, (i) no Investor shall have any right of action whatsoever against the Investor Representative as a result of the Investor Representative acting or refraining from acting hereunder in accordance with the terms of this Note or any other Transaction Document and (ii) the Investor Representative shall not be required to take any action that the Investor Representative believes (A) could reasonably be expected to expose it to personal liability unless it is indemnified to its satisfaction or (B) is contrary to this Note, the Transaction Documents or applicable law.

&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) The Investor Representative shall be under no obligation to exercise any of the rights or powers vested in it by this Note or the other Transaction Documents at the request or direction of any Investors, pursuant to the provisions of such Transaction Document, unless (i) such Investors constitute the Majority Investors, and (ii) such Investors shall have offered, and if requested, provided to the Investor Representative security or indemnity (satisfactory to the Investor Representative in its sole and absolute discretion) against the costs, expenses and liabilities which may be incurred by it in compliance with such request or direction.

&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) Nothing in this Note or any other Transaction Document shall require the Investor Representative to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not expressly provided for therein, when Arena Investors, LP acts as Investor Representative under any other Transaction Document, Arena Investors, LP shall be entitled to the rights, privileges, immunities and indemnities granted to the Investor Representative in this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Reliance</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;(a) The Investor Representative shall be entitled to conclusively rely, and shall be fully protected in relying, upon any writing, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, resolution, statement, certificate, instrument, telex, teletype or facsimile message, cablegram, radiogram, judgment, or other paper or document or telephone message, reasonably believed by it in good faith to be genuine signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Note and the other Transaction Documents and its duties hereunder and thereunder, upon advice of counsel selected by it (which may be counsel to the Note Parties or the Investors) and upon all other matters pertaining to this Note and the other Transaction Documents and its duties thereunder, upon advice of other experts reasonably selected by it in good faith. The Investor Representative may, at the joint and several expense of the Borrower, request, rely on and act in accordance with Officer's Certificates and/or opinions of counsel, and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance with such Officer's Certificates and opinions of counsel.

&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) Whenever the Investor Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Secured Obligations or the identity of the Investors, it may request that such information be furnished to it in writing by the Borrower, the other Note Parties or the Investors and shall be entitled to make such determination on the basis of the information so furnished and may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the foregoing (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Note Party, any Investor or any other Person as a result of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Expenses; Indemnification</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;(a) The Grantors shall be required to pay, jointly and severally, all fees and documented out-of-pocket costs and expenses incurred by Investor Representative in connection with the negotiation of this Note and the other Transaction Documents, the performance of its duties hereunder and thereunder, and the exercise of its rights and enforcement of its remedies hereunder, thereunder and/or under applicable law.

&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) In addition to the payment of fees and reimbursement of expenses, the Borrower jointly and severally agrees to defend, indemnify, pay and hold harmless the Investor Representative, its officers, members, shareholders, partners, directors, trustees, employees, advisors (including attorneys, accountants and experts), representatives and agents and each of their respective successors and assigns and each Person who controls any of the foregoing (each, an "Indemnitee"), from and against any and all losses, liabilities or reasonable expenses, including reasonable fees and expenses of counsel, incurred by it arising out of or in connection with the acceptance or administration of its duties under this Note and the other Transaction Documents or in any way relating to or arising out of this Note or any other Transaction Document, including the reasonable costs and expenses of enforcing this Note and the Transaction Documents against any Borrower or any other Note Party (including this <u>Section 11.6</u>) and defending itself against any claim (whether asserted by any Borrower, any other Note Party, any Investor or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct.

&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) To the extent that the Investor Representative is not reimbursed and indemnified by the Borrower and/or the other Note Parties, the Investors will jointly and severally reimburse and indemnify the Investor Representative, in proportion to their initially purchased respective principal amounts of Notes, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Investor Representative in performing its duties hereunder or under this Note or any other Transaction Document, or in any way relating to or arising out of this Note or any other Transaction Document except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct. Prior to taking any action hereunder as Investor Representative, the Investor Representative may require each Investor to deposit with it sufficient sums as it determines in good faith is necessary to protect the Investor Representative for fees, costs and expenses associated with taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this <u>Section 11.6</u> shall survive termination of this Note, the repayment of the Obligations and any resignation or removal of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Resignation by the Investor Representative</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;(a) The Investor Representative may resign from the performance of all its functions and duties under this Note and the other Transaction Documents at any time by giving 30 days' prior written notice to the Administrative Borrower and the Investors. Such resignation shall take effect upon the appointment of a successor Investor Representative pursuant to clauses (b) and (c) below.

&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) Upon any such notice of resignation, Majority Investors (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) shall appoint a successor Investor Representative hereunder.

&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) If a successor Investor Representative shall not have been so appointed within said thirty (30)-day period, the Administrative Borrower in consultation with the Investor Representative shall then appoint a successor Investor Representative who shall serve as Investor Representative until such time, if any, as the Majority Investors appoint a successor Investor Representative (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) as provided above. If a successor Investor Representative has not been appointed within such thirty (30)-day period, the Investor Representative may petition any court of competent jurisdiction or may interplead the Note Parties and the Investors in a proceeding for the appointment of a successor Investor Representative, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable jointly and severally by the Borrower promptly following written demand to the Administrative Borrower therefor. Upon the acceptance of any appointment as Investor Representative hereunder by a successor Investor Representative, such successor Investor Representative shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Investor Representative and the retiring Investor Representative shall be discharged from its duties and obligations under this Note and the other Transaction Documents. After any retiring Investor Representative's resignation or removal hereunder as Investor Representative, the provisions of this Note shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any corporation or association into which the Investor Representative may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Investor Representative is a party, will be and become the successor the Investor Representative under this Note and the other Transaction Documents and will have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Borrower, other Note Party, Investor or any other Person or Persons shall have the right to remove or replace Arena Investors, LP as the Investor Representative without the Investor Representative's prior written consent (which consent shall be given or withheld in the Investor Representative's sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Rights with Respect to Collateral</u>. Each Investor (other than Arena Investors, LP in its capacity as Investor Representative) agrees with all other Investors and the Investor Representative that it shall not, and shall not attempt to, (a) exercise any rights with respect to the Note Parties, the Collateral or the Investor Representative's security interest in the Collateral, whether pursuant to this Note, any other Transaction Document, any other agreement, applicable law or otherwise (it being understood and agreed that any exercise of rights or remedies under the Transaction Documents shall be exercised exclusively by the Investor Representative (and not by any Holder or Investor or other Person)), or (b) take or institute any action against the Investor Representative or any of the other Investors in respect of the Collateral, the Transaction Documents or its rights under the Transaction Documents (other than any such action arising from the breach by the Investor Representative or any of the other Investors of its express obligations under this Note or any of the other Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Force Majeure</u>. The Investor Representative shall not be responsible or liable for any failure or delay in the performance of its agent-related obligations under this Note or any other Transaction Document arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, any act or provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>GENERAL PROVISIONS</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;12.1 <u>Waivers</u>. Except to the extent otherwise expressly provided for hereunder, the Borrower and all endorsers of this Note hereby waive notice, presentment, protest and notice of dishonor in connection with the delivery, acceptance, performance, default or enforcement of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Transfer</u>. Neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the prior written consent of (a) the Investor Representative and (b) so long as no Default or Event of Default has occurred and is continuing, the Administrative Borrower (which consent the Administrative Borrower may withhold in its sole discretion). Upon an assignment, conveyance, or transfer of Notes in accordance with this <u>Section 12.2</u>, the rights and obligations of the assigning, conveying, or transferring Holder will terminate (to the extent so assigned, conveyed or transferred) and the transferee will be bound by the terms of this Note as if a Holder. Subject to the foregoing, the rights and obligations of the Borrower, the Investors (including the Holder) and the Investor Representative under this Note and the other Transaction Documents shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Governing Law; Jury Trial Waiver</u>. This Note shall be governed by and construed under the internal laws of the State of Nevada as applied to agreements entered into and to be performed entirely within the State of New York. THE BORROWER AND EACH HOLDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Headings</u>. The headings and captions used in this Note are used only for convenience and are not to be considered in construing or interpreting this Note. All references in this Note to sections and exhibits shall, unless otherwise provided, refer to sections hereof and exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notices</u>. All notices required or permitted to be given to a party pursuant to this Note shall be given in the manner set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Amendments and Waivers</u>. This Note may be amended, and any provisions under this Note may be waived, only with the written consent of the Borrower, the Majority Investors (which may, but shall not be required to, include the Holder of this Note) and the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Severability</u>. If one or more provisions of this Note are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Note to the extent they are held to be unenforceable and the remainder of the Note shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Counterparts</u>. This Note may be executed in two (2) or more counterparts, each of which will be deemed an original, and it will not be necessary in making proof of this Note or the terms of this Note to produce or account for more than one (1) of such counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of any Borrower or any other Note Party to the Holder, or the Holder exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Holder in its discretion with the consent of the Investor Representative) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any debtor relief law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) the Borrower jointly and severally agree to pay to the Holder upon demand any amount so recovered or repaid. The obligations of the Borrower under this <u>Section 12.9</u> shall survive the payment in full of the Obligations and the termination of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Register</u>. The Administrative Borrower or its agent shall maintain a register for the recordation in book entry form of the names and addresses of any Persons holding a beneficial interest in the right to hold this Note, and the principal amounts (and stated interest) of the Note owing to such Persons pursuant to the terms hereof from time to time (the "Register"). No assignment shall be effective unless it has been recorded in the Register as provided in this section. The entries in the Register shall be conclusive absent manifest error, and the Borrower and the Holder and their respective successors and assigns shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a beneficial owner of the right to receive amounts hereunder for all purposes of this Note. The Register shall be available for inspection by the Investor Representative at any reasonable time and from time to time upon reasonable prior notice. The Register is intended to cause the extensions of credit to the Borrower under this Note to be at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury Regulations (or any other relevant or successor provisions of the Code or of such Treasury Regulations) and shall be interpreted and applied in a manner consistent with such intent. The Administrative Borrower shall deliver a copy of the Register to the Investor Representative upon request, upon which the Investor Representative is entitled to (but shall not be required to) conclusively rely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Administrative Borrower; Joint and Several Liability of the Borrower</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;(a) The Borrower hereby irrevocably appoints VisitIQ Corp. as the borrowing agent and attorney-in-fact for the Borrower (the "Administrative Borrower") which appointment shall remain in full force and effect unless and until the Investor Representative shall have received prior written notice signed by all of the Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. The Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (i) to provide to, and receive from, the Investor Representative and the Investors all notices under this Note and the other Transaction Documents and (ii) to take such action as the Administrative Borrower deems appropriate on its behalf to issue the Notes and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Note and the other Transaction Documents. It is understood that the handling of the Obligations and Collateral of the Borrower in a combined fashion, as more fully set forth herein, is done solely as an accommodation to the Borrower in order to utilize the collective borrowing powers of the Borrower in the most efficient and economical manner and at their request, and that neither the Investor Representative nor any Investor shall incur liability to the Borrower as a result hereof. The Borrower expects to derive benefit, directly or indirectly, from the handling of the Obligations and the Collateral in a combined fashion since the successful operation of the Borrower is dependent on the continued successful performance of the integrated group.

&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) The Borrower hereby accepts liability hereunder and under the other Transaction Documents in consideration of the financial accommodations to be provided by the Investors under this Note and the other Transaction Documents, for the mutual benefit, directly and indirectly, of the Borrower and in consideration of the undertakings of liability for the Obligations. The Borrower, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a debtor, the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this <u>Section 12.11</u>). If and to the extent that the Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, such failure shall constitute a direct and immediate default. Subject to the terms and conditions hereof, the Obligations of the Borrower under the provisions of this Section 12.11 constitute the absolute and unconditional, full recourse Obligations of the Borrower, enforceable against the Borrower to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Note, the other Transaction Documents, or any other circumstances whatsoever.

&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) The provisions of this <u>Section 12.11</u> are made for the benefit of the Investor Representative, the Investors and their successors and assigns, and may be enforced by them from time to time against the Borrower as often as occasion therefor may arise and without requirement on the part of the Investor Representative, the Investors or such successors or assigns first to marshal any of its or their claims or to exercise any of its or their rights against the Borrower or to exhaust any remedies available to it or them against the Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this <u>Section 12.11</u> shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower hereby agrees that it shall not enforce any rights of contribution or subrogation with respect to any liability incurred hereunder or under any of the other Transaction Documents, or with respect to any payments made by it to the Investor Representative or the Investors with respect to any of the Obligations or any Collateral, until such time as all of the Obligations have been paid in full in cash. Any claim the Borrower may have against any other person with respect to any such payments is hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations.

[Signature Page Follows]

IN WITNESS WHEREOF, the Borrower has caused this Senior Secured Convertible Promissory Note to be signed in its name as of the date first written above.

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| |
|:---|
| VISITIQ CORP., as a Borrower |
| By: |
| Name: Vernon Hanzlik |
| Title: Chief Executive Officer |
| VISITIQ, LLC., as a Borrower |
| By: |
| Name: Vernon Hanzlik |
| Title: Chief Executive Officer |

---

AGREED AND ACKNOWLEDGED:

[ ], as the Holder

By:

Name:

Title:

## Exhibit 10.11

**Exhibit 10.11**

NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THIS NOTE AND SUCH SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. INVESTORS SHOULD BE AWARE THAT THEY MAYBE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUERS OF THIS NOTE AND ANY SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUERS TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS.

THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES. THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT (''OID'')WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE''),AND THIS LEGEND IS REQUIRED BY SECTION 1275(c) OF THE CODE. HOLDER MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF OID, THE ISSUE PRICE, THE ISSUE DATE, AND THE YIELD TO MATURITY RELATING TO THE NOTE BY CONTACTING VINCENT DEVITO AT THE ADMINISTRATIVE BORROWER (AS DEFINED BELOW).

VISITIQ CORP.

ORIGINAL ISSUE DISCOUNT SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

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| | |
|:---|:---|
| Original Principal Amount: | Original Issue Date: November [ ], 2025 |

---

Purchase Price:

FOR VALUE RECEIVED, VISITIQ CORP., a Nevada corporation and VISITIQ, LLC, a Delaware limited liability company (collectively, the "Borrower"), hereby promise to pay, to the order of [ ], a ____________________, or its registered assigns (the "Holder"), the principal sum of [ ] DOLLARS ($), together with all interest accrued on the unpaid principal amount of this Original Discount Senior Secured Convertible Promissory Note (this "Note")from time to time, in each case, on the dates, in the amounts and in the manner set forth in this Note.

This Note is issued pursuant to that certain Note Purchase Agreement, dated as of November 10, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "Purchase Agreement"), by and among the Borrower, the Investors from time to time party thereto and the Investor Representative, and is subject to, and incorporates, the provisions of the Purchase Agreement.

This Note is secured by that certain Security Agreement, dated as of October 24, 2024, as amended by that certain first amendment thereto, dated as of April 14, 2025 (as further amended, restated, supplemented or otherwise modified from time to time, the "Security Agreement"), made by each Note Party in favor of the Investor Representative.

The following is a statement of the rights of the Holder and the terms and conditions to which this Note is subject, and to which the Borrower and the Holder hereof, by the acceptance of this Note, agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS</u>. Capitalized terms used herein have the meanings given to them in the Purchase Agreement. In addition, the following definitions shall apply for all purposes of this Note:

"Administrative Borrower" has the meaning set forth for such term in <u>Section 12.11</u>.

"Applicable Rate" means a rate equal to 12.0% per annum.

"Borrower" shall include, in addition to the Borrower identified in the opening paragraph of this Note, any Person that succeeds to any Borrower's obligations under this Note, whether by permitted assignment, by merger or consolidation, operation of law or otherwise.

"Disposition" or "Dispose" means the sale, transfer, license, lease or other disposition of any property by any Person; <u>provided</u> that "Disposition" and "Dispose" shall not be deemed to include any issuance by the Borrower of any of its Equity Securities to another Person.

"Disqualified Stock" means any Equity Security, which, by its terms (or by the terms of any Equity Security or other equity interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, or (ii) is redeemable at the option of the holder thereof, in whole or in part, (b) is convertible into or exchangeable at the option of the holder thereof for (i) debt securities or (ii) any Equity Securities referred to in (a) above or (c) is entitled to receive scheduled dividends or distributions in cash, in each case, prior to the earlier of (x) April 10, 2027 and (y) the date that is one year following the date on which the Obligations are repaid in full.

"Event of Default" has the meaning set forth in <u>Section 5.1</u> hereof.

"Guarantor" means each Subsidiary of the Borrower, and any other Person or entity which guarantees all or any part of the Notes and/or the other obligations under the Transaction Documents.

"Guaranty" has the meaning set forth in the recitals hereof.

"Holder" has the meaning set forth in the opening paragraph of this Note.

"Indebtedness" means, as of any date, without duplication, all indebtedness and liabilities: (a) for borrowed money; (b) evidenced by bonds, debentures, notes, or other similar instruments or securities; (c) under letters of credit, bankers' acceptances, cash collateral obligations, guarantee, surety, performance or appeals bonds or other similar instruments, in each case only to the extent drawn and outstanding, and any reimbursement obligations in respect thereof; (d) in respect of the deferred purchase price of any property, business, assets, or services (including seller notes, earn-out payments, purchase price adjustments (other than working capital adjustments), deferred compensation, any post-closing true-up obligations or similar obligations to the extent required to be reflected on the balance sheet of such Person prepared as of such date in accordance with GAAP), but excluding trade payables incurred or accrued in the ordinary course of business; (e) under any leases that are classified as, or are required to be classified as, finance or capital leases in accordance with GAAP or recorded as capital or finance leases, to the extent the capitalized amount thereof would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP (other than any such lease that was (or would have been) an operating lease under GAAP on December 31, 2018); (f) pursuant to hedging agreements; (g) in respect of debt, notes or other instruments that are convertible, exercisable or exchangeable for Equity Securities or voting securities; (h) that are secured, in whole or in part, by a Lien on property, whether or not the secured obligation is one that has been incurred by such Person; (i) in respect of Disqualified Stock and (j) in respect of guarantees of the types of indebtedness referred to in the foregoing clauses (a) through (i). However, "Indebtedness" shall not include letters of credit (to the extent undrawn). The amount of any obligation under any hedging agreement on any date shall be deemed to be the net termination amount thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (h) shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby.

"Investment" shall mean, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Securities of another Person or the making of a capital contribution to another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person and/or (d) any investment in any other items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP.

"Investor Representative" means (i) initially, Arena Investors, LP, in its capacity as collateral agent and representative for the Investors, and (ii) thereafter, its successors and permitted assigns in such capacity.

"Investor" means the Persons from time to time party to the Purchase Agreement as "Investors", including the Holder.

"Lead Investor" means Arena Investors, LP.

"Liquidation" has the meaning set forth in the Charter.

"Lost Note Documentation" means documentation satisfactory to the Administrative Borrower with regard to a lost or stolen Note, including, if required by the Administrative Borrower, an affidavit of lost note and an indemnification agreement by the Holder in favor of the Borrower with respect to such lost or stolen Note.

"Maturity Date" means November 10, 2026.

"Note Party" means any Borrower and any Guarantor.

"Notes" means, collectively, this Note and each other Note issued under the Purchase Agreement.

"Obligations" means all present and future indebtedness, obligations, and liabilities of each Note Party to the Investor Representative and the Investors arising under or in connection with this Note or any other Transaction Document, whether or not the right of payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in <u>Section 5.1(b)</u>. Without limiting the generality of the foregoing, the Obligations of each Note Party under the Transaction Documents include (a) the obligation (irrespective of whether a claim therefor is allowed in any proceeding referred to in <u>Section 5.1(b)</u> or any other insolvency proceeding) to pay principal, interest, charges, expenses, fees, premiums, attorneys' fees and disbursements, indemnities and other amounts payable by such Person under the Transaction Documents, and (b) the obligation of such Person to reimburse any amount in respect of any of the foregoing that the Investor Representative (in its sole discretion) may elect to pay or advance on behalf of such Person.

"Outstanding Amount" means, as of any given date, the then-outstanding principal amount of this Note, plus all accrued and unpaid interest under this Note.

"Perfection Certificate" means a perfection certificate, in form and substance reasonably satisfactory to the Investor Representative, duly executed by each Note Party and delivered to the Investor Representative.

"Permitted Liens" has the meaning set forth for such term in the Security Agreement.

"Purchase Agreement" has the meaning set forth in the recitals hereof.

"Security Agreement" has the meaning set forth in the recitals hereof.

"Series C Preferred Shares" means the Series C Preferred Shares of the Borrower, as set forth in the Charter.

"Series C Preferred Shares Conversion Value" means $0.75 per Series C Preferred Share, as may be adjusted for stock splits, recapitalizations or other similar events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REPAYMENT OF NOTE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Maturity Date</u>. The Outstanding Amount, together with all other Obligations, shall be due and payable on the Maturity Date or, if earlier, on the date on which the Obligations are declared (or otherwise become) due and payable pursuant to the terms of this Note; <u>provided</u>, that if this Note has not been previously converted (as provided in <u>Section 6.1</u> below), then on the Maturity Date, this Note shall be treated as provided in <u>Section 6.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Interest</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;(a) Except as otherwise provided in clause (c) below, interest shall accrue on the unpaid principal amount of this Note at the Applicable Rate and shall be payable in cash in immediately available funds (i) on the last day of each month, commencing on November 30, 2025, and (ii) on the date of any payment of any principal amount of this Note (on the amount so paid).

&nbsp;&nbsp;&nbsp;&nbsp;&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) Interest (i) shall begin to accrue on the date of this Note and shall continue to accrue on the outstanding principal amount of this Note, until this Note is repaid in full (or to the extent permitted hereunder, converted in full) and (ii) shall be computed on the basis of a year of 365/366 days, as applicable, for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Automatically after the occurrence and during the continuance of any Event of Default under <u>Section 5.1(a) or 5.1(b)</u>, or at the written election of the Investor Representative after the occurrence and during the continuance of any other Event of Default hereunder (which election may be made retroactively to the date on which the applicable Event of Default occurred), interest hereunder shall accrue (to the maximum extent not prohibited by applicable law) at a rate per annum equal to four percent (4.00%) per annum above the then-effective Applicable Rate (such rate, the "Default Rate"). Interest accrued at the Default Rate shall be payable in cash on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Currency, Method of Payment, etc</u>. All payments to be made by any Borrower or any other Note Party shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff, including any withholding for any taxes. All payments hereunder shall be made (a) in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts and (b) by wire transfer of immediately available funds to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Status of the Holder</u> . If the Holder is entitled to an exemption from, or reduction of, withholding tax with respect to payments made on this Note, it shall deliver to the Administrative Borrower, at the time or times reasonably requested by the Administrative Borrower, such properly completed and executed documentation reasonably requested by the Administrative Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Holder, if reasonably requested by the Administrative Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Administrative Borrower as will enable the Borrower to determine whether or not the Holder is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, if the Holder is a United States person within the meaning of Section 7701(a)(30) of the Code, shall deliver to the Administrative Borrower on or about the date hereof (and from time to time thereafter upon the reasonable request of the Administrative Borrower), an executed copy of IRS Form W-9 certifying that the Holder is exempt from U.S. federal backup withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>PREPAYMENT</u>. The Borrower may not prepay this Note in whole or in part at any time without the advance written consent of the Holder which may be withheld by the Holder for any reason or no reason. If any such consent is so provided, any such prepayment of principal shall be accompanied by payment of accrued and unpaid interest on the principal amount being repaid at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>NOTES PARI PASSU; APPLICATION OF PAYMENTS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Notes Pari Passu</u>. Each of the notes issued under the Purchase Agreement (including this Note) (collectively, the "Purchased Notes") shall rank equally without preference or priority of any kind over one another, and all payments and recoveries under any other Transaction Document payable on account of principal and interest on the Purchased Notes shall be paid and applied ratably and proportionately based on the relative Outstanding Amount of each such Purchased Note on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Application of Payments</u>. Subject to <u>Section 6</u> below (to the extent applicable) and the foregoing provisions of this <u>Section 4</u>, all payments will be applied first to costs and expenses payable by the Borrower to the Investor Representative under the Transaction Documents, then to interest accrued under the Purchased Notes until the outstanding accrued and unpaid interest in respect of each of the Purchased Notes has been paid in full, and then to the repayment of principal of the Purchased Notes (including all principal outstanding hereunder) until all principal of the Purchased Notes (including all principal hereunder) has been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>EVENTS OF DEFAULT; REMEDIES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Events of Default</u>. Each of the following events shall constitute an "Event of Default" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Borrower fails to make any payment in respect of (i) any principal of this Note or any other Purchased Note on the applicable due date therefor (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (ii) any interest on this Note or any other Purchased Note or any other amount payable hereunder or under any other Transaction Document within three (3) Business Days after the same becomes due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Borrower or any of its Subsidiaries (A) shall institute any proceeding or voluntary case seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, (B) shall be generally not paying its debts as such debts become due or shall admit in writing its inability to pay its debts generally, (C) shall make a general assignment for the benefit of creditors, or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection (i); or (ii) any proceeding shall be instituted against the Borrower or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, and either such proceeding shall remain undismissed or unstayed for a period of 30 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against any such Person or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Note Party breaches (or fails to perform or comply with) any obligation set forth in <u>Article V</u> of the Purchase Agreement, <u>Section 9.2(a)</u> hereof, <u>Section 9.4(a)</u> hereof, <u>Section 9.9</u> hereof, <u>Section 9.10</u> hereof or <u>Section 10</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Note Party breaches (or fails to perform or comply with) any obligation under any Transaction Document (other than any covenant otherwise described in any other clause of this Section 5.1), and such breach or failure, if capable of being remedied, shall remain unremedied for three (3) days after the earlier of (a) the date on which any Note Party obtains knowledge of such breach or failure and (b) the date of receipt by the Administrative Borrower of written notice thereof by the Investor Representative or the Majority Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The board of directors (or equivalent) or any holders of Equity Securities of any Note Party adopt a resolution for the liquidation, dissolution or winding up of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Security Agreement (or any other security document) after delivery thereof shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected Lien in favor of the Investor Representative, with the priority required by the Security Agreement on, and security interest in, any of the Collateral (as defined in the Security Agreement) purported to be covered thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any action, suit, litigation or other proceeding affecting any Note Party or any of its properties is commenced before any court or other Governmental Authority or any arbitrator that (i) seeks monetary damages in excess of $75,000, (ii) if adversely determined, could reasonably be expected to have a Material Adverse Effect (as determined in Investor Representative's sole and absolute discretion) or (iii) relates to any Transaction Document, or any transaction contemplated by any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There is entered against the Borrower or any of its Subsidiaries one or more judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could result in a judgment, order or award) for the payment of money in an aggregate amount exceeding $100,000 in the aggregate (except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has been notified and has not denied coverage) and (i) enforcement proceedings shall have been commenced by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of 10 consecutive days after entry thereof during which (A) a stay of enforcement thereof is not be in effect or (B) the same is not vacated, discharged, stayed or bonded pending appeal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be in full force and effect or valid and binding on or enforceable against any Note Party intended to be a party thereto or any Note Party contests in writing the validity or enforceability of any provision of any Transaction Document or the validity or priority of a Lien as required by the Security Agreement on any of the Collateral or a proceeding shall be commenced by any Note Party or any Governmental Authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof; or any Note Party denies in writing that it has any (or any further) liability or obligation under any Transaction Document, or purports in writing to revoke or rescind any Transaction Document (other than in accordance with its terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any representation, warranty, certification or statement of fact made or deemed made by the Borrower or any of its Subsidiaries herein, in any other Transaction Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made (or, in the case of any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language, shall be incorrect in any respect when made or deemed made);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower or any of its Subsidiaries shall fail to pay when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) any principal, interest or other amount payable in respect of Indebtedness (excluding Indebtedness evidenced by this Note and/or any other Purchased Note) having an aggregate amount outstanding in excess of $75,000, and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, or any other default under any agreement or instrument relating to any such Indebtedness, or any other event, shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower or any of its Subsidiaries is enjoined, restrained or in any way prevented by the order of any court or any Governmental Authority from conducting, or otherwise ceases to conduct for any reason whatsoever, all or any material part of its business for more than 15 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 15 consecutive days, the cessation or substantial curtailment of revenue producing activities by any Note Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of its Subsidiaries, if such loss, suspension, revocation or failure to renew could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The indictment, or the threatened indictment of the Borrower or any of its Subsidiaries or any senior officer thereof under any criminal statute, or commencement or threatened commencement of criminal or civil proceedings against the Borrower or any of its Subsidiaries or any senior officer thereof, pursuant to which statute or proceedings the penalties or remedies sought or available include forfeiture to any Governmental Authority of any material portion of the property of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) An event or development occurs which has had, or could reasonably be expected to have, a Material Adverse Effect (as determined by the Investor Representative in its sole discretion); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Any Note Party or any Subsidiary of any Note Party shall become an "investment company" or a company "controlled" by an "investment company" or a "subsidiary" of an "investment company", within the meaning of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Remedies</u>. Upon the occurrence of any Event of Default, the Outstanding Amount and all other Obligations shall (i) in the case of any Event of Default under <u>Section 5.1(b)</u> above, become immediately due and payable in full without further notice or demand by the Investor Representative or any other Person and (ii) in the case of any Event of Default other than under <u>Section 5.1(b)</u> above, become immediately due and payable in full upon written notice by the Investor Representative to the Administrative Borrower. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, the Investor Representative may exercise any other right, power, or remedy granted to it by this Note, the Security Agreement or any other Transaction Document or as otherwise permitted to it by law, either by suit in equity or by action at law, or both. No failure to exercise and no delay in exercising any right or remedy under this Note shall operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>CONVERSION OF NOTE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Optional</u>. If prior to the Maturity Date, the Majority Investors notify the Administrative Borrower in writing of their election to convert all of the Purchased Notes into Series C Preferred Shares, then the Administrative Borrower will (i) provide all Investors with three (3) calendar days' notice of such election and (ii) within seven (7) days of the Administrative Borrower receiving notice of such election, cause the Outstanding Amount on all of the Purchased Notes as of the election/conversion date to automatically be converted into such number of Series C Preferred Shares equal to the Outstanding Amount on all of the Purchased Notes as of the election/conversion date divided by the Series C Preferred Shares Conversion Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Conversion on the Maturity Date or Liquidation</u>. If the Outstanding Amount has not been previously repaid or converted pursuant to <u>Section 6.1</u>, then, effective upon the earlier of (i) the Maturity Date and (ii) immediately prior to the consummation of a Liquidation, the Holder may elect to (x) be paid the Outstanding Amount in cash or (y) convert the Outstanding Amount as of the conversion date into that number of Series C Preferred Shares equal to the Outstanding Amount on all of the Purchased Notes divided by the Series C Preferred Shares Conversion Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Delivery of Note and Equity Documents</u>. In connection with a conversion pursuant to this <u>Section 6</u>, the Holder shall execute and deliver to the Borrower, in the event of a conversion pursuant to <u>Sections 6.1 or 6.2</u>, a joinder to the Shareholders Agreements and such other agreements as may be required of the holders of the Series C Preferred Shares generally; <u>provided, however</u>, if the Holder is already a holder of Series C Preferred Shares as of the date hereof, or becomes one prior to such conversion, then the Holder shall not be required to execute or deliver such documents, and in each case, the Holder shall deliver the original of this Note to the Administrative Borrower (or Lost Note Documentation where applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Termination of Rights</u>. All rights with respect to this Note shall terminate upon repayment and/or effective conversion of the Outstanding Amount as provided in <u>Section 6.1 or 6.2</u> above. The Holder shall not be entitled to receive the shares issued upon conversion of this Note unless and until the Holder has executed the documentation pursuant to <u>Section 6.3</u> and deliver to the Administrative Borrower this Note or Lost Note Documentation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>PROVISIONS RELATING TO EQUITY SECURITIES</u>. This Note does not entitle the Holder to any voting rights or other rights as a stockholder of the Borrower, unless and until (and only to the extent that) this Note (a) is permitted to be converted into Equity Securities of the Borrower and (b) is actually converted into Equity Securities of the Borrower, in each case, in accordance with its terms. In the absence of conversion of this Note into Equity Securities of the Borrower, no provisions of this Note or any Transaction Document and no enumeration herein of the rights or privileges of the Holder shall cause the Holder to be a stockholder of the Borrower for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>REPRESENTATIONS AND WARRANTIES OF THE BORROWER AND THE HOLDER</u>. In order to induce (a) the Borrower and the Holder to enter into the Transaction Documents, (b) the Borrower to issue this Note to the Holder and (c) the Holder to purchase this Note from the Company, the Borrower and the Holder each have made representations and warranties to each other as set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>AFFIRMATIVE COVENANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Reporting Requirements</u>. The Borrower will furnish to the Holder and the Investor Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 45 days (or in the case of the calendar quarter ended June 30, 2026, 90 days) after the end of each calendar quarter, commencing with the calendar quarter ended December 31, 2025, consolidated balance sheets, statements of operations and statements of cash flows of the Borrower and its Subsidiaries as at the end of such quarter, and for the period commencing at the end of the immediately preceding calendar year and ending with the end of such quarter, setting forth in each case in comparative form the figures for the corresponding date or period set forth in (i) the financial statements for the immediately preceding calendar year and (ii) after the first delivery thereof hereunder, the projections delivered pursuant to <u>Section 9.1(c)</u>, and certified by an officer of the Administrative Borrower as fairly presenting, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as of the end of such quarter and the consolidated results of operations and cash flows of the Borrower and its Subsidiaries for such quarter and for such year-to-date period, in accordance with GAAP, subject to the absence of footnotes and normal year-end adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 120 days after the end of each fiscal year, commencing with the fiscal year ended August 31, 2025, consolidated balance sheets, statements of operations and retained earnings and statements of cash flows of the Borrower and its Subsidiaries as at the end of such fiscal year, in accordance with GAAP, accompanied by (i) a report thereon of independent certified public accountants of recognized national standing selected by the Administrative Borrower and reasonably satisfactory to the Investor Representative, which report shall be unqualified as to going concern and scope of audit (other than solely with respect to, or resulting solely from an upcoming maturity date under the Notes occurring within one year from the time such report is delivered), and shall state that an examination of such accounts in connection with such financial statements has been made in accordance with generally accepted auditing standards and that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the dates indicated and the results of operations and cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years and (ii) an officer's certificate confirming that there have been no changes to the information contained the Perfection Certificate most recently delivered hereunder (or under the Purchase Agreement, as applicable) and/or attaching an updated Perfection Certificate identifying any such changes to the information contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not later than December 31st of each calendar year, commencing with the calendar year ended December 31, 2025, a certificate of an officer of the Administrative Borrower (A) attaching projections for the Borrower and its Subsidiaries, and if applicable, supplementing and superseding the projections previously required to be delivered pursuant to this Note, prepared on a monthly basis for the immediately succeeding calendar year and (B) certifying that the projections were prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time made, it being recognized by the Holder that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly upon request, such other information concerning the condition or operations, financial or otherwise, of the Borrower and its Subsidiaries as the Holder may from time to time may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Notices</u>. The Borrower shall deliver to the Holder (with a copy to the Investor Representative):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 3 days after the occurrence of any Default or Event of Default, the written statement of a senior officer of the Administrative Borrower setting forth the details of such Default or Event of Default and the action which the affected Note Party (or the applicable Subsidiary) proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not later than 5 days after service of process with respect thereto on the Borrower or any of its Subsidiaries, notice of each action, suit or proceeding before any court or other any entity, authority, agency, division or department exercising the legislative, judicial, regulatory or administrative functions of or pertaining to a government or other regulatory body or any arbitrator seeking damages in excess of $75,000 or which would reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within 3 days after the occurrence of any other matter or development that has had or could reasonably be expected to have a Material Adverse Effect, the written statement of a senior officer of the Administrative Borrower setting forth the details of such matter or development and the action which the affected Note Party proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Taxes</u>. The Borrower shall, and shall cause each of its Subsidiaries to, pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and liabilities in respect of taxes and similar claims imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent any such tax is being contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been established in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Preservation of Existence</u>. The Borrower shall, and shall cause each of its Subsidiaries to, (a) preserve, renew and maintain in full force and effect its legal existence under the laws of the jurisdiction of its organization; and (b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business and maintain and operate such business in substantially the manner in which it is presently conducted and operated, except, in the case this <u>Section 9.4(b)</u>, to the extent that failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Maintenance of Properties</u>. The Borrower shall, and shall cause each of its Subsidiaries to, maintain, preserve and protect all of the material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear, fire, casualty and/or condemnation excepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Compliance with Laws</u>. The Borrower shall, and shall cause each of its Subsidiaries to, comply in all material respects with the requirements of all applicable laws and all orders, writs, injunctions and decrees applicable to it or to its business or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Additional Note Parties; Collateral Security</u>. Without limiting any prohibition on the making of Investments contained in <u>Section 10.1</u> hereof, the Borrower shall cause: (a) each Subsidiary of any Note Party not in existence on the Closing Date, to execute and deliver to the Investor Representative promptly and in any event within 3 days after the formation or acquisition thereof, (A) a Guaranty, (B) a supplement to the Security Agreement, together with (1) certificates evidencing all of the Equity Securities of any Person owned by such Subsidiary required to be pledged under the terms of the Security Agreement, (2) undated stock powers for such Equity Securities executed in blank with signature guaranteed, and (3) such opinions of counsel as the Investor Representative may reasonably request, and (C) such other agreements, instruments, approvals or other documents reasonably requested by the Investor Representative in order to create, perfect, establish the first priority of or otherwise protect any Lien purported to be covered by the Security Agreement or otherwise to effect the intent that such Subsidiary shall become bound by all of the terms, covenants and agreements contained in the Transaction Documents and that all property and assets of such Subsidiary shall become Collateral for the Secured Obligations (as defined in the Security Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each owner of the Equity Securities of any such Subsidiary to execute and deliver promptly and in any event within 3 days after the formation or acquisition of such Subsidiary a Pledge Amendment (as defined in the Security Agreement), together with (i) certificates evidencing all of the Equity Securities of such Subsidiary required to be pledged under the terms of the Security Agreement, (ii) undated stock powers or other appropriate instruments of assignment for such Equity Securities executed in blank with signature guaranteed, (iii) such opinions of counsel as the Investor Representative may reasonably request and (iv) such other agreements, instruments, approvals or other documents requested by the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Further Assurances</u>. The Borrower shall, and shall cause each of its Subsidiaries to, take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as the Investor Representative may require from time to time in order (a) to carry out more effectively the purposes of this Note and the other Transaction Documents, (b) to subject to valid and perfected first priority Liens any of the Collateral or any other property of any Note Party and its Subsidiaries, (c) to establish and maintain the validity and effectiveness of any of the Transaction Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (d) to better assure, convey, grant, assign, transfer and confirm unto each the Investor Representative and/or the Investors the rights now or hereafter intended to be granted to it under this Note or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Inspection Rights.</u> The Borrower shall permit, and cause each of its Subsidiaries to permit, the agents and representatives of the Investor Representative at any time and from time to time during normal business hours, at the expense of the Borrower, to examine and make copies of and abstracts from its records and books of account, to visit and inspect its properties, to verify materials, leases, notes, accounts receivable, deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals, or examinations and to discuss its affairs, finances and accounts with any of its directors, officers, managerial employees, independent accountants or any of its other representatives. In furtherance of the foregoing, the Borrower hereby authorizes its independent accountants, and the independent accountants of each of its Subsidiaries, to discuss the affairs, finances and accounts of such Person (independently or together with representatives of such Person) with the agents and representatives of the Investor Representative in accordance with this <u>Section 9.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Maintenance of Insurance</u>. The Borrower shall, and shall cause each of its Subsidiaries to, maintain insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent, worker's compensation and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering such risks as is required by any Governmental Authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and in any event in amount, adequacy and scope reasonably satisfactory to the Investor Representative. All policies covering the Collateral are to be made payable to the Investor Representative for the benefit of the Investors, as its interests may appear, in case of loss, under a standard non-contributory "lender" or "secured party" clause and are to contain such other provisions as the Investor Representative may require to fully protect the Investors' interest in the Collateral and to any payments to be made under such policies. All certificates of insurance are to be delivered to the Investor Representative and the policies are to be premium prepaid, with the loss payable and additional insured endorsement in favor of the Investor Representative and such other Persons as the Investor Representative may designate from time to time, and shall provide for not less than 30 days' (10 days' in the case of non-payment) prior written notice to the Investor Representative of the exercise of any right of cancellation. If any Note Party or any Subsidiary of any Note Party fails to maintain such insurance, the Investor Representative may arrange for such insurance, but at the Borrower's expense and without any responsibility on the Investor Representative's part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Upon the occurrence and during the continuance of an Event of Default, the Investor Representative shall have the sole right, in the name of the Investors, any Note Party and/or any Subsidiary of any Note Party, to file claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>NEGATIVE COVENANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Investments</u>. No Borrower shall, or shall permit any of its Subsidiaries to, make or maintain any Investments except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments existing on the Closing Date that have been disclosed to the Investor Representative in writing prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments in cash and cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments (including debt obligations and Equity Securities) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other Investments in an aggregate amount, as valued at cost at the time each such Investment is made, not exceeding $250,000; provided that immediately after giving effect to any such purchase or other acquisition, no Event of Default shall have occurred and be continuing.

Notwithstanding the foregoing (or anything to the contrary contained herein (including <u>Section 9.7</u>) or in any other Transaction Document), no Borrower shall (or shall permit any of its Subsidiaries to) form or otherwise acquire any Subsidiary without the prior written consent of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Business of the Company</u>. No Borrower shall, or shall permit any of its Subsidiaries to, engage in any material lines of business other than those substantially similar to those lines of business conducted by the Company on the date hereof or any business reasonably related, complementary or ancillary thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Distributions.</u> No Borrower shall, or shall permit any of its Subsidiaries to, declare or pay any dividends, or make any redemptions or repurchases of Equity Securities, distributions or withdrawals to the holders of its Equity Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Maintenance of Assets</u>. No Borrower shall, or shall permit any of its Subsidiaries to, Dispose of any of its assets (including by way of merger, consolidation, dissolution or liquidation) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dispositions of inventory made in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions of obsolete, worn out or surplus property, whether now owned or hereafter acquired, and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dispositions of cash and cash equivalents in the ordinary course of business; (d) transfers of property subject to casualty and condemnation events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dispositions of accounts receivable in the ordinary course of business in connection with the collection or compromise thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the surrender or waiver of contractual rights and leases and the settlement or waiver of contractual or litigation claims in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other Dispositions; <u>provided</u>, (i) at the time of such Disposition, no Default or Event of Default shall have occurred and be continuing or would result therefrom, (ii) the consideration paid to such Borrower or such Subsidiary, as applicable, for such Disposition shall not be less than the fair market value of the assets subject to such Disposition, shall be paid such Borrower or such Subsidiary, as applicable, at the time of such Disposition and shall be paid exclusively in cash, (iii) all of the net cash proceeds from such Disposition shall be, within 90 days from the date of receipt thereof, invested in other assets used or useful in the business of such Borrower or such Subsidiary, as applicable; and (iv) any Disposition incurred under this <u>Section 10.4(g)</u> shall not exceed, as valued at the time the agreement governing such Disposition is entered into, $1,000,000 taken together with any other such Disposition in the aggregate for any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Fundamental Changes</u>. No Borrower shall, or shall permit any of its Subsidiaries to, merge, dissolve, liquidate, consolidate or amalgamate with or into another Person, reorganize, recapitalize or reclassify its Equity Securities (including pursuant to a division) or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, in each case, without the prior written consent of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Liens</u>. No Borrower shall, or shall permit any of its Subsidiaries to, (a) create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, (b) sign or file or suffer to exist under the Uniform Commercial Code of any jurisdiction a financing statement that names the Company as debtor, or (c) assign any accounts or other right to receive income (other than, in each case, in respect of Permitted Liens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Indebtedness</u>. Other than Indebtedness in respect of the Notes issued pursuant to the Purchase Agreement, no Borrower shall, or shall permit any of its Subsidiaries to, incur or permit to exist any Indebtedness greater than $100,000 in the aggregate without the prior written consent of the Investor Representative; <u>provided</u> that notwithstanding the foregoing, any incurrence of Indebtedness that constitutes an "Additional Financing" shall be subject to the provisions of <u>Article VI</u> of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Negative Pledge</u>. No Borrower shall, or shall permit any of its Subsidiaries to, enter into (or otherwise permit to exist) any agreement which prohibits or limits the ability of the Company

or any of its Subsidiaries to pledge or otherwise grant a security interest or otherwise create a Lien on any Collateral (as defined in the Security Agreement) without the prior written consent of the Investor Representative in its sole discretion; <u>provided</u> that the foregoing shall not apply to restrictions or conditions imposed by any Requirement of Law or any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Issuance of Certain Equity Securities</u>. The Borrower will not (a) authorize or issue any Equity Securities that rank senior in preference to the Series C Preferred Shares or (b) permit any of its Subsidiaries to issue any Equity Securities to any Person other than the Borrower or a wholly-owned Subsidiary of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Changes in Fiscal Year ; Changes in Accounting Principles</u>. No Borrower shall, or shall permit any of its Subsidiaries to, (a) end its fiscal year on any day other than August 31st, or (b) make any material change in tax or accounting methods or policies (other than as required by generally accepted accounting principles in the United States applied on a consistent basis or approved by the Company's accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Transactions with Affiliates</u>. No Borrower shall, or shall permit any of its Subsidiaries to, enter into or conduct any transaction with any of its Affiliates, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions that are no less favorable to such Borrower or such Subsidiary, as applicable, as such Borrower or such Subsidiary would obtain at the time in a comparable arm's-length transaction with a Person that is not an Affiliate, so long as such transactions are fully disclosed to the Investor Representative prior to the consummation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the issuance of Equity Securities by the Borrower to any officer, director, manager, employee or consultant of the Borrower or any of its Subsidiaries in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transactions permitted under <u>Section 10.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) employment, bonus and severance arrangements between such Borrower or such Subsidiary and its officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) transactions approved in writing by the Investor Representative in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>APPOINTMENT OF ARENA INVESTORS, LP AS INVESTOR REPRESENTATIVE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Appointment</u>. The Holder, by its acceptance of this Note and the benefits of the other Transaction Documents, hereby designates Arena Investors, LP to act as Investor Representative on behalf of, and as agent for, the Holder as specified in this Note and the other Transaction Documents. Each Investor shall be deemed irrevocably to authorize Arena Investors, LP, in its capacity as Investor Representative, to take such action on its behalf under the provisions of this Note and/or any other Transaction Document and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Investor Representative by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The Investor Representative may perform any of its duties hereunder by or through its agents or attorneys and shall not be responsible for the acts or omissions of any such agent or attorneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Nature of Duties</u>. The Investor Representative shall have no duties or responsibilities except those expressly set forth in this Note and the other Transaction Documents to which it is a party. Neither the Investor Representative nor any of its partners, members, shareholders, officers, directors, employees or agents shall be liable for any action taken or omitted by it as such under this Note or any other Transaction Document or in connection herewith or therewith, be responsible for the consequence of any oversight or error of judgment or answerable for any loss, whether before or after an Event of Default, unless caused solely by its or their gross negligence or willful misconduct as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction. The duties of the Investor Representative shall be mechanical and administrative in nature; and nothing in this Note or any other Transaction Document, expressed or implied, is intended to or shall be so construed as to impose upon the Investor Representative any obligations in respect of this Note or any other Transaction Document except as expressly set forth herein, and no implied obligations shall be read into this Note or any other Transaction Document against the Investor Representative. The permissive rights of the Investor Representative to take actions under this Note or the other Transaction Documents shall not be construed as a duty. Beyond the exercise of reasonable care in the custody of the collateral in its possession and the accounting of monies received by it in respect of the Collateral and/or the Secured Obligations, the Investor Representative will have no duty as to any collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Investor Representative will be deemed to have exercised reasonable care in the custody of the collateral in its possession if the collateral is accorded treatment substantially equal to that which it accords its own property, and the Investor Representative will not be liable or responsible for any loss or diminution in the value of any of the collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Investor Representative in good faith. The Investor Representative shall have no duty to file any financing statements, amendments thereto, continuation statements, intellectual property security agreements or any other agreement or instrument to perfect or maintain the perfection of the Investor Representative's security interest in the Collateral. In no event shall the Investor Representative or any Investor be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Investor Representative or any Investor has been advised of the likelihood of such loss or damage and regardless of the form of action. The Investor Representative shall not be charged with knowledge of (A) any events or other information, or (B) any default or Event of Default unless a Responsible Officer of the Investor Representative shall have received written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Lack of Reliance on the Investor Representative</u>. Independently and without reliance upon the Investor Representative, each Investor, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Borrower and the other Note Parties in connection with such Investor's investment in the Borrower and/or the other Note Parties, the creation and continuance of the Secured Obligations, the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of the Borrower and the other Note Parties and the value of the Collateral from time to time, and the Investor Representative shall have no duty or responsibility, either initially or on a continuing basis, to provide any Investor with any credit, market or other information with respect thereto, whether coming into its possession before any Secured Obligations are incurred or at any time or times thereafter. The Investor Representative shall not be responsible to any Note Party, any Investor or any other Person for any recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of this Note or any other Transaction Document, or for the financial condition of any or all of the Note Parties or the value of any of the Collateral, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Note or any other Transaction Document, or the financial condition of any or all of the Note Parties, or the value of any of the Collateral, or the existence or possible existence of any default or Event of Default under this Note or any of the other Transaction Documents. The Investor Representative will not be responsible for the existence, genuineness or value of any of the collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Note Party to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Investor Representative hereby disclaims any representation or warranty to the present and future Investors concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Certain Rights of the Investor Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor Representative shall have the right on behalf of all of the Investors to take any action with respect to the Collateral permitted or required by the Transaction Documents. The Investor Representative may (but shall not be required to) request instructions from the Investors with respect to any material act or action (including failure to act) in connection with this Note or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of the Majority Investors; if such instructions are not provided despite the Investor Representative's request therefor, the Investor Representative shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be entitled to indemnification satisfactory to the Investor Representative from the Investors in respect of actions to be taken by the Investor Representative; and the Investor Representative shall not incur liability to any Person by reason of so acting or refraining. Without limiting the foregoing, (i) no Investor shall have any right of action whatsoever against the Investor Representative as a result of the Investor Representative acting or refraining from acting hereunder in accordance with the terms of this Note or any other Transaction Document and (ii) the Investor Representative shall not be required to take any action that the Investor Representative believes (A) could reasonably be expected to expose it to personal liability unless it is indemnified to its satisfaction or (B) is contrary to this Note, the Transaction Documents or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor Representative shall be under no obligation to exercise any of the rights or powers vested in it by this Note or the other Transaction Documents at the request or direction of any Investors, pursuant to the provisions of such Transaction Document, unless (i) such Investors constitute the Majority Investors, and (ii) such Investors shall have offered, and if requested, provided to the Investor Representative security or indemnity (satisfactory to the Investor Representative in its sole and absolute discretion) against the costs, expenses and liabilities which may be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Note or any other Transaction Document shall require the Investor Representative to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not expressly provided for therein, when Arena Investors, LP acts as Investor Representative under any other Transaction Document, Arena Investors, LP shall be entitled to the rights, privileges, immunities and indemnities granted to the Investor Representative in this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Reliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor Representative shall be entitled to conclusively rely, and shall be fully protected in relying, upon any writing, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, resolution, statement, certificate, instrument, telex, teletype or facsimile message, cablegram, radiogram, judgment, or other paper or document or telephone message, reasonably believed by it in good faith to be genuine signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Note and the other Transaction Documents and its duties hereunder and thereunder, upon advice of counsel selected by it (which may be counsel to the Note Parties or the Investors) and upon all other matters pertaining to this Note and the other Transaction Documents and its duties thereunder, upon advice of other experts reasonably selected by it in good faith. The Investor Representative may, at the joint and several expense of the Borrower, request, rely on and act in accordance with Officer's Certificates and/or opinions of counsel, and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance with such Officer's Certificates and opinions of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the Investor Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Secured Obligations or the identity of the Investors, it may request that such information be furnished to it in writing by the Borrower, the other Note Parties or the Investors and shall be entitled to make such determination on the basis of the information so furnished and may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the foregoing (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Note Party, any Investor or any other Person as a result of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Expenses; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Grantors shall be required to pay, jointly and severally, all fees and documented out-of-pocket costs and expenses incurred by Investor Representative in connection with the negotiation of this Note and the other Transaction Documents, the performance of its duties hereunder and thereunder, and the exercise of its rights and enforcement of its remedies hereunder, thereunder and/or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the payment of fees and reimbursement of expenses, the Borrower jointly and severally agrees to defend, indemnify, pay and hold harmless the Investor Representative, its officers, members, shareholders, partners, directors, trustees, employees, advisors (including attorneys, accountants and experts), representatives and agents and each of their respective successors and assigns and each Person who controls any of the foregoing (each, an "Indemnitee"), from and against any and all losses, liabilities or reasonable expenses, including reasonable fees and expenses of counsel, incurred by it arising out of or in connection with the acceptance or administration of its duties under this Note and the other Transaction Documents or in any way relating to or arising out of this Note or any other Transaction Document, including the reasonable costs and expenses of enforcing this Note and the Transaction Documents against any Borrower or any other Note Party (including this <u>Section 11.6</u>) and defending itself against any claim (whether asserted by any Borrower, any other Note Party, any Investor or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Investor Representative is not reimbursed and indemnified by the Borrower and/or the other Note Parties, the Investors will jointly and severally reimburse and indemnify the Investor Representative, in proportion to their initially purchased respective principal amounts of Notes, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Investor Representative in performing its duties hereunder or under this Note or any other Transaction Document, or in any way relating to or arising out of this Note or any other Transaction Document except to the extent determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct. Prior to taking any action hereunder as Investor Representative, the Investor Representative may require each Investor to deposit with it sufficient sums as it determines in good faith is necessary to protect the Investor Representative for fees, costs and expenses associated with taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this <u>Section 11.6</u> shall survive termination of this Note, the repayment of the Obligations and any resignation or removal of the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Resignation by the Investor Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor Representative may resign from the performance of all its functions and duties under this Note and the other Transaction Documents at any time by giving 30 days' prior written notice to the Administrative Borrower and the Investors. Such resignation shall take effect upon the appointment of a successor Investor Representative pursuant to clauses (b) and (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any such notice of resignation, Majority Investors (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) shall appoint a successor Investor Representative hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a successor Investor Representative shall not have been so appointed within said thirty (30)-day period, the Administrative Borrower in consultation with the Investor Representative shall then appoint a successor Investor Representative who shall serve as Investor Representative until such time, if any, as the Majority Investors appoint a successor Investor Representative (with the consent, so long as no Event of Default has occurred and is continuing, of the Administrative Borrower, which consent shall not be unreasonably withheld, conditioned or delayed) as provided above. If a successor Investor Representative has not been appointed within such thirty (30)-day period, the Investor Representative may petition any court of competent jurisdiction or may interplead the Note Parties and the Investors in a proceeding for the appointment of a successor Investor Representative, and all fees, including, but not limited to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable jointly and severally by the Borrower promptly following written demand to the Administrative Borrower therefor. Upon the acceptance of any appointment as Investor Representative hereunder by a successor Investor Representative, such successor Investor Representative shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Investor Representative and the retiring Investor Representative shall be discharged from its duties and obligations under this Note and the other Transaction Documents. After any retiring Investor Representative's resignation or removal hereunder as Investor Representative, the provisions of this Note shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any corporation or association into which the Investor Representative may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Investor Representative is a party, will be and become the successor the Investor Representative under this Note and the other Transaction Documents and will have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Borrower, other Note Party, Investor or any other Person or Persons shall have the right to remove or replace Arena Investors, LP as the Investor Representative without the Investor Representative's prior written consent (which consent shall be given or withheld in the Investor Representative's sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Rights with Respect to Collateral</u>. Each Investor (other than Arena Investors, LP in its capacity as Investor Representative) agrees with all other Investors and the Investor Representative that it shall not, and shall not attempt to, (a) exercise any rights with respect to the Note Parties, the Collateral or the Investor Representative's security interest in the Collateral, whether pursuant to this Note, any other Transaction Document, any other agreement, applicable law or otherwise (it being understood and agreed that any exercise of rights or remedies under the Transaction Documents shall be exercised exclusively by the Investor Representative (and not by any Holder or Investor or other Person)), or (b) take or institute any action against the Investor Representative or any of the other Investors in respect of the Collateral, the Transaction Documents or its rights under the Transaction Documents (other than any such action arising from the breach by the Investor Representative or any of the other Investors of its express obligations under this Note or any of the other Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Force Majeure</u>. The Investor Representative shall not be responsible or liable for any failure or delay in the performance of its agent-related obligations under this Note or any other Transaction Document arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, any act or provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>GENERAL PROVISIONS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Waivers</u>. Except to the extent otherwise expressly provided for hereunder, the Borrower and all endorsers of this Note hereby waive notice, presentment, protest and notice of dishonor in connection with the delivery, acceptance, performance, default or enforcement of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Transfer</u> . Neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the prior written consent of (a) the Investor Representative and (b) so long as no Default or Event of Default has occurred and is continuing, the Administrative Borrower (which consent the Administrative Borrower may withhold in its sole discretion). Upon an assignment, conveyance, or transfer of Notes in accordance with this <u>Section 12.2</u>, the rights and obligations of the assigning, conveying, or transferring Holder will terminate (to the extent so assigned, conveyed or transferred) and the transferee will be bound by the terms of this Note as if a Holder. Subject to the foregoing, the rights and obligations of the Borrower, the Investors (including the Holder) and the Investor Representative under this Note and the other Transaction Documents shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Governing Law; Jury Trial Waiver</u> . This Note shall be governed by and construed under the internal laws of the State of Nevada as applied to agreements entered into and to be performed entirely within the State of New York. THE BORROWER AND EACH HOLDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Headings</u>. The headings and captions used in this Note are used only for convenience and are not to be considered in construing or interpreting this Note. All references in this Note to sections and exhibits shall, unless otherwise provided, refer to sections hereof and exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notices</u>. All notices required or permitted to be given to a party pursuant to this Note shall be given in the manner set forth in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Amendments and Waivers</u>. This Note may be amended, and any provisions under this Note may be waived, only with the written consent of the Borrower, the Majority Investors (which may, but shall not be required to, include the Holder of this Note) and the Investor Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Severability</u>. If one or more provisions of this Note are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Note to the extent they are held to be unenforceable and the remainder of the Note shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Counterparts</u>. This Note may be executed in two (2) or more counterparts, each of which will be deemed an original, and it will not be necessary in making proof of this Note or the terms of this Note to produce or account for more than one (1) of such counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of any Borrower or any other Note Party to the Holder, or the Holder exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Holder in its discretion with the consent of the Investor Representative) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any debtor relief law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) the Borrower jointly and severally agree to pay to the Holder upon demand any amount so recovered or repaid. The obligations of the Borrower under this <u>Section 12.9</u> shall survive the payment in full of the Obligations and the termination of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Register</u> . The Administrative Borrower or its agent shall maintain a register for the recordation in book entry form of the names and addresses of any Persons holding a beneficial interest in the right to hold this Note, and the principal amounts (and stated interest) of the Note owing to such Persons pursuant to the terms hereof from time to time (the "Register"). No assignment shall be effective unless it has been recorded in the Register as provided in this section. The entries in the Register shall be conclusive absent manifest error, and the Borrower and the Holder and their respective successors and assigns shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a beneficial owner of the right to receive amounts hereunder for all purposes of this Note. The Register shall be available for inspection by the Investor Representative at any reasonable time and from time to time upon reasonable prior notice. The Register is intended to cause the extensions of credit to the Borrower under this Note to be at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury Regulations (or any other relevant or successor provisions of the Code or of such Treasury Regulations) and shall be interpreted and applied in a manner consistent with such intent. The Administrative Borrower shall deliver a copy of the Register to the Investor Representative upon request, upon which the Investor Representative is entitled to (but shall not be required to) conclusively rely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Administrative Borrower ; Joint and Several Liability of the Borrower</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby irrevocably appoints VisitIQ Corp. as the borrowing agent and attorney-in-fact for the Borrower (the "Administrative Borrower") which appointment shall remain in full force and effect unless and until the Investor Representative shall have received prior written notice signed by all of the Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower. The Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (i) to provide to, and receive from, the Investor Representative and the Investors all notices under this Note and the other Transaction Documents and (ii) to take such action as the Administrative Borrower deems appropriate on its behalf to issue the Notes and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Note and the other Transaction Documents. It is understood that the handling of the Obligations and Collateral of the Borrower in a combined fashion, as more fully set forth herein, is done solely as an accommodation to the Borrower in order to utilize the collective borrowing powers of the Borrower in the most efficient and economical manner and at their request, and that neither the Investor Representative nor any Investor shall incur liability to the Borrower as a result hereof. The Borrower expects to derive benefit, directly or indirectly, from the handling of the Obligations and the Collateral in a combined fashion since the successful operation of the Borrower is dependent on the continued successful performance of the integrated group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby accepts liability hereunder and under the other Transaction Documents in consideration of the financial accommodations to be provided by the Investors under this Note and the other Transaction Documents, for the mutual benefit, directly and indirectly, of the Borrower and in consideration of the undertakings of liability for the Obligations. The Borrower, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a debtor, the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this <u>Section 12.11</u>). If and to the extent that the Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, such failure shall constitute a direct and immediate default. Subject to the terms and conditions hereof, the Obligations of the Borrower under the provisions of this Section 12.11 constitute the absolute and unconditional, full recourse Obligations of the Borrower, enforceable against the Borrower to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Note, the other Transaction Documents, or any other circumstances whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this <u>Section 12.11</u> are made for the benefit of the Investor Representative, the Investors and their successors and assigns, and may be enforced by them from time to time against the Borrower as often as occasion therefor may arise and without requirement on the part of the Investor Representative, the Investors or such successors or assigns first to marshal any of its or their claims or to exercise any of its or their rights against the Borrower or to exhaust any remedies available to it or them against the Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this <u>Section 12.11</u> shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower hereby agrees that it shall not enforce any rights of contribution or subrogation with respect to any liability incurred hereunder or under any of the other Transaction Documents, or with respect to any payments made by it to the Investor Representative or the Investors with respect to any of the Obligations or any Collateral, until such time as all of the Obligations have been paid in full in cash. Any claim the Borrower may have against any other person with respect to any such payments is hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Borrower has caused this Senior Secured Convertible Promissory Note to be signed in its name as of the date first written above.

---

| |
|:---|
| VISITIQ CORP., as a Borrower |
| By: |
| Name: Vernon Hanzlik |
| Title: Chief Executive Officer |

---

---

| |
|:---|
| VISITIQ, LLC., as a Borrower |
| By: |
| Name: Vernon Hanzlik |
| Title: Chief Executive Officer |

---

AGREED AND ACKNOWLEDGED:

[ ], as the Holder

By:

Name:

Title:

## Exhibit 10.12

**Exhibit 10.12**

**SUBSCRIPTION AGREEMENT FOR**

**VISITIQ CORP.**

**[●]**, 2025

VisitIQ Corp.

729 N Washington Avenue, Suite 600

Minneapolis, MN 55401

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Subscription.** The undersigned (the "**<u>Purchaser</u>**") will purchase the number of shares (the "**<u>Securities</u>**") of Series C Convertible Preferred Stock, par value $0.001 per share ("**<u>Series C Convertible Preferred Stock</u>**") of VisitIQ Corp., a Nevada corporation (the "**<u>Company</u>**") set forth on the signature page to this agreement (the "**<u>Subscription Agreement</u>**"). The Securities are being offered (the "**<u>Offering</u>**") by the Company pursuant to this Subscription Agreement dated hereof, as may be amended and/or supplemented from time to time. The Securities will be sold at the closing of the Offering (the "**<u>Closing</u>**"), at any time prior to the Termination Date (defined hereafter). The subscription for the Securities will be made in accordance with and subject to the terms and conditions of this Subscription Agreement and the other Transaction Documents (as defined below).

The Securities will be offered through the earlier of (i) the date upon which the subscription for the Securities offered hereby has been accepted and (ii) the date upon which the Company elects to terminate the Offering (the "**<u>Termination Date</u>**"). In the event that (i) the subscription for the Offering is rejected in whole (at the sole discretion of the Company), (ii) the Closing does not occur prior to the Termination Date or (iii) the Offering is otherwise terminated by the Company, then the Company will refund all subscription funds held by the Company to the persons who submitted such funds, without interest, penalty or deduction. If a subscription is rejected in part (at the sole discretion of the Company) and the Company accepts the portion not so rejected, the funds for the rejected portion of such subscription will be returned without interest, penalty, expense or deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payment.** The Purchaser will purchase the number of shares of Series C Convertible Preferred Stock set forth on the signature page to this agreement at a purchase price per share of $0.323 (the "**<u>Purchase Price</u>**"). The Purchaser will immediately make a wire transfer payment to the Company in the full amount of the Purchase Price of the Securities being subscribed for. Together with the wire transfer of the full purchase price, the Purchaser is delivering a completed and executed signature page to this Subscription Agreement along with a completed and executed Accredited Investor Certification, which are annexed hereto. **Please note that by executing the attached Subscription Agreement, you will be deemed to have executed the all exhibits, supplements and schedules to all of the foregoing, all as the same may be amended from time to time (collectively, the "<u>Transaction Documents</u>"), and will be treated for all purposes as if you did review, approve and execute, if required, each such Transaction Document, even though you may not have physically signed the signature pages to such documents.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Deposit of Funds.** All payments made as provided in <u>Section 2</u> hereof by the Purchaser subscribing pursuant to this Subscription Agreement will be deposited by the Purchaser as soon as practicable with the Company. In the event that the Company does not effect a Closing prior to the Termination Date, the Company will refund all subscription funds, without deduction and/or interest accrued thereon, and the Company will return the subscription documents to the Purchaser. If the Company rejects the subscription, either in whole or in part (at the sole discretion of the Company), the rejected subscription funds or the rejected portion thereof will be returned promptly to the Purchaser without interest, penalty, expense or deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Acceptance of Subscription.** The Purchaser understands and agrees that the Company, in its sole discretion, reserves the right to accept this or any other subscription for the Securities, in whole or in part, notwithstanding prior receipt by the Purchaser of notice of acceptance of this or any other subscription. The Company will have no obligation hereunder until the Company executes and delivers to the Purchaser an executed copy of the Transaction Documents. If Purchaser's subscription is rejected in whole (at the sole discretion of the Company), the Offering is terminated, all funds received from the Purchaser will be returned without interest, penalty, expense or deduction, and this Subscription Agreement will thereafter be of no further force or effect. If Purchaser's subscription is rejected in part (at the sole discretion of the Company) and the Company accepts the portion not so rejected, the funds for the rejected portion of such subscription will be returned without interest, penalty, expense or deduction, and this Subscription Agreement will continue in full force and effect to the extent such subscription was accepted. The Purchaser may revoke its subscription and obtain a return of the subscription amount paid to the Company at any time before the date of a Closing. The Purchaser may not revoke its subscription or obtain a return of the subscription amount paid to the Company on or after the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Representations and Warranties of the Purchaser.** The Purchaser hereby acknowledges, represents, warrants, and agrees as follows:

&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) None of the Securities, nor any securities issuable upon conversion, redemption or exchange of the Securities are registered under the Securities Act of 1933, as amended (the "**<u>Securities Act</u>**"), or any state securities laws. The Purchaser understands that the offering and sale of the Securities is intended to be exempt from registration under the Securities Act, by virtue of Section 4(a)(2) thereof and the provisions of Regulation D promulgated thereunder, based, in part, upon the representations, warranties and agreements of the Purchaser contained in this Subscription Agreement;

&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) The Purchaser and the Purchaser's attorney, accountant, purchaser representative and/or tax advisor, if any (collectively, "**<u>Advisors</u>**"), have received and have carefully reviewed the Transaction Documents, including but not limited to this Subscription Agreement and all other documents requested by the Purchaser or its Advisors, if any, and understand the information contained therein, prior to the execution of this Subscription Agreement;

&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) Neither the U.S. Securities and Exchange Commission (the "**<u>Commission</u>**") nor any state securities commission has approved or disapproved of the Securities, or any securities issuable upon conversion, redemption or exchange of the Securities, or passed upon or endorsed the merits of the Offering or confirmed the accuracy or determined the adequacy of the Transaction Documents. The Transaction Documents have not been reviewed by any federal, state or other regulatory authority. Any representation to the contrary may be a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All documents, records, and books pertaining to the investment in the Securities including, but not limited to, all information regarding the Company and the Securities, have been made available for inspection and reviewed by the Purchaser and its Advisors, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Purchaser and its Advisors, if any, have reviewed the Company's filings with the OTC Pink tier of the OTC Markets Group, Inc. (the "**<u>OTC</u>**"), including but not limited to, the Company's annual, semi-annual and quarterly reports filed therewith (the "**<u>OTC Disclosures</u>**"), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Purchaser and its Advisors, if any, have had a reasonable opportunity to ask questions of and receive answers from the Company's officers and any other persons authorized by the Company to answer such questions, concerning, among other related matters, the Offering, the Securities, the Transaction Documents and the business, financial condition, results of operations and prospects of the Company and all such questions have been answered by the Company to the full satisfaction of the Purchaser and its Advisors, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In evaluating the suitability of an investment in the Company, the Purchaser has not relied upon any representation or other information (oral or written) other than as stated in the Transaction Documents or as contained in documents so furnished to the Purchaser or its Advisors, if any, by the Company in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Purchaser is unaware of, is in no way relying on, and did not become aware of the offering of the Securities through or as a result of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet, in connection with the offering and sale of the Securities and is not subscribing for the Securities and did not become aware of the Offering through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription by, a person not previously known to the Purchaser in connection with investments in securities generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser has taken no action which would give rise to any claim by any person for brokerage commissions, finders' fees or the like relating to this Subscription Agreement or the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Purchaser, either alone or together with its Advisors, if any, has such knowledge and experience in financial, tax, and business matters, and, in particular, investments in securities, so as to enable it to utilize the information made available to it in connection with the Offering to evaluate the merits and risks of an investment in the Securities and the Company and to make an informed investment decision with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Purchaser is not relying on the Company or any of its respective employees or agents with respect to the legal, tax, economic and related considerations of an investment in any of the Securities and the Purchaser has relied on the advice of, or has consulted with, only its own Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Purchaser is acquiring the Securities solely for the Purchaser's own account for investment and not with a view to resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any person to sell or transfer all or any part of any of the Securities and the Purchaser has no plans to enter into any such agreement or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Purchaser understands and agrees that purchase of the Securities is a high-risk investment, and the Purchaser is able to afford an investment in a speculative venture having the risks and objectives of the Company, including a risk of total loss of such investment. The Purchaser must bear the substantial economic risks of the investment in the Securities indefinitely because none of the Securities may be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities Act and applicable state securities laws or an exemption from such registration is available. Legends will be placed on the certificates representing the Securities to the effect that such securities have not been registered under the Securities Act or applicable state securities laws and appropriate notations thereof will be made in the Company's books;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Purchaser has adequate means of providing for the Purchaser's current financial needs and foreseeable contingencies and has no need for liquidity from its investment in the Securities for an indefinite period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Purchaser is aware that an investment in the Securities involves a number of very significant risks and has carefully read the Transaction Documents and, in particular, the Company's most recent OTC Disclosures and is apprised of the Company's operations and financial health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) At the time that the Purchaser was offered the Securities, it was, and as of the date hereof it is, an "accredited investor" within the meaning of Regulation D, Rule 501(a), promulgated by the Commission under the Securities Act and will submit to the Company such further assurances of such status as may be reasonably requested by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Purchaser: (i) if a natural person, represents that the Purchaser has reached the age of 21 and has full power and authority to execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof; (ii) if a corporation, partnership, or limited liability company, or association, joint stock company, trust, unincorporated organization or other entity, represents that such entity was not formed for the specific purpose of acquiring the Securities, such entity is duly organized, validly existing and in good standing under the laws of the state of its organization, the consummation of the transactions contemplated hereby is authorized by, and will not result in a violation of state law or its charter or other organizational documents, such entity has full power and authority to execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and to purchase and hold the Securities, the execution and delivery of this Subscription Agreement has been duly authorized by all necessary action, this Subscription Agreement has been duly executed and delivered on behalf of such entity and is a legal, valid and binding obligation of such entity; or (iii) if executing this Subscription Agreement in a representative or fiduciary capacity, represents that it has full power and authority to execute and deliver this Subscription Agreement in such capacity and on behalf of the subscribing individual, ward, partnership, trust, estate, corporation, or limited liability company or partnership, or other entity for whom the Purchaser is executing this Subscription Agreement, and such individual, partnership, ward, trust, estate, corporation, or limited liability company or partnership, or other entity has full right and power to perform pursuant to this Subscription Agreement and make an investment in the Company, and represents that this Subscription Agreement constitutes a legal, valid and binding obligation of such entity. The execution and delivery of this Subscription Agreement will not violate or be in conflict with any order, judgment, injunction, agreement or controlling document to which the Purchaser is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Purchaser and its Advisors, if any, have had the opportunity to obtain any additional information, to the extent the Company had such information in its possession or could acquire it without unreasonable effort or expense, necessary to verify the accuracy of the information contained in the Transaction Documents, including, but not limited to, the terms and conditions of the Securities as set forth therein, and the Transaction Documents and all other related documents received or reviewed in connection with the purchase of the Securities and have had the opportunity to have representatives of the Company provide them with such additional information regarding the terms and conditions of this particular investment and the financial condition, results of operations, business and prospects of the Company deemed relevant by the Purchaser or its Advisors, if any, and all such requested information, to the extent the Company had such information in its possession or could acquire it without unreasonable effort or expense, has been provided by the Company in writing to the full satisfaction of the Purchaser and its Advisors, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Purchaser represents to the Company that any information which the undersigned has heretofore furnished or is furnishing herewith to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption from registration under federal and state securities laws in connection with the offering of Securities by the Company to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Purchaser has significant prior investment experience, including investment in non-listed and non-registered securities. The Purchaser has a sufficient net worth to sustain a loss of its entire investment in the Company in the event such a loss should occur. The Purchaser's overall commitment to investments which are not readily marketable is not excessive in view of the Purchaser's net worth and financial circumstances and the purchase of the Securities will not cause such commitment to become excessive. This investment is a suitable one for the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&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) The Purchaser is satisfied that it has received adequate information with respect to all matters which it or its Advisors, if any, consider material to its decision to make this investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Purchaser acknowledges that any and all estimates or forward-looking statements or projections provided to the Purchaser by the Company and included in the Transaction Documents were prepared in good faith, but that the attainment of any such projections, estimates or forward-looking statements cannot be guaranteed, will not be updated by the Company and should not be relied upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) No oral or written representations have been made, or oral or written information furnished, to the Purchaser or its Advisors, if any, in connection with the offering of the Securities which are in any way inconsistent with the information contained in the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Within five (5) days after receipt of a request from the Company, the Purchaser will provide such information and deliver such documents as may reasonably be necessary to comply with any and all laws and ordinances to which the Company is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) THE PURCHASER ACKNOWLEDGES THAT SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF CERTAIN STATES AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE TRANSACTION DOCUMENTS. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Purchaser acknowledges that the Securities have not been recommended by any federal or state securities commission or regulatory authority. In making an investment decision, investors must rely on their own examination of the Company and the terms of the Offering, including the merits and risks involved. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Subscription Agreement or the other Transaction Documents. Any representation to the contrary is a criminal offense. The Securities are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and the applicable state securities laws or pursuant to registration or exemption therefrom. Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **(For ERISA plans only)** The fiduciary of the ERISA plan (the "**<u>Plan</u>**") represents that such fiduciary has been informed of and understands the Company's investment objectives, policies and strategies, and that the decision to invest "plan assets" (as such term is defined in ERISA) in the Company is consistent with the provisions of ERISA that require diversification of plan assets and impose other fiduciary responsibilities. The Purchaser or Plan fiduciary (a) is responsible for the decision to invest in the Company; (b) is independent of the Company and any of its affiliates; (c) is qualified to make such investment decision; and (d) in making such decision, the Purchaser or Plan fiduciary has not relied on any advice or recommendation of the Company or any of its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The Purchaser has read in its entirety the Transaction Documents and all exhibits, annexes and schedules thereto, including, but not limited to, all information relating to the Company and the Securities, and understands to its full satisfaction all information included in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) The Purchaser consents to the placement of a legend on any certificate or other document evidencing the Securities that such securities have not been registered under the Securities Act or any state securities or "blue sky" laws and setting forth or referring to the restrictions on transferability and sale thereof contained in this Subscription Agreement. The Purchaser is aware that the Company will make a notation in its appropriate records with respect to the restrictions on the transferability of such Securities. The legend to be placed on each certificate shall be in form substantially similar to the following:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY STATE SECURITIES OR "BLUE SKY LAWS," AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Purchaser acknowledges that if he or she is a Registered Representative of a Financial Industry Regulatory Authority, Inc. ("**FINRA**") member firm, he or she must give such firm the notice required by the FINRA's Rules of Fair Practice, receipt of which must be acknowledged by such firm prior to an investment in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Purchaser represents that (i) the Purchaser was contacted regarding the sale of the Securities by the Company (or another person whom the Purchaser believed to be an authorized agent or representative thereof) with whom the Purchaser had a prior substantial pre-existing relationship and (ii) it did not learn of the offering of the Securities by means of any form of general solicitation or general advertising, and in connection therewith, the Purchaser did not (A) receive or review any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or broadcast over television or radio, whether closed circuit, or generally available; or (B) attend any seminar meeting or industry investor conference whose attendees were invited by any general solicitation or general advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The Purchaser understands, acknowledges and agrees with the Company that this subscription may be rejected, in whole or in part, by the Company, in its sole and absolute discretion, at any time before any Closing notwithstanding prior receipt by the Purchaser of notice of acceptance of the Purchaser's subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Purchaser agrees not to issue any public statement with respect to the Offering, Purchaser's investment or proposed investment in the Company or the terms of any agreement or covenant between them and the Company without the Company's prior written consent, except such disclosures as may be required under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) The Purchaser acknowledges that the information contained in the Transaction Documents or otherwise made available to the Purchaser is confidential and non-public and agrees that all such information shall be kept in confidence by the Purchaser and neither used by the Purchaser for the Purchaser's personal benefit (other than in connection with this subscription) nor disclosed to any third party for any reason, notwithstanding that the Purchaser's subscription may not be accepted by the Company; provided, however, that (a) the Purchaser may disclose such information to its affiliates and advisors who may have a need for such information in connection with providing advice to the Purchaser with respect to its investment in the Company so long as such affiliates and advisors have an obligation of confidentiality, and (b) this obligation shall not apply to any such information that (i) is part of the public knowledge or literature and readily accessible at the date hereof, (ii) becomes part of the public knowledge or literature and readily accessible by publication (except as a result of a breach of this provision) or (iii) is received from third parties without an obligation of confidentiality (except third parties who disclose such information in violation of any confidentiality agreements or obligations, including, without limitation, any subscription or other similar agreement entered into with the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other than with respect to the transactions contemplated herein, since the earlier to occur of: (i) the time that the Purchaser was first contacted by the Company regarding an investment in the Company and (ii) the thirtieth (30<sup>th</sup>) day prior to the date hereof, neither the Purchaser nor any affiliate of the Purchaser which (x) had knowledge of the transactions contemplated hereby, (y) has or shares discretion relating to the Purchaser's investments or trading or information concerning the Purchaser's investments, including in respect of the Securities, or (z) is subject to the Purchaser's review or input concerning such affiliate's investments or trading decisions (collectively, "**Trading Affiliates**") has, directly or indirectly, nor has any person acting on behalf of, or pursuant to, any understanding with the Purchaser or Trading Affiliates effected or agreed to effect any transactions in the securities of the Company or involving the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Representations and Warranties of the Company.** Subject to any qualifications set forth herein, the Company hereby makes the following representations and warranties to the Purchaser:

&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) <u>Subsidiaries</u>. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each subsidiary of the Company (a "**Subsidiary**"), free and clear of any Liens except for Liens that would not, individually or in the aggregate, have or reasonably be expected to result in a settlement or judgment of more than $500,000, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&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) <u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. The Company and each of its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a "**<u>Material Adverse Effect</u>**") and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&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) <u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Subscription Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Subscription Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company's stockholders in connection herewith or therewith other than in connection with the Required Approvals (as defined below). This Subscription Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflicts</u>. The execution, delivery and performance by the Company of this Subscription Agreement and the other Transaction Documents, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby to which it is a party do not and will not: (i) conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any legal claim or encumbrance upon any of the properties or assets of the Company or any Subsidiary as security for the payment of a debt or performance of an obligation (a "**<u>Lien</u>**"), or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than (i) the consent of the current holders of the Company's Series B-1 Convertible Preferred Stock, par value $0.001 per share, [the Company's Series B Convertible Preferred Stock, par value $0.001 per share] and the Series C Preferred Stock; (ii) the notice and/or applications(s) to each applicable trading market, if any, for the issuance and sale of the Securities and the listing of the Securities for trading thereon in the time and manner required thereby; and (iii) the filing of a Form D with the Commission and any such filings as may be required to be made under applicable state or federal securities laws (collectively, the "**<u>Required Approvals</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;(f) <u>Issuance of the Securities</u>. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and, if and as applicable, nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock a number of shares of Series C Convertible Preferred Stock for issuance of the Securities on the date hereof and a number of shares of the Company's common stock, par value $0.001 per share (the "**<u>Common Stock</u>**"), issuable upon conversion of the Securities in accordance with the terms of that certain VisitIQ Corp. First Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock Pursuant to Section 78.1955 of the Nevada Revised Statutes, filed with the Nevada Secretary of State on August 29, 2025 (the "**<u>Series C Preferred Certificate of Designation</u>**"). The shares of Common Stock issuable upon conversion, redemption or exchange of the Securities, when issued and paid for in accordance with the applicable Transaction Documents and the Series C Preferred Certificate of Designation, will be duly and validly issued, fully paid, and if and as applicable, nonassessable free and clear of all Liens imposed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Capitalization</u>. Except as would otherwise have a Material Adverse Effect, the capitalization of the Company is as set forth in the Company's OTC Disclosures. To the Company's knowledge, the Company has not issued any capital stock and/or Common Stock Equivalents not set forth in the Audit Reports of Boulay PLLP and included in the OTC Disclosures. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Securities or as described in the OTC Disclosures, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. Other than as set forth in the Series C Preferred Certificate of Designation, the issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue shares of Series C Convertible Preferred Stock, Common Stock or other securities to any person (other than the Purchaser) and will not result in a right of any holder of securities of the Company or any Subsidiary to adjust the exercise, conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock and other securities of the Company and each Subsidiary are duly authorized, validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. Except for the Company's articles of incorporation, there are no stockholders agreements, voting agreements or other similar agreements with respect to the Company's capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>OTC Disclosures; Financial Statements</u>. As of their respective dates, the OTC Disclosures complied in all material respects with the requirements of the OTC, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the OTC Disclosure comply in all material respects with applicable accounting requirements and the rules and regulations of the OTC with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved ("**<u>GAAP</u>**"), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest Audit Report of Boulay PLLP and included in the OTC Disclosures: (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company's financial statements pursuant to GAAP or disclosed in filings made with the OTC, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to existing Company stock option plans. Except for the issuance of the Securities contemplated by this Subscription Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) trading day prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Litigation</u>. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary, or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an "**<u>Action</u>**") which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a settlement or judgment of more than $500,000. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is no pending or contemplated, any investigation by the OTC or any state securities administrator involving the Company or any current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Compliance</u>. Neither the Company nor any Subsidiary is: (i) in default under or in violation of and no event has occurred that has not been waived that, with notice or lapse of time or is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) and has not been, in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as presently conducted, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect ("**<u>Material Permits</u>**"), and neither the Company nor any subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Title to Assets</u>. Except as set forth in the OTC Disclosures, the Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made in accordance with GAAP, and the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Intellectual Property</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;(i) The
term " <u>Intellectual Property Rights</u> " includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 name of the Company and its Subsidiaries, all fictional business names, trading names,
 registered and unregistered trademarks, service marks, and applications (collectively,
 "  **<u>Marks</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;2. all
 patents, patent applications, and inventions and discoveries that may be patentable (collectively,
 "  **<u>Patents</u>** <u>'</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;3. all
 copyrights in both published works and unpublished works (collectively, "  **<u>Copyrights</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;4. all
 rights in mask works (collectively, "  **<u>Rights in Mask Works</u>** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. all
 know-how, trade secrets, confidential information, customer lists, software, technical
 information, data, process technology, plans, drawings, and blueprints (collectively,
 "  **<u>Trade Secrets</u>**") owned, used, or licensed by the Company as
 licensee or licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Agreements</u>.
 There are no outstanding and, to the Company's knowledge, no threatened disputes
 or disagreements with respect to any contracts relating to Intellectual Property Rights
 to which the Company is a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Know-How Necessary for the Business</u>. The Intellectual Property Rights are all those necessary
 for the operation of the Company's businesses as it is currently conducted or as
 represented, in writing, to the Purchaser to be conducted. The Company is the owner of
 all right, title, and interest in and to each of the Intellectual Property Rights, free
 and clear of all liens, security interests, charges, encumbrances, equities, and other
 adverse claims, and has the right to use all of the Intellectual Property Rights. To
 the Company's knowledge, no employee of the Company has entered into any contract
 that restricts or limits in any way the scope or type of work in which the employee may
 be engaged or requires the employee to transfer, assign, or disclose information concerning
 his work to anyone other than of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Know-How Necessary for the Business</u>. All of the issued Patents are currently in compliance
 with formal legal requirements (including payment of filing, examination, and maintenance
 fees and proofs of working or use), are valid and enforceable, and are not subject to
 any maintenance fees or taxes or actions falling due within ninety days after the Closing.
 No Patent has been or is now involved in any interference, reissue, reexamination, or
 opposition proceeding. To the Company's knowledge: (1) there is no potentially
 interfering patent or patent application of any third party, and (2) no Patent is infringed
 or has been challenged or threatened in any way. To the Company's knowledge, none
 of the products manufactured and sold, nor any process or know-how used, by the Company
 infringes or is alleged to infringe any patent or other proprietary right of any other
 Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Trademarks</u>.
 The Company is the owner of all right, title, and interest in and to each of the Marks,
 free and clear of all Liens and other adverse claims. All Marks that have been registered
 with the United States Patent and Trademark Office are currently in compliance with all
 formal legal requirements (including the timely post-registration filing of affidavits
 of use and incontestability and renewal applications), are valid and enforceable, and
 are not subject to any maintenance fees or taxes or actions falling due within ninety
 days after the Closing. To the Company's knowledge, no Mark has been or is now
 involved in any opposition, invalidation, or cancellation and, to the Company's
 knowledge, no such action is threatened with respect to any of the Marks. To the Company's
 knowledge: (1) there is no potentially interfering trademark or trademark application
 of any third party, and (2) no Mark is infringed or has been challenged or threatened
 in any way. To the Company's knowledge, none of the Marks used by the Company infringes
 or is alleged to infringe any trade name, trademark, or service mark of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Copyrights</u>.
 The Company is the owner of all right, title, and interest in and to each of the Copyrights,
 free and clear of all Liens and other adverse claims. All the Copyrights have been registered
 and are currently in compliance with formal requirements, are valid and enforceable,
 and are not subject to any maintenance fees or taxes or actions falling due within ninety
 days after the date of the Closing. No Copyright is infringed or, to the Company's
 knowledge, has been challenged or threatened in any way. To the Company's knowledge,
 none of the subject matter of any of the Copyrights infringes or is alleged to infringe
 any copyright of any third party or is a derivative work based on the work of a third
 party. All works encompassed by the Copyrights have been marked with the proper copyright
 notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Trade Secrets</u>. With respect to each Trade Secret, the documentation relating to such Trade
 Secret is current, accurate, and sufficient in detail and content to identify and explain
 it and to allow its full and proper use without reliance on the knowledge or memory of
 any individual. The Company has taken all reasonable precautions to protect the secrecy,
 confidentiality, and value of its Trade Secrets. The Company has good title and an absolute
 (but not necessarily exclusive) right to use the Trade Secrets. The Trade Secrets are
 not part of the public knowledge or literature, and, to the Company's knowledge,
 have not been used, divulged, or appropriated either for the benefit of any Person (other
 than the Company) or to the detriment of the Company. No Trade Secret is subject to any
 adverse claim or has been challenged or threatened in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Transactions With Affiliates and Employees</u>. To the knowledge of the Company, none of the officers or directors of the Company or any Subsidiary and none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors or for the purchase of Securities pursuant to this Subscription Agreement), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $150,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>No General Solicitation</u>. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchaser and certain other "accredited investors" within the meaning of Rule 501 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Certain Fees</u>. No brokerage, finder's fees, commissions or due diligence fees are or will be payable by the Company or any Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by the Transaction Documents. The Purchaser shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated in this <u>Section 6(q)</u> that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Investment Company</u>. The Company is not, and is not an affiliate of, and immediately after receipt of payment for the Securities, will not be or be an affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended (the "**<u>Investment Company Act</u>**"). The Company shall conduct its business in a manner so that it will not become an "investment company" subject to registration under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Registration Rights</u>. No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Private Placement</u>. Assuming the accuracy of the Purchaser's representations and warranties set forth in <u>Section 5</u> of this Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchaser as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's articles of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchaser as a result of the Purchaser and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company's issuance of the Securities and the Purchaser's ownership of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other person acting on its behalf has provided any of the Purchaser or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Purchaser will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company and its Subsidiaries, its respective businesses and the transactions contemplated hereby, when taken together as a whole, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in <u>Section 5</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>No Integrated Offering</u>. Assuming the accuracy of the Purchaser's representations and warranties set forth in <u>Section 5</u>, neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this Offering to be integrated with prior offerings of securities by the Company for purposes of the Securities Act which would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Reserved</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;(z) <u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) have made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which they are subject, (ii) have paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) have set aside on their books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. Except for those that would not individually, or in aggregate, have or reasonably be expected to result in a Material Adverse Effect, there are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Foreign Corrupt Practices</u>. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision of Foreign Corrupt Practices Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Acknowledgment Regarding Purchaser's Purchase of Securities</u>. The Company acknowledges and agrees that Purchaser is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by the Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchaser's purchase of the Securities. The Company further represents to the Purchaser that the Company's decision to enter into this Subscription Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Money Laundering</u>. The operations of the Company are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable anti-money laundering statutes and applicable rules and regulations thereunder (collectively, the "**<u>Anti-Money Laundering Laws</u>**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Stock Option Plans</u>. Each stock option granted by the Company under the Company's stock option plan was granted (i) in accordance with the terms of the Company's stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law, and as determined by the Company's Board of Directors. No stock option granted under the Company's stock option plan has been backdated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Reserved</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;(ff) <u>Regulation M Compliance</u>. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the securities of the Company, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>DTC Status</u>. The Company's transfer agent (the "**<u>Transfer Agent</u>**") is a participant in, and the Common Stock issuable upon conversion of the Securities are eligible for transfer pursuant to, the Depository Trust Company Automated Securities Transfer Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>OFAC</u>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee, affiliate or person acting on its behalf, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**<u>OFAC</u>**"); and the Company will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other person or entity, towards any sales or operations in Cuba, Iran, Syria, Sudan, Myanmar or any other country sanctioned by OFAC or for the purpose of financing the activities of any person currently subject to any U.S. sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Bad Actor Disqualification.</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;&nbsp;&nbsp;&nbsp;&nbsp; (i) <u>No Disqualification Events</u>. With respect to Securities to be offered and sold hereunder in reliance on Rule 506 under the Securities Act ("**<u>Regulation D Securities</u>"**), none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering, any beneficial owner of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an "**<u>Issuer Covered Person</u>**" and, together, "**<u>Issuer Covered Persons</u>**") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "**<u>Disqualification Event</u>**"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchaser a copy of any disclosures provided thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Other Covered Persons</u>. The Company is not aware of any person that (i) has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the Securities and (ii) who is subject to a Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Indemnification**. The Purchaser agrees to indemnify and hold harmless the Company and each of its respective officers, directors, managers, employees, agents, attorneys, control persons and affiliates from and against all losses, liabilities, claims, damages, costs, fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgement, representation or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement made by the Purchaser herein or in any other document delivered in connection with this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Binding Effect.** This Subscription Agreement will survive the death or disability of the Purchaser and will be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives, and permitted assigns. If the Purchaser is more than one person, the obligations of the Purchaser hereunder will be joint and several and the agreements, representations, warranties and acknowledgments herein will be deemed to be made by and be binding upon each such person and such person's heirs, executors, administrators, successors, legal representatives and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Modification.** This Subscription Agreement will not be modified or waived except by an instrument in writing signed by the party against whom any such modification or waiver is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Notices.** Any notice or other communication required or permitted to be given hereunder will be in writing and will be mailed by certified mail, return receipt requested, or delivered against receipt to the party to whom it is to be given (a) if to the Company, at the address set forth in this Subscription Agreement or (b) if to the Purchaser, at the address set forth on the signature page of this agreement (or, in either case, to such other address as the party will have furnished in writing in accordance with the provisions of this <u>Section 10</u>). Any notice or other communication given by certified mail will be deemed given at the time of certification thereof, except for a notice changing a party's address which will be deemed given at the time of receipt thereof. Any notice or other communication given by overnight courier will be deemed given at the time of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Assignability.** This Subscription Agreement and the rights, interests and obligations hereunder are not transferable or assignable by the Purchaser and the transfer or assignment of any of the Securities will be made only in accordance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Applicable Law.** This Subscription Agreement will be governed by and construed under the laws of the State of New York as applied to agreements among New York residents entered into and to be performed entirely within New York. The parties hereto (1) agree that any legal suit, action or proceeding arising out of or relating to this Subscription Agreement will be instituted exclusively in New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (2) waive any objection which the parties may have now or hereafter to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the New York State Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the parties hereto further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agrees that service of process upon it mailed by certified mail to its address will be deemed in every respect effective service of process upon it, in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Blue Sky Qualification.** The purchase of Securities pursuant to this Subscription Agreement is expressly conditioned upon the exemption from qualification of the offer and sale of the Securities from applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Use of Pronouns.** All pronouns and any variations thereof used herein will be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the person or persons referred to may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Confidentiality.** The Purchaser acknowledges and agrees that any information or data the Purchaser has acquired from or about the Company not otherwise properly in the public domain, was received in confidence. The Purchaser agrees not to divulge, communicate or disclose, except as may be required by law or for the performance of this Subscription Agreement, or use to the detriment of the Company or for the benefit of any other person or persons, or misuse in any way, any confidential information of the Company, including any trade or business secrets of the Company and any business materials that are treated by the Company as confidential or proprietary, including, without limitation, confidential information obtained by or given to the Company about or belonging to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&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) This Subscription Agreement, together with the Transaction Documents and the Series C Preferred Certificate of Designation, constitute the entire agreement between the Purchaser and the Company with respect to the subject matter hereof and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Each of the Purchaser's and the Company's representations and warranties made in this Subscription Agreement will survive the execution and delivery hereof and delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Each of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether or not the transactions contemplated hereby are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Subscription Agreement may be executed in two or more counterparts each of which will be deemed an original, but all of which will together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation of or affect the remaining portions of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Paragraph titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement as set forth in the text.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Signature Page. It is hereby agreed by the parties hereto that the execution by the Purchaser of this Subscription Agreement, in the place set forth herein below, will be deemed and constitute the agreement by the Purchaser to be bound by all of the terms and conditions hereof as well each of the other Transaction Documents, and will be deemed and constitute the execution by the Purchaser of all such Transaction Documents without requiring the Purchaser's separate signature on any of such Transaction Documents.**

**VISITIQ CORP.**

**SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT** 

**Purchaser hereby elects to purchase a total of [●] shares of Series C Convertible Preferred Stock, for an aggregate subscription amount of $[●]. (NOTE: to be completed by the Purchaser).** **By execution and delivery of this omnibus signature page, you are agreeing to become a Purchaser, as defined above.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;If the Purchaser is an INDIVIDUAL, and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY: | &nbsp;&nbsp;If the Purchaser is an INDIVIDUAL, and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY: | &nbsp;&nbsp;If the Purchaser is an INDIVIDUAL, and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY: | &nbsp;&nbsp;If the Purchaser is an INDIVIDUAL, and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY: |
| &nbsp;&nbsp;**Purchaser:** | &nbsp;&nbsp;**Purchaser:** |  |  |
|  | &nbsp;&nbsp;Print Name |  | &nbsp;&nbsp;Social Security Number |
|  | &nbsp;&nbsp;Signature | &nbsp;&nbsp;Date | &nbsp;&nbsp;Mailing Address |
| &nbsp;&nbsp;**Co-Purchaser (if applicable):** | &nbsp;&nbsp;**Co-Purchaser (if applicable):** |  |  |
|  | &nbsp;&nbsp;Print Name |  | &nbsp;&nbsp;Social Security Number |
|  | &nbsp;&nbsp;Signature | &nbsp;&nbsp;Date | &nbsp;&nbsp;Address (if different from above) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;If the Purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST: | &nbsp;&nbsp;If the Purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST: | &nbsp;&nbsp;If the Purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST: | &nbsp;&nbsp;If the Purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST: |
|  | &nbsp;&nbsp;Name of Partnership, Corporation, Limited Liability Company or Trust |  | &nbsp;&nbsp;Federal Taxpayer Identification Number |
|  | &nbsp;&nbsp;Signature | &nbsp;&nbsp;Date |  |
|  | &nbsp;&nbsp;Print Name |  | &nbsp;&nbsp;Business Address |
|  | &nbsp;&nbsp;Title |  |  |
| &nbsp;&nbsp;**AGREED AND ACCEPTED:** <br> **VISITIQ CORP.**  | &nbsp;&nbsp;**AGREED AND ACCEPTED:** <br> **VISITIQ CORP.**  | &nbsp;&nbsp;**AGREED AND ACCEPTED:** <br> **VISITIQ CORP.**  | &nbsp;&nbsp;**AGREED AND ACCEPTED:** <br> **VISITIQ CORP.**  |
|  | &nbsp;&nbsp;Print Name Vernon Hanzlik |  | &nbsp;&nbsp;Date |
|  | &nbsp;&nbsp;Chief Executive Officer |  |  |
|  | &nbsp;&nbsp;Title |  |  |

---

## Exhibit 10.13

**Exhibit 10.13**

**Execution Version**

**REVENUE LOAN AND SECURITY AGREEMENT**

THIS REVENUE LOAN AND SECURITY AGREEMENT (as amended from time to time, this "**Agreement**") is made as of March 26, 2026 (the "**Effective Date**"), by and among:

VISITIQ CORP., a Nevada corporation

729 N. Washington Ave., Suite 600

Minneapolis, MN 55401

and

VISITIQ, LLC, a Delaware limited liability company

729 N. Washington Ave., Suite 600

Minneapolis, MN 55401<br> (each a "**Company Entity**" and together, the "**Company**"),

VERNON HANZLIK<br> (the "**Key Person(s)**"),

and

DECATHLON ALPHA V, L.P., a Delaware limited partnership,<br> 1441 West Ute Boulevard, Suite 240<br> Park City, UT 84098<br> ("**Lender**").

**BACKGROUND**

Company wishes to borrow from Lender and Lender wishes to lend to Company an amount up to the Revenue Loan Amount (as defined below) on the terms and conditions of this Agreement. In connection with and as a material inducement to Lender to lend the Revenue Loan Amount to Company, Company desires to make certain representations and warranties to Lender.

**AGREEMENT**

The parties hereby agree as follows:

**ARTICLE 1<br> DEFINITIONS AND ACCOUNTING PRINCIPLES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Definitions**. Capitalized words and phrases used in this Agreement but not otherwise defined herein have the definitions given in <u>Article 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Accounting Principles**. The character or amount of any asset, liability, capital account or reserve and of any item of income or expense required to be determined pursuant to this Agreement, and any consolidation or other accounting computation required to be made pursuant to this Agreement, and the construction of any definition in this Agreement containing a financial term, will be determined or made, as the case may be, in accordance with United States generally accepted accounting principles ("**GAAP**"), to the extent applicable, unless such principles are inconsistent with the express requirements of this Agreement.

**ARTICLE 2<br> ADVANCE, INTEREST AND PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Revenue Loan Advance**. Upon the terms and subject to the conditions of this Agreement:

&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) **Initial Advance**. Lender will make the Initial Advance to Company on the date of Closing.

&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) **Subsequent Advance**. Any time beginning 15 days prior to an Advance Period through the end of such Advance Period as set forth on <u>Schedule 2.1(b)</u>, Company may by delivering to Lender a written Advance Request in the form provided by Lender to Company ("**Advance Request**") request one or more Subsequent Advances in accordance with the <u>Schedule 2.1(b)</u> up to a maximum for all Advances equal to the Revenue Loan Amount. If all of the conditions set forth on <u>Schedule 2.1(b)</u> are satisfied on the date of the Advance Request, Lender will advance to Company the requested amount within 15 business days of receipt of the Advance Request. Contemporaneously with each Subsequent Advance, Company shall deliver to Lender a certificate signed on behalf of Company by the Key Person (s) (or other officer of Company acceptable to Lender) confirming that Company is not in default and no Event of Default has occurred and that all representations and warranties of the Company Entities in <u>Article 3</u> are true as of such date (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date). Lender may, in its sole discretion, waive or modify any one or more of the conditions to any Subsequent Advance.

&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) **Not a Revolving Facility**. Company acknowledges and agrees that the credit facility granted hereunder is a multiple advance facility, but is not a revolving facility, and Company may not borrow, repay and re-borrow Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Interest**. Interest on the Amount Advanced shall accrue from and after the date of Closing at such rate as is necessary to generate an amount equal to the Minimum Interest (the "**Interest**"), *provided*, *however*, in no case shall such rate exceed the maximum rate allowable under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Promise to Pay**. Company (and for the sake of clarity, each Company Entity jointly and severally) promises to pay to the order of Lender, or its assigns in lawful money of the United States of America, for application against the Amount Advanced, together with the Interest as follows (with all payments to be applied first to fees and expenses incurred by Lender, then to accrued interest, and finally to principal, which Lender shall enter in its records of payments made by Company, and such records will be deemed conclusive evidence of the subject matter thereof unless proven otherwise):

&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) **Maturity**. The Amount Advanced and accrued but unpaid Interest will be immediately due on the Maturity Date and will be payable on demand any time thereafter.

&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) **Monthly Payments**. Commencing on the Payment Commencement Date and continuing thereafter until maturity or earlier prepayment in full, Company shall pay to Lender, on the 15th day of each month (or the next business day if such date is not a business day) (each a "**Payment Date**"), by wire transfer or Automated Clearing House (ACH) transfer to the Lender Account described on <u>Schedule 2.3(b)(1)</u> an amount equal to the Fixed Payment Amount set forth below. Notwithstanding anything to the contrary in the preceding sentence, payments made by ACH transfer must be initiated no later than three business days prior to the applicable Payment Date. Lender, in its sole discretion, may apply any monthly payment first to offset any outstanding invoices for legal or other reasonable and documented expenses related to this Agreement that are 60 or more days overdue and then toward satisfaction of the Obligations. If any payment due pursuant to this Agreement is not paid when due, then Company will be assessed on the following day, automatically and without notice from Lender, a service fee of $500 payable to Lender (or other loan servicing agent). All service fees for missed payments are due on the day they arise. Successive service fees will be assessed and due on the 15th day of each month until Company has paid such past due amounts. All service fees will bear interest at the rate set forth in <u>Section 12.7</u> from the date they arise. A pro-forma payment schedule that is based on Company's financial projections is attached as <u>Schedule 2.3 (b)(2)</u>.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**FIXED PAYMENT AMOUNT** | &nbsp;&nbsp;**FIXED PAYMENT AMOUNT** | &nbsp;&nbsp;**FIXED PAYMENT AMOUNT** | &nbsp;&nbsp;**FIXED PAYMENT AMOUNT** | &nbsp;&nbsp;**FIXED PAYMENT AMOUNT** |
| &nbsp;&nbsp;**YEAR** | &nbsp;&nbsp;**If Amount Advanced is $1,000,000** | &nbsp;&nbsp;**If Amount Advanced is > $1,000,000 and ≤ $1,400,000** | &nbsp;&nbsp;**If Amount Advanced is > $1,400,000 and ≤ $1,800,000** | &nbsp;&nbsp;**If Amount Advanced is > than $1,800,000** |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$17500 | &nbsp;&nbsp;$22500 | &nbsp;&nbsp;$29000 | &nbsp;&nbsp;$37000 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;$27500 | &nbsp;&nbsp;$35500 | &nbsp;&nbsp;$45500 | &nbsp;&nbsp;$53500 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;$37500 | &nbsp;&nbsp;$50500 | &nbsp;&nbsp;$64500 | &nbsp;&nbsp;$72500 |
| &nbsp;&nbsp;2029 and 2030 | &nbsp;&nbsp;$47500 | &nbsp;&nbsp;$65500 | &nbsp;&nbsp;$79500 | &nbsp;&nbsp;$90000 |

---

&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) **Prepayment**. Company may at its option prepay the Amount Advanced balance and accrued but unpaid Interest on any Payment Date without penalty or premium (other than payment of the Minimum Interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Termination of Payment Obligation**. The payment obligation shall terminate upon Lender receiving payments from Company equal to the Amount Advanced plus the Interest and all other amounts due pursuant to this Agreement (the "**Payoff Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Security Interest**. Company (and for the sake of clarity, each Company Entity, to the extent applicable) hereby assigns and grants to Lender, a continuing security interest in all of its right, title and interest in and to the Collateral. Upon indefeasible payment in full of the Obligations and termination of Lender's obligation to make Advances hereunder, Lender shall promptly release such security interest. Company hereby authorizes Lender to take all such actions as are reasonably necessary to, in Lender's sole discretion, perfect its security interest in the Collateral, including the filing of such financing statements and amendments and continuations thereof as may be useful in order to perfect such security interest and, if any Collateral is covered by a certificate of title, Company will from time to time upon request of Lender execute such documents as may be required to have such security interest properly noted on a certificate of title. In addition, Company authorizes Lender to file, from time to time, (and reaffirms its authorization of the filing of any financing statements filed prior to the date of this Agreement) such financing statements against the Collateral described as "all assets" or the like as Lender reasonably deems necessary or useful to perfect such security interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Revival and Reinstatement of Indebtedness**. If the payment of all or any part of the Obligations by Company or the transfer to Lender of any Collateral or other property should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors' rights (a "**Voidable Transfer**"), and if Lender is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the amount of such Voidable Transfer or the amount of such Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable and documented costs, expenses and attorneys' fees incurred by Lender in connection therewith, and the Obligations shall automatically be revived, reinstated and restored by such amount and shall exist as though such Voidable Transfer had never been made.

**ARTICLE 3<br> REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Representations and Warranties of the Company Entities.** As a material inducement to Lender to enter into this Agreement and to make one or more Advances to Company, each Company Entity, jointly and severally, represents and warrants to Lender as follows:

&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) **Organization, Good Standing and Qualification**. Each Company Entity is duly organized, validly existing and in good standing under the laws of the state of its organization. Each Company Entity is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. Each Company Entity has all required power and authority necessary to own and operate its properties, to carry on its business as now conducted and presently proposed to be conducted and to carry out the transactions contemplated by this Agreement.

&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) **Subsidiaries**. Except as set forth on <u>Schedule 3.1(b)</u> (including any Company Entity that is a subsidiary of another Company Entity), no Company Entity presently owns or controls, directly or indirectly, or holds any rights to acquire, any interest in any other entity. No Company Entity is a participant in any joint venture, partnership or similar arrangement.

&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) **Authorization**. All action necessary on the part of each Company Entity, its officers, directors, managers and members, for the authorization, execution and delivery of the Transaction Documents, the performance of all Obligations of such Company Entity hereunder and thereunder has been taken or will be taken prior to the Closing. The Transaction Documents and all other agreements contemplated thereby to which a Company Entity is a party constitute valid and legally binding obligations of such Company Entity, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (iii) to the extent the indemnification provisions may be limited by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Litigation**. Except as set forth on <u>Schedule 3.1(d)</u>, there is no action, suit, proceeding or investigation pending or, to Company's knowledge, threatened against any Company Entity. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or, to Company's knowledge, threatened involving the prior employment of any Company Entity's employees or their obligations under any agreements with prior employers. No Company Entity is subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no action, suit, proceeding or investigation by a Company Entity currently pending or that a Company Entity intends to initiate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Compliance with Other Instruments**. No Company Entity is: (i) in violation of or default under any provision of its organizational documents, as amended, (ii) to its knowledge in violation of or default under, in any Material respect, any instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound, or (iii) to its knowledge in violation of or default under, in any Material respect, any provision of any federal or state statute, rule or regulation applicable to such Company Entity. The execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby will not result in any such violation, or be in Material conflict with or constitute, with or without the passage of time and giving of notice, either a Material default under any such provision, instrument, judgment, order, writ, decree or contract or an event that results in the creation of any lien, charge or encumbrance upon any assets of a Company Entity or the suspension, revocation, impairment, forfeiture or non-renewal of any permit, license, authorization or approval applicable to a Company Entity, its business or operations or any of its assets or properties, other than the security interests arising under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Related-Party Transactions**. Except as set forth on <u>Schedule 3.1(f)</u>, no employee, member, manager, officer or director of a Company Entity or member of his or her immediate family is indebted to a Company Entity, nor is a Company Entity indebted (or committed to make loans or extend or guarantee credit) to any of them. Except as set forth on <u>Schedule 3.1(f)</u>, to each Company Entity's knowledge, none of such persons has any direct or indirect ownership interest in any firm or corporation with which a Company Entity is affiliated or with which a Company Entity has a Material business relationship, or any firm or corporation that competes with any Company Entity, except that employees, shareholders, officers or directors of a Company Entity and members of their immediate families may own up to 2% of the outstanding stock of one publicly traded company that may compete with a Company Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Financial Statements**. The consolidated financial statements for Company's most recently completed fiscal year and year-to-date for the current year as of the most recently ended month are attached hereto as <u>Schedule 3.1(g)</u>, are correct in all Material respects, and fairly present Company's operating results and financial conditions as of dates and for the periods indicated therein. As of the dates of such financial statements, no Company Entity had any Material obligation, contingent liability, liability for taxes or long-term lease obligation that is not reflected in such financial statements or the notes thereto. Since the date of such financial statements: (i) each Company Entity has operated its businesses only in the ordinary course; (ii) there has not been individually or in the aggregate any change that may result in a Material Adverse Effect; (iii) no Company Entity has guaranteed any Indebtedness of any other Person; (iv) no Company Entity has any Indebtedness for borrowed money other than pursuant to this Agreement; and (v) no event has occurred that could have a Material Adverse Effect. Each Company Entity is solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Tax Returns; Taxes**. (i) Each Company Entity has filed all returns, declarations, reports, estimates, information returns, and statements, including any schedules and amendments to such documents ("**Returns**"), required to be filed or sent by it in respect of any Taxes or required to be filed or sent by it by any taxing authority having jurisdiction; (ii) all such Returns are complete and accurate in all material respects; (iii) each Company Entity has paid all Taxes required to be paid by it; and (iv) each Company Entity has complied with all applicable laws, rules, and regulations relating to the collection or withholding of Taxes from third parties and the payment thereof; (v) there are no liens for Taxes upon any assets of any Company Entity; (vi) no deficiency for any Taxes has been asserted, assessed or proposed in writing against any Company Entity that has not been resolved and paid in full or is not being contested in good faith; (vii) no waiver, extension or comparable consent given by any Company Entity regarding the application of the statute of limitations with respect to any Taxes or Returns is outstanding, nor is any request for any such waiver or consent pending; and (viii) there has been no Tax audit or other administrative proceeding or court proceeding with regard to any Taxes or Returns, nor is any such Tax audit or other proceeding pending, nor has there been any notice to any Company Entity by any taxing authority regarding any such Tax audit or other proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Permits**. Each Company Entity has all franchises, permits, licenses and any similar authority necessary for the conduct of its business the lack of which would have a Material Adverse Effect, and each Company Entity believes it can obtain, without undue burden or expense, any similar authority for the conduct of its business as planned to be conducted. No Company Entity is in default in any Material respect under any of such franchises, permits, licenses or other similar authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Compliance with Laws**. Each Company Entity, the operation of its business and all premises controlled by such Company Entity is in Material compliance with all applicable laws and orders or directives of any governmental authorities having jurisdiction over such Company Entity, its properties or operations, except where the failure to comply could not reasonably be expected to have a Material Adverse Effect. No Company Entity has received any citation, directive, letter or other communication (whether oral or written) or any notice of any proceeding, claim, lawsuit or investigation, from any Person arising out of such Company Entity's ownership or occupation of its premises or the conduct of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Disclosure**. Each Company Entity has provided Lender with all the information available to it that Lender has requested for deciding whether to make Advances. To the best of each Company Entity's knowledge, neither this Agreement (including all the exhibits attached hereto) nor any certificates delivered in connection herewith contains any untrue statement of a Material fact or omits to state a Material fact necessary to make the statements herein or therein not misleading in light of the circumstances under which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Title to Property and Assets**. Except as set forth in the Suboriation Agreement or with respect to the Arena Secured Debt, the property and assets owned by a Company Entity are owned solely by such Company Entity free and clear of all mortgages, liens, loans and encumbrances. With respect to a Company Entity's leased property and assets, such Company Entity is in compliance with the applicable leases in all Material respects and, to such Company Entity's knowledge, it holds valid leasehold rights in and to such leased property and assets. There are no financing statements reflecting the perfection of any security interest in favor of any creditor other than Lender covering all or any part of any Company Entity's assets in existence or on file in any public office other than those representing the Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Name and Location of Company**. Each Company Entity has provided to Lender in writing its legal name, state of organization, entity type, and chief executive office address. Company maintains all of its books and records regarding its assets at its chief executive office. Each Company Entity has such business and financial experience as is necessary to enable it to protect its interests in connection with the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Collateral**. Except as set forth in the Subordination Agreement or with respect to the Arena Secured Debt, each Company Entity has full power and authority to create a first-priority lien on the Collateral pursuant to this Agreement and no disability or contractual obligation exists that would prohibit any Company Entity from pledging the Collateral pursuant to this Agreement. There are no subscriptions, warrants, rights of first refusal, or other restrictions on transfer relative to, or options exercisable with respect to, the Collateral. The Collateral is not the subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and no Company Entity knows of any reasonable grounds for the institution of any such proceedings. The Collateral consisting of equipment and inventory is in good operating condition and repair, subject to ordinary wear and tear, and the Company Entity owning such Collateral has made all economically reasonable and necessary repairs thereto. The Collateral consisting of inventory is of good and marketable quality, free from defects, except for inventory for which adequate reserves have been made in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Intellectual Property**. To each Company Entity's knowledge, each Company Entity owns, has applied for the registration of, or is a licensee of all intellectual property rights used in or necessary for the conduct of its business and operations, as currently conducted and as proposed to be conducted, or that are Material to the condition (financial or otherwise), business, or operations of such Company Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Customers and Suppliers**. None of the material customers or suppliers of a Company Entity have indicated in writing to any Company Entity that they intend to terminate, discontinue, or materially reduce their business relationship with such Company Entity. To each Company Entity's knowledge, there have been no developments with any customers or suppliers of any Company Entity that may serve as the basis for such customer or supplier to Materially change its relationship with a Company Entity. No Company Entity has any overdue payables to any supplier for services, materials, equipment or other products previously provided to any Company Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **Ordinary Course of Business**. Each Company Entity intends to run its business in the ordinary course of business and will continue to use commercially reasonable efforts to preserve substantially intact the business organization and assets of the Company Entities and preserve the current relationships of the Company Entities with customers, suppliers and other persons with which any Company Entity has significant business relations. No Company Entity has any current intention to make, nor is any such Company Entity evaluating or contemplating making, any Material changes to such Company Entity's business, including its business model, pricing model, or product offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **Recent Developments**. As of the Effective Date, (i) all actions by each Company Entity necessary to authorize the execution, delivery and performance of the Transaction Documents have been taken (including the adoption of appropriate resolutions of the Governing Body), (ii) no Event of Default has occurred, and (iii) no Company Entity has incurred any additional Indebtedness since the Term Sheet Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Social Media Account Ownership**. Each social media account used by a Company Entity with respect to its business, the reputation of its business and any related brands or products is owned and controlled by that Company Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Representations and Warranties of the Key Person(s).** As a material inducement to Lender to enter into this Agreement and to make one or more Advances to Company, each Key Person hereby represents and warrants to Lender:

&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) **Financial Interest.** The Key Person has a financial interest in Company and will receive a direct or indirect financial and other benefit from this Agreement and the Advances made to Company hereunder.

&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) **Non-Contravention.** The execution, delivery and performance by the Key Person of this Agreement and the consummation of the transactions contemplated hereunder do not, and will not, contravene or conflict with any law, statute or regulation whatsoever to which the Key Person is subject or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or result in the breach of, any court order, indenture, mortgage, deed to secure debt, deed of trust, trust deed, charge, lien, or any contract, agreement or other instrument to which the Key Person is a party or which may be binding on or applicable to the Key Person. This Agreement is a legal, valid and binding obligation of the Key Person and is enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application relating to or affecting the enforcement of the rights of creditors and by general principles of equity.

&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) **Authorization.** Other than the action on the part of each Company Entity, its officers, directors, managers and members authorizing the execution and delivery of the Transaction Documents, no authorization or approval or other action by, and no notice to or filing with, any governmental authority or any Person (other than those that have been duly obtained or made and which are in full force and effect) is required for the consummation of this Agreement or the execution, delivery or performance by the Key Person of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Financial Condition; Litigation.** There has been no material adverse change in the net worth, assets, financial condition, or prospective financial position of the Key Person since the Term Sheet Date. No litigation, investigation, or proceeding of or before any arbitrator, court or governmental authority is pending or, to the knowledge of the Key Person, threatened by or against the Key Person or against any of the Key Person's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Accuracy of Information.** None of the factual information heretofore or contemporaneously furnished in writing to Lender by or on behalf of the Key Person in connection with this Agreement or any of the Transaction Documents contains any untrue statement of a material fact, or omits to state any material fact necessary to make any information not misleading, and no other factual information hereafter furnished in connection with this Agreement or any of the Transaction Documents by or on behalf of the Key Person to Lender will contain any untrue statement of a material fact or will omit to state any material fact necessary to make any information not misleading on the date as of which such information is dated or certified.

**ARTICLE 4<br> CLOSING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Closings**. The closing of the Initial Advance pursuant to this Agreement (the "**Closing**") shall take place at the offices of Fredrikson & Byron, P.A., 60 South Sixth Street, Suite 1500, Minneapolis, MN 55402, by an electronic exchange of executed counterpart copies of this Agreement and the other Transaction Documents between counsel for Company and Lender. At the Closing, the Company Entities and Lender shall exchange signature pages to this Agreement by facsimile, portable document format (.pdf), DocuSign or other electronic transmission, and Lender will thereafter make the Initial Advance. Distributions of proceeds of the Initial Advance pursuant to this <u>Section 4.1</u> shall be made in accordance with <u>Schedule 4.1</u> to the parties set forth thereon by wire transfer and, in Lender's sole discretion, are subject to off-set of the Company's Share of Transaction Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Lender's Conditions to Closing**. Lender's Advances pursuant to this Agreement are subject to the condition that on or before the Closing, Lender has received evidence of the following actions and or executed original copies of the following documents, in form and substance satisfactory to Lender:

&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) a Non-Solicitation and Confidential Information Agreement from each Key Person;

&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) a subordination agreement executed by Arena Investors, LP ("**Arena**") in its capacity as Investor Representative under the Arena Loan Documents (the "**Subordination Agreement**");

&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) a copy of resolutions duly adopted by the governing body (*e.g.*, board of directors, board of governors, managing members, general partner or the like) (the "**Governing Body**") of each Company Entity authorizing this Agreement and the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Certificate of Perfection from Company with respect to each Company Entity in the form provided by Lender to Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of Company's current operating budget including, without limitation, projected revenues, expenses, wages, and uses of loan proceeds, and if applicable, approved by Company's Governing Body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Subsequent Closings**. The closing of each Subsequent Advance pursuant to this Agreement, if any (each, a **"Subsequent Closing"**) shall take place at the offices of Fredrikson & Byron, P.A., 60 South Sixth Street, Suite 1500, Minneapolis, MN 55402 by electronic exchange of documents deemed necessary by Lender in connection with such Subsequent Closing, including a Subsequent Closing certificate from a Key Person in form and substance satisfactory to Lender certifying that the conditions to the Subsequent Advance set forth on <u>Schedule 2.1(b)</u> have been satisfied and each Company Entity shall execute and deliver to Lender any other agreement or document as reasonably requested by Lender to consummate the transactions contemplated by this Agreement in connection with such Subsequent Closing.

**ARTICLE 5<br> AFFIRMATIVE COVENANTS**

Unless otherwise agreed in writing by Lender, each Company Entity shall, so long as any of the Obligations remain unsatisfied, comply with the covenants in this <u>Article 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Financial Information; Reporting**.

&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) **Standard Reporting**. Company must deliver the following reports (the "**Standard Reports**") to Lender within the time periods specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As directed by Lender, Company must either (A) complete and submit Lender's online financial data questionnaire (each, a "Monthly Questionnaire") within 15 days after the end of each month, which fully and accurately reports the information requested by Lender about the most recently completed month and certifies Company's compliance with the covenants contained in <u>Section 6.1</u> or (B) provide automated online access (read only) to its QuickBooks or other accounting software system through a third-party service provider acceptable to Lender (such as Codat.io) enabling Lender to view Company's accounts receivable, accounts payable, profit and loss, balance sheet, and other financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Company's consolidated quarterly Financial Statements for the periods requested within 45 days after the end of such periods, detailed on a monthly basis, prepared by Company's accounting firm, in all Material respects, in accordance with GAAP, except for the omission of footnotes and subject to normal year-end adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Company's annual consolidated financial statements (balance sheet, cash flow statement and income statement), detailed on a monthly basis, which will be reviewed (or audited if Company has its financial statements audited by Company's accounting firm) (the "**Financial Statements**") and prepared in all Material respects, in accordance with GAAP, within 90 days after the end of each fiscal year of Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Company's tax returns within 10 days of filing with the applicable taxing authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Lender's annual compliance survey within 30 days after Company receives the survey from Lender.

&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) **Nonstandard Reporting (upon request only)**. From time to time, and only if requested by Lender, Company will promptly deliver the following reports to Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Copies of any reports that Company sends to any of its equity holders (as an equity holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Company's consolidated annual operating and capital expenditure budgets and cash flow forecast for the year presented on a monthly basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Copies of any material notices to or from any other lender to Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Such other information and financial reports with respect to the Collateral, the Key Person(s) and/or the financial condition and operations of Company as Lender may reasonably request, including Company's books and records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Copies of Company's monthly consolidated Financial Statements as of the end of such month prepared by Company, in all Material respects, in accordance with GAAP, except for the omission of footnotes and subject to normal year-end adjustments.

&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) **Indebtedness Certification**. Within 15 days after the end of each quarter, a Key Person will certify to Lender on a form provided by Lender (a "**Certification**") the Company's compliance with the covenants contained in <u>Section 6.1</u> regarding Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Service Charges for Late Periodic Reports**. Each time Company fails to submit a Standard Report or Certification on or before its due date, Company will, automatically and without notice, be assessed a $500 service charge. Successive service charges will be assessed and due on the 15th day of each month until Company has submitted all past due Standard Reports and Certifications. All service charges will bear interest at the rate set forth in <u>Section 12.7</u> from the date they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Maintenance of Corporate Existence and Properties**.

&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) Each Company Entity will at all times do or cause to be done all things necessary to maintain, preserve and renew its charter and its leases, privileges, franchises, qualifications and rights that are necessary or useful in the ordinary conduct of its business, and conduct its business as presently conducted in an orderly and efficient manner in accordance with good business practices;

&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) Each Company Entity will provide or cause to be provided for itself insurance against loss or damage of the kinds customarily insured against by businesses similarly situated and located, with reputable insurers, in such amounts, with such deductibles and by such methods as are adequate in the judgment of such Company Entity's Governing Body, and in any event in amounts not less than amounts generally maintained by other companies of similar size engaged in similar businesses;

&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) Each Company Entity will keep true books of records and accounts in which full and correct entries will be made of all its business transactions, and will reflect in its financial statements adequate accruals and appropriations to reserves, all in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Company Entity will comply in all Material respects with all applicable laws, statutes, rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership of its properties, except such as are being contested in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Payment of Indebtedness, Taxes and Claims**. Each Company Entity will (a) pay all bona fide and undisputed Indebtedness, the Obligations, and all other obligations of such Company Entity promptly and in accordance with their terms; (b) file all tax returns and reports which are required by law to be filed by it; (c) pay before they become delinquent, all taxes (including payroll taxes), assessments and governmental charges and levies imposed upon it or its property; and (d) pay all claims or demands of any kind (including but not limited to those of suppliers, mechanics, carriers, warehousemen, landlords and other like persons) which, if unpaid, might result in the creation of a lien upon its property other than a Permitted Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Nature of Relationship**. Lender is entering into this Agreement and making one or more advances to Company based on its confidence in the Key Person(s) and each Key Person's integrity and ability to manage the Company Entities. Given the Key Person(s)' experience and expertise operating the Company Entities and his greater access to information, Lender is entrusting each Key Person with broad discretion in the control and management of the Company Entities. Lender is dependent upon the Company Entities and thus the Key Person(s) for repayment and satisfaction of all Obligations. Each Key Person acknowledges Lender's confidence in him/her and hereby agrees to act with the utmost good faith for the benefit of Lender, subject to each Key Person's compliance with applicable law and his/her fiduciary duties owed to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Litigation and Other Notices**. Company and/or the Key Person(s) shall furnish to Lender written notice of the following promptly after becoming aware of 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;(a) any Event of Default or the occurrence of any event or condition that would likely result in an Event of Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with respect thereto; *provided*, *however*, that Company shall provide written notice to Lender not later than 48 hours prior to the occurrence of an Event of Default described in <u>Section 7.3</u> of this Agreement;

&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) the filing or commencement of, or receipt of notice of intention of any Person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any governmental authority, against any Company Entity which has had or would likely have a Material Adverse Effect;

&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) any development, event or condition affecting or relating to any Company Entity that has had, or would likely have, a Material Adverse Effect; *provided*, *however*, notice for events which occur on a frequent basis may be aggregated into one monthly or quarterly notice as agreed upon in writing by Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance by any governmental authority of any injunction, order or decision, or the entry by any Company Entity into an agreement with any governmental agency, Materially restricting the business of any Company Entity or concerning any Material business practice of any Company Entity; *provided*, *however*, notices regarding regulatory changes will be provided only quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Inspection**. Each Company Entity shall permit Lender, at Lender's expense and during normal business hours, to visit and inspect such Company Entity's properties; examine its books of account and records; and discuss such Company Entity's affairs, finances, and accounts with its officers during normal business hours of such Company Entity as may be reasonably requested by Lender; *provided*, *however*, that such Company Entity shall not be obligated pursuant to this <u>Section 5.6</u> to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to Company) or the disclosure of which would or could reasonably be expected to adversely affect the attorney-client privilege between Company and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Audit Right**.

&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) Upon reasonable advance written notice from Lender, Company shall, not more than once every 12 months, make the financial books and records of each Company Entity available to Lender and its designated representatives for review and audit so that Lender may verify (i) the amount of payments made by Company to Lender and (ii) the aggregate Revenues. Lender shall provide the full written results of such review and audit to Company within 10 days after the completion of such review and audit. Subject in each case to <u>Section 5.7(b)</u>, in the event that a review and audit by Lender or its designated representatives results in a determination that the amounts that were paid to Lender (A) were underpaid by less than 10%, Company shall pay to Lender the amount unpaid plus interest at the rate of 1% per month on the amount unpaid, but Lender shall bear all of the costs, fees and expenses incurred by Lender as a result of the review and audit or (B) were underpaid by 10% or more, Company shall pay to Lender, in addition to the amount unpaid plus interest at the rate of 1% per month on the amount unpaid, all of the costs, fees and expenses actually incurred by Lender as a result of the review and audit.

&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) Notwithstanding the foregoing, if Company disputes or disagrees with any of the results of Lender's review and audit, Company may deliver to Lender, within 15 days of its receipt of the written results of Lender's review and audit, a written dispute notice of its specific objections to Lender's review and audit (a "**Dispute Notice**"). Upon the delivery by Company of a Dispute Notice, Company and Lender shall in good faith, and in consultation with their respective accountants, work together to resolve all disputed issues set forth in such Dispute Notice. To the extent that the disputed items set forth in the Dispute Notice remain unresolved after 20 business days following the receipt of the Dispute Notice, Company and Lender shall submit such unresolved items to an accounting firm of national or regional reputation that is mutually agreed upon by Company and Lender (the "**Accountants**"). If the issues in dispute are submitted to the Accountants for resolution: (i) Company and Lender shall each furnish to the Accountants such documents and information relating to the disputed issues as the Accountants may reasonably request and are available to that party and shall be afforded the opportunity to present to the Accountants any material relating to the review and audit in question and to discuss such review and audit with the Accountants; (ii) the determination by the Accountants of the actual amounts that should have been paid to Lender during the period subject to review and audit (the "**Settled Audit Amount**"), as set forth in a notice delivered to both parties by the Accountants within 30 days of the Accountants' engagement, will be binding and conclusive on the parties; and (iii) Company and Lender shall bear the costs, fees and expenses of the Accountants for such determination in the same manner they would bear the costs, fees and expenses of Lender for the review and audit in accordance with <u>Section 5.7(a)</u>. Within 10 business days following the determination of the Settled Audit Amount, the appropriate payments shall be made by Company, if any, in accordance with <u>Section 5.7(a)</u>, based solely on the Settled Audit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 Subsidiaries and Related Businesses**. Company shall cause all of the Company Entities and all Related Businesses to comply with the provisions of <u>Article 5</u> and <u>Article 6</u>. Company shall deliver prior written notice to Lender of the formation or acquisition of any subsidiary and/or purchase of equity investment or lending or advancing of funds to any other entity. All such subsidiaries of Company and Related Businesses shall execute and deliver to Lender such joinders, pledge agreements and other documents as Lender requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 Further Assurances**.

&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) Each Company Entity will at any time or times promptly execute and shall cause any Related Business to promptly execute, such instruments and perform such acts as Lender may reasonably request to establish and maintain an attached and perfected security interest in the Collateral and will pay all costs of filing and recording.

&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) Company will reimburse Lender for all reasonable costs, fees and expenses (including attorneys' fees) for the perfection and the continuation of the perfection of Lender's security interest in the Collateral and the cost of any terminations, extensions, renewals, amendments and releases thereof, and shall promptly pay all reasonable costs, fees and expenses of any record searches for financing statements Lender may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 Records Regarding Collateral**. Each Company Entity shall maintain all records, instruments or other documentation evidencing or otherwise relating to the Collateral at Company's chief executive office and will not (a) remove any part thereof, or (b) change such Company Entity's name, state of organization, or location of its chief executive office, without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 Company Bank Account**. Company shall use its best efforts to: (a) maintain a banking relationship with Company Bank or other qualified commercial bank; (b) ensure that all payments to Company from whatever source shall be deposited into Company account described in <u>Schedule 5.11</u>, or successor account thereto; (c) ensure that such account has a balance in excess of the amount due to Lender on each date that a payment pursuant to this Agreement is due; and (d) ensure that the Applicable Revenue Percentage is transferred to Lender Account on a monthly basis in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 Key Person Insurance; Background Check**. Within 60 days following the Effective Date, Company shall hold from one or more "A or better" insurers, "key-person" life insurance on the Insured Executive(s) in the Insurance Amount and on other terms and conditions reasonably acceptable to Lender and Company. The key-person policy, whether obtained prior to or following the Effective Date, shall be collaterally assigned to Lender, name Lender as loss payee, and continuously maintained in force and shall not be cancelable by Company without prior approval from Lender prior to full satisfaction of the Obligations. Additionally, Company shall take all actions reasonably necessary to add Lender to the list of parties receiving all notifications, reports, and other communications from the insurer related to the key-person policy. If at any time following such 60 day period Company does not hold a key-person policy in compliance with the preceding two sentences, Lender may obtain a key-person policy as owner and beneficiary on the life of the Insured Executive(s) in the Insurance Amount. Insured Executive(s) and Company shall fully cooperate with Lender in obtaining such policy and Company shall reimburse Lender for all related fees and expenses. Likewise, if Company fails to renew any key-person policy, Lender may pay any premiums to renew such key-person policy and the Company shall reimburse Lender for the premium paid plus a $500 service fee. All or any portion, in Lender's sole discretion, of the insurance proceeds received by Lender as loss payee or beneficiary on any one or more key-person life insurance policies shall be applied against the outstanding Obligations with the excess being returned to the insurance company for redistribution. Proceeds of key-person life insurance policies received by Company while any Obligations are outstanding will, in the sole discretion of Lender, be used, in whole or in part, to satisfy the Obligations. Failure to obtain key-person insurance within such 60 day period will be considered an Event of Default under <u>Section 7.2</u> of this Agreement. It is further agreed that prior to any person assuming any office, position, or responsibilities currently held by a Key Person, Company will use commercially reasonable efforts to ensure that such person provides Lender with written authorization to conduct a background check within 30 days after such person's appointment; *provided* that such background check shall only be for informational purposes and shall not give Lender any rights to veto such replacement Key Person. Failure by such person to provide written consent within such 30 day period will be considered an Event of Default under <u>Section 7.2</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13 Compliance**. Each Company Entity shall comply with the requirements of all applicable state and federal laws, and of all rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14 Government Regulation**. No Company Entity will be or become subject at any time to any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits Lender from making any advance or extension of credit to Company or from otherwise conducting business with any Company Entity, or fail to provide documentary and other evidence of any Company Entity's identity as may be requested by Lender at any time to enable Lender to verify any Company Entity's identity or to comply with any applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15 Expenses Related to Non-Compliance with Covenants**. If after ten business days' written notice from Lender, any Company Entity fails to materially comply with any one or more of the covenants provided for in this Agreement, Lender may, but has no obligation to, take such reasonable actions as Lender, in its sole discretion, deems appropriate to ensure such Company Entity remains in or returns to compliance with this Agreement and to protect Lender's interest under this Agreement, including without limitation, paying premiums, taxes, unpermitted Indebtedness and/or judgments. Company shall thereafter promptly reimburse Lender for all reasonable costs, fees and expenses incurred by Lender in connection therewith together with interest at the rate set forth in <u>Section 12.7</u> from the date of disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16 Registration of Intellectual Property Rights**. Each Company Entity will use its commercially reasonable efforts to register with the United States Patent and Trademark Office or the United States Copyright Office its intellectual property rights including revisions or additions thereto with any product before the sale or licensing of the product to any third party, in each case to the extent registrable and the Governing Body of such Company Entity in good faith deems appropriate for the development of such Company Entity's business and in the best interest of the Company Entity and its equity holders. To the extent that the Governing Body of a Company Entity in good faith determines appropriate for the development of such Company Entity's business and in the best interests of Company and its equity holders, each such Company Entity will: (i) protect, defend, and maintain the validity and enforceability of the registered intellectual property rights and promptly advise Lender in writing of any known or claimed infringements thereof, and (ii) not allow any registered intellectual property rights to be abandoned, forfeited or dedicated to the public without Lender's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17 Deposit Account Control Agreement**. Within 60 days following the Effective Date (or such later date as Lender may approve in its sole discretion), Deposit Account Control Agreement(s) in a form acceptable to Lender shall be in place with respect to the Company account identified on <u>Schedule 5.11</u> and all other accounts at the Company Bank, other than sweep accounts and payroll accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18 Social Media Account Ownership**. Each Company Entity will maintain its ownership of all social media accounts used by such Company Entity with respect to its business, the reputation of its business and any related brands or products.

**ARTICLE 6<br> NEGATIVE COVENANTS**

Unless otherwise agreed in writing by Lender, each Company Entity and each Related Business shall, so long as any of the Obligations remain unsatisfied, comply with the covenants in this <u>Article 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Indebtedness**.

&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) Except for the Permitted Indebtedness set forth on <u>Schedule 11.4</u>, no Company Entity will (i) create, incur, assume, guarantee, or otherwise become liable for any Indebtedness after the date of this Agreement, (ii) create any lien, security interest, mortgage or pledge of its assets, or (iii) waive, forgive, release, amend, terminate or fail to enforce any material amount owed to a Company Entity or other right held by a Company Entity. Notwithstanding the preceding sentence, during any period of time in which no Company Entity is in default and no Event of Default exists, a Company Entity may create Permitted Indebtedness and Permitted Liens.

&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) Without the prior written approval of Lender, Company will not (i) increase the advance rate or interest rate in respect of any Indebtedness, (ii) increase the maximum principal amount of any Indebtedness, or (iii) shorten the dates upon which payments of principal or interest of any Indebtedness are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Restricted Payments**.

&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) Except as set forth on <u>Schedule 6.2(a)</u>, no Company Entity or any Related Business will, at any time, make or become obligated to make, directly or indirectly, any: (i) payment or distribution in respect of any capital stock, units or other equity interests in any Company Entity; (ii) payment or distribution on account of the purchase, repurchase, redemption or other retirement of any capital stock, units or other interests in any Company Entity; (iii) loans, advances or payments to any affiliate, stockholder, or member, including, without limitation, any officer or member of the Governing Body of any Company Entity or any Related Business; and/or (iv) investment in third parties other than in money market funds for purposes of cash management.

&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) Notwithstanding <u>Section 6.2(a)</u>, each Company Entity may pay reasonable compensation (including reasonable salary, bonus and equity compensation for a company of similar size, financial condition, location and industry), reimburse expenses incurred on behalf of a Company Entity, and, if the Company Entity is, for tax purposes, a partnership (including a limited liability company taxed as a partnership) or Subchapter S corporation, distributions in such amounts as reasonably determined to be necessary to allow equity holders to pay federal, state and local income taxes with respect to the income allocated to such equity holder from such Company Entity with respect to the applicable tax year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Ownership; Maintenance of Collateral**. Without the prior written approval of Lender, no Company Entity shall (a) transfer or otherwise dispose of all or any portion of the Collateral, other than in the ordinary course of business, (b) enter into any lease or license for the use of the Collateral without fair and reasonable consideration, or (c) waive, forgive, release, amend, terminate or fail to enforce any material amount owed to Company or other right held by Company. Each Company Entity shall keep the Collateral free and clear of all levies, attachments, liens, charges, encumbrances and security interests of every kind or character (except for the security interest granted to Lender hereunder and except for Permitted Liens). Each Company Entity shall promptly pay and discharge when due all license fees, registration fees, taxes, assessments and other charges which may be levied upon or assessed against the ownership, possession or uses of the Collateral or any portion thereof, except as otherwise permitted in this Agreement. Each Company Entity shall keep accurate and complete records of the Collateral and shall, upon Lender's reasonable request, promptly affix on any Collateral constituting chattel paper, a notice, in form satisfactory to Lender, of Lender's security interest created hereunder. Each Company Entity shall use commercially reasonable efforts to maintain all Collateral in good working order, subject to ordinary wear and tear, and, with respect to intellectual property, make such filings, prosecute such applications, pay necessary fees (including maintenance fees), and take such other actions as necessary to properly maintain and protect such Company Entity's intellectual property rights. For the avoidance of doubt, no Company Entity shall, without Lender's prior written consent, sell or otherwise transfer or cease operations of any business unit, operating division, or other Material portion of such Company Entity's business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 New Subsidiaries**. Without the prior written approval of Lender, no Company Entity will create or permit to exist any new subsidiary or joint venture. If Lender consents to the formation of any subsidiary or joint venture after the date of this Agreement (each, an "**Approved Subsidiary**"), then such Approved Subsidiary (a) shall execute and deliver the joinder contemplated by <u>Section 5.8</u> hereof and (b) will become Company Entity for all purposes under this Agreement. By executing and delivering the joinder required under clause (a) above, such Approved Subsidiary will guaranty the Obligations and grant a security interest as contemplated under <u>Section 2.4</u> of this Agreement in all of such Approved Subsidiary's assets and Lender will be permitted to take such actions and make such filings as are contemplated in <u>Section 2.4</u> of this Agreement with respect to such Approved Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Related Party Transactions**. Without the prior written approval of Lender, no Company Entity will enter into any agreement with a Related Business or any officer, director or employee of any Company Entity or a Related Business, or any member of the immediate family of any such officer, director or employee, or any entity in which any of such persons owns any beneficial interest (other than a publicly traded business of which any of the foregoing persons or entities owns less than 2% of the outstanding voting securities thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 Bank Accounts**. No Company Entity will open any new Deposit Accounts or otherwise make any change in its banking relationship (whether such change is within such Company Entity's current bank or to another bank) without Lender's prior written consent.

**ARTICLE 7<br> EVENTS OF DEFAULT**

The term **"Event of Default"** means the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Payment of Obligations**. The failure or refusal of Company to pay any portion of the Obligations on the due date in accordance with the terms of the Transaction Documents (each, a **"Payment Event of Default"**); *provided* that, subject to <u>Section 8.2</u> and <u>Section 12.7</u> hereof, Company will have 15 days following the due date thereof to cure any such Payment Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Other Covenants**. The failure or refusal of any Company Entity to punctually and properly perform, observe and comply with any Material affirmative covenant, agreement or condition contained in any of the Transaction Documents and such failure continues for a period of 30 days after the earliest of: (a) the date Company gives notice of such failure to Lender; (b) the date Company should have given notice of such failure to Lender pursuant to this Agreement; and (c) the date Lender gives notice of such failure to Company; *provided* there will be no cure period for (i) any breach of any negative covenant contained in any of the Transaction Documents, (ii) the Events of Default provided in <u>Section 7.3</u>, (iii) failure to obtain "key person" insurance within the time period prescribed by <u>Section 5.12</u> of this Agreement, or (iv) failure to obtain written consent to a background check within the time period prescribed by <u>Section 5.12</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Bankruptcy; Insolvency**.

&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) any Company Entity commences a voluntary case under Title 11 of the United States Code as now or hereafter in effect, or any successor thereto;

&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) an involuntary case under Title 11 of the United States Code is commenced, or any other reorganization, receivership, or insolvency proceeding is commenced by or against any Company Entity and such petition or proceeding, as applicable, is not dismissed within 30 days after commencement of the case or proceeding;

&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) a custodian is appointed for, or takes charge of, all or any substantial part of the property of any Company Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Company Entity commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to any Company Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Company Entity fails to pay, or states that it is unable to pay, or is unable to pay, its debts generally as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company Entities (taken as a whole) shall cease or substantially change or reduce their operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Judgments.** A judgment for the payment of money in excess of $100,000 is rendered against a Company Entity, and such judgment remains unpaid or undischarged for more than 30 days from the date of entry thereof or such longer period during which execution of such judgment is stayed during an appeal from such judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 False Statement**. Any representation or warranty made by or on behalf of a Company Entity in this Agreement or any other Transaction Documents or in any certificate, statement, report or document delivered in connection herewith or hereafter furnished to Lender pursuant to this Agreement or any other Transaction Documents shall prove to have been false or misleading in any Material respect on the date as of which the facts set forth are stated or certified and not promptly cured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6 Key Person Events**.

&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) Without the written consent of Lender, a Key Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ceases full-time employment with Company other than for reason of death or disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides services to a business that is competitive with a Company Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) improperly uses intellectual property or confidential information of a Company Entity for the benefit of any Person other than a Company Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) violates any provision of his or her Non-Solicitation and Confidential Information Agreement.

&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) If an Event of Default under <u>Section 7.6(a)(i)</u> occurs, Company and Lender will use their commercially reasonable efforts to identify a mutually acceptable replacement Key Person, and Company will cause such replacement Key Person to promptly execute a joinder to this Agreement and to enter into a Non-Solicitation and Confidential Information Agreement in substantially the same form as is delivered by the Key Person pursuant to <u>Section 4.2(a)</u> hereof (if not previously executed by such replacement Key Person). The replacement Key Person will be required to fulfill the duties and obligations of the Key Person set forth in this Agreement. Company will not, without Lender's prior written consent, hire or compensate a replacement Key Person on terms substantially different from those applicable to the prior Key Person. Additionally, Company shall obtain "key-person" life insurance in the amount required under <u>Section 5.12</u> hereof within 60 days of the date on which the Key Person is mutually agreed upon by Company and Lender. Failure to obtain such "key-person" life insurance within such 60 day period will constitute an Event of Default under <u>Section 7.2</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7 Cross Default**. (a) The maturity of any Indebtedness of any Company Entity (other than Indebtedness under this Agreement) owed to Lender that is not paid when due, after giving effect to any grace or cure period, (b) the maturity of any Indebtedness of any Company Entity in an aggregate amount equal to or greater than $50,000 owed to others is accelerated, or (c) any Company Entity fails to pay any such Indebtedness when due or, in the case of such Indebtedness payable on demand when demanded, after giving effect to any grace or cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8 Material Adverse Effect.** Any other event that Lender deems to have had a Material Adverse Effect on a Company Entity.

**ARTICLE 8<br> RIGHTS AND REMEDIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 General Remedies**. If any Event of Default specified in <u>Section 7.3</u> shall occur, any commitment to make Advances hereunder shall automatically terminate and all Obligations of the Company Entities to Lender hereunder and under the other Transaction Documents shall automatically become immediately due and payable without notice. Upon the occurrence of any Event of Default, Lender may, without notice of any kind (including, without limitation, notice of acceleration or of intention to accelerate, presentment and demand or protest, all of which are hereby expressly waived by Company) do any one or more of the following:

&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) declare the entire Amount Advanced, Interest and all other Obligations, or any part thereof, immediately due and payable (provided that the Minimum Interest used to determine the Interest in such event will be the maximum Minimum Interest determined in accordance with <u>Schedule 11.3</u>, which will include all actual adjustments to the Minimum Interest in accordance with the terms of this Agreement, but will exclude speculative adjustments);

&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) terminate any commitment to make Advances hereunder;

&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) exercise any and all other legal or equitable rights afforded by the Transaction Documents and the laws of the Applicable Jurisdiction or any other jurisdiction as Lender shall deem appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take any action permitted by this Agreement or by applicable law, including the Uniform Commercial Code then in effect in the Applicable Jurisdiction, to satisfy the Obligations of the Company Entities owed to Lender, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of the foregoing Lender, may, to the fullest extent permitted by applicable law, without breach of the peace, take possession and maintain control over the Collateral. Within five business days following demand by Lender for possession and control of the Collateral following an Event of Default, each Company Entity shall, at its sole cost and expense, assemble and turn over to Lender all Collateral of such Company Entity and any Related Business then held by such Company Entity and/or any Related Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lender may in a commercially reasonable manner and in its sole discretion sell the Collateral or any part thereof in one or more parcels at public or private sale, for cash, on credit or for future delivery, and upon such other terms as Lender may deem commercially reasonable, and Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set off the amount of such purchase price against the Obligations. Lender may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, with notice, be made at the time and place to which it was so adjourned. Lender may abandon any such proposed sale. Each Company Entity acknowledges that any private sales of Collateral effected by Lender may result in terms less favorable to a seller than public sales but each Company Entity agrees that such private sales shall nevertheless be deemed commercially reasonable. The Company Entities shall pay all costs, fees and expenses incurred by Lender, including reasonable attorney's fees and court costs, in connection with any such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Lender may without breaching the peace enter upon and into and take possession of all or such part or parts of the properties owned or occupied by any Company Entity, including lands, buildings, equipment and other property as may be necessary or appropriate in the judgment of Lender to permit or enable Lender to complete the processing or collection of all or any part of the Collateral as Lender may elect, and use and operate such properties for such purposes and for such length of time as Lender may deem reasonably necessary or appropriate for such purposes without the payment of any compensation to any Company Entity therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Minimum Interest Multiple Remedies.**

&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) **Minimum Interest Increase on Payment Event of Default**. Following the occurrence of any Payment Event of Default and in addition to all other rights and remedies provided by this Agreement or applicable law, for each payment not timely made under this Agreement, the applicable Minimum Interest multiple will be increased by 0.015 on the Payoff Date; *provided* that for the first two Payment Events of Default and for purposes of this <u>Section 8.2</u> only, Company will have 15 days to cure such instances of a Payment Event of Default without a corresponding increase to the Minimum Interest multiple. The applicable Minimum Interest multiple will be increased regardless of whether Lender notifies Company of any Payment Event of Default. If Company has not fully cured such Payment Event of Default at the end of such 15 day period, the applicable Minimum Interest multiple will increase as described above. Beginning with the third Payment Event of Default and continuing with each Payment Event of Default thereafter, the applicable Minimum Interest multiple will increase by 0.015 on the Payoff Date upon the occurrence of each such Payment Event of Default regardless of whether or not such Payment Event of Default is subsequently cured.

&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) **Indebtedness**. During the term of this Agreement, in addition to all other rights and remedies provided by this Agreement or applicable law, for each instance of noncompliance with Section 6.1 of this Agreement (an "**Additional Indebtedness Breach**"), the greater of the following remedies (in terms of dollar amount) will be applied automatically and regardless of whether Lender notifies any Company Entity of the Additional Indebtedness Breach: (i) the applicable Minimum Interest multiple will increase by 0.10 on the Payoff Date or (ii) Company will be assessed a service fee equal to 50% of the principal amount of the unauthorized Indebtedness incurred by the Company Entity.

&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) **Increases Cumulative.** For the avoidance of doubt, any increases to the Minimum Interest made pursuant to this <u>Section 8.2</u> will be cumulative and will apply throughout the remainder of the term of this Agreement for all periods set forth in the table on <u>Schedule 11.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Notice of Sale**. If any notification of intended disposition of any of the Collateral is required by law, such notification will be deemed reasonably and properly given if provided in accordance with <u>Section 12.6</u> at least 10 days before such disposition, postage prepaid, addressed to Company at the address set forth in the introduction to this Agreement. Such disposition shall be established by affidavit of a representative of Lender, receipts or other reasonable method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Remedies Cumulative; No Waiver**. The rights and remedies of Lender hereunder are cumulative and nonexclusive and the exercise of any one or more of the remedies provided for herein or under applicable law shall not be construed as a waiver of any of the other remedies of Lender so long as any part of the Obligations remain unsatisfied. No failure on the part of Lender to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by Lender preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Application of Proceeds**. Any payments or proceeds received by Lender from the Collateral shall be applied to the payment of costs, fees and expenses incurred by Lender in connection with performing, managing, maintaining or selling the Collateral, including reasonable attorneys' fees and expenses, and the balance, if any, shall be applied by Lender to payment of the Obligations, in order of application as Lender shall reasonably determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 Notice to Account Debtors**. Upon the occurrence and during the continuance of (a) any Event of Default under <u>Section 7.3</u>, or (b) upon any other Event of Default (provided Lender has declared all Obligations immediately due and payable following such Event of Default), Lender may notify any or all account debtors of the existence of Lender's security interest in the Collateral and require such account debtors to pay or remit all sums due or to become due directly to Lender or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7 Deposit Account Control Agreement**. Upon the occurrence and during the continuance of an Event of Default, Lender may exercise any and all rights as a secured creditor in respect of the Deposit Accounts of Company, including without limitation providing instructions to the bank regarding the withdrawal or disposition of any funds credited to the Deposit Accounts and as to any other matters relating to the Deposit Accounts in accordance with the terms of the Deposit Account Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8 Performance by Lender**. If any Company Entity does not perform any covenant, duty or agreement in accordance with the terms of the Transaction Documents, Lender may, at its option, and upon written notice to such Company Entity, perform or attempt to perform, such covenant, duty or agreement on behalf of such Company Entity. In such event, any amount expended by Lender in such performance or attempted performance will be payable by Company to Lender on demand, will become part of the Obligations and will bear interest at the rate set forth in <u>Section 12.7</u> from the date of such expenditure by Lender until paid. Notwithstanding the foregoing, it is expressly understood that Lender does not assume and will never have, except by express written consent of Lender, any liability or responsibility for the performance of any covenant, duty or agreement of any Company Entity. Lender will have (and is hereby granted in such event) a royalty-free license to use intellectual property rights of each Company Entity to complete production of, advertisement for, and disposition of any Collateral and Lender will have a license to enter into, occupy, and use each Company Entity's premises and the Collateral without charge to exercise any of Lender's rights or remedies under this Agreement or under any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9 Delegation of Duties and Rights**. Lender may perform any of its duties or exercise any of its rights under the Transaction Documents by or through its officers, members of its Governing Body, employees, attorneys, agents or other representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10 Expenditures by Lender**. Each Company Entity shall indemnify Lender for all court costs, reasonable attorneys' fees, other costs of collection and other sums spent by Lender pursuant to the exercise of any right (including, without limitation, any effort to collect amounts due or otherwise enforce this Agreement) provided herein. All such amounts will be payable to Lender on demand and will bear interest at the rate set forth in <u>Section 12.7</u> from the date spent until the date repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11 Lender's Authority**. Upon the occurrence and continuance of an uncured Event of Default, Lender has the authority, but is not obligated to:

&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) place on any chattel paper received as proceeds a notation or legend showing Lender's security interest;

&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) demand, collect, receive and receipt for, compound, compromise, settle and give acquittance for, and prosecute and discontinue any suits or proceedings in respect of any or all of the Collateral in the name of the Company Entities;

&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) upon prior written notice to Company, take any action which Lender may deem necessary or desirable in order to realize on the Collateral, including, without limitation, performance of any contract and endorsement in the name of any Company Entity of any checks, drafts, notes or other instruments or documents received in payment of or on account of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) place upon each Company Entity's books and records relating to the Collateral covered by the security interest granted hereby a notation or legend stating that such are subject to a security interest held by Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12 Power of Attorney.** Upon the occurrence and continuance of an uncured Event of Default:

&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) Each Company Entity hereby irrevocably appoints Lender as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (i) endorse such Company Entity's name on any checks or other forms of payment or security; (ii) sign such Company Entity's name on any invoice or bill of lading for any account or drafts against account debtors; (iii) settle and adjust disputes and claims about the accounts directly with account debtors, for amounts and on terms Lender determines reasonable; (iv) make, settle, and adjust all claims under such Company Entity's insurance policies; (v) pay, contest or settle any lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (vi) transfer the Collateral into the name of Lender or a third party as the UCC permits.

&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) Each Company Entity hereby appoints Lender as its lawful attorney-in-fact to sign such Company Entity's name on any documents necessary to perfect or continue the perfection of Lender's security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Lender is under no further obligation to make Advances hereunder.

&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) Lender's foregoing appointment as attorney in fact of each Company Entity, and all of Lender's rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Lender's obligation to provide Advances terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13 Notification to Company**. Lender may, but is under no obligation, to use reasonable efforts to notify Company of any of the foregoing actions by Lender in this Article 8; *provided*, *however*, the parties hereto expressly agree that the failure of Lender to provide notice shall not in any way affect or impair any action taken by Lender, it being understood that any absolute obligation of notice is hereby waived by Company and each other Company Entity.

**ARTICLE 9<br> [RESERVED]**

**ARTICLE 10<br> INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Indemnification**. Company agrees to indemnify and hold harmless Lender and its successors and assigns, together with any of its officers, members of its Governing Body, shareholders, partners, members, and/or managers (such persons, the "**Indemnified Parties**"), from and against all losses, damages, liabilities, obligations, costs or expenses (any one such item being herein called a "**Loss**" and all such items being herein collectively called "**Losses**") which are caused by or arise out of, or (in the case of claims asserted against any Indemnified Parties by a third party) alleged to result from, arise out of or have been incurred with respect to, (a) any breach or default in the performance by any Company Entity of any covenant or agreement of any Company Entity contained in this Agreement, (b) any breach of warranty or inaccurate representation made by any Company Entity herein or in any certificate or other instrument delivered by or on behalf of any Company Entity pursuant hereto, and (c) any and all actions, suits, proceedings, claims, demands, judgments, costs and expenses (including costs and reasonable attorneys' fees) arising out of the foregoing except when such actions, suits, proceedings, claims, demands, judgments, costs and expenses arise as a result of the bad faith, grossly negligent or intentional actions or omissions of Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Survival**. The indemnification provided in this <u>Article 10</u> shall only apply, without limitation, to any act, omission, event or circumstance existing or occurring on or prior to the date of payment in full of the Obligations.

**ARTICLE 11<br> DEFINITIONS**

"**Accountants**" has the meaning given in <u>Section 5.7(b)</u>.

"**Advance(s)**" means the Initial Advance, each Subsequent Advance or any one or more of them, if any.

"**Advance Period**" means each period listed on <u>Schedule 2.1(b)</u> during which Company may receive a Subsequent Advance.

"**Amount Advanced**" means, as of any date of determination, the aggregate amount of all Advances actually advanced by Lender to Company.

"**Applicable Revenue Percentage**" means that percentage with respect to any given time as provided for on <u>Schedule 11.1</u>.

"**Applicable Jurisdiction**" means the State of Delaware.

"**Arena**" has the meaning given in <u>Section 4.2(b)</u>.

"**Arena Loan Documents**" means the Transaction Documents as defined in each of (i) that certain Note Purchase Agreement dated April 17, 2025 by and among the Company Entities, Arena, as Lead Investor and Investor Representative, and the other Investors thereto; and (ii) that certain Note Purchase Agreement dated November 10, 2025 by and among the Company Entities, Arena, as Lead Investor and Investor Representative, and the other Investors thereto, each as subsequently amended or otherwise modified.

"**Arena Secured Debt**" means the obligations of the Company Entities arising from the Arena Loan Documents in the aggregate principal amount of $4,166,666.

"**Certificate of Perfection**" means a Certificate of Perfection in the form provided by Lender to Company.

"**Change of Control**" means either (a) a merger or consolidation of Company with or into another entity, or other transaction, following which the stockholders of Company immediately prior to such transaction hold securities representing less than a majority of the voting power of the surviving entity or parent of the surviving entity immediately following such transaction, or (b) the sale, lease, license or other disposition of all or substantially all of Company's assets. Notwithstanding the prior sentence, the sale of Company's equity securities in a bona fide equity financing transaction shall not be deemed a "Change of Control".

"**Closing**" has the meaning given in <u>Section 4.1</u>.

"**Collateral**" means those assets listed on <u>Schedule 11.2</u> of each Company Entity.

"**Company Bank**" means Choice Financial Group.

"**Deposit Account**" means a deposit, demand, savings, passbook, or similar account with a bank or other financial institution.

"**Deposit Account Control Agreement**" means a deposit account control agreement among Company, Lender, and the bank at which Company maintains one or more Deposit Accounts.

"**Diligence Fee**" means $22,000, due at the Closing, in consideration of Lender's due diligence review.

"**Dispute Notice**" has the meaning given in <u>Section 5.7(b)</u>.

"**Event of Default**" has the meaning given in <u>Article 7</u>.

"**Financial Statements**" has the meaning given in <u>Section 5.1(a)(ii)</u>.

"**Indebtedness**" means (a) indebtedness for borrowed money or the deferred price of property or services, and other obligations to pay, (b) obligations evidenced by notes, bonds, debentures or similar instruments and (c) capital lease obligations. **For the avoidance of doubt, "Indebtedness" includes, without limiting the foregoing, merchant cash advances, factoring obligations, pre-sale of future accounts receivable and/or purchase orders, credit card advances, and any off-balance sheet arrangements.**

"**Initial Advance**" means $1,000,000, and will be the only Advance unless there are Subsequent Advances.

"**Insured Executive(s)**" means Vernon Hanzlik and any successor Key Person.

"**Insurance Amount**" means, as of any date of determination, an amount equal to the Amount Advanced.

"**Interest**" has the meaning given in <u>Section 2.2</u>.

"**Key Person(s)**" means each of Vernon Hanzlik and any successor Key Person(s).

"**Legal Costs**" means the reasonable out-of-pocket costs, fees and expenses (including reasonable fees and expenses of counsel for Lender) incurred by Lender with respect to the preparation of the Transaction Documents.

"**Lender Account**" means the account with Silicon Valley Bank held in Lender's name with the account details as set forth in <u>Schedule 2.3(b)(1)</u>.

"**Lien**" means a claim, mortgage, deed of trust, levy, charge, pledge, security interest, or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property.

"**Material**" means material in relation to the properties, business, prospects, operations, earnings, assets, liabilities and/or condition (financial or otherwise) of the Company Entities taken as a whole, whether or not in the ordinary course of business.

"**Material Adverse Effect**" means a Material adverse effect on the properties, business, prospects, operations, earnings, assets, liabilities and/or the condition (financial or otherwise) of the Company Entities taken as a whole, whether or not in the ordinary course of business.

"**Maturity Date**" means the earliest of: (a) March 26, 2030, (b) immediately prior to a Change of Control, and (c) acceleration of the Obligations as provided in <u>Article 8</u>.

"**Minimum Interest**" means those amounts set forth in <u>Schedule 11.3</u>.

"**Obligations**" means the payment when due of the principal amount of all Advances and Interest and all other amounts due under this Agreement when due, whether at maturity, by acceleration, prepayment or otherwise, together with all other costs, fees, expenses, indemnities and reimbursements, as well as all other obligations of any Company Entity now or hereafter existing under this Agreement or any other Transaction Document.

"**Payment Commencement Date**" means May 15, 2026.

"**Payoff Date**" has the meaning given in <u>Section 2.3(e)</u>.

"**Permitted Indebtedness**" means those liabilities and Indebtedness listed on <u>Schedule 11.4</u> attached hereto.

"**Permitted Liens**" means liens listed on <u>Schedule 11.5</u> attached hereto.

"**Person**" means any individual, entity or association.

"**Projected Revenue**" means the Company Entities' projected Revenue for the applicable period as outlined in the "Revenue Assumptions" on <u>Schedule 2.3(b)(2)</u>.

"**promptly**" means within 10 calendar days following the applicable event.

"**Related Business**" means any business (whether operated as a sole proprietorship, partnership, corporation or other entity or association) operating in a market or market segment that is substantially similar to any Company Entity's business or that is a logical extension of any Company Entity's business and which is owned and/or operated by any Company Entity (whether or not as a subsidiary), the Key Person, officer, member of its Governing Body, member or manager of any Company Entity or any affiliated entities or direct family members of the foregoing; provided, however, a Related Business does not include a publicly traded business of which any of the foregoing persons or entities owns less than 2% of the outstanding voting securities thereof.

"**Reported Revenue**" means the amount of Revenue reported as being generated by the Company Entities during the applicable period as stated in the Monthly Questionnaire(s) delivered by Company to Lender pursuant to <u>Section 5.1(a)(i)</u>.

"**Revenue**" means all non-financing related revenues received by any Company Entity and reported on the Company's Financial Statements during the applicable period; *provided* that intercompany amounts shall not be considered "Revenue."

"**Revenue Loan Amount**" means $2,200,000.

"**Revenue Test Period**" means each calendar year during the term of this Agreement, including any partial calendar years (e.g., (i) for the year in which this Agreement is executed, the Revenue Test Period will be the period from the Effective Date through December 31 of the year of the Effective Date and (ii) for the year in which all outstanding Obligations are paid in full, the Revenue Test Period will be the period from January 1 of the year through the date on which all outstanding Obligations are paid in full).

"**Settled Audit Amount**" has the meaning given in <u>Section 5.7(b)</u>.

"**Subordination Agreement**" has the meaning given in <u>Section 4.2(b)</u>.

"**Subsequent Advances**" mean all Advances made by Lender to Company following the Initial Advance.

"**Tax**" or "**Taxes**" means any federal, state, local or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, property or windfall profits taxes, environmental taxes, customs duties, capital stock, franchise, employees' income withholding, foreign or domestic withholding, social security, unemployment, disability, workers' compensation, employment-related insurance, real property, personal property, sales, use, transfer, value added, alternative or add-on minimum or other governmental tax, fee, assessment or charge of any kind whatsoever including any interest, penalties or additions to any Tax or additional amounts in respect of the foregoing.

"**Term Sheet Date**" means December 29, 2025.

"**Transaction Documents**" means this Agreement and all exhibits and schedules to this Agreement, as well as all other agreements executed or delivered by any Company Entity or party granting security interests or providing credit enhancements in connection with this Agreement, one or more of the Advances or any Collateral for the Obligations.

**ARTICLE 12<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 Survival and Confirmation of Representations and Warranties**. The warranties, representations and covenants of each Company Entity and Lender and the indemnification obligations of each party contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of Lender or any Company Entity. All of the representations and warranties set forth herein will be deemed to be repeated and reaffirmed on the day of each Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 Successors and Assigns**. No Company Entity may assign its rights or delegate its Obligations under this Agreement without Lender's prior written consent, except in connection with a Change of Control. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the parties' respective successors and assigns. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Notwithstanding anything to the contrary in the foregoing, the Company Entities acknowledge that Lender may sell one or more participations in the loan evidenced hereby to other financial institutions (including Affiliates of Lender) and authorizes the release of all financial information acquired by Lender from the Company Entities to any such financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3 Governing Law**. This Agreement is governed by and construed under the substantive laws of the Applicable Jurisdiction without regard to the conflicts of law provisions thereof. The state and federal courts in the Applicable Jurisdiction have exclusive jurisdiction of any and all actions or suits commenced by Lender or any Company Entity arising under or with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4 Jurisdiction and Venue.** Each of Lender and each Company Entity irrevocably consents to the exclusive jurisdiction and venue of any court within the Applicable Jurisdiction, in connection with any matter based upon or arising out of this Agreement, the Transaction Documents or the matters contemplated herein or therein, and agrees that process may be served upon them in any manner authorized by the laws of the Applicable Jurisdiction for such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5 Titles and Subtitles**. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6 Notices**. All notices required or permitted hereunder shall be in writing and will be deemed effectively given: (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day; (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the address as set forth on the first page of this Agreement or at such other address as such party may designate by ten days' advance written notice to the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7 Fees and Expenses**. Irrespective of whether the Closing is completed, Company shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this Agreement. If the Closing is completed, Company shall, at the Closing, pay the fees and expenses of Lender (including reasonable and documented fees and expenses of counsel for Lender) up to the Company's Share of Transaction Costs. Lender will submit an invoice to Company no less frequently than annually for out-of-pocket costs, fees and expenses incurred by Lender in the administration of the transactions contemplated by this Agreement. Following Closing, Company shall promptly reimburse Lender for all reasonable, documented out-of-pocket costs, fees and expenses (including accounting, appraisal, consulting, and attorneys' fees) incurred by Lender in connection with (a) the administration of the transactions contemplated by this Agreement, (b) any breach or default by Company under the Transaction Documents, and (c) any request by Company to modify or waive the Transaction Documents and otherwise change or affect the rights of Lender or Obligations of Company pursuant to the Transaction Documents. All fees and expenses assessed or incurred by Lender under this Agreement will accrue interest at a rate of 10% from the date they arise or the date on which Lender incurs such expense. Accrued but unpaid service fees, whether previously noticed or not, will be billed in writing to Company at Lender's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8 Amendments and Waivers**. No failure on the part of Lender to exercise and no delay in exercising any power or right hereunder or under any other Transaction Document shall operate as a waiver thereof; nor shall any single or partial exercise of any power or right preclude any other or further exercise thereof or the exercise of any other power or right. The remedies herein and in any other instrument, document or agreement delivered or to be delivered to Lender hereunder or in connection herewith are cumulative and not exclusive of any remedies provided by law. No notice to or demand on any Company Entity not required hereunder shall in any event entitle any Company Entity to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of Lender to any other or further action in any circumstances without notice or demand. No amendment, modification or waiver of any provision of this Agreement or any other Transaction Document or consent to any departure by a Company Entity therefrom will be effective unless the same is in writing and signed by Lender and each Company Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9 Severability**. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision will be excluded from this Agreement and the balance of the Agreement will be interpreted as if such provision were so excluded and will be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10 Entire Agreement**. This Agreement and the documents referred to herein constitute the entire agreement among the parties and supersede any prior agreements or understandings (whether written or oral) regarding the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11 Representation of Lender**. Lender is an accredited investor as defined in Rule 501(a) of Regulation D and has such business and financial experience as necessary to enable it to protect its interests in connection with the transactions contemplated by this Agreement. Lender has had the opportunity to ask questions and to receive answers and to obtain the information concerning the Company Entities and the transactions contemplated by this Agreement that it has deemed material and necessary to evaluate the merits and risks of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12 Termination**. This Agreement shall terminate upon indefeasible satisfaction of the Obligations; *provided*, *however*, <u>Sections 5.1</u>, <u>5.2</u>, <u>5.3</u>, <u>5.5</u>, <u>5.6</u>, <u>6.1</u> and <u>6.2</u>, shall terminate upon indefeasible payment to Lender in full of the principal amount of all Advances and Interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13 Counterparts**. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile, portable document format (.pdf), DocuSign or other electronic transmission is equally as effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14 Costs of Enforcement**. Company agrees to pay all costs, fees and expenses of enforcement, collection, or preservation of collateral (including reasonable attorneys' fees) that Lender incurs in connection with any default or Event of Default hereunder (whether before or after any cure). Additionally, Company agrees to pay all costs, fees and expenses (including reasonable attorneys' fees) that Lender incurs, before or after any default or Event of Default as a result of any litigation or other action in which Lender becomes involved as a party, witness or otherwise as a result of making the Advances evidenced by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.15 Waiver of Jury Trial**. Each Company Entity hereby knowingly, voluntarily and intentionally **WAIVES THE RIGHT TO TRIAL BY JURY** in respect of any litigation based herein, arising out of, under or in connection with this Agreement or any other Transaction Document or any course of conduct, course of dealings, statements (whether verbal or written) or acts of either party, or any exercise by any party of their respective rights under this Agreement or any other Transaction Document. Each Company Entity hereby acknowledges that this waiver of jury trial is a material inducement to Lender in extending credit to Company, that Lender would not have extended credit without this waiver of jury trial, and that each Company Entity has had an opportunity to consult with an attorney in connection with this waiver of jury trial and understands the legal effect of this waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.16 Waiver of Notices and Hearing**. Each Company Entity by entering into this Agreement and negotiating the terms hereof, voluntarily, intelligently and knowingly waives any rights it may have to demand any notices other than those provided for herein and any right to a hearing as a condition precedent to Lender's exercise of its rights to foreclose on any Collateral. All makers, endorsers, sureties, guarantors and other accommodation parties hereby waive presentment for payment, protest and notice of nonpayment and consent, without affecting their liability hereunder, to any and all extensions, renewals, substitutions and alterations of any of the terms of this Agreement and to the release of or failure by Lender to exercise any rights against any party liable for or any property securing payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.17 Confidentiality**. Subject to applicable law, including, but not limited, to U.S. federal securities laws, and any Company investor presentations in connection with an offering of securities of the Company, no Company Entity or any of their respective officers, members of their Governing Body, employees, agents, or equity holders shall disclose this Agreement, the terms hereof or any related transactions or agreements to any third party other than Company's accountants and attorneys, without the prior written approval of Lender. Nothing will prevent Lender from disclosing this Agreement or the terms hereof for marketing purposes, press releases or other transactional announcements or updates provided to investor or trade publications, including the placement of "tombstone" advertisements in financial and other newspapers and journals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.18 Credit Reporting.** Each Company Entity hereby authorizes Lender (but Lender has no obligation) (a) to provide to credit reporting agencies a report of the amount of the Obligations owed to Lender, the Revenue Loan Amount, Company's payment history with respect to the Obligations, and any other information regarding the Company Entities or the Obligations or otherwise related to this Agreement that is customarily reported to credit reporting agencies, and (b) to respond to usual and customary credit inquiries from third parties concerning any Company Entity or any of Related Businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.19 Rescission.** For a period of 90 calendar days following the Closing, Lender has the right to rescind this Agreement by delivering written notice to Company, and to promptly have returned to it the entire Amount Advanced, if (a) Lender discovers that any Company Entity, or any officer, director, employee or other Person acting on behalf of Company Entity, made a Material misstatement, misrepresentation or omission or (b) Lender determines, in its reasonable discretion, that an event has occurred which has had a Material Adverse Effect on a Company Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.20 Time.** Time is of the essence for the performance of each and every covenant of each Company Entity under this Agreement.

**The signature page follows.**

**Execution Version**

The parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| VISITIQ CORP., a Nevada corporation | VISITIQ CORP., a Nevada corporation |
| By: | /s/ Vernon Hanzlik |
|  | Vernon Hanzlik, CEO |
| and |  |
| VISITIQ, LLC, a Delaware limited liability company | VISITIQ, LLC, a Delaware limited liability company |
| By: | /s/ Vernon Hanzlik |
|  | Vernon Hanzlik, CEO |
| **LENDER:** | **LENDER:** |
| DECATHLON ALPHA V, L.P. | DECATHLON ALPHA V, L.P. |
| By: | Decathlon Alpha GP V, LLC |
| Its: | General Partner |
| By: | /s/ Wayne Cantwell |
|  | Wayne Cantwell, Managing Director |
| **KEY PERSON(S):** | **KEY PERSON(S):** |
| By: | /s/ Vernon Hanzlik |
|  | Vernon Hanzlik |

---

## Exhibit 10.14

**Exhibit 10.14**

**SUBORDINATION AGREEMENT**

THIS SUBORDINATION AGREEMENT (this "**Agreement**") is made as of March 26, 2026, among:

VISITIQ, LLC, a Delaware limited liability company

729 N. Washington Ave., Suite 600

Minneapolis, MN 55401

VISITIQ CORP., a Nevada corporation

729 N. Washington Ave., Suite 600

Minneapolis, MN 55401<br> (collectively, the "**Debtors**");

DECATHLON, ALPHA V L.P., a Delaware limited partnership,<br> 1441 West Ute Boulevard, Suite 240<br> Park City, UT 84098<br> (the "**Senior Creditor**");

and

ARENA INVESTORS, LP, a Delaware limited partnership

2500 Westchester Avenue

Suite 401

Purchase, NY 10577 (the "**Subordinating Creditor**").

**BACKGROUND**

The Senior Creditor intends to make certain credit available to debtor VisitIQ, LLC pursuant to a Revenue Loan and Security Agreement of even date herewith (the "**Senior Credit Agreement**"), between Debtors and the Senior Creditor, which obligations thereunder will be guaranteed by debtor VisitIQ Corp.

The Subordinating Creditor is the Investor Representative under (i) that certain Note Purchase Agreement dated April 17, 2025 by and among the Debtors, Arena Investors, LP, as Lead Investor and Investor Representative, and the other Investors thereto; and (ii) that certain Note Purchase Agreement dated November 10, 2025 by and among the Debtors, Arena Investors, LP, as Lead Investor and Investor Representative, and the other Investors thereto (collectively, the "**NPAs**").

**AGREEMENT**

The parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Subordination**. Subordinating Creditor, for itself and as Investor Representative, hereby subordinates to Senior Creditor any security interest or lien that Subordinating Creditor may have in any property of Debtors. Notwithstanding the respective dates of attachment or perfection of the security interests of Subordinating Creditor and the security interests of Senior Creditor, all now existing and hereafter arising security interests of Senior Creditor in any property of Debtors and all proceeds thereof (the "**Collateral**"), including, without limitation, the "Collateral," as defined in the Senior Credit Agreement, shall at all times be senior to the security interests of Subordinating Creditor. Subordinating Creditor hereby acknowledges and agrees that (i) Subordinating Creditor shall not contest, challenge or dispute the validity, attachment, perfection, priority or enforceability of Senior Creditor's security interest in the Collateral, or the validity, priority or enforceability of the Senior Debt (as defined below), and (ii) the provisions of this Agreement will apply fully and unconditionally even in the event that Senior Creditor's security interest in the Collateral (or any portion thereof) are unperfected or if perfection lapses or ceases for any reason. All amounts owed by Debtors under the NPAs, whether currently existing or hereafter arising (the "**Subordinated Debt**"), are subordinated in right of payment to all obligations of Debtors to Senior Creditor now existing or hereafter arising, including, without limitation, the Obligations (as defined in the Senior Credit Agreement), together with all costs of collecting such obligations (including attorneys' fees), including, all interest accruing after the commencement by or against Debtors of any bankruptcy, reorganization or similar proceeding (such obligations, collectively, the "**Senior Debt**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **No Actions.** Subordinating Creditor, for itself and as Investor Representative, will not demand or receive from Debtors (and Debtors will not pay) all or any part of the Subordinated Debt, by way of payment (including periodic interest payments or payment at maturity), prepayment, setoff, lawsuit or otherwise, nor will Subordinating Creditor exercise any remedy with respect to any property of Debtors, nor will Subordinating Creditor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against Debtors, until such time as (a) the Senior Debt has been fully paid in cash, (b) Senior Creditor has no commitment or obligation to lend any further funds to Debtors, and (c) all financing agreements between Senior Creditor and Debtors are terminated or expired by their terms. Nothing in the foregoing sentence shall prohibit Subordinating Creditor from converting all or any part of the Subordinated Debt into equity securities of Debtors, provided that, if such securities have any call, put, or other conversion features that would obligate Debtors to declare or pay dividends, make distributions, or otherwise pay any money or deliver any other securities or consideration to the holder thereof, Subordinating Creditor hereby agrees that Debtors may not declare, pay, or make such dividends, distributions or other payments to Subordinating Creditor, and Subordinating Creditor shall not accept any such dividends, distributions or other payments. Subordinating Creditor shall promptly deliver to Senior Creditor in the form received (except for endorsement or assignment by Subordinating Creditor where required by Senior Creditor) for application to the Senior Debt any payment, distribution, security or proceeds received by Subordinating Creditor with respect to the Subordinated Debt other than in accordance with this Agreement. Notwithstanding anything to the contrary in the NPAs or the senior secured convertible promissory notes issued in connection therewith (collectively, the "**Notes**"), in the event the Subordinating Creditor has not converted all of the Subordinated Debt into equity securities of Debtors prior to the maturity of the Subordinated Debt, the Debtor and the Subordinating Creditor will amend the maturity date of the Subordinated Debt to a date that is at least three (3) months past the maturity date of the Senior Debt, such amendment to be made pursuant to, and in accordance with, the terms of the NPAs and the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Insolvency of Debtors.** In the event of Debtors' insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, including, without limitation, any voluntary or involuntary bankruptcy, insolvency, receivership or other similar statutory or common law proceeding or arrangement involving Debtors, the readjustment of their liabilities, any assignment for the benefit of its Subordinating Creditors or any marshalling of their assets or liabilities (each, an "**Insolvency Proceeding**"), (a) this Agreement shall remain in full force and effect in accordance with Section 510(a) of the United States Bankruptcy Code, (b) the Collateral shall include, without limitation, all Collateral arising during or after any such Insolvency Proceeding, and (c) Senior Creditor's claims against Debtors and the estates of Debtors shall be paid in full before any payment is made to Subordinating Creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Notice of Default.** Subordinating Creditor shall give Senior Creditor prompt written notice of the occurrence of any default or event of default under any document, promissory note, instrument, or agreement evidencing or relating to the Subordinated Debt, and shall, simultaneously with giving any notice of default to Debtors, provide Senior Creditor with a copy of any notice of default given to Debtors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Appointment as Attorney-in-Fact.** Until the Senior Debt has been fully paid in cash and Senior Creditor's agreements to lend any funds to Debtors have been terminated or have expired by their terms, Subordinating Creditor irrevocably appoints Senior Creditor as Subordinating Creditor's attorney-in-fact, and grants to Senior Creditor a power of attorney with full power of substitution, in the name of Subordinating Creditor, for the use and benefit of Senior Creditor, without notice to Subordinating Creditor, to perform at Senior Creditor's option the following acts in any Insolvency Proceeding involving Debtors: (a) to file the appropriate claim or claims in respect of the Subordinated Debt on behalf of Subordinating Creditor if Subordinating Creditor does not do so prior to thirty (30) days before the expiration of the time to file claims in such Insolvency Proceeding and if Senior Creditor elects, in its sole discretion, to file such claim or claims; and (b) to accept or reject any plan of reorganization or arrangement on behalf of Subordinating Creditor and to otherwise vote Subordinating Creditor's claims in respect of any Subordinated Debt in any manner that Senior Creditor deems appropriate for the enforcement of its rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Limitations in Insolvency Proceedings.** In addition to and without limiting the foregoing: (a) until the Senior Debt has been fully paid in cash and Senior Creditor's agreements to lend any funds to Debtors have been terminated or have expired by their terms, Subordinating Creditor shall not commence or join in any involuntary bankruptcy petition or similar judicial proceeding against Debtors, and (b) if an Insolvency Proceeding occurs: (i) Subordinating Creditor shall not assert, without the prior written consent of Senior Creditor, any claim, motion, objection or argument in respect of the Collateral in connection with any Insolvency Proceeding that could otherwise be asserted or raised in connection with such Insolvency Proceeding, including, without limitation, any claim, motion, objection or argument seeking adequate protection or relief from the automatic stay in respect of the Collateral, (ii) Senior Creditor may consent to the use of cash collateral on such terms and conditions and in such amounts as it shall in good faith determine without seeking or obtaining the consent of Subordinating Creditor as (if applicable) holder of an interest in the Collateral, (iii) if use of cash collateral by Debtors is consented to by Senior Creditor, Subordinating Creditor shall not oppose such use of cash collateral on the basis that Subordinating Creditor's interest in the Collateral (if any) is impaired by such use or inadequately protected by such use, or on any other ground, and (iv) Subordinating Creditor shall not object to, or oppose, any sale or other disposition of any assets comprising all or part of the Collateral, free and clear of security interests, liens and claims of any party, including Subordinating Creditor, under Section 363 of the United States bankruptcy Code or otherwise, on the basis that the interest of Subordinating Creditor in the Collateral (if any) is impaired by such sale or inadequately protected as a result of such sale, or on any other ground (and, if requested by Senior Creditor, Subordinating Creditor shall affirmatively and promptly consent to such sale or disposition of such assets), if Senior Creditor has consented to, or supports, such sale or disposition of such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Financing Statements.** By the execution of this Agreement, Subordinating Creditor hereby authorizes Senior Creditor to amend any financing statements filed by Subordinating Creditor against Debtors as follows:

"In accordance with a certain Subordination Agreement by and among the [Secured Party], the Debtor, and Decathlon Alpha V, L.P., the [Secured Party] has subordinated any security interest or lien that [Secured Party] may have in any property of the Debtor to the security interest of Decathlon Alpha V, L.P. in all assets of the Debtor, notwithstanding the respective dates of attachment or perfection of the security interest of the [Secured Party] and Decathlon Alpha V, L.P."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Reinstatement.** If at any time after payment in full of the Senior Debt any payments of the Senior Debt must be disgorged by Senior Creditor for any reason (including, without limitation, any Insolvency Proceeding), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and Subordinating Creditor shall immediately pay over to Senior Creditor all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder. At any time and from time to time, without notice to Subordinating Creditor, Senior Creditor may take such actions with respect to the Senior Debt as Senior Creditor, in its sole discretion, may deem appropriate, including, without limitation, terminating advances to Debtors, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any Collateral securing the Senior Debt, and enforcing or failing to enforce any rights against Debtors or any other person. No such action or inaction shall impair or otherwise affect Senior Creditor's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Amendment of Subordinated Debt Documents.** No amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of the security interest or lien that Subordinating Creditor may have in any property of Debtors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Binding Agreement.** All necessary action on the part of Subordinating Creditor necessary for the authorization of this Agreement and the performance of all obligations of Subordinating Creditor hereunder has been taken. This Agreement constitutes the legal, valid and binding obligation of Subordinating Creditor, enforceable against Subordinating Creditor in accordance with its terms. The execution, delivery and performance of and compliance with this Agreement by Subordinating Creditor will not violate any material applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Assigns.** This Agreement shall bind any successors or assignees of Subordinating Creditor and shall benefit any successors or assigns of Senior Creditor; provided, however, Subordinating Creditor agrees that, prior and as conditions precedent to Subordinating Creditor assigning all or any portion of the Subordinated Debt: (i) Subordinating Creditor shall give Senior Creditor prior written notice of such assignment, and (ii) such successor or assignee, as applicable, shall execute a written agreement whereby such successor or assignee expressly agrees to assume and be bound by all terms and conditions of this Agreement with respect to Subordinating Creditor. This Agreement shall remain effective until terminated in writing by Senior Creditor. This Agreement is solely for the benefit of Subordinating Creditor and Senior Creditor and not for the benefit of Debtors or any other party. Subordinating Creditor further agrees that if Debtors are in the process of refinancing any portion of the Senior Debt with a new lender, and if Senior Creditor makes a request of Subordinating Creditor, Subordinating Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Further Assurances.** Subordinating Creditor hereby agrees to execute such documents and/or take such further action as Senior Creditor may at any time or times reasonably request in order to carry out the provisions and intent of this Agreement, including, without limitation, ratifications and confirmations of this Agreement from time to time hereafter, as and when requested by Senior Creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **No Obligation**. None of the provisions of this Agreement shall be deemed or construed to constitute a commitment or an obligation on the part of Senior Creditor to make any future loans or other extensions of credit or financial accommodation to Debtors or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **No Impairment**. Senior Creditor may, at any time, and from time to time, either before or after any such notice of revocation, without the consent of or notice to Subordinating Creditor, without incurring responsibility to Subordinating Creditor, and without impairing or releasing any of its rights or any of the obligations of Subordinating Creditor hereunder: (a) change the interest rate or change the amount of payment or extend the time of payment or renew or otherwise alter the terms of any Senior Debt or any instrument evidencing the same in any manner; (b) release anyone liable in any manner for the payment or collection of the Senior Debt or any part thereof; (c) exercise or refrain from exercising any right against Debtors or others (including Subordinating Creditor); and (d) apply any sums received by Senior Creditor, by whomsoever paid and however realized, to Senior Debt in such manner as Senior Creditor deems appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **No Waiver.** No waiver shall be deemed to be made by Senior Creditor of any of its rights hereunder unless the same shall be in writing signed on behalf of Senior Creditor, and each such waiver, if any, shall be a waiver only with respect to the specific matter or matters to which the waiver relates and shall in no way impair the rights of Senior Creditor or the obligations of Subordinating Creditor to Senior Creditor in any other respect at any other time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Several Obligations**. If more than one Subordinating Creditor shall sign this Agreement, then the covenants, promises and agreements herein contained shall be construed to be the several promises, covenants and agreements of each of those signers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Severability**. In the event that any provision of this Agreement is deemed to be invalid by reason of the operation of any law or by reason of the interpretation placed thereon by any court or governmental authority, the validity, legality, and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby, all of which shall remain in full force and effect, and the affected term or provision shall be modified to the minimum extent permitted by law so as to achieve most fully the intention of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which taken together shall be one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission or in a .pdf or similar electronic file shall be effective as delivery of a manually executed counterpart hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Governing Law**. This Agreement shall be governed by and construed in accordance with the internal laws of the Applicable Jurisdiction (as defined in the Senior Credit Agreement) without giving effect to its choice of law provisions that would result in the application of the laws of a different jurisdiction. Any judicial proceeding against Subordinating Creditor with respect to this Agreement may be brought in any federal or state court of competent jurisdiction located in the Applicable Jurisdiction. Each of the parties hereto acknowledges that it participated in the negotiation and drafting of this Agreement and that, accordingly, none of them shall move or petition a court construing this Agreement to construe it more stringently against one party than against any other.

*[Signature page follows]*

The parties hereto have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| **SUBORDINATING CREDITOR:** |
| ARENA INVESTORS, LP, a Delaware limited partnership |
| /s/ Vincent DeVito |
| By: Vincent DeVito |
| Its: Authorized Signatory |
| **SENIOR CREDITOR:** |
| DECATHLON ALPHA V, L.P. |
| By: Decathlon Alpha GP V, LLC |
| Its: General Partner |
| /s/ Wayne Cantwell |
| By: Wayne Cantwell |
| Its: Managing Director |

---

The undersigned, being the Debtors referred to in the Agreement, hereby acknowledge receipt of a copy thereof and agrees to all of the applicable terms and provisions thereof, and agree to and with Senior Creditor named therein that the undersigned will not consent to or participate in any act whatever which is in violation of any of the applicable provisions of such Agreement. The undersigned hereby authorizes Senior Creditor, with written notice to the undersigned to the extent required by the Senior Credit Agreement, to declare all of the Senior Debt to be due and payable forthwith upon any violation of the undersigned of any of the provisions of such Agreement.

---

| | |
|:---|:---|
| **DEBTORS:** | **DEBTORS:** |
| VISITIQ, LLC, a Delaware limited liability company | VISITIQ, LLC, a Delaware limited liability company |
| By: | /s/ Vernon Hanzlik |
|  | Vernon Hanzlik, CEO |
| VISITIQ CORP., a Nevada corporation | VISITIQ CORP., a Nevada corporation |
| By: | /s/ Vernon Hanzlik |
|  | Vernon Hanzlik, CEO |

---

*Signature page to Subordination Agreement*

## Exhibit 10.15

**Exhibit 10.15**

**NON-SOLICITATION AND**<br> **CONFIDENTIAL INFORMATION AGREEMENT**

THIS NON-SOLICITATION AND CONFIDENTIAL INFORMATION AGREEMENT (this "**Agreement**") is made as of March 26, 2026 (the "**Effective Date**"), by and among

VERNON HANZLIK<br> (the "**Key Person(s)**"),

VISITIQ CORP., a Nevada corporation

729 N. Washington Ave., Suite 600

Minneapolis, MN 55401<br>

and

VISITIQ, LLC, a Delaware limited liability company

729 N. Washington Ave., Suite 600

Minneapolis, MN 55401<br> (collectively with VISITIQ CORP., the "**Company**"),

and

DECATHLON ALPHA V, L.P., a Delaware limited partnership,<br> 1441 West Ute Boulevard, Suite 240<br> Park City, UT 84098<br> (the "**Lender**").

**Background**

Pursuant to that certain Revenue Loan and Security Agreement (the "**Loan Agreement**") dated the same date as this Agreement, Lender will advance to Company the Initial Advance. The Loan Agreement requires as a condition to closing that the Key Person enter into a Non-Solicitation and Confidential Information Agreement. Any capitalized terms used in this Agreement and not otherwise defined herein have the meanings given to them in the Loan Agreement.

**Agreement**

The parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Company Information**. The Key Person agrees that the Key Person will not use or disclose in any manner to any person or entity any Confidential Information of the Company except for the benefit of the Company. The Key Person understands that "**Confidential Information**" means any Company proprietary information, technical data, trade secrets or know-how, including but not limited to research, product plans, products, services, customer lists and customers (including but not limited to customers of the Company on whom the Key Person called or with whom the Key Person became acquainted), markets, software, developments, inventions, processes, formulas, technology, designs, drawings, marketing, finances, or other business information disclosed to the Key Person by the Company either directly or indirectly in writing, orally or by drawings or observation. The Key Person further understands that Confidential Information does not include any of the foregoing items that were developed independently of his engagement by the Company or were previously known by the Key Person, or has become publicly known and made generally available through no wrongful act of the Key Person or of others who were under no confidentiality obligations as to the item or items involved. The Key Person understands that the Key Person's obligations under this <u>Section 1</u> shall terminate concurrently with the termination of this Agreement pursuant to Section 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Former Employer Information; No Breach of Prior Agreements**. The Key Person agrees that the Key Person will not improperly use for the benefit of the Company or disclose to the Company any proprietary information or trade secrets of any former employer or other person or entity, and that the Key Person will not bring onto the premises of the Company any unpublished document or proprietary information belonging to any former employer or other person or entity unless consented to in writing by such former employer, person, or entity. The Key Person represents that the Key Person's performance of the terms of this Agreement and the Key Person's duties to the Company will not breach any invention assignment, proprietary information, confidentiality, or similar agreement with any former employer or other person or entity by which the Key Person is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Third Party Information**. The Key Person recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information, which information may have been provided subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Key Person agrees to hold all such third party confidential or proprietary information in the strictest confidence and not to disclose it to any person or entity or to use it except as necessary in carrying out the Key Person's work for the Company and in a manner consistent with the Company's agreement with such third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Maintenance of Confidentiality**. The Key Person agrees that the Key Person will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of the Confidential Information, but in no event less than reasonable care. Without limiting the foregoing, the Key Person will take at least those measures that the Key Person takes to protect the Key Person's own confidential information and will ensure that the Key Person's employees or other third parties who have access to Confidential Information are aware of the confidentiality restrictions set forth in this Agreement prior to any disclosure of Confidential Information to such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Returning Company Documents**. The Key Person agrees that, if the Key Person's relationship to the Company is terminated for any reason, the Key Person will immediately deliver to the Company (and will not keep in the Key Person's possession, recreate, or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, equipment, materials containing Confidential Information, other documents or property, or reproductions of any of the foregoing items developed by the Key Person pursuant to the Key Person's service to the Company or otherwise belonging to the Company, or its successors, or assigns, except to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. No License**. Nothing in this Agreement is intended to grant any rights to the Key Person under any patent, trademark, mask work right or copyright of the Company, nor will this Agreement grant the Key Person any rights in or to Confidential Information except as expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Non-Solicitation**. The Key Person agrees that during the term of this Agreement the Key Person will not directly or indirectly, either on behalf of the Key Person or any other person or entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** solicit, induce, recruit or encourage any then current key employees of the Company to leave their employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** interfere in any manner with the contractual or employment relationship between the Company and any current key employee, customer or supplier of the Company or cause any such customer or supplier to cease doing business with, or reduce the amount of business it does with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Non-Disparagement**. The Key Person agrees that at all times during the term of this Agreement and thereafter, the Key Person will not make any untruthful or disparaging statements, written or oral, about the Company, Lender, or their respective successors, shareholders, directors, officers, members, managers, or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Term**. This Agreement will terminate upon the earlier of (a) the full satisfaction of all Obligations of the Company to Lender pursuant to the Loan Agreement, (b) two (2) years after Key Person is no longer employed by the Company, and (c) upon any of the Company's securities having been approved for listing on a national exchange as such term is defined in the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Specific Enforcement**. The Key Person acknowledges that the Company and Lender will be irreparably injured if the provisions of this Agreement are not specifically enforced. If the Key Person commits or, in the reasonable belief of the Company or Lender, threatens to commit a breach of any of the provisions of this Agreement, the Company and/or Lender will have the right and remedy, in addition to any other remedy that may be available at law or in equity, to have the provisions of this Agreement specifically enforced by any court having equity jurisdiction together with an accounting for any benefit or gain by the Key Person in connection with any such breach, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and Lender and that money damages will not provide an adequate remedy therefor. Such injunction will be available without the posting of any bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. General Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1. Entire Agreement**. This Agreement, including any attached exhibits, constitutes the entire, final and exclusive agreement between the parties with regard to the subject matter hereof, and supersedes all prior written or oral understandings, representations and agreements by or between the parties relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2. Governing Law; Venue**. This Agreement will be governed by and interpreted under the laws of the state in which the principal office of the Company is located on the Effective Date, without regard to its conflict of laws principles. The parties hereby expressly consent and submit to the exclusive jurisdiction of either the federal or state district courts located in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3. Waiver of Jury Trial**. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4. Amendments**. No amendments or supplements to this Agreement, including any amended or additional schedules or exhibits, will be binding unless in writing and manually signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5. Waiver**. None of the terms of this Agreement may be waived except by an express agreement in writing manually signed by the party against whom enforcement of such waiver is sought. The failure or delay of a party in enforcing its rights under this Agreement will not be deemed a continuing waiver of such right, and the waiver of one breach hereunder will not constitute the waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6. Severability**. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law. If any provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part, under applicable law by a court of competent jurisdiction, such provision will be ineffective only to the extent of such illegality, invalidity or unenforceability, without affecting the remainder of such provision or the remaining provisions of this Agreement. If a court of competent jurisdiction determines that the scope of any provisions of this Agreement is too broad in scope or long in duration to permit enforcement under applicable law, the court shall limit such provision to the minimum extent required to be enforceable. This Agreement should be construed in a manner that renders its provisions valid and enforceable to the maximum extent (not exceeding its express terms) possible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7. Assignment**. Neither the Company nor the Key Person may assign any of its rights or obligations under this Agreement without Lender's prior written consent. Lender, upon written notice to the Company and Key Person, may assign any of its rights or obligations under this Agreement in connection with the assignment of the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8. Binding Effect; No Third-Party Beneficiaries**. This Agreement and the rights and obligations created hereunder will be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns. Except as otherwise expressly set forth in this Agreement, the parties do not intend to confer upon any third party any right, remedy, or claim under or by virtue of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9. Notices**. Any notices required or permitted by this Agreement will be in writing and will be effective: (a) when delivered in person; or (b) when properly delivered by Federal Express or another recognized overnight courier. All such notices must be addressed to the party to whom it is directed at the address set forth below or such other address as a party may from time to time designate in writing to the another party at the address set forth on the signature page of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10. Further Assurances**. Each party will, upon the reasonable request of another party from time to time, execute and deliver such additional documents and take such other action as may be reasonably necessary to effect the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11. Expenses; Attorneys' Fees**. The parties will pay all of their own expenses in connection with the negotiation of this Agreement, the performance of their respective obligations under this Agreement and the consummation of the transactions contemplated by this Agreement, except that in any dispute arising under or relating to this Agreement, the reasonable attorneys' fees and costs of the party ultimately prevailing in such dispute will be paid by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12. Interpretation**. This Agreement has been cooperatively and mutually drafted and will not be construed or interpreted more strictly against either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13. Headings**. The headings contained in this Agreement are for the convenience of reference only and will not be considered in any substantive manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14. Counterparts; Facsimile Signatures**. This Agreement may be executed in any number of counterparts, each of which will be deemed an original and all of which together will constitute one and the same document. This Agreement may be executed and delivered by facsimile or in PDF format via email, and any such signatures will have the same legal effect as manual signatures. If a party delivers its executed copy of this Agreement by facsimile signature or email, such party will promptly execute and deliver to the other party a manually signed original if requested by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15. Survival**. Any provision in this Agreement which by its express terms survive termination will survive any termination or expiration of this Agreement.

*[Signature page follows.]*

The Company, Lender and the Key Person have caused this Agreement to be duly executed as of the Effective Date.

---

| | |
|:---|:---|
| **DECATHLON ALPHA V, L.P.** | **DECATHLON ALPHA V, L.P.** |
| a Delaware limited partnership | a Delaware limited partnership |
| By: Decathlon Alpha GP V, LLC | By: Decathlon Alpha GP V, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ Wayne Cantwell |
| Name: Wayne Cantwell | Name: Wayne Cantwell |
| Title: Managing Director | Title: Managing Director |
| **VISITIQ CORP.,** | **VISITIQ CORP.,** |
| a Nevada corporation | a Nevada corporation |
| By: | /s/ Vernon Hanzlik |
| Vernon Hanzlik | Vernon Hanzlik |
| **VISITIQ, LLC,** | **VISITIQ, LLC,** |
| a Delaware limited liability company | a Delaware limited liability company |
| By: | /s/ Vernon Hanzlik |
| Vernon Hanzlik | Vernon Hanzlik |

---

---

| | |
|:---|:---|
| **KEY PERSON** | **KEY PERSON** |
| Signature: | /s/ Vernon Hanzlik |
| Name: | Vernon Hanzlik |
| Address: | |

---

*[Signature Page to Non-Solicitation & Confidential Information Agreement]*

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries of the Registrant**

<br> <u>Legal Name</u> <u>Jurisdiction of Incorporation</u> <br> VisitIQ, LLC Delaware

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Vernon Hanzlik, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended August 31, 2025 of VisitIQ Corp. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 20, 2026 | */s/ Vernon Hanzlik* |
|  | Vernon Hanzlik |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Vernon Hanzlik, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended August 31, 2025 of VisitIQ Corp. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 20, 2026 | */s/ Vernon Hanzlik* |
|  | Vernon Hanzlik |
|  | Interim Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of VisitIQ Corp. (the "Company") on Form 10-Q for the quarterly period ended August 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Vernon Hanzlik, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 20, 2026

---

| |
|:---|
| */s/ Vernon Hanzlik* |
| Vernon Hanzlik |
| Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of VisitIQ Corp. (the "Company") on Form 10-Q for the quarterly period ended August 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Vernon Hanzlik, Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 20, 2026

---

| |
|:---|
| */s/ Vernon Hanzlik* |
| Vernon Hanzlik |
| Interim Chief Financial Officer |
| (Principal Financial and Accounting Officer) |

---