# EDGAR Filing Document

**Accession Number:** 0000794998
**File Stem:** 0001683168-25-006835
**Filing Date:** 2025-9
**Character Count:** 901645
**Document Hash:** 281c20f1c94eddbc51ab2e9ed7cbf5b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-006835.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001683168-25-006835

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 88

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SETO HOLDINGS INC
- **CENTRAL INDEX KEY:** 0000794998
- **STANDARD INDUSTRIAL CLASSIFICATION:** METALWORKING MACHINERY & EQUIPMENT [3540]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 770082545
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12665
- **FILM NUMBER:** 251310386

**BUSINESS ADDRESS:**
- **STREET 1:** 554 NORTH STATE ROAD
- **CITY:** BRIARCLIFF MANOR
- **STATE:** NY
- **ZIP:** 10510
- **BUSINESS PHONE:** 9142731400

**MAIL ADDRESS:**
- **STREET 1:** 554 NORTH STATE ROAD
- **CITY:** BRIARCLIFF MANOR
- **STATE:** NY
- **ZIP:** 10510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEMICON TOOLS INC /NV/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EPIC RESOURCES INC/NV
- **DATE OF NAME CHANGE:** 19870816

## Part

File No. 024-_________

**As filed with the Securities and Exchange Commission on September 10, 2025**

PART II - INFORMATION REQUIRED IN OFFERING CIRCULAR

Preliminary Offering Circular dated September 10, 2025

An offering statement pursuant to Regulation A relating to these securities has been filed with the United States Securities and Exchange Commission (the "SEC"). Information contained in this Preliminary Offering Circular is subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted before the offering statement filed with the SEC is qualified. This Preliminary Offering Circular shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful before registration or qualification under the laws of any such state. We may elect to satisfy our obligation to deliver a Final Offering Circular by sending you a notice within two business days after the completion of our sale to you that contains the URL where the Final Offering Circular or the offering statement in which such Final Offering Circular was filed may be obtained.

**<u>OFFERING CIRCULAR</u>**

**SETO Holdings, Inc.**

**Up to 200,000,000 Shares of Common Stock Offered by the Company**

**Up to 26,000,000 Shares of Common Stock Offered by Selling Shareholders**

**___________________________________________________________________**

**<u>Company Offered Shares</u>.** By this Offering Circular, SETO Holdings, Inc., a Nevada corporation, is offering for sale a maximum of 200,000,000 shares of its common stock (the ***"Company Offered Shares"***) at a fixed price of $[0.01-0.05] per share, pursuant to Tier 1 of Regulation A of the United States Securities and Exchange Commission (the "SEC"). A minimum purchase of $5,000 of the Company Offered Shares is required in this offering; any additional purchase must be in an amount of at least $1,000. This offering is being conducted on a best-efforts basis, which means that there is no minimum number of Company Offered Shares that must be sold by us for this offering to close; thus, we may receive no or minimal proceeds from this offering. All proceeds from sales of Company Offered Shares in this offering will become immediately available to us and may be used as they are accepted. Purchasers of the Company Offered Shares will not be entitled to a refund and could lose their entire investments.

We have entered into a Placement Agent and Advisory Services Agreement (the ***"Placement Agent Agreement"***) with MD Global Partners, LLC (the ***"Placement Agent"***), a FINRA-registered broker-dealer. The Placement Agent is to be paid a cash fee equal to 8% of proceeds received by our company from sales of Company Offered Shares from sources attributable to the Placement Agent. The Placement Agent is under no obligation to purchase Company Offered Shares for its own account or on behalf of any other person. (See ***"[Plan of Distribution](#a_006)"***).

**<u>Selling Shareholder Offered Shares</u>.** Also by this Offering Circular, certain persons (the ***"Selling Shareholders"***) are offering for sale up to a total of 26,000,000 shares of our common stock, 17,000,000 shares of which are currently outstanding (the ***"I/O Shares"***) and up to a total of 9,000,000 shares of which underlie $29,515 of principal amount convertible notes, plus accrued interest thereon (the ***"Subject Convertible Notes"***) (the shares of our common stock issuable upon conversion of the Subject Convertible Notes are referred to sometimes as the ***"Conversion Shares"***). The I/O Shares and the Conversion Shares are sometimes referred to collectively as the ***"Selling Shareholder Offered Shares"*** and the Company Offered Shares and the Selling Shareholder Offered Shares are sometimes referred to collectively as the ***"Offered Shares"***. The Selling Shareholder Offered Shares will be offered at a fixed price of $[0.01-0.05] per share.

Following each issuance of Conversion Shares, we intend to file a supplement to this Offering Circular pursuant to Rule 253(g)(2), wherein the exact number of Conversion Shares issued in payment of the Subject Convertible Notes, including accrued interest thereon, will be disclosed.

We will not receive any of the proceeds from the sale of the Selling Shareholder Offered Shares in this offering. A minimum purchase of $5,000 of the Selling Shareholder Offered Shares is required in this offering; any additional purchase must be in an amount of at least $1,000. We will pay all of the expenses of this offering (other than discounts and commissions payable with respect to the Selling Shareholder Offered Shares sold in the offering, if any). Our company will not be involved in any manner in the sales of the Selling Shareholder Offered Shares by the Selling Shareholders. (See "[Use of Proceeds,](#a_005)" "[Plan of Distribution](#a_006)" and "[Selling Shareholders](#a_007)").

**<u>Risk Factors</u>.** Please see the "[Risk Factors](#a_003)" section, beginning on page 6, for a discussion of the risks associated with a purchase of the Offered Shares.

**<u>Offering Period</u>.** This offering will commence within two days of the SEC's qualification of the Offering Statement of which this Offering Circular forms a part; this offering will terminate at the earliest of (a) the date on which the maximum offering has been sold, (b) the date which is one year from this offering being qualified by the SEC or (c) the date on which this offering is earlier terminated by us, in our sole discretion. (See "[Plan of Distribution](#a_006)"). We are unable to predict the precise timing of our initial sale of Offered Shares, as this offering is being conducted by us on a best-efforts basis. Inasmuch as there is no stated minimum offering, notwithstanding the minimum purchase requirement of $5,000 of the Offered Shares, we will not "closings," per se, on a scheduled basis; rather, we expect that we will complete subscription transactions with investors as subscription agreements are received, then approved, by us.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title of Class of**<br> **Securities Offered and**<br> **Offering Party** | **Number of**<br> **Offered Shares** | <br> **Price to Public** | <br> **Commissions<sup>(1)</sup>** | <br> **Proceeds to Offeror**<br> **of Common Stock** |
| Common Stock Offered <br> by Our Company | 200000000 <sup>(A)</sup> | $[0.01-0.05] | $800000 | $9200000<sup>(2)</sup> |
| Common Stock Offered <br> by the Selling Shareholders | 26000000 <sup>(B)(3)(4)</sup> | $[0.01-0.05] | 0 | 1300000<sup>(5)</sup> |
| **Totals** | **226000000** |  | $**800000** | $**10500000** |

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(A) These securities are being qualified pursuant to subparagraph (F) of Rule 251(d)(3)(i).

(B) These securities are being qualified pursuant to subparagraph (A) of Rule 251(d)(3)(i).

(1) Under the Placement Agent Agreement, we are required to pay the Placement Agent cash commissions equal to 8% of proceeds received by our company from sales of Company Offered Shares from sources attributable to the Placement Agent. (See " [Plan of Distribution](#a_006) "). Our company will not pay any commissions to any other person other than the Placement Agent for the sale of Company Offered Shares in this offering. Should we determine to employ another FINRA-registered broker-dealer or finder, information as to any such broker-dealer or finder shall be disclosed in a post-qualification amendment to this Offering Circular.

(2) Does not account for the payment of non-commission-related expenses of this offering estimated to be $15,000, which include, among other expenses, legal fees, Blue Sky compliance and actual out-of-pocket expenses incurred by us in selling the Company Offered Shares. We will pay all of the expenses of this offering (other than selling commissions payable with respect to the Selling Shareholder Offered Shares sold in this offering, if any), but we will not receive any of the proceeds from the sales of Selling Shareholder Offered Shares in this offering. (See " [Plan of Distribution](#a_006) " and " [Selling Shareholders](#a_007) ").

(3) As of the date of this Offering Circular, 17,000,000 of these shares of common stock, the I/O Shares, have been issued and 9,000,000 of these shares, the Conversion Shares, have not been issued. After the qualification of this offering by the SEC, the Subject Convertible Notes, including accrued interest thereon, will, by their terms, be eligible for conversion into up to 9,000,000 Conversion Shares, at the election of the respective Selling Shareholders. Following all such Conversion Share issuances, we intend to file a supplement to this Offering Circular pursuant to Rule 253(g)(2), wherein the exact number of Conversion Shares issued in payment of the Subject Convertible Notes, including interest accrued thereon, to be offered by the Selling Shareholders in this offering will be disclosed. (See " [Use of Proceeds,](#a_005) " " [Plan of Distribution](#a_006) " and " [Selling Shareholders](#a_007) ").

(4) 9,000,000 of these shares are attributable to the Conversion Shares. This number of shares was determined by adding the principal amounts of the Subject Convertible Notes, $29,515, and an assumed $1,985 of accrued interest thereon, then dividing that sum, $31,500, by the conversion price under the Subject Convertible Notes, $0.0035 per share, for a result of 9,000,000 shares.

(5) We will not receive any of the proceeds from the sale of the Selling Shareholder Offered Shares in this offering. (See " [Use of Proceeds](#a_005) " and " [Selling Shareholders](#a_007) ").

The terms of this offering were determined arbitrarily by our company. The offering price for the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) does not necessarily bear any relationship to our company's assets, book value, earnings or other established criteria of valuation. Accordingly, the offering price of the Offered Shares should not be considered as an indication of any intrinsic value of such securities. (See "[Risk Factors](#a_003)—Risks Related to a Purchase of Offered Shares" and "[Dilution](#a_004)").

There is no escrow established for the proceeds from sales of the Company Offered Shares in this offering. (See "[Risk Factors](#a_003)—Risks Related to a Purchase of Offered Shares").

Our common stock is quoted in the over-the-counter under the symbol "SETO" in the OTCID marketplace of OTC Link. On September 9, 2025, the closing price of our common stock was $0.0199 per share.

**Investing in the Offered Shares (Company Offered Shares and Selling Shareholder Shares) is speculative and involves substantial risks, including the superior voting rights of our outstanding shares of Series B Voting Preferred Stock (the "Series B Preferred Stock"), which preclude current and future owners of our common stock, including the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares), from influencing any corporate decision. The holders of the Series B Preferred Stock, as a class, have voting rights in all matters requiring shareholder approval equal to 66.67% of all shares eligible to vote.**

**Intergen I Limited Partnership ("Intergen"), a limited partnership owned by Janon Costley, our Chief Executive Officer, and Ryan Dolder, our Chief Financial Officer, is the owner all outstanding shares of our Series B Preferred Stock; by agreement, Mr. Costley holds voting and dispositive power with respect to the outstanding shares of our Series B Preferred Stock. Mr. Costley will, therefore, be able to control the management and affairs of our company, as well as matters requiring the approval by our shareholders, including the election of directors, any merger, consolidation or sale of all or substantially all of our assets, and any other significant corporate transaction. (See "[Risk Factors](#a_003)—Risks Related to a Purchase of the Offered Shares" and "[Security Ownership of Certain Beneficial Owners and Management](#a_013)").**

**THE SEC DOES NOT PASS UPON THE MERITS OF, OR GIVE ITS APPROVAL TO, ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE SEC. HOWEVER, THE SEC HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**The use of projections or forecasts in this offering is prohibited. No person is permitted to make any oral or written predictions about the benefits you will receive from an investment in Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares).**

**No sale may be made to you in this offering if you do not satisfy the investor suitability standards described in this Offering Circular under "[Plan of Distribution](#a_006)–State Law Exemption and Offerings to Qualified Purchasers" (page 23). Before making any representation that you satisfy the established investor suitability standards, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to *www.investor.gov*.**

This Offering Circular follows the disclosure format of Form S-1, pursuant to the General Instructions of Part II(a)(1)(ii) of Form 1-A.

The date of this Offering Circular is ______, 2025.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Cautionary Statement Regarding Forward-Looking Statements](#a_001) | 1 |
| [Offering Circular Summary](#a_002) | 2 |
| [Risk Factors](#a_003) | 6 |
| [Dilution](#a_004) | 18 |
| [Use of Proceeds](#a_005) | 20 |
| [Plan of Distribution](#a_006) | 22 |
| [Selling Shareholders](#a_007) | 25 |
| [Description of Securities](#a_008) | 27 |
| [Business](#a_009) | 29 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_010) | 39 |
| [Directors, Executive Officers, Promoters and Control Persons](#a_011) | 43 |
| [Executive Compensation](#a_012) | 45 |
| [Security Ownership of Certain Beneficial Owners and Management](#a_013) | 47 |
| [Certain Relationships and Related Transactions](#a_014) | 48 |
| [Legal Matters](#a_015) | 49 |
| [Where You Can Find More Information](#a_016) | 49 |
| [Index to Financial Statements](#a_017) | F-1 |

---

i

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

The information contained in this Offering Circular includes some statements that are not historical and that are considered forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of our company; and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations). These forward-looking statements express our expectations, hopes, beliefs and intentions regarding the future. In addition, without limiting the foregoing, 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 anticipates, believes, continue, could, estimates, expects, intends, may, might, plans, possible, potential, predicts, projects, seeks, should, will, would and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this Offering Circular are based on current expectations and beliefs concerning future developments that are difficult to predict. We cannot guarantee future performance, or that future developments affecting our company will be as currently 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.

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are also described below in the Risk Factors section. 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. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no 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.

**OFFERING CIRCULAR SUMMARY**

The following summary highlights material information contained in this Offering Circular. This summary does not contain all of the information you should consider before purchasing our common stock. Before making an investment decision, you should read this Offering Circular carefully, including the Risk Factors section and the unaudited consolidated financial statements and the notes thereto. Unless otherwise indicated, the terms we, us and our refer and relate to SETO Holdings, Inc., a Nevada corporation.

**Background**

Our company was incorporated in the State of Nevada in 1985 as Epic Resources, Inc. Our corporate name changed to Semicon Tools, Inc. in October 1987. Our corporate name changed to SETO Holdings, Inc. in October 1998.

**Custodianship**

On April 27, 2022, the District Court of Clark County, Nevada, case number A22-849116-C, entered an Order Granting Application for Appointment (the ***"Order"***) of UMA, LLC as Custodian of our company. Pursuant to the Order, UMA, LLC (the ***"Custodian"***) has the authority to take any actions on behalf of our company, that are reasonable, prudent or for the benefit of our company, including, but not limited to, issuing shares of stock and issuing new classes of stock, as well as entering into contracts on behalf of our company. On April 27, 2022, the Custodian appointed Nikki Lee as the sole officer and director of the company.

On April 27, 2022, the Custodian designated one share of preferred stock as Special 2022 Series A Preferred Stock at par value of $0.001. The Special 2022 Series A Preferred Stock had 60% voting rights over all classes of stock and was convertible into 61,800,000 shares of our common stock.

**Changes in Control**

*<u>May 27, 2022</u>*. On May 27, 2022, the Custodian appointed Nairobi Anderson as the sole officer and director of our company. On May 27, 2022, the Custodian transferred the single share of Special 2022 Series A Preferred Stock to Nairobi Anderson. On November 3, 2022, the District Court of Clark County, Nevada, entered a Notice Of Entry Of Order Granting Custodian UMA, LLC's Motion To Discharge Custodianship And Enter Final Order.

*<u>June 21, 2023</u>*. On June 21, 2023, in a private transaction, Nairobi Anderson entered into a Securities Purchase Agreement (the ***"2023 SPA"***) with Krisa Management LLC, a Texas limited liability company, to sell the Special 2022 Series A Preferred Stock. Upon closing of the 2023 SPA, Krisa Management LLC acquired the single share of Special 2022 Series A Preferred Stock. On June 21, 2023, Carey W. Cooley was appointed as our company's sole officer and director.

*<u>June 18, 2024</u>*. On June 18, 2024, in a private transaction, Krisa Management, LLC entered into a Securities Purchase Agreement (the ***"2024 SPA"***) with Daming Zhang, to sell the Special 2022 Series A Preferred Stock. Upon closing of the 2024 SPA on June 18, 2024, Daming Zhang acquired the single share of Special 2022 Series A Preferred Stock. On June 18, 2024, Daming Zhang and Miaomiao Wang were appointed as directors of our company, Daming Zhang was appointed as our company's CEO and Miaomiao Wang was appointed as our company's Treasurer.

*<u>May 27, 2025</u>*. Effective May 27, 2025, a change in control of our company occurred. On such date, pursuant to a securities purchase agreement, Daming Zhang sold (A) the single outstanding share of the Special 2022 Series A Preferred Stock and (B) 9,995,000,000 shares of our common stock to a single entity, Intergen I Limited Partnership (Intergen), a Wyoming limited partnership controlled by Tres Grados LLC, of which the control persons are Janon Costley and Ryan Dolder, our officers and directors.

In connection with the change in control, (1) Naiwei Chen, Bo Fu and Xiuxiang Shou resigned as Directors of our Company, (2) Naiwei Chen resigned as CEO and President of our company, (3) Daming Zhang resigned as CFO and Secretary of our company, (4) Janon Costley was appointed President and Chief Executive Officer of our company; and (5) Ryan Dolder was appointed Chief Operating Officer, Chief Financial Officer and Treasurer of our company.

**Acquisition Transaction**

Effective June 20, 2025, our company entered into an Agreement and Plan of Reorganization (the ***"Intergen Agreement"***) with Intergen. Pursuant to the Intergen Agreement, the Company acquired: 60% ownership of Shinju Spirits, Inc., the owner of "Shinju," a Japanese Whisky brand with distribution in the United States; Copa Imperial, a premium, high-end Tequila aimed at capitalizing on the superior growth of Tequila; Eight Vodka, a high-end Vodka fitting into the latest surge in popularity for premium Vodka; and other brands, Mazeray Champagne, Cote' Or Sparkling Wine and Comte de Mazeray Cognac. We issued 75,000 shares of its Series B Voting Preferred Stock, in payment of the foregoing assets.

**New Business**

Our company is a spirits company with operations in the United States, select European markets and planned expansion into the Bahamas. We are positioned as a vertically integrated beverage company focused on the development, acquisition, and scaling of premium spirits brands across high-growth global categories. Our company differentiates itself from most of its competition in the spirits industry by creating an integrated sales model by shifting from a passive brand owner to an active, closed-loop brand accelerator. (See "[Business](#a_009)").

**Offering Summary**

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| | |
|:---|:---|
| *Securities Offered by Our Company* | 200,000,000 shares of common stock, par value $0.001 (the Company Offered Shares). |
| *Offering Price* | $[0.01-0.05] per Company Offered Share and per Selling Shareholder Offered Share. |
| <br> *Placement Agent* | <br> We have entered into a Placement Agent and Advisory Services Agreement (the Placement Agent Agreement) with MD Global Partners, LLC (the Placement Agent), a FINRA-registered broker-dealer. Under the Placement Agent Agreement, the Placement Agent is to be paid a cash fee equal to 8% of proceeds received by our company from sales of Company Offered Shares from sources attributable to the Placement Agent. The Placement Agent is under no obligation to purchase Company Offered Shares for its own account or on behalf of any other person. (See "[Plan of Distribution](#a_006)"). |
| *Shares of Common*<br> *Stock Outstanding*<br> *Before This Offering* | 118,471,600 shares issued and outstanding as of the date hereof. |
| *Shares of Common*<br> *Stock Outstanding*<br> *After This Offering* | 327,471,600 shares issued and outstanding, assuming the sale of all of the Company Offered Shares hereunder and the issuance of all 9,000,000 Conversion Shares to Selling Shareholders. |

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| | |
|:---|:---|
| *Minimum Number of Company Offered Shares to Be Sold in This Offering* | There is no minimum number of Company Offered Shares to be sold in this offering. A minimum purchase of $5,000 of the Offered Shares, whether Company Offered Shares or Selling Shareholder Offered Shares, is required in this offering; any additional purchase must be in an amount of at least $1,000. |
| *Securities Offered by the Selling Shareholders* | The Selling Shareholders are offering for sale up to a total of 26,000,000 shares of our common stock, 17,000,000 I/O Shares and up to a total of 9,000,000 Conversion Shares which underlie $29,515 principal amount Subject Convertible Notes, plus accrued interest thereon. Following each issuance of Conversion Shares, we intend to file a supplement to this Offering Circular pursuant to Rule 253(g)(2), wherein the exact number of Conversion Shares issued in payment of the Subject Convertible Notes, including accrued interest thereon, will be disclosed.<br>The Selling Shareholder Offered Shares will be offered at a fixed price of $[0.01-0.05] per share.<br>We will not receive any of the proceeds from the sale of the Selling Shareholder Offered Shares in this offering. A minimum purchase of $5,000 of the Selling Shareholder Offered Shares is required in this offering; any additional purchase must be in an amount of at least $1,000. We will pay all of the expenses of this offering (other than discounts and commissions payable with respect to the Selling Shareholder Offered Shares sold in the offering, if any). Our company will not be involved in any manner in the sales of the Selling Shareholder Offered Shares by the Selling Shareholders. (See "[Use of Proceeds,](#a_005)" "[Plan of Distribution](#a_006)" and "[Selling Shareholders](#a_007)").<br>|
| *Disparate Voting Rights* | Our outstanding shares of Series B Preferred Stock possess superior voting rights, which preclude current and future owners of our common stock, including the Offered Shares (Company Offered Shares and Selling Shareholder Shares), from influencing any corporate decision. The holders of the Series B Preferred Stock, as a class, have voting rights in all matters requiring shareholder approval equal to 66.67% of all shares eligible to vote.<br>Intergen I Limited Partnership (Intergen), a limited partnership owned by Janon Costley, our Chief Executive Officer, and Ryan Dolder, our Chief Financial Officer, is the owner all outstanding shares of our Series B Preferred Stock; by agreement, Mr. Costley holds voting and dispositive power with respect to the outstanding shares of our Series B Preferred Stock. Mr. Costley will, therefore, be able to control the management and affairs of our company, as well as matters requiring the approval by our shareholders, including the election of directors, any merger, consolidation or sale of all or substantially all of our assets, and any other significant corporate transaction. (See "[Risk Factors](#a_003)—Risks Related to a Purchase of the Offered Shares," "[Security Ownership of Certain Beneficial Owners and Management](#a_013)" and "[Certain Relationships and Related Transactions](#a_014)"). |
| *Investor Suitability Standards* | The Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) may only be purchased by investors residing in a state in which this Offering Circular is duly qualified who have either (a) a minimum annual gross income of $70,000 and a minimum net worth of $70,000, exclusive of automobile, home and home furnishings, or (b) a minimum net worth of $250,000, exclusive of automobile, home and home furnishings. |
| *Market for our Common Stock* | Our common stock is quoted in the over-the-counter market under the symbol "SETO" in the OTCID marketplace of OTC Link. |

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| | |
|:---|:---|
| *Termination of this Offering* | This offering will terminate at the earliest of (a) the date on which the maximum offering has been sold, (b) the date which is one year from this offering circular being qualified by the SEC and (c) the date on which this offering is earlier terminated by us, in our sole discretion. |
| *Use of Proceeds* | We will apply the cash proceeds of this offering for inventory, development of current brands, development of new brands, company expansion, including acquisitions, and general and administrative expenses. (See "[Use of Proceeds](#a_005)"). |
| *Risk Factors* | An investment in the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) involves a high degree of risk and should not be purchased by investors who cannot afford the loss of their entire investments. You should carefully consider the information included in the Risk Factors section of this Offering Circular, as well as the other information contained in this Offering Circular, prior to making an investment decision regarding the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares). |
| *Corporate Information* | Our principal executive offices are located at 6231 Columbia Park Road, Hyattsville, Maryland 20785; our telephone number is (202) 251-1873; our corporate website is located at www.seto-holdings.com. No information found on our company's website is part of this Offering Circular. |

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**Continuing Reporting Requirements Under Regulation A**

As a Tier 1 issuer under Regulation A, we will be required to file with the SEC a Form 1-Z (Exit Report Under Regulation A) upon the termination of this offering. We will not be required to file any other reports with the SEC following this offering.

However, during the pendency of this offering and following this offering, we intend to file quarterly and annual financial reports and other supplemental reports with OTC Markets, which will be available at www.otcmarkets.com.

All of our future periodic reports, whether filed with OTC Markets or the SEC, will not be required to include the same information as analogous reports required to be filed by companies whose securities are listed on the NYSE or NASDAQ, for example.

**RISK FACTORS**

*[<u>Note</u>: References in this Risk Factors section to "Offered Shares" include the Company Offered Shares and the Selling Shareholder Offered Shares, unless specifically indicated otherwise.]*

An investment in the Offered Shares involves substantial risks. You should carefully consider the following risk factors, in addition to the other information contained in this Offering Circular, before purchasing any of the Offered Shares. The occurrence of any of the following risks might cause you to lose a significant part of your investment. The risks and uncertainties discussed below are not the only ones we face, but do represent those risks and uncertainties that we believe are most significant to our business, operating results, prospects and financial condition. Some statements in this Offering Circular, including statements in the following risk factors, constitute forward-looking statements. (See "[Cautionary Statement Regarding Forward-Looking Statements](#a_001)").

**Risks Related to Our Company**

***For a significant period of time prior to our May 2025 acquisition of Shinju Spirits, Inc. (Shinju), we identified ourselves as a "shell company," as defined by Rule 405 of the Securities Act of 1933, as amended, and Rule 12b-2 of the Securities Exchange Act of 1934.*** Because we only recently emerged from "shell company" status, there is no assurance that Shinju, our subsidiary, will continue to generate revenues and profits from its business operations. Any losses reported by us in the future could cause the quoted price of our common stock to decline or have a material adverse effect on our financial condition, our ability to pay our debts as they become due, and on our cash flows.

***We do not have a successful operating history.*** Until May 2025, we had not engaged in active business operations for several years, which makes an investment in the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) highly speculative in nature. Because of this lack of operating success, it is difficult to forecast our future operating results. Additionally, our operations will be subject to risks inherent in the implementation of new business strategies, including, among other factors, efficiently deploying our capital, developing and implementing our marketing campaigns and strategies and developing greater awareness. Our performance and business prospects will suffer if we are unable to overcome the following challenges, among others:

· our dependence upon external sources for the financing of our operations, particularly given that there are concerns about our ability to continue as a going concern;

· our ability to execute our business strategies;

· our ability to manage our expansion, growth and operating expenses;

· our ability to finance our business;

· our ability to compete and succeed in a competitive industry; and

· future geopolitical events and economic crisis.

***Our financial statements are not independently audited, which could result in errors and/or omissions in our financial statements if proper standards are not applied.*** We are not required to have our financial statements audited by a firm that is certified by the Public Company Accounting Oversight Board ("PCAOB"). As such, we do not have a third party reviewing the accounting. We may also not be up to date with all publications and releases released by the PCAOB regarding accounting standards and treatments. This circumstance could mean that our unaudited financials may not properly reflect up to date standards and treatments, resulting in misstated financial statements.

***In the past, we have not filed our periodic reports in a timely manner.*** From 2018 to January 2024, our company did not timely file all required periodic reports with OTC Markets. Since January 2024, we have filed all required periodic reports with OTC Markets and our management intends to remain in compliance our filing obligations in the future. However, there is no assurance that we will be successful in this regard.

Should we fail to remain current in our filing obligations, investors in our common stock would be deprived of important current information concerning our company upon which to evaluate their investments, including, without limitation:

· our financial condition and operating results;

· our ongoing and anticipated future business operations and plans;

· changes to our management personnel;

· changes to our capital structure, including changes to shareholder voting rights; and

· transactions between our company and our affiliates.

In addition to a lack of information that would be available to investors in our common stock, including purchasers of Offered Shares in this offering, our failure to file timely our required financial reports with the SEC could result in investors in our common stock, including purchasers of Offered Shares in this offering, suffering significant negative impacts, including, among others, immediate drops in the market price of our common stock, decreased investor confidence and a concomitant weakening of the market for our common stock and potentially higher trading costs. Further, any future lack of timely financial disclosure on our company's behalf could make it more difficult to secure needed capital and could serve to damage our reputation, which could negatively affect our company's long-term performance and future growth.

In addition, should we fail to remain current in our future filing obligations, it is possible that our common stock would be relegated to the "Expert Market" by OTC Markets. In this or similar circumstances, an investor in our common stock, including purchasers of the Offered Shares in this offering, could lose such investor's entire investment.

***There is doubt about our ability to continue as a viable business.*** Notwithstanding our recent acquisition of Shinju, we have not earned a profit from our operations during recent financial periods. There is no assurance that the operations of Shinju will allow us to report a profit from our operations in future financial periods.

***We may be unable to obtain sufficient capital to implement our full plan of business.*** Currently, the operations of Shinju provide operating capital. However, we do not have sufficient financial resources with which to establish our complete business strategies. There is no assurance that we will be able to obtain sources of financing, including in this offering, in order to implement such strategies.

***There are risks and uncertainties encountered by under-capitalized companies.*** As an under-capitalized company, we are unable to offer assurance that we will be able to overcome our lack of capital, among other challenges.

***We may never earn a profit in future financial periods.*** Because we lack a successful operating history, we are unable to offer assurance that we will ever earn a profit in future financial periods.

***If we are unable to manage future expansion effectively, our business may be adversely impacted.*** In the future, we may experience rapid growth in our operations, which could place a significant strain on our company's infrastructure, in general, and our internal controls and other managerial, operating and financial resources, in particular. If we are unable to manage future expansion effectively, our business would be harmed. There is, of course, no assurance that we will enjoy rapid development in our business.

***We currently depend on the efforts of executive officers; the loss of these executive officers could disrupt our operations and adversely affect the further development of our business.*** Our success in establishing implementing our business strategies will depend, primarily, on the continued service of our Chief Executive Officer, Janon Costley, and our Chief Operating Officer and Chief Financial Officer, Ryan Dolder. The loss of service of Messrs. Costley and Dolder, for any reason, could seriously impair our ability to execute our business plan, which could have a materially adverse effect on our business and future results of operations. We have not entered into employment agreements with either of Messrs. Costley and Dolder. We have not purchased any key-man life insurance.

***If we are unable to recruit and retain key personnel, our business may be harmed.*** If we are unable to attract and retain key personnel, our business may be harmed. Our failure to enable the effective transfer of knowledge and facilitate smooth transitions with regard to our key employees could adversely affect our long-term strategic planning and execution.

***None of our business strategies is not based on independent market studies.*** We have not commissioned any independent market studies with respect to the temporary workforce services industry. Rather, our plans for implementing our business and achieving profitability are based on the experience, judgment and assumptions of our management. If these assumptions prove to be incorrect, we may not be successful in establishing our business.

***Our Board of Directors may change our policies without shareholder approval.*** Our policies, including any policies with respect to investments, leverage, financing, growth, debt and capitalization, will be determined by our Board of Directors or officers to whom our Board of Directors delegates such authority. Our Board of Directors will also establish the amount of any dividends or other distributions that we may pay to our shareholders. Our Board of Directors or officers to which such decisions are delegated will have the ability to amend or revise these and our other policies at any time without shareholder vote. Accordingly, our shareholders will not be entitled to approve changes in our policies, which policy changes may have a material adverse effect on our financial condition and results of operations.

**Risks Related to Our Business**

***If demand for our products does not develop as expected, our projected revenues and profits will be negatively affected.*** Our future profits are influenced by many factors, including economics, world events and changing customer preferences. We believe that the markets in our product segments will continue to grow and that we will be successful in marketing our products and services in these markets. If our expectations as to the size of these markets and our ability to sell our products in these markets are not correct, our revenue may not materialize and our business will be adversely affected.

***If we fail to attract and retain consumers of our spirits products, or fail to do so in a cost-effective manner, we may be unable to increase net revenues, improve margins and achieve profitability.*** Our success depends on our ability to attract and retain consumers of our spirits products and to do so in a cost-effective manner. We must continue to acquire additional consumers to increase net revenues, improve margins and achieve profitability. We intend to make significant investments related to consumer acquisition and expect to continue to spend, to the extent funds are available, significant amounts to expand our consumer base. We cannot assure you that we will be successful, in this regard. If consumers do not perceive the products we offer to be of high value and quality, we may be unable to expand our consumer base. If we are unable to so expand our consumer base, we may be unable to generate the scale necessary to achieve operational efficiency. Consequently, our prices may increase, or may not decrease to levels sufficient to generate consumer interest, our net revenues may decrease and our margins and profitability may decline or not improve. As a result, our business, financial condition and results of operations may be materially and adversely affected.

***We rely on other third parties to provide services essential to the success of our business.*** Third parties provide a variety of essential business functions for us, including customer service, legal and distribution. It is possible that some of these third parties will fail to perform their services or will perform them in an unacceptable manner. It is possible that we will experience delays, errors or other problems with their work that will materially impact our operations.

In particular, we rely primarily on Republic National Distributing ("RND") for the distribution of our products sold in the United States. In the event RND were to lose its distribution licenses, for any reason, including, but not limited to, changes in state and federal regulations, we would be required to seek alternative distribution options immediately. If our efforts to contract with another distributor are unsuccessful, we may be unable to achieve or maintain profitability and may incur significant losses in the future. As a result, our business, financial condition and results of operations may be materially and adversely affected.

***We rely on a single supplier for our flagship brand, Shinju Japanese Whisky.*** A significant portion of our revenue is derived from the sale of our Shinju Japanese Whisky, which is currently produced by a single distillery located in Japan. This single-source reliance presents a concentration risk, as any disruption at the distillery could have an adverse impact on our company's operations and operating results. Potential negative issues that we could face include, but are not limited to, the distillery's ceasing operations, significant upward changes in pricing, deterioration in the business relationship with the distillery or natural disasters affecting the distillery facility. Any such event could lead to delays in product availability, negatively affecting our company's ability to meet market demand and potentially resulting in financial losses. Moreover, transitioning to a new supplier would likely involve considerable time and additional expenses.

In an effort to mitigate these risks, we have established additional informal relationships and engaged in discussions with other distilleries located in Japan that are capable of producing our products. Additionally, for the production of older-aged product extensions, we plan to source from a different distillery than our distillery partner. This strategy is intended to diversify our supply chain, thereby reducing the risks associated with dependence on a single supplier. We are unable to assure you that these strategies will prove to be successful.

***Reduced consumer demand for alcoholic beverages could harm our business.*** There have been periods in the past in which overall per capita consumption of alcoholic beverages in the United States and other markets in which we participate has declined substantially. A limited or general decline in consumption in one or more of our product categories could occur in the future due to a variety of factors, including a general decline in economic conditions, increased concern about the health consequences of consuming alcoholic beverage products and about drinking and driving, a trend toward a healthier diet including lighter, lower-calorie beverages such as diet soft drinks, juices and water products, the increased activity of anti-alcohol groups and increased federal, state or foreign excise and other taxes on alcoholic beverage products. The competitive position of our products could also be affected adversely by any failure to achieve consistent, reliable quality in our products.

***The success of our business relies heavily on brand image, reputation and product quality.*** It is important that we maintain and increase the image and reputation of our existing brands and products. Concerns about product quality, even when unsubstantiated, could be harmful to our image and reputation of our brands and products. While we have quality control programs in place, in the event we experienced an issue with product quality, we may experience recalls or liability in addition to business disruption, which could further negatively impact brand image and reputation and negatively affect our sales. Our brand image and reputation may also be more difficult to protect, due to less oversight and control because of the outsourcing of some of our operations. We also could be exposed to lawsuits relating to product liability or marketing or sales practices. Deterioration of our brands' respective equity may be difficult to combat or reverse and could have a material effect on our business and financial results.

In addition, in recent years, there has been a marked increase in the use of social media platforms and other forms of Internet-based communications that provide individuals with access to broad audiences, and the availability of information on social media platforms is virtually immediate, as can be its impact. Many social media platforms immediately publish the content their participants post, often without filters or checks on accuracy of the content posted. Furthermore, other Internet-based or traditional media outlets may, in turn, reference or republish such social media content to an even broader audience. Information concerning us, regardless of its accuracy, may be posted on such platforms at any time. Information posted may be adverse to our interests or may be inaccurate, each of which may materially harm our brand, reputation, performance, prospects and business. Such harm may be immediate and we may have little or no opportunity to respond or to seek redress or a correction.

***Changes in consumer spending could have a negative impact on our financial condition and business results.*** Alcohol sales depend upon a number of factors related to the level of consumer spending, including the general state of the economy, income tax rates, deductibility of business entertainment expenses under relevant tax laws and consumer confidence in future economic conditions. Changes in consumer spending in these and other areas can affect both the quantity and the price of spirits that customers are willing to purchase at restaurants or through retail outlets. Reduced consumer confidence and spending may result in reduced demand for our products, limitations on our ability to increase prices and increased levels of selling and promotional expenses. These circumstances would likely have a considerable negative impact upon our overall sales and gross margins.

***Adverse public opinion about alcohol may harm our business.*** Many studies conclude or suggest that alcohol consumption has no health benefits and may increase the risk of stroke, cancer and other illnesses. An unfavorable report on the health effects of alcohol consumption could significantly reduce the demand for spirits, which could harm our business by reducing sales and increasing expenses. In recent years, activist groups have used advertising and other methods to inform the public about the societal harms associated with the consumption of alcoholic beverages. These groups have also sought, and continue to seek, legislation to reduce the availability of alcoholic beverages, to increase the penalties associated with the misuse of alcoholic beverages or to increase the costs associated with the production of alcoholic beverages. Over time, these efforts could cause a reduction in the consumption of alcoholic beverages generally, which could harm our business by reducing sales and increasing expenses.

***Changes in the prices of supplies and raw materials could have a materially adverse effect on our business.*** There have been changes in the cost of raw materials used in the production of raw spirits in recent years. The increases in prices may also take place in the future and our inability to pass on increases to consumers could reduce our margins and profits and have a material adverse effect on our business. We cannot assure you that shortages or increases in the prices of our supplies or raw materials will not have a material adverse effect on our financial condition and results of operations.

***We may not be able to fully exploit newly developed or acquired brands.*** We intend to develop and to acquire, as may be possible, third-party brands. In our experience, not every brand deployment is successful. We may incur significant costs acquiring and promoting new brands, only to have limited market acceptance and limited resulting sales. If these circumstances occur, our financial results may be negatively impacted and we may determine it to be the best course of action to no longer support that brand.

***We operate in a highly competitive industry and competitive pressures could have a material adverse effect on our business.*** The alcoholic beverage distribution industry worldwide, and particularly in the United States, is intensely competitive and highly fragmented. The principal competitive factors in our industry include product range, pricing, distribution capabilities and responsiveness to consumer preferences, with varying emphasis on these factors depending on the market and the product. With respect to individual customers, we face significant competition from various regional distributors and brick and mortar stores, who compete principally on price. The effect of this competition could adversely affect our results of operations.

As a spirits producer, we face competition from local and international producers. Other market participants have sought to increase their sales and distribution capabilities by, for example, introducing new products to compete with our products. Our revenue and market share could suffer, if these new competing products perform well, or if competing products are offered at prices that are lower than the prices of our products.

***We are dependent on the continued services and performance of our senior management and other key employees, the loss of any of whom could adversely affect our business, operating results and financial condition.*** Our future performance depends on the continued services and contributions of our senior management and other key employees, including Ryan Dolder, our Chief Executive Officer, and Hamish Harris, our Chairman of the Board. Without these key executives and employees, we may not have the ability to execute our business plans and to identify and pursue new opportunities and product innovations. The loss of services of senior management or other key employees could significantly delay or prevent the achievement of our development and strategic objectives. The loss of the services of our senior management or other key employees for any reason could adversely affect our business, financial condition and operating results. We do not presently maintain any key man life insurance policies.

***Our executive officers and directors may allocate their time to other businesses leading to potential conflicts of interest in their determination as to how much time to devote to the affairs of our company, which could have a negative impact on our business performance.*** Our executive officers and directors are engaged by us on a full-time basis. However, certain of these persons may have additional responsibilities at other entities, which could create a conflict of interest when allocating their time between our business operations and their other commitments. If their other business affairs require them to devote more substantial amounts of time to such affairs, it could limit their ability to devote sufficient time to the affairs of our company and could have a negative impact on our financial performance and execution of our company's business plan.

***We may not be able to manage future growth effectively.*** If our business plans are successful, we may experience significant growth in a short period of time and potential scaling issues. Should we grow rapidly, our financial, management and operating resources may not expand sufficiently to adequately manage our growth. If we are unable to manage our growth, our costs may increase disproportionately, our future revenues may stop growing or decline and we may face dissatisfied customers. Our failure to manage our growth may adversely impact our business and the value of your investment in our Ordinary Shares.

***If we are not able to adequately protect our intellectual property, it could harm our operating results.*** Our ability to compete depends, in part, upon the strength of our brands. The efforts we have taken to protect our intellectual property rights may not be sufficient or effective at stopping infringement of intellectual property rights. In addition, effective trademark, copyright and trade secret protection may not be available or cost-effective in every country in which our spirits products are made available. There may be instances where we are not able to fully protect or utilize our intellectual property in a manner that maximizes competitive advantage. If we are unable to protect our intellectual property rights from unauthorized use, the value of our spirits products may be reduced, which could negatively impact our business. Further, protecting our intellectual property rights could be expensive and would likely divert critical managerial resources. If any of the foregoing were to occur, or if we are otherwise unable to protect our intellectual property rights, our business and financial results could be adversely affected. If we are forced to resort to legal proceedings to enforce our intellectual property rights, the proceedings could be burdensome and expensive, without any assurance of success.

***Our company's products or processes could be subject to claims of infringement of the intellectual property of others.*** Claims that our products, business methods or processes infringe upon the proprietary rights of others often are not asserted until after commencement of commercial sales of a product. Significant litigation regarding intellectual property rights exists in our company's industry. Third parties may make claims of infringement against us in connection with such perceived infringement. Any claims, even those without merit, could be expensive and time consuming to defend; cause us to cease selling products that incorporate the challenged intellectual property; and divert management's attention and resources. We are unable to be certain of the outcome of any litigation.

***We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows.*** Our supplier for Shinju Japanese Whisky is located in Japan and our anticipated suppliers of tequila are expected to be located in Mexico. Because of this we face exposure to adverse movements in foreign currency exchange rates. These exposures may change over time as business practices evolve and they could have a material adverse impact on our financial results and cash flows.

***Current market conditions and recessionary pressures in one or more of our markets could impact our company's ability to expand our business.*** The U.S. economy faces continued concerns about the systemic impacts of adverse economic conditions such as the U.S. deficit, historically high inflation, volatile energy costs, geopolitical issues, the continued availability and cost of credit in the face of expected interest rate increases by the U.S. Federal Reserve, ongoing supply chain disruptions and unstable financial and real estate markets. Foreign countries, including those in the Euro zone, are affected by similar systemic impacts. Turbulence in the United States and international markets and economic conditions may adversely affect our company's liquidity and financial condition, and the financial condition of consumers. There is no assurance that our products will be accepted on a wide scale in the marketplace. To date, inflationary pressures have had some impact on our financial condition and results of operations. If inflationary pressures begin to have a material effect on our operations in the future, we may not develop plans that prove to be successful in mitigating those pressures.

***Our acquisition strategy may be unsuccessful and may introduce unexpected costs.*** While we currently have not agreement for an acquisition, we make additional acquisitions of other companies or operating assets. These activities involve significant strategic and operational risks, including:

● they may fail to achieve our strategic objectives or fail to meet our performance expectations, including as a result of challenges integrating the acquired company and assimilating their corporate culture;

● over-valuation by us of any companies or assets that we acquire;

● we may have difficulties integrating the operations, leadership, personnel, financial reporting, services or other functions of acquired companies;

● we may experience disputes that arise with the sellers;

● we may fail to effectively monitor compliance with corporate policies as well as regulatory requirements;

● we may face unanticipated risks and liabilities in connection with the acquired company's operations;

● we may obtain insufficient indemnification from the selling parties for liabilities incurred by the acquired companies prior to the acquisitions; and

● acquisition transactions, and the integration of acquired entities, may result in a diversion of our management's attention from other business concerns.

These risks could have a material adverse effect on our business because they may result in substantial costs to us and disrupt our business. The integration of prior acquisitions, as well as entry into future acquisition transactions, could materially adversely affect our business, financial condition, results of operations and liquidity. We could also incur impairment losses on goodwill and intangible assets with an indefinite life or restructuring charges as a result of acquisitions we make.

***Introduction of new products by competitors could harm our competitive position and results of operations.*** The markets for our products are characterized by severe competition, evolving industry standards, evolving business and distribution models, price cutting, with resulting downward pressure on gross margins, and price sensitivity on the part of customers. In particular, we face the risk that there exist minimal barriers to the entry of competitors into the market segment.

Our future success will depend on our ability to gain product name recognition and customer loyalty, as well as our being able to anticipate and respond to emerging standards and other unforeseen changes. If we fail to satisfy such standards of operation, our operating results could suffer. Further, intra-industry consolidations may result in stronger competitors and may, therefore, also harm our future results of operations.

***If we fail to maintain a positive reputation with consumers concerning our products, we may not be able to develop loyalty to our products, and our operating results may be adversely affected.*** We believe a positive reputation with customers to be highly important in developing loyalty to our products. To the extent our products are perceived as low quality or otherwise not compelling to potential customers, our ability to establish and maintain a positive reputation and product loyalty may be adversely impacted.

***We may not be able to compete effectively in our markets.*** None of our products enjoys name recognition and many of our competitors possess substantially greater resources, financial and otherwise, than does our company. There is no assurance that we will be able to establish our business and compete successfully in this environment.

***Unfavorable publicity or consumer perception of our products or any similar products distributed by other companies could have a material adverse effect on our business and financial condition.*** We believe our product sales will be highly dependent on consumer perception of the safety, quality and efficacy of our products as well as similar or other products distributed and sold by other companies. Consumer perception of our products can be significantly influenced by scientific research or findings, regulatory investigations, litigation, national media attention, and other publicity including publicity regarding the legality, safety or quality of particular ingredients or products and cannabis markets in general. From time to time, there is unfavorable publicity, scientific research or findings, litigation, regulatory proceedings and other media attention regarding our industry. There can be no assurance that future publicity, scientific research or findings, litigation, regulatory proceedings, or media attention will be favorable to our products' markets or any particular product or ingredient, or consistent with earlier publicity, scientific research or findings, litigation, regulatory proceedings or media attention. Adverse publicity, scientific research or findings, litigation, regulatory proceedings or media attention, whether or not accurate, could have a material adverse effect on our business and financial condition.

***Our business and operations would be adversely impacted in the event of a failure or interruption of our information technology infrastructure or as a result of a cybersecurity attack.*** The proper functioning of our own information technology (IT) infrastructure is critical to the efficient operation and management of our business. We may not have the necessary financial resources to update and maintain our IT infrastructure, and any failure or interruption of our IT system could adversely impact our operations. In addition, our IT is vulnerable to cyberattacks, computer viruses, worms and other malicious software programs, physical and electronic break-ins, sabotage and similar disruptions from unauthorized tampering with our computer systems. We believe that we have adopted appropriate measures to mitigate potential risks to our technology infrastructure and our operations from these IT-related and other potential disruptions. However, given the unpredictability of the timing, nature and scope of any such IT failures or disruptions, we could potentially be subject to downtimes, transactional errors, processing inefficiencies, operational delays, other detrimental impacts on our operations or ability to provide products to our customers, the compromising of confidential or personal information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks, financial losses from remedial actions, loss of business or potential liability, and/or damage to our reputation, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.

***If we fail to comply with personal data protection and privacy laws, we could be subject to adverse publicity, government enforcement actions and/or private litigation, which could negatively affect our business and operating results.*** In the ordinary course of our business, we receive, process, transmit and store information relating to identifiable individuals ("personal data"), primarily employees, former employees and consumers with whom we interact. As a result, we are subject to various U.S. federal and state and foreign laws and regulations relating to personal data. These laws have been subject to frequent changes, and new legislation in this area may be enacted in other jurisdictions at any time. These laws impose operational requirements for companies receiving or processing personal data, and many provide for significant penalties for noncompliance. These requirements with respect to personal data have subjected and may continue in the future to subject our company to, among other things, additional costs and expenses and have required and may in the future require costly changes to our business practices and information security systems, policies, procedures and practices. Our security controls over personal data, the training of employees and vendors on data privacy and data security, and the policies, procedures and practices we implemented or may implement in the future may not prevent the improper disclosure of personal data by us or the third-party service providers and vendors whose technology, systems and services we use in connection with the receipt, storage and transmission of personal data. Unauthorized access or improper disclosure of personal data in violation of personal data protection or privacy laws could harm our reputation, cause loss of consumer confidence, subject us to regulatory enforcement actions (including fines), and result in private litigation against us, which could result in loss of revenue, increased costs, liability for monetary damages, fines and/or criminal prosecution, all of which could negatively affect our business and operating results.

***If our third-party service providers and business partners do not satisfactorily fulfill their commitments and responsibilities, our financial results could suffer.*** In the conduct of our business, we rely on relationships with third parties, including cloud data storage and other information technology service providers, suppliers, distributors, contractors, joint venture partners and other external business partners, for certain functions or for services in support of key portions of our operations. These third-party service providers and business partners are subject to similar risks as we are relating to cybersecurity, privacy violations, business interruption, and systems and employee failures, and are subject to legal, regulatory and market risks of their own. Our third-party service providers and business partners may not fulfill their respective commitments and responsibilities in a timely manner and in accordance with the agreed-upon terms. In addition, while we have procedures in place for selecting and managing our relationships with third-party service providers and other business partners, we do not have control over their business operations or governance and compliance systems, practices and procedures, which increases our financial, legal, reputational and operational risk. If we are unable to effectively manage our third-party relationships, or for any reason our third-party service providers or business partners fail to fulfill their commitments and responsibilities, our financial results could suffer.

**Risks Related to Compliance and Regulation**

***We will not have reporting obligations under Sections 14 or 16 of the Securities Exchange Act of 1934, nor will any shareholders have reporting requirements of Regulation 13D or 13G, nor Regulation 14D.*** So long as our common shares are not registered under the Exchange Act, our directors and executive officers and beneficial holders of 10% or more of our outstanding shares of common stock will not be subject to Section 16 of the Exchange Act. Section 16(a) of the Exchange Act requires executive officers and directors and persons who beneficially own more than 10% of a registered class of equity securities to file with the SEC initial statements of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership of common shares and other equity securities, on Forms 3, 4 and 5, respectively. Such information about our directors, executive officers and beneficial holders will only be available through periodic reports we file with OTC Markets.

Our common stock is not registered under the Exchange Act and we do not intend to register our common stock under the Exchange Act for the foreseeable future; provided, however, that we will register our common stock under the Exchange Act if we have, after the last day of any fiscal year, more than either (1) 2,000 persons; or (2) 500 shareholders of record who are not accredited investors, in accordance with Section 12(g) of the Exchange Act.

Further, as long as our common stock is not registered under the Exchange Act, we will not be subject to Section 14 of the Exchange Act, which, among other things, prohibits companies that have securities registered under the Exchange Act from soliciting proxies or consents from shareholders without furnishing to shareholders and filing with the SEC a proxy statement and form of proxy complying with the proxy rules.

The reporting required by Section 14(d) of the Exchange Act provides information to the public about persons other than the company who is making the tender offer. A tender offer is a broad solicitation by a company or a third party to purchase a substantial percentage of a company's common stock for a limited period of time. This offer is for a fixed price, usually at a premium over the current market price, and is customarily contingent on shareholders tendering a fixed number of their shares.

In addition, as long as our common stock is not registered under the Exchange Act, our company will not be subject to the reporting requirements of Regulation 13D and Regulation 13G, which require the disclosure of any person who, after acquiring directly or indirectly the beneficial ownership of any equity securities of a class, becomes, directly or indirectly, the beneficial owner of more than 5% of the class.

***There may be deficiencies with our internal controls that require improvements.*** Our company is not required to provide a report on the effectiveness of our internal controls over financial reporting. We are in the process of evaluating whether our internal control procedures are effective and, therefore, there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such independent evaluations.

**Risks Related to Our Organization and Structure**

***As a non-listed company conducting an exempt offering pursuant to Regulation A, we are not subject to a number of corporate governance requirements, including the requirements for independent board members.*** As a non-listed company conducting an exempt offering pursuant to Regulation A, we are not subject to a number of corporate governance requirements that an issuer conducting an offering on Form S-1 or listing on a national stock exchange would be. Accordingly, we are not required to have (a) a board of directors of which a majority consists of independent directors under the listing standards of a national stock exchange, (b) an audit committee composed entirely of independent directors and a written audit committee charter meeting a national stock exchange's requirements, (c) a nominating/corporate governance committee composed entirely of independent directors and a written nominating/ corporate governance committee charter meeting a national stock exchange's requirements, (d) a compensation committee composed entirely of independent directors and a written compensation committee charter meeting the requirements of a national stock exchange, and (e) independent audits of our internal controls. Accordingly, you may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of a national stock exchange.

***Our holding company structure makes us dependent on our subsidiaries for our cash flow and could serve to subordinate the rights of our shareholders to the rights of creditors of our subsidiaries, in the event of an insolvency or liquidation of any such subsidiary.*** Our company acts as a holding company and, accordingly, substantially all of our operations are conducted through our subsidiaries. Such subsidiaries will be separate and distinct legal entities. As a result, substantially all of our cash flow will depend upon the earnings of our subsidiaries. In addition, we will depend on the distribution of earnings, loans or other payments by our subsidiaries. No subsidiary will have any obligation to provide our company with funds for our payment obligations. If there is an insolvency, liquidation or other reorganization of any of our subsidiaries, our shareholders will have no right to proceed against their assets. Creditors of those subsidiaries will be entitled to payment in full from the sale or other disposal of the assets of those subsidiaries before our company, as a shareholder, would be entitled to receive any distribution from that sale or disposal.

**Risks Related to a Purchase of the Offered Shares**

***The outstanding shares of our Series B Preferred Stock effectively preclude current and future owners of our common stock from influencing any corporate decision.*** Intergen is the owner of all outstanding shares of our Series B Preferred Stock, which provides holders of the Series B Preferred Stock, as a class, voting rights in all matters requiring shareholder approval equal to 66.67% of all shares eligible to vote. Currently, by agreement, Mr. Costley holds voting and dispositive power with respect to the outstanding shares of our Series B Preferred Stock. Mr. Costley will, therefore, be able to control the management and affairs of our company, as well as matters requiring the approval by our shareholders, including the election of directors, any merger, consolidation or sale of all or substantially all of our assets, and any other significant corporate transaction. Intergen's ownership of all outstanding shares of our Series B Preferred Stock may also delay or prevent a future change of control of our company at a premium price, if Mr. Costley opposes it.

***The outstanding shares of our Series B Preferred Stock, as a class, may be converted into a number of shares of our common stock equal to 75% of the post-conversion shares of common stock.*** Each 1,000 shares of Series B Preferred Stock have rights to convert into a number of shares of our common stock equal to one percent (1%) of the then-outstanding shares of our common stock, at any time. The effect of such rights of conversion is that their holder, Intergen, were Intergen to convert all outstanding shares of our Series B Preferred Stock into common stock, would be issued a number of shares of common stock equal to 75% of our then-outstanding shares of common stock. (See "[Dilution](#a_004)-Ownership Dilution").

***There is no escrow established for the proceeds of this offering.*** Because there is no escrow established for the proceeds of this offering, proceeds derived from sales of Offered Shares will be deposited directly into our operating account, will be available for immediate use by our company and will be immediately subject to any claims of our creditors.

***We are selling this offering on a best-efforts basis and, together with the Placement Agent, may be unable to sell any Company Offered Shares.*** This offering is being conducted on a best-efforts basis, that is, this offering is not a firm-commitment, underwritten offering. Rather, we intend to sell the Company Offered Shares through the efforts of the Placement Agent, in conjunction with our executive officers and directors, who will receive no commissions. There is no guarantee that the Placement Agent, our executive officers and director or any other person will be able to sell any of the Ordinary Shares. None of our executive officers and directors has any experience conducting a best-efforts offering. (See "[Plan of Distribution](#a_006)").

***There is no minimum offering beyond the $5,000 minimum subscription amount, and no person has committed to purchase any of the Company Offered Shares.*** We have not established a minimum offering hereunder beyond the $5,000 minimum subscription amount for the Company Offered Shares, which means that we will be able to accept even a nominal amount of proceeds from such sales, even if such amount of proceeds is not sufficient to permit us to achieve any of our business objectives. In this regard, there is no assurance that we will sell any of the Company Offered Shares or that we will sell enough of the Company Offered Shares necessary to achieve any of our business objectives. Additionally, no person is committed to purchase any of the Company Offered Shares.

***We may seek additional capital that may result in shareholder dilution or that may have rights senior to those of our common stock.*** From time to time, we may seek to obtain additional capital, either through equity, equity-linked or debt securities. The decision to obtain additional capital will depend on, among other factors, our business plans, operating performance and condition of the capital markets. If we raise additional funds through the issuance of equity, equity-linked or debt securities, those securities may have rights, preferences or privileges senior to the rights of our common stock, which could negatively affect the market price of our common stock or cause our shareholders to experience dilution.

***You may never realize any economic benefit from a purchase of Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares).*** Because our common stock is volatile and thinly traded, there is no assurance that you will ever realize any economic benefit from your purchase of Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares).

***We do not intend to pay dividends on our common stock.*** We intend to retain earnings, if any, to provide funds for the implementation of our business strategy. We do not intend to declare or pay any dividends in the foreseeable future. Therefore, there can be no assurance that holders of our common stock will receive cash, stock or other dividends on their shares of our common stock, until we have funds which our Board of Directors determines can be allocated to dividends.

***Our shares of common stock are Penny Stock, which may impair trading liquidity.*** Disclosure requirements pertaining to penny stocks may reduce the level of trading activity in the market for our common stock and investors may find it difficult to sell their shares. Trades of our common stock will be subject to Rule 15g-9 of the SEC, which rule imposes certain requirements on broker-dealers who sell securities subject to the rule to persons other than established customers and accredited investors. For transactions covered by the rule, broker-dealers must make a special suitability determination for purchasers of the securities and receive the purchaser's written agreement to the transaction prior to sale. The SEC also has rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in that security is provided by the exchange or system). The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation.

***Our common stock is thinly traded and its market price may become highly volatile.*** There is currently only a limited market for our common stock. A limited market is characterized by a relatively limited number of shares in the public float, relatively low trading volume and a small number of brokerage firms acting as market makers. The market for low priced securities is generally less liquid and more volatile than securities traded on national stock markets. Wide fluctuations in market prices are not uncommon. No assurance can be given that the market for our common stock will continue. The price of our common stock may be subject to wide fluctuations in response to factors such as the following, some of which are beyond our control:

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| |
|:---|
| quarterly variations in our operating results; |
| operating results that vary from the expectations of investors; |
| changes in expectations as to our future financial performance, including financial estimates by investors; |
| reaction to our periodic filings, or presentations by executives at investor and industry conferences; |
| changes in our capital structure; |
| announcements of innovations or new services by us or our competitors; |
| announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments; |
| lack of success in the expansion of our business operations; |
| announcements by third parties of significant claims or proceedings against our company or adverse developments in pending proceedings; |
| additions or departures of key personnel; |
| asset impairment; |
| rumors or public speculation about any of the above factors. |

---

***The terms of this offering were determined arbitrarily.*** The terms of this offering were determined arbitrarily by us. The offering price for the Company Offered Shares does not necessarily bear any relationship to our company's assets, book value, earnings or other established criteria of valuation. Accordingly, the offering price of the Company Offered Shares should not be considered as an indication of any intrinsic value of such securities. (See "[Dilution](#a_004)").

***Our common stock is subject to price volatility unrelated to our operations.*** The market price of our common stock could fluctuate substantially due to a variety of factors, including market perception of our ability to achieve our planned growth, quarterly operating results of other companies in the same industry, trading volume in our common stock, changes in general conditions in the economy and the financial markets or other developments affecting our company's competitors or our company itself. In addition, the over-the-counter stock market is subject to extreme price and volume fluctuations in general. This volatility has had a significant effect on the market price of securities issued by many companies for reasons unrelated to their operating performance and could have the same effect on our common stock.

***Future sales of our common stock, or the perception in the public markets that these sales may occur, could reduce the market price of our common stock.*** In general, our officers and directors and major shareholders, as affiliates, under Rule 144 may not sell more than one percent of the total issued and outstanding shares in any 90-day period, and must resell the shares in an unsolicited brokerage transaction at the market price. The availability for sale of substantial amounts of our common stock under Rule 144 or otherwise could reduce prevailing market prices for our common stock.

***You will suffer dilution in the net tangible book value of the Company Offered Shares you purchase in this offering.*** If you acquire any Company Offered Shares, you will suffer immediate dilution, due to the lower book value per share of our common stock compared to the purchase price of the Company Offered Shares in this offering. (See "[Dilution](#a_004)").

***As an issuer of penny stock, the protection provided by the federal securities laws relating to forward looking statements does not apply to us.*** Although federal securities laws provide a safe harbor for forward-looking statements made by a public company that files reports under the federal securities laws, this safe harbor is not available to issuers of penny stocks. As a result, we will not have the benefit of this safe harbor protection in the event of any legal action based upon a claim that the material provided by us contained a material misstatement of fact or was misleading in any material respect because of our failure to include any statements necessary to make the statements not misleading. Such an action could hurt our financial condition.

**DILUTION**

**Ownership Dilution**

*[<u>Note</u>: References in this Ownership Dilution section to "Offered Shares" include the Company Offered Shares and the Selling Shareholder Offered Shares, unless specifically indicated otherwise.]*

The information under "Investment Dilution" below does not take into account the potential conversion of the outstanding shares of Series B Preferred Stock. Were the shares of Series B Preferred Stock to be converted into shares of common stock immediately after the sale of all 200,000,000 Company Offered Shares and issuance of all 9,000,000 of the Conversion Shares, we would issue a total of approximately 982,414,800 shares of common stock. The outstanding shares of Series B Preferred Stock may be converted into shares of our common stock at anytime.

The conversion of the outstanding shares of Series B Preferred Stock into shares of our common stock would cause holders of our common stock, including the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares), to incur significant dilution in their ownership of our company. (See "[Risk Factors](#a_003)-Risks Related to a Purchase of the Offered Shares," "[Description of Securities](#a_008)" and "[Security Ownership of Certain Beneficial Owners and Management](#a_013)").

**Investment Dilution**

Dilution in net tangible book value per share to purchasers of our common stock in this offering represents the difference between the amount per share paid by purchasers of the Company Offered Shares in this offering and the net tangible book value per share immediately after completion of this offering. In this offering, dilution is attributable primarily to our negative net tangible book value per share.

If you purchase Offered Shares in this offering, your investment will be diluted to the extent of the difference between your purchase price per Offered Share and the net tangible book value of our common stock after this offering. Our net tangible book value as of June 30, 2025, was $52,957 (unaudited), or $0.00 (unaudited) per share. Net tangible book value per share is equal to total assets ($3,789,099) minus the sum of total liabilities ($236,142) and intangible assets ($3,500,000) divided by the total number of shares outstanding at June 30, 2025 (117,221,600 shares, which gives effect to the cancellation of 9,995,000,000 shares of our common stock that occurred after June 30, 2025).

After deducting 8% Placement Agent commissions, the tables below illustrate the dilution to purchasers of Company Offered Shares in this offering, on a pro forma basis, assuming 100%, 75%, 50% and 25% of the Company Offered Shares are sold at a per share price of $0.05.

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| | |
|:---|:---|
| ***Assuming the Sale of 100% of the Company Offered Shares*** | |
| Assumed offering price per share | $0.05 |
| **Net tangible book value per share as of June 30, 2025 (unaudited)** | $0.00 |
| Increase in net tangible book value per share after giving effect to this offering | $0.03 |
| Pro forma net tangible book value per share as of June 30, 2025 (unaudited) | $0.03 |
| **Dilution in net tangible book value per share to purchasers of Company Offered Shares in this offering** | $**0.02** |
| ***Assuming the Sale of 75% of the Company Offered Shares*** |  |
| Assumed offering price per share | $0.05 |
| **Net tangible book value per share as of June 30, 2025 (unaudited)** | $0.00 |
| Increase in net tangible book value per share after giving effect to this offering | $0.03 |
| Pro forma net tangible book value per share as of June 30, 2025 (unaudited) | $0.03 |
| **Dilution in net tangible book value per share to purchasers of Company Offered Shares in this offering** | $**0.02** |
| ***Assuming the Sale of 50% of the Company Offered Shares*** |  |
| Assumed offering price per share | $0.05 |
| **Net tangible book value per share as of June 30, 2025 (unaudited)** | $0.00 |
| Increase in net tangible book value per share after giving effect to this offering | $0.02 |
| Pro forma net tangible book value per share as of June 30, 2025 (unaudited) | $0.02 |
| **Dilution in net tangible book value per share to purchasers of Company Offered Shares in this offering** | $**0.03** |
| ***Assuming the Sale of 25% of the Company Offered Shares*** |  |
| Assumed offering price per share | $0.05 |
| **Net tangible book value per share as of June 30, 2025 (unaudited)** | $0.00 |
| Increase in net tangible book value per share after giving effect to this offering | $0.01 |
| Pro forma net tangible book value per share as of June 30, 2025 (unaudited) | $0.01 |
| **Dilution in net tangible book value per share to purchasers of Company Offered Shares in this offering** | $**0.04** |

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**USE OF PROCEEDS**

The table below sets forth the estimated proceeds we would derive from this offering, assuming the sale of 25%, 50%, 75% and 100% of the Company Offered Shares at a per share price of $0.05, after deducting 8% Placement Agent commissions and estimated offering expenses of $15,000 payable by us. There is, of course, no guaranty that we will be successful in selling any of the Company Offered Shares in this offering.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assumed Percentage of Company Offered Shares**<br> **Sold in This Offering** | **Assumed Percentage of Company Offered Shares**<br> **Sold in This Offering** | **Assumed Percentage of Company Offered Shares**<br> **Sold in This Offering** | **Assumed Percentage of Company Offered Shares**<br> **Sold in This Offering** |
|  | **25%** | **50%** | **75%** | **100%** |
| Offered Shares sold | 50000000 | 100000000 | 150000000 | 200000000 |
| Gross proceeds | $2500000 | $5000000 | $7500000 | $10000000 |
| Placement Agent Commissions**<sup>(1)</sup>** | 200000 | 400000 | 600000 | 800000 |
| Offering expenses**<sup>(2)</sup>** | 15000 | 15000 | 15000 | 15000 |
| Net proceeds | $2285000 | $4585000 | $6885000 | $9185000 |

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______________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We are required to pay Placement Agent Commissions
of 8% on all sales of Company Offered Shares attributable to the Placement Agent; this table assumes payment of such Placement Agent
Commissions.

(2) Offering expenses include the following items,
 certain of which are estimated for purposes of this table: administrative expenses, legal and accounting fees, publishing/EDGAR and Blue-Sky
 compliance.

The table below sets forth the proceeds we would derive from the sale of assuming the sale of 25%, 50%, 75% and 100% of the Company Offered Shares at a per share price of $0.05, after deducting 8% Placement Agent commissions and estimated offering expenses of $15,000 payable by us. There is, of course, no guaranty that we will be successful in selling any of the Company Offered Shares. All amounts set forth below are estimates.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Use of Proceeds for Assumed Percentage**<br> **of Company Offered Shares Sold in This Offering<sup>(1)</sup>** | **Use of Proceeds for Assumed Percentage**<br> **of Company Offered Shares Sold in This Offering<sup>(1)</sup>** | **Use of Proceeds for Assumed Percentage**<br> **of Company Offered Shares Sold in This Offering<sup>(1)</sup>** | **Use of Proceeds for Assumed Percentage**<br> **of Company Offered Shares Sold in This Offering<sup>(1)</sup>** |
|  | **25%** | **50%** | **75%** | **100%** |
| Development of Current Brands | $1000000 | $2000000 | $3000000 | $4000000 |
| Development of New Brands | 1000000 | 2000000 | 3000000 | 4000000 |
| Company Expansion, including Acquisitions**<sup>(2)</sup>** | 135000 | 335000 | 535000 | 1035000 |
| **Payroll, including Officers' Salaries**<sup>(3)</sup>**  | 50000 | 100000 | 150000 | 200000 |
| General and Administrative Expense | 100000 | 150000 | 200000 | 250000 |
| **Total Net Proceeds** | $**2285000** | $**4585000** | $**6885000** | $**9185000** |

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(1) The Subject Convertible Notes were issued, as follows:

(a) On July 15, 2025, we issued a $4,515 principal amount convertible promissory note to Newlan Law Firm, PLLC, our legal counsel, that bears interest at 8% per annum, is due on July 15, 2026, and is convertible at this holder's election, into up to 1,350,000 Conversion Shares. This convertible promissory note was issued in repayment of certain costs advanced on behalf of our company by Newlan Law Firm, PLLC. (See " [Plan of Distribution](#a_006) " and " [Selling Shareholders](#a_007) ").

(b) On September 5, 2025, we issued a $25,000 principal amount convertible promissory note to Marbletown Advisors LLC, that bears interest at 8% per annum, is due on September 5, 2026, and is convertible at this holder's election, into up to 7,650,000 Conversion Shares. This convertible promissory note was issued in consideration of a $25,000 loan. The proceeds of this loan were used for general corporate purposes. (See " [Plan of Distribution](#a_006) " and " [Selling Shareholders](#a_007) ").

(2) We currently have no agreement or understanding with respect to any acquisition of any business or
 operating unit of a business. To the extent not used in acquisitions, proceeds allocated to this line item will be used for working
 capital.

(3) We
intend to utilize up to 50% of the proceeds allocated to this line item for the payment of salaries of our executive officers.

We reserve the right to change the foregoing use of proceeds, should our management believe it to be in the best interest of our company. The allocations of the proceeds of this offering presented above constitute the current estimates of our management and are based on our current plans, assumptions made with respect to the beverage industry, general economic conditions and our future revenue and expenditure estimates.

Investors are cautioned that expenditures may vary substantially from the estimates presented above. Investors must rely on the judgment of our management, who will have broad discretion regarding the application of the proceeds of this offering. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations (if any), business developments and the rate of our growth. We may find it necessary or advisable to use portions of the proceeds of this offering for other purposes.

In the event we do not obtain the entire offering amount hereunder, we may attempt to obtain additional funds through private offerings of our securities or by borrowing funds. Currently, we do not have any committed sources of financing.

**PLAN OF DISTRIBUTION**

**In General**

*<u>Company Offered Shares</u>*. Our company is offering a maximum of 200,000,000 Company Offered Shares on a best-efforts basis, at a fixed price of $[0.01-0.05] per Offered Share; any funds derived from this offering will be immediately available to us for our use. There will be no refunds. This offering will terminate at the earliest of (a) the date on which the maximum offering has been sold, (b) the date which is one year from this offering being qualified by the SEC or (c) the date on which this offering is earlier terminated by us, in our sole discretion.

We have entered into a Placement Agent and Advisory Services Agreement (the Placement Agent Agreement) with MD Global Partners, LLC (the Placement Agent), a FINRA-registered broker-dealer. The Placement Agent is to be paid a cash fee equal to 8% of proceeds received by our company from sales of Company Offered Shares from sources attributable to the Placement Agent. The Placement Agent is under no obligation to purchase Company Offered Shares for its own account or on behalf of any other person.

Beyond the $5,000 minimum subscription amount described below, there is no minimum number of Company Offered Shares that we are required to sell in this offering. All funds derived by us from this offering will be immediately available for use by us, in accordance with the uses set forth in the Use of Proceeds section of this Offering Circular. No funds will be placed in an escrow account during the offering period and no funds will be returned, once an investor's subscription agreement has been accepted by us.

We intend to sell the Company Offered Shares in this offering through the efforts of our Chief Executive Officer, Janon Costley. Mr. Costley will not receive any compensation for offering or selling the Company Offered Shares. We believe that Mr. Costley is exempt from registration as a broker-dealer under the provisions of Rule 3a4-1 promulgated under the Securities Exchange Act of 1934 (the Exchange Act). In particular, Mr. Costley:

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|:---|
| is not subject to a statutory disqualification, as that term is defined in Section 3(a)(39) of the Securities Act; and |
| is not to be compensated in connection with his participation by the payment of commissions or other remuneration based either directly or indirectly on transactions in securities; and |
| is not an associated person of a broker or dealer; and |
| meets the conditions of the following: |

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| |
|:---|
| primarily performs, and will perform at the end of this offering, substantial duties for us or on our behalf otherwise than in connection with transactions in securities; and |
| was not a broker or dealer, or an associated person of a broker or dealer, within the preceding 12 months; and |
| did not participate in selling an offering of securities for any issuer more than once every 12 months other than in reliance on paragraphs (a)(4)(i) or (iii) of Rule 3a4-1 under the Exchange Act. |

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*<u>Selling Shareholder Offered Shares</u>*. In addition, the Selling Shareholders are offering up to 26,000,000 Selling Shareholder Offered Shares. We will not receive any of the proceeds from the sale of the Selling Shareholder Offered Shares in this offering. We will pay all of the expenses of the offering (other than the discounts and commissions payable with respect to the Selling Shareholder Offered Shares sold in the offering). Our company will not be involved in any manner in the sales of the Selling Shareholder Offered Shares by the Selling Shareholders. (See "[Selling Shareholders](#a_007)").

**Procedures for Subscribing for Company Offered Shares**

*<u>In General</u>*. If you are interested in subscribing for Company Offered Shares in this offering, please submit a request for information by e-mail to Mr. Costley at: janon@shinjuwhisky.com; all relevant information will be delivered to you by return e-mail via electronic PDF format. Additionally, this Offering Circular will be available for viewing and download 24 hours per day, 7 days per week on our website at www.metavesco.com, as well as on the SEC's website, www.sec.gov.

Thereafter, should you decide to subscribe for Company Offered Shares, you are required to follow the procedures described therein, which are:

- Electronically execute and deliver to us a subscription agreement via e-mail to: janon@shinjuwhisky.com; and <br> - Deliver funds directly by check or by wire or electronic funds transfer via ACH to our specified bank account.

*<u>Subscription Review Process</u>*. After we receive your complete, executed subscription agreement and the funds required under the subscription agreement have been transferred to us and shall have cleared, we have the right to review and accept or reject your subscription, in whole or in part. In determining whether to accept or reject a subscription, we will consider the following factors: whether the subscriber or an affiliate of the subscriber qualifies as a "bad actor" as defined in Rule 262(d) of the SEC; and the reputation of the subscriber and its affiliates within the securities industry.

Within three (3) days after we receive your complete, executed subscription agreement and the funds required under the subscription agreement have been transferred to us and shall have cleared, we will notify you of our decision, and the reason therefor, to reject or accept your subscription.

*Rejection of Subscriptions*. Should we determine to reject your subscription, we will return all monies from your rejected subscription via wire transfer (or such other method as directed by you) within one (1) business day of our notifying you of such determination, without interest or deduction.

*Acceptance of Subscriptions*. Should we determine to accept your subscription, we will countersign the subscription agreement and, within one (1) business day, issue and deliver the Company Offered Shares subscribed in accordance with your delivery instructions. Once your subscription has been accepted by us, you may not revoke or change your subscription or request the return of your subscription funds. All accepted subscription agreements are irrevocable.

An investor will become a shareholder of our company, upon our acceptance of our acceptance of a subscription, with the Company Offered Shares being issued immediately thereafter. For clarity, the subscription settlement will not occur until an investor's funds have cleared and we accept an investor's subscription.

By executing the subscription agreement and paying the total purchase price for the Company Offered Shares subscribed, each investor agrees to accept the terms of the subscription agreement and attests that the investor meets certain minimum financial standards. (See "State Law Exemption and Offerings to Qualified Purchasers" below).

An approved trustee must process and forward to us subscriptions made through IRAs, Keogh plans and 401(k) plans. In the case of investments through IRAs, Keogh plans and 401(k) plans, we will send the confirmation and notice of our acceptance to the trustee.

**Minimum Purchase Requirements**

You must initially purchase at least $5,000 of the Company Offered Shares in this offering. If you have satisfied the minimum purchase requirement, any additional purchase must be in an amount of at least $1,000.

**State Law Exemption and Offerings to Qualified Purchasers**

*<u>State Law Exemption</u>*. This Offering Circular does not constitute an offer to sell or the solicitation of an offer to purchase any Offered Shares, whether Company Offered Shares or Selling Shareholder Offered Shares, in any jurisdiction in which, or to any person to whom, it would be unlawful to do so. An investment in the Offered Shares, whether Company Offered Shares or Selling Shareholder Offered Shares, involves substantial risks and possible loss by investors of their entire investments. (See "[Risk Factors](#a_003)").

The Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) have not been qualified under the securities laws of any state or jurisdiction. Currently, we plan initially to seek qualification of the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) in Colorado, Connecticut, Delaware, Florida, Georgia, New York and Puerto Rico. It is possible that we would determine to qualify Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) in all states. In the case of each state in which Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) are offered and sold, we will qualify the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) for sale with the applicable state securities regulatory body or the Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) will be offered and sold pursuant to an exemption from registration found in the applicable state's securities, or Blue Sky, law.

Certain of our company's offerees may be broker-dealers registered with the SEC under the Exchange Act, who may be interested in reselling the Company Offered Shares to others. Any such broker-dealer will be required to comply with the rules and regulations of the SEC and FINRA relating to underwriters.

*<u>Investor Suitability Standards</u>*. The Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) may only be purchased by investors residing in a state in which this Offering Circular is duly qualified who have either (a) a minimum annual gross income of $70,000 and a minimum net worth of $70,000, exclusive of automobile, home and home furnishings, or (b) a minimum net worth of $250,000, exclusive of automobile, home and home furnishings.

**Issuance of the Company Offered Shares**

Upon settlement, that is, at such time as an investor's funds have cleared and we have accepted an investor's subscription agreement, we will either issue such investor's purchased Company Offered Shares in book-entry form or issue a certificate or certificates representing such investor's purchased Company Offered Shares.

**Transferability of the Offered Shares**

The Offered Shares (Company Offered Shares and Selling Shareholder Offered Shares) will be generally freely transferable, subject to any restrictions imposed by applicable securities laws or regulations.

**Advertising, Sales and Other Promotional Materials**

We have not used, and we do not intend to use, any advertising, sales and other promotional materials outside of this Offering Circular, including "testing the waters" materials under the authorization of Rule 255.

**SELLING SHAREHOLDERS**

The Selling Shareholders are offering for sale up to a total of 26,000,000 Selling Shareholder Offered Shares, 17,000,000 shares of which are currently outstanding (the I/O Shares) and up to a total of 9,000,000 Conversion Shares.

The shareholders named in the table below are the "Selling Shareholders." The Selling Shareholders intend to sell up to 26,000,000 Selling Shareholder Offered Shares at the offering price for all of the Offered Shares, $[0.01-0.05] per share. The Selling Shareholders are third parties. Our company will not be involved in any manner in the sales of the Selling Shareholder Offered Shares by the Selling Shareholders.

We will pay all of the expenses of this offering (other than the selling commissions payable with respect to the Selling Shareholder Offered Shares sold in this offering, if any), but we will not receive any of the proceeds from the sales of Selling Shareholder Offered Shares in this offering.

The Selling Shareholders intend to sell the Selling Shareholder Offered Shares at the fixed offering price of $[0.01-0.05] per share in market transactions or in negotiated private transactions. The Selling Shareholders may be deemed to be "underwriters" of the shares of our common stock offered by the Selling Shareholders in this offering. In this regard, each of the Selling Shareholders intends to deliver to a purchaser this Offering Circular before or with the sale of Selling Shareholder Offered Shares. It is expected that, in sales of Selling Shareholder Offered Shares in market transactions, if any, this Offering Circular would be delivered in digital format with the relevant sale confirmation.

A minimum purchase of $5,000 of the Selling Shareholder Offered Shares is required in this offering; any additional purchase must be in an amount of at least $1,000.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Selling Shareholder** | **Position, Office or Other Material Relationship** | **# of Shares Beneficially Owned (1)** | **% Beneficially Owned (2)** | **# of Shares to be Offered for the Account of the Selling Shareholder** | **# of Shares Beneficially Owned** | **% Beneficially Owned (3)** |
| David Ulrich(4) |  | 2000000 | 1.57% | 2000000 | 0 | 0% |
| Jay Kopischke(5) |  | 1000000 | \* | 1000000 | 0 | 0% |
| Nigel Allan(6) |  | 2000000 | 1.57% | 2000000 | 0 | 0% |
| LaVert Phillips(7) |  | 500000 | \* | 500000 | 0 | 0% |
| Patrick Moore(8) |  | 2000000 | 1.57% | 2000000 | 0 | 0% |
| Kyle Dolder(9) |  | 1000000 | \* | 1000000 | 0 | 0% |
| Melvin Costley(10) |  | 1000000 | \* | 1000000 | 0 | 0% |
| Marc Brooks(11) |  | 500000 | \* | 500000 | 0 | 0% |
| Clyde Davis(12) |  | 500000 | \* | 500000 | 0 | 0% |
| Benjamin Cukierman(13) |  | 500000 | \* | 500000 | 0 | 0% |
| 1129 Designs, LLC(14) |  | 250000 | \* | 250000 | 0 | 0% |
| Robert Montgomery(15) |  | 750000 | \* | 750000 | 0 | 0% |
| Steel Sporran, LLC(16) | See Note 16 | 5000000 | 3.92% | 5000000 | 0 | 0% |
| Newlan Law Firm, PLLC(17) | See Note 17 | 1350000 | 1.06% | 1350000 | 0 | 0% |
| Marbletown Advisors, LLC(18) |  | 7650000 | 6.00% | 7650000 | 0 | 0% |

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__________________________

\* Less than 1%.

(1) All of the shares listed in this column have been issued, except for the 9,000,000 Conversion Shares owned beneficially by Newlan Law Firm, PLLC (as to 1,350,000 Conversion Shares) and Marbletown Advisors, LLC (as to 7,650,000 Conversion Shares).

(2) Based on 127,471,600 shares outstanding, including (a) 118,471,600 issued shares and (b) the issuance of 9,000,000 Conversion Shares, before this offering.

(3) Based on 327,471,600 shares outstanding, assuming the sale of all 200,000,000 Company Offered Shares and the issuance of 9,000,000 Conversion Shares, after this offering.

(4) The address of this Selling Shareholder is 10 Eve Lane, Rye, New York 10580.

(5) The address of this Selling Shareholder is 3919 Haven Road, Minnetonka, Minnesota 55345.

(6) The address of this Selling Shareholder is 93/205 Emporio Place, Sukhumvit 24, Khlong Tan Nua, Bangkok 10110, Thailand.

(7) The address of this Selling Shareholder is 3224 Theodore R. Hagans Drive NE, Washington, D.C. 20018.

(8) The address of this Selling Shareholder is 808 Indian Wells Court, Mitchellville, Maryland 20721.

(9) The address of this Selling Shareholder is 2804 Brown Circle, Las Vegas, Nevada 89107.

(10) The address of this Selling Shareholder is 1909 Callaway Street, Temple Hills, Maryland 20748.

(11) The address of this Selling Shareholder is 21 N. May Street, Chicago, Illinois 60607.

(12) The address of this Selling Shareholder is 2121 1st Street SW, #557, Washington, D.C. 20024.

(13) The address of this Selling Shareholder is 135 12th Street, Oakland, California 94607.

(14) Nicole Thompson is the control person of this Selling Shareholder. The address of this Selling Shareholder is 2903 Duvall Ridge Road, Hyattsville, Maryland 20785.

(15) The address of this Selling Shareholder is 295 West Hudson Avenue, Englewood, New Jersey 07631.

(16) Harrison G. Newlan is the owner of this Selling Shareholder; Harrison Newlan is the adult son of Eric Newlan, the Managing Member of Newlan Law Firm, PLLC, our legal counsel (see Note 17). Eric Newlan disclaims any beneficial ownership of the shares owned by this Selling Shareholder. The address of this Selling Shareholder is 924 Redbrick Lane, Northlake, Texas 76247.

(17) Eric Newlan is the Managing Member of Newlan Law Firm, PLLC. The address of this Selling Shareholder is 2201 Long Prairie Road, Suite 107-762, Flower Mound, Texas 75022.

(18) Jasahn Sommerville is the Manager of this Selling Shareholder. The address of this Selling Shareholder is 60 Vincent Lane, Stone Ridge, New York 12484.

**DESCRIPTION OF SECURITIES**

**General**

Our authorized capital stock consists of (a) 500,000,000 shares of common stock, $.001 par value per share; and (b) 1,500,000 shares of Preferred Stock, $.001 par value per share, (1) one (1) share of which has been designated Special 2022 Series A Preferred Stock and (2) 75,000 shares of which have been designated Series B Voting Preferred Stock.

As of the date of this Offering Circular, there were (x) 118,471,600 shares of our common stock issued and outstanding held by approximately 33 holders of record; and (y) 75,000 shares of Series B Voting Preferred Stock issued and outstanding held by one (1) holder of record.

**Common Stock**

*<u>General</u>*. The holders of our common stock currently have (a) equal ratable rights to dividends from funds legally available therefore, when, as and if declared by our Board of Directors; (b) are entitled to share ratably in all of our assets available for distribution to holders of common stock upon liquidation, dissolution or winding up of the affairs of our company; (c) do not have preemptive, subscriptive or conversion rights and there are no redemption or sinking fund provisions or rights applicable thereto; and (d) are entitled to one non-cumulative vote per share on all matters on which shareholders may vote. Our Bylaws provide that, at all meetings of the shareholders for the election of directors, a plurality of the votes cast shall be sufficient to elect. On all other matters, except as otherwise required by Nevada law or our Articles of Incorporation, as amended, a majority of the votes cast at a meeting of the shareholders shall be necessary to authorize any corporate action to be taken by vote of the shareholders.

*<u>Non-cumulative Voting</u>*. Holders of shares of our common stock do not have cumulative voting rights, which means that the holders of more than 50% of the outstanding shares, voting for the election of directors, can elect all of the directors to be elected, if they so choose, and, in such event, the holders of the remaining shares will not be able to elect any of our directors.

Further, the outstanding shares of Series B Preferred Stock is beneficially owned by Intergen, a limited partnership owned by our officers and directors, Janon Costley and Ryan Dolder. By agreement, Mr. Costley holds voting and dispositive power with respect to the outstanding shares of our Series B Preferred Stock and, thus, controls all corporate matters of our company. (See "[Security Ownership of Certain Beneficial Owners and Management](#a_013)" and "[Certain Relationships and Related Transactions](#a_014)").

*<u>Pre-emptive Rights</u>*. As of the date of this Offering Circular, no holder of any shares of our capital stock has pre-emptive or preferential rights to acquire or subscribe for any unissued shares of any class of our capital stock not otherwise disclosed herein.

**Series B Voting Preferred Stock**

*Number Designated*. The number of shares designated as Series B Voting Preferred Stock shall be 75,000.

*Fractional Shares*. The Series B Voting Preferred Stock may be issued in fractional shares.

*Voting Rights*. The holders of the Series B Voting Preferred Stock shall, as a class, have rights in all matters requiring shareholder approval to a number of votes equal to two (2) times the sum of: (a) the total number of shares of Company common stock which are issued and outstanding at the time of any election or vote by the shareholders; plus (b) the number of votes allocated to shares of preferred stock issued and outstanding of any other class that shall have voting rights.

*Dividends*. The holders of the Series B Voting Preferred Stock shall not be entitled to receive dividends paid on the common stock.

*Liquidation*. The holders of the Series B Voting Preferred Stock shall not be entitled to any liquidation preference.

*Conversion Rights*. The Series B Voting Preferred Stock shall be convertible into shares of the Company's common stock, as follows: each share of Series B Voting Preferred Stock shall be convertible at any time into a number of shares of common stock that equals one-thousandth of one percent (0.001%) of the number of issued and outstanding shares of the common stock outstanding on the date of conversion, such that 1,000 shares of Series B Voting Preferred Stock would convert into one percent (1%) of the number of issued and outstanding shares of the common stock outstanding on the date of conversion. A holder of shares of Series B Voting Preferred Stock shall be required to convert all of such holder's shares of Series B Voting Preferred Stock, should any such holder exercise his, her or its rights of conversion. (See "[Risk Factors](#a_003)—Risks Related to a Purchase of the Offered Shares," "[Security Ownership of Certain Beneficial Owners and Management](#a_013)" and "[Certain Relationships and Related Transactions](#a_014)").

**Dividend Policy**

We have never declared or paid any dividends on our common stock. We currently intend to retain future earnings, if any, to finance the expansion of our business. As a result, we do not anticipate paying any cash dividends in the foreseeable future.

**Shareholder Meetings**

Our bylaws provide that special meetings of shareholders may be called only by our Board of Directors, the chairman of the board, or our president, or as otherwise provided under Nevada law.

**Transfer Agent**

We have retained the services of Securities Transfer Corporation as the transfer agent for our common stock. Securities Transfer's website is located at: www.stctransfer.com No information found on Securities Transfer's website is part of this Offering Circular.

**BUSINESS**

**Background**

Our company was incorporated in the State of Nevada in 1985 as Epic Resources, Inc. Our corporate name changed to Semicon Tools, Inc. in October 1987. Our corporate name changed to SETO Holdings, Inc. in October 1998.

**Custodianship**

On April 27, 2022, the District Court of Clark County, Nevada, case number A22-849116-C, entered an Order Granting Application for Appointment (the Order) of UMA, LLC as Custodian of our company. Pursuant to the Order, UMA, LLC (the Custodian) has the authority to take any actions on behalf of our company, that are reasonable, prudent or for the benefit of our company, including, but not limited to, issuing shares of stock and issuing new classes of stock, as well as entering into contracts on behalf of our company. On April 27, 2022, the Custodian appointed Nikki Lee as the sole officer and director of the company.

On April 27, 2022, the Custodian designated one share of preferred stock as Special 2022 Series A Preferred Stock at par value of $0.001. The Special 2022 Series A Preferred Stock had 60% voting rights over all classes of stock and was convertible into 61,800,000 shares of our common stock.

**Changes in Control**

*<u>May 27, 2022</u>*. On May 27, 2022, the Custodian appointed Nairobi Anderson as the sole officer and director of our company. On May 27, 2022, the Custodian transferred the single share of Special 2022 Series A Preferred Stock to Nairobi Anderson. On November 3, 2022, the District Court of Clark County, Nevada, entered a Notice Of Entry Of Order Granting Custodian UMA, LLC's Motion To Discharge Custodianship And Enter Final Order.

*<u>June 21, 2023</u>*. On June 21, 2023, in a private transaction, Nairobi Anderson entered into a Securities Purchase Agreement (the 2023 SPA) with Krisa Management LLC, a Texas limited liability company, to sell the Special 2022 Series A Preferred Stock. Upon closing of the 2023 SPA, Krisa Management LLC acquired the single share of Special 2022 Series A Preferred Stock. On June 21, 2023, Carey W. Cooley was appointed as our company's sole officer and director.

*<u>June 18, 2024</u>*. On June 18, 2024, in a private transaction, Krisa Management, LLC entered into a Securities Purchase Agreement (the 2024 SPA) with Daming Zhang, to sell the Special 2022 Series A Preferred Stock. Upon closing of the 2024 SPA on June 18, 2024, Daming Zhang acquired the single share of Special 2022 Series A Preferred Stock. On June 18, 2024, Daming Zhang and Miaomiao Wang were appointed as directors of our company, Daming Zhang was appointed as our company's CEO and Miaomiao Wang was appointed as our company's Treasurer.

*<u>May 27, 2025</u>*. Effective May 27, 2025, a change in control of our company occurred. On such date, pursuant to a securities purchase agreement, Daming Zhang sold (A) the single outstanding share of the Special 2022 Series A Preferred Stock and (B) 9,995,000,000 shares of our common stock to a single entity, Intergen I Limited Partnership (Intergen), a Wyoming limited partnership controlled by Tres Grados LLC, of which the control persons are Janon Costley and Ryan Dolder, our officers and directors.

In connection with the change in control, (1) Naiwei Chen, Bo Fu and Xiuxiang Shou resigned as Directors of our Company, (2) Naiwei Chen resigned as CEO and President of our company, (3) Daming Zhang resigned as CFO and Secretary of our company, (4) Janon Costley was appointed President and Chief Executive Officer of our company; and (5) Ryan Dolder was appointed Chief Operating Officer, Chief Financial Officer and Treasurer of our company.

**Acquisition Transaction**

Effective June 20, 2025, our company entered into an Agreement and Plan of Reorganization (the Intergen Agreement) with Intergen. Pursuant to the Intergen Agreement, the Company acquired: 60% ownership of Shinju Spirits, Inc., the owner of "Shinju," a Japanese Whisky brand with distribution in the United States; Copa Imperial, a premium, high-end Tequila aimed at capitalizing on the superior growth of Tequila; Eight Vodka, a high-end Vodka fitting into the latest surge in popularity for premium Vodka; and other brands, Mazeray Champagne, Cote' Or Sparkling Wine and Comte de Mazeray Cognac. We issued 75,000 shares of its Series B Voting Preferred Stock, in payment of the foregoing assets.

**Our Business**

The Company is positioned as a vertically integrated beverage company focused on the development, acquisition, and scaling of premium spirits brands across high-growth global categories. Our business strategy is built around using an integrated marketing and sales model to not only build value in the Company's brands, but to also build value across multiple platforms, all driving revenue for the Company while increasing its overall value. We believe our fully integrated model, which directly drives brand sales, positions SETO as a uniquely differentiated platform in the alcoholic beverage sector.

In the world of spirits, brand valuation is driven largely by one metric: cases sold per year. As such, brands chasing high-value exits often pursue sales growth through fragmented, costly marketing strategies that drain capital and stall momentum. SETO solves this by providing an end-to-end, integrated platform that drives sales more efficiently, preserves resources, and positions brands for sustainable growth and potential exits.

SETO's model is different. SETO distinguishes itself from traditional spirits companies by having a fully integrated operational structure that provides greater control, efficiency, and scalability. While most brands lack ownership in critical parts of the vertical chain - such as distilling, technology, sales and promotions, and experiential marketing - SETO owns or partners across each of these verticals.

The performance of a brand is intrinsically linked to the effectiveness of the verticals that support and drive its sales.

By owning a stake in the distillery, or having supply contracts, SETO secures supply which enhances brand value. Having a proprietary technology platform powers digital marketing, drives consumer engagement, and delivers valuable consumer data for our brands, while our ownership in a sales and promotions company gives us direct control over market execution. Additionally, SETO manages its own experiential marketing, allowing it to position its brands to meet modern consumers where they are. This integrated model accelerates brand growth, reduces costs, improves operational control, and creates multiple revenue streams for the Company, all of which contribute to SETO's competitive advantage and long-term scalability.

SETO's structure will be aligned to vertically integrate its sales and marketing operations with the goal of driving case sales, enhancing brand equity, and maximizing exit value. This integrated model gives SETO a strategic advantage over much of its competition by shifting from a passive brand owner to an active, closed-loop brand accelerator. SETO is not reinventing the sales chain, but it is reimagining how it's done in the Spirits Industry.

The Company's structure is built around ownership in its two flagship brands, Shinju Japanese Whisky and N-Finite Tequila. Our business model is designed to support these and future brands by delivering full lifecycle services - from brand creation and production to marketing, sales, and strategic exits.

![](image_073.jpg)

**Shinju Japanese Whisky** is the first and only Black-owned Japanese whisky brand and a cornerstone of SETO Holdings' premium spirits portfolio. In 2024, Shinju secured a strategic investment from Pronghorn, a Diageo-backed venture, which acquired a 22% equity stake and committed to additional capital support as growth milestones are achieved. Currently distributed in 18 U.S. states and 4 European countries, Shinju is also available direct-to-consumer across 42 states via platforms such as BevStack and ReserveBar. The brand signed a national distribution deal with Republic National Distributing Company in 2023 and has achieved national approval with Total Wine while actively expanding into Costco locations. With a focused sales strategy targeting nine key U.S. markets and a growth plan to reach 20,000 annual cases within 3 - 5 years, Shinju is positioned ahead of the curve in the fast-growing Japanese whisky category. Given the niche nature of the category, Shinju's path to scale requires fewer cases than traditional spirits brands, creating a compelling opportunity for a high-multiple strategic exit, potentially exceeding $100 million in valuation.

Given the shortage of Japanese Whisky following the discontinuation of many labels such as Hibiki 12, Hibiki 17, Hakushu 12, Nikka 12 and Taketsuru Pure Malt 17, 21 and 25, the Company believes that there is an opportunity in this space in the future if the Company can obtain funding, firstly to invest in its marketing components, as well as increase its product offering with the potential addition of other aged versions of Japanese Whisky.

The global Japanese Whisky market is projected to grow at a compound annual growth rate of 9.4% over the next five years, which the Directors believe presents a good opportunity for its Shinju Whisky.

**N-Finite Tequila** is SETO Holdings' premium tequila brand, positioned at the forefront of one of the fastest-growing segments in the global spirits industry. SETO has an LOI in place with N-Finite to acquire an equity stake in the brand, along with a contract to be its sole supplier of tequila.

SETO targeted N-Finite as a strategic acquisition target, recognizing both the substantial growth potential within the tequila category and the remarkable market traction the brand achieved in just a few years - despite minimal marketing and support. Within our integrated platform, N-Finite is positioned to scale rapidly and capture significant market share.

N-Finite is a premium tequila that is 100% vegan, no added sugars, no additives, and no hangovers. The Brand is currently in Total Wine & More, Applebee's, TGI Fridays, 48 pool halls, and 200 liquor stores across eleven states. N-Finite has just been added to Carnival Cruise Lines and currently has a $621k purchase order from Carnival. Carnival projects they will double that order in 2026.

N-Finite is currently launching a line of tequila-based RTDs (Ready-to-Drink) as well as an innovative new product called Spiked!, which is a tequila-infused coffee creamer.

Tequila is one of the fastest growing spirits in the world, yet still only makes up 3% of sales in the world liquor market. Americans consume on average 185,000 margaritas every hour, according to the South Florida Reporter, and, globally, tequila is forecasted to grow at a compound annual growth rate of 9.5% from 2024 to 2030, with expected expansion from $10.53 billion to $19.73 billion. SETO believes the growth in the tequila market will continue in the long-term and hopes to capitalize on that growth with N-Finite Tequila.

SETO's core strategy is to scale its brands to case sale volumes that position them as attractive buyout targets. In the spirits industry, the only reliable path to that level of growth is through effective sales and marketing. However, most brands follow the same outdated playbook - overspending on third-party agencies for promotions and marketing, or passively relying on distributors to drive sales, a strategy that consistently underdelivers.

Sales and marketing aren't just a support function for spirits brands - they are the growth engine. Without them, even the best liquid in a bottle won't get the reach, reputation, or return needed to scale or attract acquisition interest.

SETO is being structured so that growth engine is vertically-integrated within the Company giving it powerful strategic advantages that directly drive brand growth, case sales, and long-term valuation. Not only does it build that brand growth, but by way of owning portions of the sales chain, it also creates multiple revenue streams for the Company.

By owning critical pieces of the sales and marketing engine, SETO transforms from a product-centric business to a multi-entity growth platform. This structure not only fuels brand success, but creates multiple monetizable assets, layered revenue streams, and a much more valuable, and flexible, enterprise overall.

SETO's model is built around full alignment across five key vertical components—each of which directly fuels the ability to push case sales and build brand momentum:

**1. Promotions Company – Control at the Front Lines**

SETO has the opportunity to buy ownership into a well-known spirits promotions company, The Nassau Agency.This would give the Company direct control over on-the-ground brand activation. This enables SETO to:

· Place our own trained teams in retail and on-premise accounts

· Execute tastings and events that educate consumers about our brands

· Drive purchase intent and repeat sales through authentic engagement

· Allows us to save on costs as we're not paying a third-party for promotions

· Becomes an additional profit center for the Company as non-SETO brands will be paying us for our promotional services

**2. Marketing – In-house Brand Marketing**

SETO has an LOI in place to acquire an equity stake in the brand marketing agency, WHTWRKS. WHTWRKS is a marketing agency that builds brand campaigns that accelerate market growth, strengthen customer loyalty, and drive measurable returns. WHTWRKS has worked with several Fortune 500 companies on their brand campaigns. This partnership provides multiple benefits to SETO, both strategically and financially:

*Strategic Benefits*

1. **Full Creative Control** – Ensures brand identity, messaging,
and campaigns are consistent and aligned with SETO's growth strategy.

2. **Faster Execution** – Eliminates delays from working with outside
agencies; marketing initiatives can be developed and launched quickly to capitalize on market opportunities.

3. **Integrated Brand Building** – Allows marketing to be developed
alongside sales, distribution, and product development for more cohesive market execution.

4. **Category Expertise** – WHTWRKS can specialize in spirits branding,
building deeper expertise and competitive advantage over generalist agencies.

5. **Confidentiality & Focus** – Reduces the risk of proprietary
strategies leaking to competitors through shared external agencies.

*Financial Benefits*

1. **Cost Savings** – Cuts recurring agency fees and keeps more
marketing spend inside the corporate structure.

2. **Asset Ownership** – Retains all intellectual property, creative
assets, and campaign data as corporate-owned assets.

3. **Additional Revenue Stream** – WHTWRKS can take on select external
clients, generating revenue outside of SETO's brand portfolio.

4. **Scalable Resource** – As SETO grows its brand portfolio, WHTWRKS'
fixed cost base can serve multiple brands without proportionally increasing expenses, improving operating margins.

 

 

**3. Technology – Real-Time Attribution and Consumer Data**

SETO has an LOI in place to acquire an ownership stake in MXXR, a mobile platform specifically designed for the alcohol industry that combines e-commerce, brand promotions, and social networking in one space. In a space where traditional advertising lacks attribution, MXXR delivers:

· Verified purchase data

· Real-time consumer behavior insights

· Direct re-marketing opportunities

· An ability to create multiple additional revenue streams through transaction fees, subscriptions, advertising, and data licensing

**3. Experiential Marketing – Turning Brands into Lifestyle Assets**

Today's consumers want more than a product - they want an experience. SETO is tapping into this shift by leveraging:

· Partnerships with the **Downtown Revitalization Unit (DRU)** in Nassau, Bahamas which would allow us to create a pop-up marketing experience at the port where all the cruise ship passengers disembark

· Strategic access to **airport retail and minority vendor programs** through major concession operators

· Direct re-marketing opportunities

· T hese marketing pop-ups not only build brand awareness, but they also drive revenue for the Company through direct sales

**4. Distillery Ownership – Securing Supply, Signaling Value**

SETO has the opportunity to acquire equity in the distilleries producing its core brands. While most competitors white-label their products with no control over production or supply, distillery ownership:

· Ensures long-term supply continuity

· Reduces production risk

· Demonstrates strategic asset backing to acquirers

· Ownership provides an additional revenue stream for SETO

By owning key parts of the sales chain - such as a promotions company, a mobile-based consumer engagement platform, and a distillery - it unlocks multiple layers of revenue generation, ownership value, and strategic flexibility that go far beyond just growing a brand:

**1. Internal Revenue Capture**

· Instead of outsourcing to third parties, the brand company pays its own
subsidiaries for promotions, marketing services, tech engagement, or production—keeping dollars in-house.

· Each component becomes a profit center instead of a cost center.

**2. Stacked Ownership Value**

· Each part of the chain - promotions, marketing, tech, distillery - is
a standalone asset with its own P&L and potential for independent growth or exit.

· As these units grow (often fueled by the success of the brand), they can
attract outside capital, partnerships, or become separate buyout targets.

**3. Brand Acceleration with Built-In ROI**

· Every dollar spent to grow our brands also helps grow our owned infrastructure.

· This creates a flywheel effect: the more the brand scales, the more revenue
flows to owned subsidiaries, and the more valuable each unit becomes.

**4. Greater Strategic Control & Speed**

· Owning the sales chain enables faster execution, greater coordination,
and stronger brand alignment across channels.

· Reduces dependence on third parties who may lack brand loyalty or urgency.

**5. Increased Appeal to Acquirers**

· A brand backed by a vertically integrated infrastructure is often more attractive to acquirers:irect re-marketing opportunities

SETO's integrated model is designed to drive case sales, which in turn builds brand value. By owning critical elements of the sales chain - from consumer activation to analytics and supply - SETO can scale its portfolio brands faster and more efficiently than most traditional spirits companies, while spending less money. As these brands mature and increase their market share, they become attractive targets for acquisition by larger beverage groups seeking growth in premium categories.

**Seasonality**

The spirits industry is subject to significant seasonality, with sales typically peaking during certain times of the year. It is a reality that our company must plan for and to take advantage of. The most notable period of increased sales is the fourth calendar quarter, particularly around the holiday season, when consumer demand for premium spirits surges due to gift-giving, celebrations and social gatherings. This time of year often accounts for a disproportionate share of annual sales, making it crucial for us to strategically plan our inventory and marketing efforts.

Additionally, the summer months also see an uptick in sales, which is driven by warm-weather events and outdoor gatherings, particularly for categories like tequila and vodka that are popular in cocktails. Conversely, the early months, January and February, often experience a slowdown in sales as consumer spending decreases post-holidays. Understanding and anticipating these seasonal fluctuations is vital for our company to manage production, inventory and marketing strategies effectively within the industry.

**Raw Materials**

The raw materials that go into creating different types of spirits can vary depending on the spirit, but items like bottles, caps, and labels are consistent in the make-up of the products.

For our Shinju Japanese Whisky, we have sourced bottles and labels from multiple countries including France, China and Mexico. The caps are produced in Japan. The whisky is produced in Japan, with the main water source, the key ingredient in the brand, originating from Mt. Fuji. Our goal, and future intention, is to source all the raw whisky-related materials from Japan. We believe this will be important from quality and logistical standpoints.

For our Tequila, all of the raw materials come from within Mexico. Some of this circumstance has to do with the rules and regulations that govern the production of tequila, as well as price and logistical advantages. The agave used to produce the tequila comes from within the designated jurisdictions of Mexico. Agave prices can be volatile and fluctuate significantly with supply and demand forces.

For Champagne and sparkling wine, all raw materials are sourced exclusively from within France. The cost of grapes, a critical component, can be highly volatile due to weather conditions, which significantly influence the success of the harvest.

The consistent components of our products—bottles, caps, and labels—experience price fluctuations, but these are generally less susceptible to market volatility. While inflationary pressures have led to some price increases, these changes have followed a steady upward trend rather than exhibiting significant volatility.

**Intellectual Property**

As we aim to create unique and distinctive products within the alcoholic beverage industry, our company recognizes the need to protect its Intellectual Property to maintain its advantage in what is undoubtedly a very competitive market. The Group's Intellectual Property portfolio comprises a number of trademarks which are registered in various jurisdictions worldwide in the names of the Company's subsidiaries, including in the Group's main areas of trade. The Directors regard the Company's intellectual property portfolio as comprehensive, considering the key markets where it intends to operate. Our intellectual property is listed in the table below.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **sti signature spirits group, llc** | **sti signature spirits group, llc** | **sti signature spirits group, llc** | | | | | | |
| <br> **Country** | <br> **Title** | **Application**<br> **No.** | **Application**<br> **Date** | **Registration**<br> **No.** | <br>**Registration Date** | <br>**Case Status** | <br>**Local Classes** | <br>**Owner(s)** |
| Canada | Copa Imperial | 2005429 | Jan 9, 2020 |  |  | Application filed | 33 | STI Signature Spirits Group, LLC |
| China | Copa Imperial | 38124251 | May 13, 2019 | 38124251 | Feb 2, 2020 | Registered | 33 | STI Signature Spirits Group, LLC |
| Hong Kong | Copa Imperial | 304903515 | April 25, 2019 | 304903515 | Oct 25, 2019 | Registered | 33 | STI Signature Spirits Group, LLC |
| Singapore | Copa Imperial | 40201909176T | April 26, 2019 | 40201909176T | April 26, 2019 | Registered | 33 | STI Signature Spirits Group, LLC |
| USA | Comte de Mazeray | 87204505 | Oct 15, 2016 | 5209078 | Mar 7, 2017 | Registered | 33 | STI Signature Spirits Group, LLC and Mazeray Corporation |
| USA | Côté Or | 87204510 | Oct 15, 2016 | 5259523 | May 23, 2017 | Registered | 33 | STI Signature Spirits Group, LLC and Mazeray Corporation |
| USA | Copa Imperial | 85757405 | Oct 18, 2012 | 4902175 | Feb 4, 2014 | Registered | 33 | STI Signature Spirits Group, LLC |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **shinju spirits, inc.** | **shinju spirits, inc.** | **shinju spirits, inc.** | | | | | | |
| <br> **Country** | <br> **Title** | **Application**<br> **No.** | **Application**<br> **Date** | **Registration**<br> **No.** | <br>**Registration Date** | <br>**Case Status** | <br>**Local Classes** | <br>**Owner** |
| Canada | Shinju | 2005426 | Jan 1, 2020 |  |  | Application filed | 33 | Shinju Spirits, Inc. |
| China | Shinju | 38124252 | May 13, 2019 | 38124252 | Mar 28, 2020 | Registered | 33 | Shinju Spirits, Inc. |
| European Union | Shinju | 018053313 | April 17, 2019 | 018053313 | Sept 3, 2019 | Registered | 33 | Shinju Spirits, Inc. |
| Hong Kong | Shinju | 304903524 | April 25, 2019 | 304903524 | April 25, 2019 | Registered | 33 | Shinju Spirits, Inc. |
| Singapore | Shinju | 40201909177X | April 26, 2019 | 40201909177X | April 26, 2019 | Registered | 33 | Shinju Spirits, Inc. |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **shinju whisky, llc** | **shinju whisky, llc** | **shinju whisky, llc** | | | | | | |
| <br> **Country** | <br> **Title** | **Application**<br> **No.** | <br>**Application**<br> **Date** | <br>**Registration**<br> **No.** | <br>**Registration Date** | <br>**Case Status** | <br>**Local Classes** | <br>**Owner** |
| USA | Shinju | 87324684 | Feb 4, 2017 | 5342588 | Nov 21, 2017 | Registered | 33 | Shinju Whiskey, LLC |

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**Competition**

The alcoholic beverage distribution industry worldwide, and particularly in the United States, is intensely competitive and highly fragmented. The principal competitive factors in our industry include product range, pricing, distribution capabilities and responsiveness to consumer preferences, with varying emphasis on these factors depending on the market and the product. With respect to individual customers, we face significant competition from various regional distributors and brick and mortar stores, who compete principally on price.

As a spirits producer, we face competition from local and international producers. Other market participants have sought to increase their sales and distribution capabilities by, for example, introducing new products to compete with our products. Our revenue and market share could suffer, if these new competing products perform well, or if competing products are offered at prices that are lower than the prices of our products.

Many of our competitors possess greater resources, financial and otherwise, than does our company. There is no assurance that we will be able to compete successfully in our industry to a level that would permit our company to earn a profit. (See "[Risk Factors](#a_003)—Risks Related to Our Company").

**Legal Proceedings**

We may from time to time be involved in various claims and legal proceedings of a nature we believe are normal and incidental to our business. These matters may include product liability, intellectual property, employment, personal injury cause by our employees, and other general claims. We are not presently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

**Properties**

We do not currently own any property. Our Chief Executive Officer, Janon Costley, provides needed office space at no charge to us.

**Employees**

In addition to two executive officers, we currently have no full-time employees. Upon our obtaining additional funding, including through this offering, we expect that we would hire a small number of additional employees. We have used, and, in the future, expect to use, the services of certain outside consultants and advisors as needed on a consulting basis.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Cautionary Statement**

The following discussion and analysis should be read in conjunction with our unaudited financial statements and related notes, beginning on page F-1 of this Offering Circular.

Our actual results may differ materially from those anticipated in the following discussion, as a result of a variety of risks and uncertainties, including those described under Cautionary Statement Regarding Forward-Looking Statements and Risk Factors. We assume no obligation to update any of the forward-looking statements included herein.

**Basis of Presentation**

Effective May 27, 2025, our company acquired Shinju Spirits, Inc., a Hyattsville, Maryland-based corporation (***"Shinju"***), a spirits company.

Until our acquisition of Shinju, our company identified itself as a "shell company." Effective with our acquisition of Shinju on May 27, 2025, our company ceased to be a "shell company."

Because our company was a "shell company" for several years prior to May 27, 2025, the date we acquired Shinju, this section presents information concerning Shinju for the periods and as of the dates indicated. This information includes Shinju's financial results, as well as narrative descriptions thereof. In addition, where appropriate, this section presents pro forma financial information, which assumes our company's acquisition of Shinju had occurred on certain prior dates, as indicated.

**Recent Change in Control**

Effective May 27, 2025, a change in control of our company occurred. On such date, pursuant to a securities purchase agreement, Daming Zhang sold (A) the single outstanding share of the Special 2022 Series A Preferred Stock and (B) 9,995,000,000 shares of our common stock to a single entity, Intergen I Limited Partnership (Intergen), a Wyoming limited partnership controlled by Tres Grados LLC, of which the control persons are Janon Costley and Ryan Dolder, our officers and directors.

In connection with the change in control, (1) Naiwei Chen, Bo Fu and Xiuxiang Shou resigned as Directors of our Company, (2) Naiwei Chen resigned as CEO and President of our company, (3) Daming Zhang resigned as CFO and Secretary of our company, (4) Janon Costley was appointed President and Chief Executive Officer of our company; and (5) Ryan Dolder was appointed Chief Operating Officer, Chief Financial Officer and Treasurer of our company.

**Acquisition Transaction**

Effective June 20, 2025, our company entered into an Agreement and Plan of Reorganization (the Intergen Agreement) with Intergen. Pursuant to the Intergen Agreement, the Company acquired: 60% ownership of Shinju Spirits, Inc., the owner of "Shinju," a Japanese Whisky brand with distribution in the United States; Copa Imperial, a premium, high-end Tequila aimed at capitalizing on the superior growth of Tequila; Eight Vodka, a high-end Vodka fitting into the latest surge in popularity for premium Vodka; and other brands, Mazeray Champagne, Cote' Or Sparkling Wine and Comte de Mazeray Cognac. We issued 75,000 shares of its Series B Voting Preferred Stock, in payment of the foregoing assets.

**New Business Focus**

We are a spirits company with operations in the United States, select European markets and planned expansion into the Bahamas. Our company is positioned as a vertically integrated beverage company focused on the development, acquisition, and scaling of premium spirits brands across high-growth global categories. Our company differentiates itself, and creates a competitive advantage, from most of its competition in the spirits industry by creating an integrated sales model by shifting from a passive brand owner to an active, closed-loop brand accelerator.

By taking ownership in all levels of the vertical chain – brand, distillery, tech, promotions, and experiential – we can scale its brands faster, position them for a buyout quicker, while also creating additional monetizable assets and exit opportunities.

We are launching with our two flagship brands – Shinju Japanese Whisky and Copa Imperial Tequila – both positioned in premium, fast-growing segments with strong global demand.

**Results of Operations**

*<u>Our Company – Six Months Ended June 30, 2025 ("Interim 2025") and 2024 ("Interim 2024")</u>.* During Interim 2025, we had revenues of $19,165 (unaudited), cost of revenue of $80,340 (unaudited) and a gross loss of $61,175 (unaudited). Our operating expenses were $256,595 (unaudited), resulting in a net loss of $317,770 (unaudited) for Interim 2025.

During Interim 2024, our company was a "shell company" and had no operations and nominal assets. For the six months ended June 30, 2024, we incurred operating expenses of $1,500 (unaudited) and reported a net loss of $1,500 (unaudited).

*<u>Shinju – Three Months Ended March 31, 2025 and 2024</u>*. During the three months ended March 31, 2025 and 2024, Shinju generated $35,425 (unaudited) and $1,409 (unaudited), respectively, in revenues, with a cost of goods sold of $56,192 (unaudited) and $3,495 (unaudited), respectively, resulting in a gross loss of $20,767 (unaudited) and $2,085 (unaudited), respectively.

During the three months ended March 31, 2025, Shinju incurred operating expenses of $103,883 (unaudited), , resulting in a net loss of $124,650 (unaudited). During the three months ended March 31, 2024, Shinju incurred operating expenses of $24,471 (unaudited), resulting in a net loss of $26,557 (unaudited).

With the completion of the Shinju acquisition in May 2025, we expect that our revenues and our operating expenses will increase from quarter to quarter for the foreseeable future, assuming we are able to increase inventory levels of Shinju Japanese Whisky and increase distribution thereof. However, we cannot predict the levels of our future revenues and operating expenses.

*<u>Our Company – Years Ended December 31, 2024 and 2023</u>*. During both years, our company was a "shell company" and had no operations and nominal assets. For the year ended December 31, 2024, we incurred operating expenses of $73,000,000 (unaudited), all of which is attributable to the issuance of 10,000,000,000 shares of our common stock to our former Chief Financial Officer as a retention bonus, resulting in a net loss of $73,000,000 (unaudited). For the year ended December 31, 2023, we incurred no operating expenses, resulting in a net loss of $-0- (unaudited).

Shinju – Years Ended December 31, 2024 and 2023. During the years ended December 31, 2024 and 2023, Shinju generated $205,693 (unaudited) and $190,767 (unaudited), respectively, in revenues, with a cost of goods sold of $141,684 (unaudited) and $141,708 (unaudited), respectively, resulting in a gross profit of $64,009 (unaudited) and $49,059 (unaudited), respectively.

During the year ended December 31, 2024, Shinju incurred operating expenses of $354,984 (unaudited), and incurred other expense of $154 (unaudited), resulting in a net loss of $291,129 (unaudited). During the year ended December 31, 2023, Shinju incurred operating expenses of $525,677 (unaudited), and incurred other expense of $41,045 (unaudited), resulting in a net loss of $517,664 (unaudited).

Year Ended December 31, 2024, Pro Forma. On a combined basis during the year ended December 31, 2024, our company and Shinju generated $205,693 (unaudited) in revenues and experienced a net loss of $73,291,129 (unaudited), due to our company's net loss of $73,000,000 and Shinju's net loss of $291,129 (unaudited).

**Plan of Operation**

We believe that the proceeds of this offering will satisfy our cash requirements for at least the next twelve months.

The Company is a spirits company with operations in the United States, select European markets and planned expansion into the Bahamas. The Company is positioned as a vertically integrated beverage company focused on the development, acquisition, and scaling of premium spirits brands across high-growth global categories. The Company differentiates itself, and creates a competitive advantage, from most of its competition in the spirits industry by creating an integrated sales model by shifting from a passive brand owner to an active, closed-loop brand accelerator.

By taking ownership in all levels of the vertical chain – brand, distillery, tech, promotions, and experiential – the Company can scale its brands faster, position them for a buyout quicker, while also creating additional monetizable assets and exit opportunities.

The Company is launching with its two flagship brands – Shinju Japanese Whisky and N-Finite Tequila – both positioned in premium, fast-growing segments with strong global demand.

**Financial Condition, Liquidity and Capital Resources**

*<u>Our Company – June 30, 2025</u>.* At June 30, 2025, our company possessed $73,964 (unaudited) in cash and had working capital of $248,530 (unaudited) compared to no cash and a working capital deficit of $2,000 (unaudited) at December 31, 2024. The changes in our working capital position are the result of our May 2025 acquisition of Shinju.

With Shinju having become our 60%-owned subsidiary, our company's current cash position of approximately $75,000 is adequate for our company to maintain its present level of operations through the remainder 2025. However, we must obtain additional capital from third parties, including in this offering, to implement our full business plans. There is no assurance that we will be successful in obtaining such additional capital, including through this offering.

*<u>Shinju – December 31, 2024</u>*. At December 31, 2024, Shinju had $287,793 (unaudited) in cash and working capital of $523,198 (unaudited), compared to $1,959 (unaudited) in cash and working capital of $23,794 (unaudited) at December 31, 2023. This improvement in Shinju's working capital position from December 31, 2023, to December 31, 2024, is due to a $750,000 investment from Pronghorn, a Diageo-backed venture, which acquired a 22% equity stake in Shinju and committed to additional capital support as growth milestones are achieved. Shinju's achieving such growth milestones is dependent upon our obtaining additional capital, including through this offering, of which there is no assurance.

*<u>December 31, 2024, Pro Forma</u>*. On a combined basis, our company and Shinju had cash of $287,793 (unaudited) and working capital of $521,198 (unaudited) at December 31, 2024.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements.

**Contractual Obligations**

To date, we have not entered into any significant long-term obligations that require us to make monthly cash payments.

**Capital Expenditures**

Without proceeds from this offering, we do not expect to make capital expenditures during the next twelve months.

**DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS**

**Directors and Executive Officers**

The following table sets forth certain information concerning our company's executive management.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Janon Costley | 52 | President, Chief Executive Officer and Director |
| Ryan Dolder | 48 | Chief Operating Officer, Chief Financial Officer, Secretary, Treasurer and Director |

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Our directors serve until a successor is elected and qualified. Our officers are elected by the Board of Directors to a term of one (1) year and serve until their successor(s) is duly elected and qualified, or until they are removed from office. No family relationship exists between our officers and directors

Certain information regarding the backgrounds of each of our officers and directors is set forth below.

**Janon Costley, President, Chief Executive Officer, and Director.** In August 2019, Mr. Costley co-founded Shinju Spirits, Inc., and has served as its CEO since such time. From February 2019 to February 2025, Mr. Costley served as COO of Rogue Baron, Plc, , a publicly-traded England and Wales corporation based in London, England (Aquis Stock Exchange), that was, until March, 2025, engaged in the spirits industry having owned 60% of Shinju Spirits, Inc., our company's 60% owned subsidiary, as well as other spirits assets, all of which are now owned by our company. In 2014, Mr. Costley co-founded Human Brands International, Inc., a spirits company that was acquired by Rogue Baron, Plc in February 2020.

**Ryan Dolder, Chief Operating Officer, Chief Financial Officer, Secretary, Treasurer and Director.** In August 2019, Mr. Dolder co-founded Shinju Spirits, Inc., and has served as its CFO since such time. From February 2019 to February 2025, Mr. Dolder served as Chief Executive Officer and a Director of Rogue Baron, Plc., a publicly-traded England and Wales corporation based in London, England (Aquis Stock Exchange), that was, until March, 2025, engaged in the spirits industry having owned 60% of Shinju Spirits, Inc., our company's 60% owned subsidiary, as well as other spirits assets, all of which are now owned by our company. (See "[Certain Relationships and Related Transactions](#a_014)"). In 2014, Mr. Dolder co-founded Human Brands International, Inc., a spirits company that was acquired by Rogue Baron, Plc in in February 2020. Mr. Dolder had previously worked for Randy Gerber's Midnight Oil Group and helped to open the Whisky Sky bar in Chicago. Mr. Dolder later worked for the Bortz Entertainment Group where he ran two bar/nightclubs in Chicago. Since October 2020, Mr. Dolder has served as a director and Chief Financial Officer of Rogue One, Inc., a consumer products company focused on the alcoholic beverage sector. In 2008 Mr. Dolder took a break from the beverage industry and worked for Citigroup in the Eurodollar options pit at the Chicago Mercantile Exchange. Mr. Dolder's subsequently returned to the beverage industry to develop new beverage brands with his business partners in Asia. This partnership resulted in the formation of the Human Brands enterprise.

**Conflicts of Interest**

At the present time, we do not foresee any direct conflict between our sole director, his other business interests and his involvement in our company.

**Corporate Governance**

We do not have a separate Compensation Committee, Audit Committee or Nominating Committee. These functions are conducted by our Board of Directors acting as a whole.

During the year ended December 31, 2024, our Board of Directors, did not hold a meeting, but took needed actions by unanimous written consent.

**Independence of Board of Directors**

Neither of our directors is independent, within the meaning of definitions established by the SEC or any self-regulatory organization. We are not currently subject to any law, rule or regulation requiring that all or any portion of our Board of Directors include independent directors.

**Shareholder Communications with Our Board of Directors**

Our company welcomes comments and questions from our shareholders. Shareholders should direct all communications to our Chief Executive Officer, Janon Costley, at our executive offices. However, while we appreciate all comments from shareholders, we may not be able to respond individually to all communications. We attempt to address shareholder questions and concerns in our press releases and documents filed with OTC Markets, so that all shareholders have access to information about us at the same time. Mr. Costley collects and evaluates all shareholder communications. All communications addressed to our directors and executive officers will be reviewed by those parties, unless the communication is clearly frivolous.

**Code of Ethics**

As of the date of this Offering Circular, our Board of Directors has not adopted a code of ethics with respect to our directors, officers and employees.

**EXECUTIVE COMPENSATION**

**In General**

As of the date of this Offering Circular, there are no annuity, pension or retirement benefits proposed to be paid to officers, directors or employees of our company, pursuant to any presently existing plan provided by, or contributed to, our company.

**Compensation Summary**

The following table summarizes information concerning the compensation awarded, paid to or earned by, our executive officers.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year**<br> **Ended**<br> **12/31** | **Salary**<br> **($)** | **Bonus**<br> **($)** | **Stock**<br> **Awards**<br> **($)** | **Option**<br> **Awards**<br> **($)** | **Non-Equity Incentive Plan Compensation**<br> **($)** | **Non-qualified**<br> **Deferred**<br> **Compensation**<br> **Earnings**<br> **($)** | **All Other Compen-**<br> **sation**<br> **($)** | **Total**<br> **($)** |
| Naiwei Chen  |  |  |  |  |  |  |  |  |  |
| *Former President and* | 2024 |  |  |  |  |  |  |  |  |
| *Chief Executive Officer* | 2023 |  |  |  |  |  |  |  |  |
| Daming Zhang |  |  |  |  |  |  |  |  |  |
| *Former Chief Financial* | 2024 |  |  |  |  |  |  |  |  |
| *Officer and Secretary* | 2023 |  |  |  |  |  |  |  |  |
| Janon Costley**<sup>(1)</sup>**<br> *President and Chief* | 2024 |  |  |  |  |  |  |  |  |
| *Executive Officer* | 2023 |  |  |  |  |  |  |  |  |
| Ryan Dolder**<sup>(1)</sup>**<br>|  |  |  |  |  |  |  |  |  |
| *Chief Operating Officer,*<br>| 2024 |  |  |  |  |  |  |  |  |
| *Chief Financial Officer,*  | 2023 |  |  |  |  |  |  |  |  |
| *Secretary and Treasurer* |  |  |  |  |  |  |  |  |  |

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(1) This person did not become an officer of our company until May 27, 2025.

**Outstanding Option Awards**

The following table provides certain information regarding unexercised options to purchase common stock, stock options that have not vested and equity-incentive plan awards outstanding as of the date of this Offering Circular, for each named executive officer.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| <br>**Name** | **Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Options (#)**<br> **Exercisable** | **Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Options (#)**<br> **Unexercisable** | **Equity**<br> **Incentive**<br> **Plan**<br> **Awards:**<br> **Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Unearned**<br> **Options (#)** | **Option**<br> **Exercise**<br> **Price ($)** | **Option**<br> **Expiration**<br> **Date** | **Number of**<br> **Shares or**<br> **Units of**<br> **Stock That**<br> **Have Not**<br> **Vested (#)** | **Market**<br> **Value of**<br> **Shares or**<br> **Units of**<br> **Stock That**<br> **Have Not**<br> **Vested ($)** | **Equity**<br> **Incentive**<br> **Plan Awards:**<br> **Number of**<br> **Unearned**<br> **Shares, Units**<br> **or Other**<br> **Rights That**<br> **Have Not**<br> **Vested (#)** | **Equity**<br> **Incentive**<br> **Plan Awards:**<br> **Market or**<br> **Payout Value**<br> **of Unearned**<br> **Shares, Units**<br> **or Other**<br> **Rights That**<br> **Have Not**<br> **Vested ($)** |
| Janon Costley |  |  |  |  | n/a |  | n/a |  |  |
| Ryan Dolder |  |  |  |  | n/a |  | n/a |  |  |

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**Employment Agreements**

*<u>Janon Costley</u>*. In July 2025, we entered into an employment agreement with Janon Costley, our Chief Executive Officer, with an initial term through December 31, 2028, with one-year renewals, unless terminated. Mr. Costley shall receive an annual base salary of $240,000, a $25,000 signing bonus payable in January 2026 and, if awarded by our Board of Directors, Mr. Costley shall be eligible to earn an annual cash bonus award based on the achievement level of performance on objectives adopted by our Board of Directors.

*<u>Ryan Dolder</u>*. In July 2025, we entered into an employment agreement with Ryan Dolder, our Chief Operating Officer and Chief Financial Officer, with an initial term through December 31, 2028, with one-year renewals, unless terminated. Mr. Dolder shall receive an annual base salary of $240,000, a $25,000 signing bonus payable in January 2026 and, if awarded by our Board of Directors, Mr. Dolder shall be eligible to earn an annual cash bonus award based on the achievement level of performance on objectives adopted by our Board of Directors.

**Outstanding Equity Awards**

During the years ended December 31, 2024 and 2023, our Board of Directors made no equity awards and no such award is pending.

**Long-Term Incentive Plans**

We currently have no long-term incentive plans.

**Director Compensation**

Our directors receive no compensation for their serving as directors of our company.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The following table sets forth, as of the date of this Offering Circular, information regarding beneficial ownership of our common stock by the following: (a) each person, or group of affiliated persons, known by our company to be the beneficial owner of more than five percent of any class of our voting securities; (b) each of our directors; (c) each of the named executive officers; and (d) all directors and executive officers as a group. Beneficial ownership is determined in accordance with the rules of the SEC, based on voting or investment power with respect to the securities. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, shares of common stock underlying convertible instruments, if any, held by that person are deemed to be outstanding if the convertible instrument is exercisable within 60 days of the date hereof.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Shareholder** | **Number of**<br> **Shares**<br> **Beneficially**<br> **Owned** | **% Beneficially**<br> **Owned<sup>(1)</sup>** | **Number of**<br> **Shares**<br> **Beneficially**<br> **Owned** | **% Beneficially**<br> **Owned<sup>(2)</sup>** | **Effective**<br> **Voting Power** |
| **Common Stock**<br> *Executive Officers & Directors* |  |  |  |  |  |
| Janon Costley**<sup>(3)</sup>** | 400414800**<sup>(4)</sup>** | 78.53% | 1000414800**<sup>(5)</sup>** | 76.37% |  |
| Ryan Dolder | 400414800 **<sup>(4)</sup>** | 78.53% | 1000414800 **<sup>(5)</sup>** | 76.37% | ***See Note 9***<br> ***and Note 10*** |
| Officers and directors, as a<br> group (2 persons) | 400414800 **<sup>(4)</sup>** | 78.53% | 1000414800 **<sup>(5)</sup>** | 76.37% |  |
| *5% or Greater Shareholder*<br> Intergen I Limited Partnership**<sup>(6)</sup>** | 400414800 **<sup>(7)</sup>** | 78.53% | 1000414800 **<sup>(8)</sup>** | 76.37% |  |
| **Series B Voting Preferred Stock<sup>(9)</sup>**<br> Intergen I Limited Partnership**<sup>(10)</sup>** | 75000 | 100% | 75000 | 100% | ***See Note 9***<br> ***and Note 10*** |

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(1) Based on 509,886,400 shares outstanding, which includes (a) 118,471,600 issued shares, (b) 9,000,000 unissued Conversion Shares that underlie the currently convertible Subject Convertible Notes, including interest thereon, of up to $5,000 and (c) 382,414,800 unissued shares that underlie currently convertible shares of Series B Preferred Stock, before this offering.

(2) Based on 1,309,886,400 shares outstanding, which includes (a) 327, 4711,600 issued shares, assuming the sale of all Company Offered Shares and the issuance of all 9,000,000 Conversion Shares, and (b) 982,414,800 unissued shares that underlie currently convertible shares of Series B Preferred Stock, after this offering.

(3) By agreement, Mr. Costley, a manager of the general partner of Intergen I Limited Partnership, possesses voting and dispositive control over the shares of Series B Preferred Stock owned of record by Intergen I Limited Partnership.

(4) 18,000,000 of such shares are issued and owned of record by Intergen I Limited Partnership; 382,414,800 of such shares are not issued, but underlie the currently convertible shares of Series B Preferred Stock owned of record by Intergen I Limited Partnership.

(5) 18,000,000 of such shares are issued and owned of record by Intergen I Limited Partnership; 982,414,800 of such shares are not issued, but underlie the currently convertible shares of Series B Preferred Stock owned of record by Intergen I Limited Partnership.

(6) By agreement, Janon Costley, our company's Chief Executive Officer and a manager of the general partner of Intergen I Limited Partnership, possesses voting and dispositive control over the shares of Series B Preferred Stock owned of record by Intergen I Limited Partnership.

(7) 18,000,000 of such shares are issued; 382,414,800 of such shares are not issued, but underlie the currently convertible shares of Series B Preferred Stock.

(8) 18,000,000 of such shares are issued; 982,414,800 of such shares are not issued, but underlie the currently convertible shares of Series B Preferred Stock.

(9) The holders of the Series B Preferred Stock, as a class, have voting rights in all matters requiring shareholder approval equal to 66.67% of all shares eligible to vote. Each share of Series B Preferred Stock shall be convertible at any time into a number of shares of our common stock that equals 0.001 percent (0.001%) of the number of issued and outstanding shares of our common stock outstanding on the date of conversion, such that 1,000 shares of Series F Preferred Stock would convert into one percent (1%) of the number of issued and outstanding shares of our common stock outstanding on the date of conversion.

(10) Due to the superior voting rights of the Series B Preferred Stock, Janon Costley, a manager of the general partner of Intergen I Limited Partnership, by agreement, will be able to control the management and affairs of our company, as well as matters requiring the approval by our shareholders, including the election of directors, any merger, consolidation or sale of all or substantially all of our assets, and any other significant corporate transaction, in light of Intergen I Limited Partnership's ownership of all outstanding shares of the Series B Preferred Stock.

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

**Changes in Control**

*<u>May 27, 2022</u>*. On May 27, 2022, the Custodian appointed Nairobi Anderson as the sole officer and director of our company. On May 27, 2022, the Custodian transferred the single share of Special 2022 Series A Preferred Stock to Nairobi Anderson. On November 3, 2022, the District Court of Clark County, Nevada, entered a Notice Of Entry Of Order Granting Custodian UMA, LLC's Motion To Discharge Custodianship And Enter Final Order.

*<u>June 21, 2023</u>*. On June 21, 2023, in a private transaction, Nairobi Anderson entered into a Securities Purchase Agreement (the 2023 SPA) with Krisa Management LLC, a Texas limited liability company, to sell the Special 2022 Series A Preferred Stock. Upon closing of the 2023 SPA, Krisa Management LLC acquired the single share of Special 2022 Series A Preferred Stock. On June 21, 2023, Carey W. Cooley was appointed as our company's sole officer and director.

*<u>June 18, 2024</u>*. On June 18, 2024, in a private transaction, Krisa Management, LLC entered into a Securities Purchase Agreement (the 2024 SPA) with Daming Zhang, to sell the Special 2022 Series A Preferred Stock. Upon closing of the 2024 SPA on June 18, 2024, Daming Zhang acquired the single share of Special 2022 Series A Preferred Stock. On June 18, 2024, Daming Zhang and Miaomiao Wang were appointed as directors of our company, Daming Zhang was appointed as our company's CEO and Miaomiao Wang was appointed as our company's Treasurer.

*<u>May 27, 2025</u>*. Effective May 27, 2025, a change in control of our company occurred. On such date, pursuant to a securities purchase agreement, Daming Zhang sold (A) the single outstanding share of the Special 2022 Series A Preferred Stock and (B) 9,995,000,000 shares of our common stock to a single entity, Intergen I Limited Partnership (Intergen), a Wyoming limited partnership controlled by Tres Grados LLC, of which the control persons are Janon Costley and Ryan Dolder, our officers and directors.

In connection with the change in control, (1) Naiwei Chen, Bo Fu and Xiuxiang Shou resigned as Directors of our Company, (2) Naiwei Chen resigned as CEO and President of our company, (3) Daming Zhang resigned as CFO and Secretary of our company, (4) Janon Costley was appointed President and Chief Executive Officer of our company; and (5) Ryan Dolder was appointed Chief Operating Officer, Chief Financial Officer and Treasurer of our company.

**Acquisition Transaction**

Effective June 20, 2025, our company entered into an Agreement and Plan of Reorganization (the Intergen Agreement) with Intergen. Pursuant to the Intergen Agreement, the Company acquired: 60% ownership of Shinju Spirits, Inc., the owner of "Shinju," a Japanese Whisky brand with distribution in the United States; Copa Imperial, a premium, high-end Tequila aimed at capitalizing on the superior growth of Tequila; Eight Vodka, a high-end Vodka fitting into the latest surge in popularity for premium Vodka; and other brands, Mazeray Champagne, Cote' Or Sparkling Wine and Comte de Mazeray Cognac.

We issued 75,000 shares of its Series B Voting Preferred Stock, in payment of the foregoing assets.

**Cancellation of Securities**

In July 2025, Intergen tendered 9,965,000,000 shares of our common stock for cancellation, for no consideration.

In August 2025, Intergen tendered the single outstanding share of our Special 2022 Series A Preferred stock for cancellation, for no consideration.

**Employment Agreements**

*<u>Janon Costley</u>*. In July 2025, we entered into an employment agreement with Janon Costley, our Chief Executive Officer, with an initial term through December 31, 2028, with one-year renewals, unless terminated. Mr. Costley shall receive an annual base salary of $240,000, a $25,000 signing bonus payable in January 2026 and, if awarded by our Board of Directors, Mr. Costley shall be eligible to earn an annual cash bonus award based on the achievement level of performance on objectives adopted by our Board of Directors.

*<u>Ryan Dolder</u>*. In July 2025, we entered into an employment agreement with Ryan Dolder, our Chief Operating Officer and Chief Financial Officer, with an initial term through December 31, 2028, with one-year renewals, unless terminated. Mr. Dolder shall receive an annual base salary of $240,000, a $25,000 signing bonus payable in January 2026 and, if awarded by our Board of Directors, Mr. Dolder shall be eligible to earn an annual cash bonus award based on the achievement level of performance on objectives adopted by our Board of Directors.

**Voting Agreement**

In June 2025, our directors, Janon Costley and Ryan Dolder, entered into a voting agreement with respect to all 75,000 shares of Series B Preferred Stock owned by our controlling shareholder, Intergen I Limited Partnership ("Intergen"). As the owners of Intergen, Messrs. Costley and Dolder agreed that Mr. Costley shall possess voting and dispositive control over the shares of Series B Preferred Stock owned by Intergen. This agreement provides Mr. Costley with control of our company

**LEGAL MATTERS**

Certain legal matters with respect to the Offered Shares, the Company Offered Shares and the Selling Shareholder Offered Shares, offered by this Offering Circular will be passed upon by Newlan Law Firm, PLLC.

Newlan Law Firm, PLLC is the beneficial holder of a Subject Convertible Note in the total principal amount of $4,515. We issued such Subject Convertible Note to Newlan Law Firm, PLLC, one of the Selling Shareholders, in repayment of certain costs advanced on behalf of our company by Newlan Law Firm, PLLC.

After the qualification of this offering by the SEC, the Subject Convertible Note held by Newlan Law Firm, PLLC will, by its terms, be convertible into the Conversion Shares at a per share conversion price of $0.0035. Following any such issuances, we intend to file a supplement to this Offering Circular pursuant to Rule 253(g)(2), wherein the exact number of Conversion Shares (which are Selling Shareholder Offered Shares) issued in payment of the Subject Convertible Note held by Newlan Law Firm, PLLC will be disclosed.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed an offering statement on Form 1-A with the SEC under the Securities Act with respect to the common stock offered by this Offering Circular. This Offering Circular, which constitutes a part of the offering statement, does not contain all of the information set forth in the offering statement or the exhibits and schedules filed therewith. For further information with respect to us and our common stock, please see the offering statement and the exhibits and schedules filed with the offering statement. Statements contained in this Offering Circular regarding the contents of any contract or any other document that is filed as an exhibit to the offering statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the offering statement. The offering statement, including its exhibits and schedules, may be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549, and copies of all or any part of the offering statement may be obtained from such offices upon the payment of the fees prescribed by the SEC. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains an Internet website that contains all information regarding companies that file electronically with the SEC. The address of the site is <u>www.sec.gov</u>.

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **SETO Holdings, Inc.** | **SETO Holdings, Inc.** |
| <u>Unaudited Financial Statements For the Six Months Ended June 30, 2025 and 2024</u> | <u>Unaudited Financial Statements For the Six Months Ended June 30, 2025 and 2024</u> |
| [Balance Sheets at June 30, 2025 and 2024 (unaudited)](#a_018) | F-2 |
| [Statements of Operations For the Six Months Ended June 30, 2025 and 2024 (unaudited)](#a_019) | F-3 |
| [Statements of Changes in Stockholders' Equity (Deficit) For the Six Months Ended June 30, 2025 and 2024 (unaudited)](#a_020) | F-4 |
| [Statements of Cash Flows For the Six Months Ended June 30, 2025 and 2024 (unaudited)](#a_021) | F-5 |
| [Notes to Unaudited Financial Statements](#a_022) | F-6 |
| <u>Unaudited Financial Statements For the Years Ended December 31, 2024 and 2023</u> | <u>Unaudited Financial Statements For the Years Ended December 31, 2024 and 2023</u> |
| [Balance Sheets at December 31, 2024 and 2023 (unaudited)](#a_023) | F-11 |
| [Statements of Operations For the Years Ended December 31, 2024 and 2023 (unaudited)](#a_024) | F-12 |
| [Statements of Changes in Stockholders' Equity (Deficit) For the Years Ended December 31, 2024 and 2023 (unaudited)](#a_025) | F-13 |
| [Statements of Cash Flows For the Years Ended December 31, 2024 and 2023 (unaudited)](#a_026) | F-14 |
| [Notes to Unaudited Financial Statements](#a_027) | F-15 |

---

**Shinju Spirits, Inc.**

---

| | |
|:---|:---|
| <u>Unaudited Financial Statements For the Three Months Ended March 31, 2025 and 2024</u> | <u>Unaudited Financial Statements For the Three Months Ended March 31, 2025 and 2024</u> |
| [Balance Sheets at March 31, 2025 and 2024 (unaudited)](#a_028) | F-17 |
| [Statements of Income For the Three Months Ended March 31, 2025 and 2024 (unaudited)](#a_029) | F-18 |
| [Statements of Changes to Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2025 and 2024 (Unaudited)](#seto_01) | F-19 |
| [Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024](#a_030) | F-20 |
| [Notes to Unaudited Financial Statements](#seto_02) | F-21 |

---

<u>Unaudited Financial Statements For the Years Ended December 31, 2024 and 2023</u>

---

| | |
|:---|:---|
| [Consolidated Balance Sheets at December 31, 2024 and 2023 (unaudited)](#a_031) | F-23 |
| [Consolidated Statements of Operations For the Years Ended December 31, 2024 and 2023 (unaudited)](#a_032) | F-24 |
| [Consolidated Statements of Changes in Stockholders' Equity (Deficit) For the Years Ended December 31, 2024 and 2023 (unaudited)](#seto_03) | F-25 |
| [Consolidated Statements of Cash Flows For the Years Ended December 31, 2024 and 2023 (unaudited)](#a_033) | F-26 |
| [Notes to Unaudited Financial Statements](#seto_04) | F-27 |

---

**Unaudited Pro Forma Financial Statements**

---

| | |
|:---|:---|
| [Unaudited Pro Forma Balance Sheet at December 31, 2024](#pfbs) | F-29 |
| [Unaudited Pro Forma Statement of Operations for the Year Ended December 31, 2024](#pfstateops) | F-30 |
| [Notes to Unaudited Pro Form Financial Statements](#notesproforma-fs) | F-31 |

---

**SETO HOLDINGS, INC.**

**BALANCE SHEETS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | $73964 | $0 |
| &nbsp;&nbsp;&nbsp;Receivables | 215135 | 0 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 289099 | 0 |
| Non-Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Investment in Subsidiary | 3500000 | 0 |
| Total Non-Current Assets | 3500000 | 0 |
| Total Assets | $3789099 | $0 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable | $29827 | $2000 |
| &nbsp;&nbsp;&nbsp;Note Payable | 10742 | 0 |
| Total Current Liabilities | 40569 | 2000 |
| Long-term Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Note Payable | 150000 | 0 |
| &nbsp;&nbsp;&nbsp;Loans Payable | 45573 | 0 |
| Total Long-term Liabilities | 195573 | 0 |
| Total Liabilities | 236142 | 2000 |
| STOCKHOLDERS' DEFICIT |  |  |
| &nbsp;&nbsp;&nbsp;Special 2022 Series A Preferred Stock, $0.001 par value, 1 share authorized, 1 share and 1 share issued and outstanding at June 30, 2025, and December 31, 2024, respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Series B Voting Preferred Stock, $0.001 par value, 75,000 shares authorized, 75,000 shares and -0- shares issued and outstanding at June 30, 2025, and December 31, 2024, respectively | 75 |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 10,100,000,000 shares authorized, 10,082,221,600 shares and 82,221,600 shares issued and outstanding at June 30, 2025, and December 31, 2024, respectively | 10082221 | 10082221 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 71092783 | 67208534 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (77622123) | (77290756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | 3552957 | 0 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $3789099 | $0 |

---

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

 

 

 

 

**SETO HOLDINGS, INC.**

**STATEMENTS OF INCOME**

**SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months**<br> **Ended June 30,** | **For the Three Months**<br> **Ended June 30,** | **For the Six Months**<br> **Ended June 30,** | **For the Six Months**<br> **Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sales | $19165 | $– | $19165 | $– |
| Cost of goods sold | 80340 | – | 80340 | – |
| Gross profit (loss) | (61175) |  | (61175) |  |
| Expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consulting expense | 150000 |  | 150000 | 1500 |
| &nbsp;&nbsp;&nbsp;General and administrative | 94998 | 750 | 106595 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | (244998) | (750) | (256595) | (1500) |
| Net operating loss | (306173) | (750) | (317770) | (1500) |
| Profit (loss) before taxes | (306173) | (750) | (317770) | (1500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | – | – | – | – |
| Net profit (loss) | $(306173) | $(750) | $(317770) | $(1500) |
| Net profit (loss) per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | $(0.00) | $(0.00) | $(0.00) | $(0.00) |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | 10082221600 | 82221600 | 10082221600 | 82221600 |

---

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

**SETO HOLDINGS, INC.**

**STATEMENTS OF STOCKHOLDERS' DEFICIT**

**SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Special 2022**<br> **Series A Preferred Stock** | **Special 2022**<br> **Series A Preferred Stock** | **Series B Voting**<br> **Preferred Stock** | **Series B Voting**<br> **Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | <br>**Amount** | <br>**Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** |<br>**Total** |
| Balance, December 31, 2023 | 1 | $1 |  | $– | 82221600 | $82221 | $4208534 | $(4291256) | $(500) |
| Net loss | – | – | – | – | – | – | – | (750) | (750) |
| Balance, March 31, 2024 | 1 | 1 |  |  | 82221600 | 82221 | 4208534 | (4292006) | (1250) |
| Net loss | – | – | – | – | – | – | – | (750) | (750) |
| Balance, June 30, 2024 | 1 | $1 | – | $– | 82221600 | $82221 | $4208534 | $(4292756) | $(2000) |
| Balance, December 31, 2024 | 1 | $1 |  | $– | 10082221600 | $10082221 | $67208534 | $(77290756) | $0 |
| Net loss | – | – | – | – | – | – | – | (11597) | (11597) |
| Balance, March 31, 2025 | 1 | 1 |  |  | 10082221600 | 10082221 | 67208534 | (77302353) | (11597) |
| Series B Voting Preferred Stock issued in acquisition |  |  | 75000 | 75 |  |  | 3499925 |  | 3500000 |
| Adjustment due to acquisition |  |  |  |  |  |  |  | (13597) | (13597) |
| Adjustment due to acquisition |  |  |  |  |  |  | 384324 |  | 384324 |
| Net loss | – | – | – | – | – | – | – | (306173) | (306173) |
| Balance, June 30, 2025 | 1 | $1 | 75000 | $75 | 10082221600 | $10082221 | $71092783 | $(77622123) | $3552957 |

---

 

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

**SETO HOLDINGS, INC.**

**STATEMENTS OF CASH FLOWS**

**SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months**<br> **Ended June 30,** | **For the Six Months**<br> **Ended June 30,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| Net loss | $(317770) | $(1500) |
| Adjustments to reconcile net loss to net cash used for operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Consulting services paid by issuance of note | 150000 |  |
| Changes in operating assets and liabilities: | (85934) |  |
| &nbsp;&nbsp;&nbsp;Changes from acquisition | 215135 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 27827 | 1500 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | – | – |
| Net cash used for operating activities | (10742) | 0 |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| Net cash used for investing activities | 0 | 0 |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Loans payable | 10742 | 0 |
| Net cash provided by financing activities | 10742 | 0 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents | 73964 | 0 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of period | $73964 | $0 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock issued for services | $– | $– |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid | $– | $– |
| &nbsp;&nbsp;&nbsp;Interest paid | $– | $– |

---

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

**SETO HOLDINGS, INC.**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**JUNE 30, 2025 AND 2024**

**NOTE 1 - – BASIS OF PRESENTATION AND GOING CONCERN**

**Background**

SETO Holdings, Inc., a Nevada corporation (the "Company"), was incorporated in the State of Nevada in 1985 as Epic Resources, Inc. The Company changed its name to Semicon Tools, Inc. in October 1987. The Company changed its name to SETO Holdings, Inc. in October 1998.

*<u>Custodianship</u>*

On April 27, 2022, the District Court of Clark County, Nevada, case number A22-849116-C, entered an Order Granting Application for Appointment (the "Order") of UMA,LLC as Custodian of the Company. Pursuant to the Order, UMA, LLC (the "Custodian") has the authority to take any actions on behalf of the Company, that are reasonable, prudent or for the benefit of the Company, including, but not limited to, issuing shares of stock and issuing new classes of stock, as well as entering into contracts on behalf of the Company. In addition, the Custodian, pursuant to the Order, is required to meet the requirements under the Nevada charter.

On April 27, 2022, the Custodian appointed its president, Nikki Lee, as the sole officer and director of the company.

On April 27, 2022, the Custodian designated one share of preferred stock as Special 2022 Series A Preferred Stock at par value of $0.001. The Special 2022 Series A Preferred has 60% voting rights over all classes of stock and is convertible into 61,800,000 shares of the Company's common stock.

On April 27, 2022, the Custodian issued to itself one share of the Special 2022 Series A Preferred Stock.

*<u>Change in Control – May 27, 2022</u>*

On May 27, 2022, the Custodian appointed Nairobi Anderson as the sole officer and director of the company.

On May 27, 2022, the Custodian transferred one share of Special 2022 Series A Preferred Stock to Nairobi Anderson.

On November 3, 2022, the District Court of Clark County, Nevada entered a Notice Of Entry Of Order Granting Custodian UMA, LLC's Motion To Discharge Custodianship And Enter Final Order.

*<u>Change in Control – June 21, 2023</u>*

On June 21, 2023, in a private transaction, Nairobi Anderson entered into a Securities Purchase Agreement (the "SPA") with Krisa Management LLC, a Texas limited liability company, to sell the Special 2022 Series A Preferred Stock. Upon closing of the SPA on June 21, 2023, Krisa Management LLC acquired 60% voting control of the Company.

On June 21, 2023, the Board of Directors appointed Carey W. Cooley as the Company's sole officer and director. On June 21, 2023, Nairobi Anderson resigned as an officer and director.

*<u>Change in Control – June 18, 2024</u>*

On June 18, 2024, in a private transaction, Krisa Management entered into a Securities Purchase Agreement (the "SPA") with Daming Zhang, to sell the Special 2022 Series A Preferred Stock. Upon closing of the SPA on June 18, 2024, Daming Zhang acquired 60% voting control of the Company.

On June 18, 2024, the Board of Directors appointed Daming Zhang and Miaomiao Wang as directors. Daming Zhang was elected as the Company's CEO and Miaomiao Wang as the Company's Treasurer. On June 18, 2024, Carey W Cooley resigned as an officer and director.

*<u>Change in Control – May 27, 2025</u>*

Effective May 27, 2025, a change in control of the Company occurred. On such date, pursuant to a securities purchase agreement Daming Zhang sold (A) the single outstanding share of the Special 2022 Series A Preferred Stock of the Company and (B) 9,995,000,000 shares of common stock of the Company to a single entity, Intergen I Limited Partnership ("Intergen"), a Wyoming limited partnership controlled by Tres Grados LLC, of which the control persons are Janon Costley and Ryan Dolder.

In connection with the change in control, (1) Naiwei Chen, Bo Fu and Xiuxiang Shou resigned as Directors of the Company, (2) Naiwei Chen resigned as CEO and President of the Company, (3) Daming Zhang resigned as CFO and Secretary of the Company, (4) Janon Costley was appointed President and Chief Executive Officer of the Company; and (5) Ryan Dolder was appointed Chief Operating Officer, Chief Financial Officer and Treasurer of the Company.

*<u>Acquisition Transaction</u>*

Effective June 20, 2025, the Company entered into an Agreement and Plan of Reorganization (the "Intergen Agreement") with Intergen. Pursuant to the Intergen Agreement, the Company acquired: 60% ownership of Shinju Spirits, Inc., the owner of "Shinju," a Japanese Whisky brand with distribution in the United States; Copa Imperial, a premium, high-end Tequila aimed at capitalizing on the superior growth of Tequila; Eight Vodka, a high-end Vodka fitting into the latest surge in popularity for premium Vodka; and other brands, Mazeray Champagne, Cote' Or Sparkling Wine and Comte de Mazeray Cognac. The Company issued 75,000 shares of its Series B Voting Preferred Stock, in payment of the foregoing assets.

In connection with this change in control, (1) Naiwei Chen, Bo Fu and Xiuxiang Shou resigned as Directors of the Company, (2) Naiwei Chen resigned as CEO and President of the Company, (3) Daming Zhang resigned as CFO and Secretary of the Company, (4) Janon Costley was appointed President and Chief Executive Officer of the Company; and (5) Ryan Dolder was appointed Chief Operating Officer, Chief Financial Officer and Treasurer of the Company.

*<u>Business Operations</u>*

The Company is a spirits company with operations in the United States, select European markets and planned expansion into the Bahamas. The Company is positioned as a vertically integrated beverage company focused on the development, acquisition, and scaling of premium spirits brands across high-growth global categories. The Company differentiates itself, and creates a competitive advantage, from most of its competition in the spirits industry by creating an integrated sales model by shifting from a passive brand owner to an active, closed-loop brand accelerator.

**Basis of Presentation**

The accompanying unaudited interim financial statements of SETO Holdings, Inc. (the "Company") have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP") and should be read in conjunction with the audited financial statements and notes thereto. In the opinion of management, such statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial statements of the Company as of June 30, 2025 and 2024. These unaudited condensed financial statements should be read in conjunction with the related disclosures of the Company as of June 30, 2025, and for the period then ended included elsewhere in this filing.

**Use of estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Significant estimates made by management include but are not limited to, the valuation allowance associated with deferred tax assets. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

**New Accounting Pronouncements**

The Company has implemented all new accounting pronouncements that are in effect, and that may impact its financial statements. The Company does not believe that any other new accounting pronouncements have been issued that might have a material impact on its financial position or results of operations.

**Basic and Diluted Income Per Share**

The Company presents both basic and diluted earnings per share (EPS) on the face of the statements of operations. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible debt instruments, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

At June 30, 2025, December 31, 2024, the Company had no dilutive securities outstanding.

**NOTE 2 - STOCKHOLDERS' EQUITY**

**Common Stock**

In September 2024, the Company increased the number of authorized shares of common stock to 10,100,000,000.

In September 2024, 10,000,000,000 shares of common stock were issued to the Company's former CFO as a retention bonus, which shares were valued at $0.0073 per share, or $73,000,000, in the aggregate.

At June 30, 2025, and December 31, 2024, the Company had 10,082,221,600 shares and 10,082,221,600 shares of common stock issued and outstanding, respectively.

**Preferred Stock**

*<u>Special 2022 Series A Preferred Stock</u>*. Except as provided by Nevada statutes, the holder of the Special 2022 Series A Preferred Stock shall vote together with the holders of preferred stock (including on an as converted basis), par value $0.001, and common stock, par value $0.001 per share, of the Company as a single class. The 2022 Series A Preferred Stock stockholder is entitled to 60% of all votes (including, but not limited to, common stock, and preferred stock (including on an as converted basis) entitled to vote at each meeting of stockholders of the Company (and written actions of stockholders in lieu of meetings) with respect to any and all matters presented to the stockholders of the Company for their action or consideration. The Special 2022 Series A Preferred Stock shall not be divided into fractional shares.

At June 30, 2025, and December 31, 2024, the Company had 1 share and 1 share of Special 2022 Series A Preferred Stock issued and outstanding, respectively.

*<u>Series B Voting Preferred Stock</u>*.

*Number Designated*. The number of shares designated as Series B Voting Preferred Stock shall be 75,000.

*Fractional Shares*. The Series B Voting Preferred Stock may be issued in fractional shares.

*Voting Rights*. The holders of the Series B Voting Preferred Stock shall, as a class, have rights in all matters requiring shareholder approval to a number of votes equal to two (2) times the sum of: (a) the total number of shares of Company common stock which are issued and outstanding at the time of any election or vote by the shareholders; plus (b) the number of votes allocated to shares of preferred stock issued and outstanding of any other class that shall have voting rights.

*Dividends*. The holders of the Series B Voting Preferred Stock shall not be entitled to receive dividends paid on the common stock.

*Liquidation*. The holders of the Series B Voting Preferred Stock shall not be entitled to any liquidation preference.

*Conversion Rights*. The Series B Voting Preferred Stock shall be convertible into shares of the Company's common stock, as follows: each share of Series B Voting Preferred Stock shall be convertible at any time into a number of shares of common stock that equals one-thousandth of one percent (0.001%) of the number of issued and outstanding shares of the common stock outstanding on the date of conversion, such that 1,000 shares of Series B Voting Preferred Stock would convert into one percent (1%) of the number of issued and outstanding shares of the common stock outstanding on the date of conversion. A holder of shares of Series B Voting Preferred Stock shall be required to convert all of such holder's shares of Series B Voting Preferred Stock, should any such holder exercise his, her or its rights of conversion.

At June 30, 2025, and December 31, 2024, the Company had 75,000 share and zero shares of Series B Voting Preferred Stock issued and outstanding, respectively.

**NOTE 3 –CHANGES IN CONTROL**

**June 2024**

Effective June 18, 2024, a change in control of the Company occurred. On such date, Carey Cooley sold one (1) share, or 100% of the outstanding shares, of the 2022 Series A Preferred Stock (the "Control Shares") of the Company to a single person, Daming Zhang.

In connection with the change in control, Carey Cooley resigned as the Sole Director, Daming Zhang and Miaomiao Wang were appointed as the new Directors. Daming Zhang was appointed President, Chief Executive Officer and Secretary of the Company; Miaomiao Wang was appointed Treasurer of the Company.

**May 2025**

Effective May 27, 2025, a change in control of the Company occurred. On such date, pursuant to a securities purchase agreement Daming Zhang sold (A) the single outstanding share of the Special 2022 Series A Preferred Stock of the Company and (B) 9,995,000,000 shares of common stock of the Company to a single entity, Intergen I Limited Partnership (Intergen), a Wyoming limited partnership controlled by Tres Grados LLC, of which the control persons are Janon Costley and Ryan Dolder.

In connection with the change in control, (1) Naiwei Chen, Bo Fu and Xiuxiang Shou resigned as Directors of the Company, (2) Naiwei Chen resigned as CEO and President of the Company, (3) Daming Zhang resigned as CFO and Secretary of the Company, (4) Janon Costley was appointed President and Chief Executive Officer of the Company; and (5) Ryan Dolder was appointed Chief Operating Officer, Chief Financial Officer and Treasurer of the Company.

**NOTE 4 – ACQUISITION TRANSACTION**

Effective June 20, 2025, the Company entered into an Agreement and Plan of Reorganization (the "Intergen Agreement") with Intergen. Pursuant to the Intergen Agreement, the Company acquired: 60% ownership of Shinju Spirits, Inc., the owner of "Shinju," a Japanese Whisky brand with distribution in the United States; Copa Imperial, a premium, high-end Tequila aimed at capitalizing on the superior growth of Tequila; Eight Vodka, a high-end Vodka fitting into the latest surge in popularity for premium Vodka; and other brands, Mazeray Champagne, Cote' Or Sparkling Wine and Comte de Mazeray Cognac.

The Company issued 75,000 shares of its Series B Voting Preferred Stock, in payment of the foregoing assets.

**NOTE 5 – PLACEMENT AGENT AND ADVISORY SERVICES AGREEMENT**

On June 18, 2025, the Company entered into a Placement Agent and Advisory Services Agreement (the "Placement Agent Agreement") with MD Global Partners, LLC, a FINRA-member broker-dealer (the "Placement Agent"). Under the Placement Agent Agreement, the Company paid the Placement Agent an advisory fee of $150,000 by the delivery of a $150,000 principal amount convertible promissory note, convertible at a 25% discount to the market on the date immediately preceding the date of conversion. In addition, the Company is required to pay the Placement Agent a cash fee equal to 8% of proceeds received by the Company from a financing source attributable to the Placement Agent. The Placement Agent Agreement is not a firm-commitment agreement on behalf of the Placement Agent; rather, it is a best-efforts agreement.

**NOTE 6 – CONVERTIBLE PROMISSORY NOTE**

On June 18, 2025, the Company issued a $150,000 principal amount convertible promissory note, convertible at a 25% discount to the market on the date immediately preceding the date of conversion, in payment of an advisory fee due to the Placement Agent under the Placement Agent Agreement. Principal and accrued interests on this note is due and payable on June 18, 2026.

**NOTE 7 – SUBSEQUENT EVENTS**

**Cancellation of Common Stock**

In July 2025, Intergen tendered 9,965,000,000 shares of Company common stock for cancellation.

**Issuance of Common Stock for Cash**

In August 2025, the Company sold 50,000 shares of common stock for $5,000 in cash.

**Other**

The Company performed an evaluation of subsequent events through the date on which these condensed financial statements were issued. There were no other material subsequent events which affected, or could affect, the amounts or disclosures in the financial statements.

**SETO HOLDINGS, INC.**

**BALANCE SHEETS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **ASSETS** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Receivables | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Other Receivables | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Prepaid Accounts | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 0 | 0 |
| Other Assets |  |  |
| &nbsp;&nbsp;&nbsp;Other Investments | 0 | 0 |
| Total Other Non-Current Assets | 0 | 0 |
| Total Assets | $0 | $0 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable | $2000 | $0 |
| Total Current Liabilities | 2000 | 0 |
| Long-term Liabilities | 0 | 0 |
| Total Liabilities | 2000 | 0 |
| STOCKHOLDERS' DEFICIT |  |  |
| &nbsp;&nbsp;&nbsp;Special 2022 Series A Preferred Stock, $0.001 par value, 1 share authorized, 1 share and 1 share issued and outstanding at December 31, 2024 and 2023, respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 10,100,000,000 shares authorized, 10,082,221,600 shares and 82,221,600 shares issued and outstanding at December 31, 2024 and 2023, respectively | 10082221 | 82221 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 67208534 | 4208534 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (77290756) | (4290756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (73000000) | 0 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $0 | $0 |

---

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

 

 

 

**SETO HOLDINGS, INC.**

**STATEMENTS OF INCOME**

**YEAR ENDED DECEMBER 31, 2024 AND 2023**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| Revenues | $0 | $0 |
| Operating expenses |  | 0 |
| &nbsp;&nbsp;&nbsp;Retention bonus | 73000000 | 0 |
| Total operating expenses | 73000000 | 0 |
| Operating profit (loss) | (73000000) | 0 |
| &nbsp;&nbsp;&nbsp;Profit (loss) before tax expense | (73000000) | 0 |
| Tax expense | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Net profit (loss) | $(73000000) | $0 |
| Net income per common share |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | $(0.01) | $(0.00) |
| Weighted average number of common shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | 10082221600 | 82221600 |

---

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

**SETO HOLDINGS, INC.**

**STATEMENTS OF STOCKHOLDERS' DEFICIT**

**YEARS ENDED DECEMBER 31, 2024 AND 2023**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Special 2022**<br> **Series A** | **Special 2022**<br> **Series A** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** |<br>**Total** |
| Balance, December 31, 2022 | 1 | $1 | 82221600 | $82221 | $4208534 | $(4290756) | $0 |
| Net loss | – | – | – | – | – | – | 0 |
| Balance, December 31, 2023 | 1 | 1 | 82221600 | 82221 | 4208534 | 4290756 | 0 |
| Issuance of common stock for retention bonus |  |  | 10000000000 | 10000000 | 63000000 |  | 73000000 |
| Net loss | – | – | – | – | – | (73000000) | (73000000) |
| Balance, December 31, 2024 | 1 | $1 | 10082221600 | $10082221 | $67208534 | $(77290756) | $0 |

---

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

**SETO HOLDINGS, INC.**

**STATEMENTS OF CASH FLOWS**

**YEAR ENDED DECEMBER 31, 2024 AND 2023**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| Cash flows from operating activities |  |  |
| Net loss | $(73000000) | $0 |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Retention bonus paid in common stock | 73000000 | 0 |
| Net cash provided by (used in) operating activities | 0 | 0 |
| Investing activities | 0 | 0 |
| Net cash provided by (used in) investing activities | 0 | 0 |
| Financing activities | 0 | 0 |
| Net cash provided by (used in) financing activities | 0 | 0 |
| Net increase (decrease) in cash | 0 | 0 |
| Cash at beginning of period | 0 | 0 |
| Cash at end of period | $0 | $0 |

---

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

**SETO HOLDINGS, INC.**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**DECEMBER 31, 2024 AND 2023**

**NOTE 1 - – BASIS OF PRESENTATION AND GOING CONCERN**

**Basis of Presentation**

The accompanying unaudited interim financial statements of SETO Holdings, Inc. (the "Company") have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP") and should be read in conjunction with the audited financial statements and notes thereto. In the opinion of management, such statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial statements of the Company as of December 31, 2024 and 2023. These unaudited condensed financial statements should be read in conjunction with the related disclosures of the Company as of December 31, 2024, and for the period then ended included elsewhere in this filing.

**Use of estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Significant estimates made by management include but are not limited to, the valuation allowance associated with deferred tax assets. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

**New Accounting Pronouncements**

The Company has implemented all new accounting pronouncements that are in effect, and that may impact its financial statements. The Company does not believe that any other new accounting pronouncements have been issued that might have a material impact on its financial position or results of operations.

**Basic and Diluted Income Per Share**

The Company presents both basic and diluted earnings per share (EPS) on the face of the statements of operations. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible debt instruments, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

At December 31, 2024 and 2023, the Company had no dilutive securities outstanding.

**NOTE 3 - STOCKHOLDERS' EQUITY**

**Common Stock**

In September 2024, the Company increased the number of authorized shares of common stock to 10,100,000,000.

In September 2024, 10,000,000,000 shares of common stock were issued to the Company's CFO, Daming Zhang, as a retention bonus, which shares were valued at $0.0073 per share, or $73,000,000, in the aggregate.

At December 31, 2024 and 2023, the Company had 10,082,221,600 shares and 82,221,600 shares of common stock issued and outstanding, respectively.

**Preferred Stock**

*<u>Special 2022 Series A Preferred Stock</u>*. Except as provided by Nevada statutes, the holder of the Special 2022 Series A Preferred Stock shall vote together with the holders of preferred stock (including on an as converted basis), par value $0.001, and common stock, par value $0.001 per share, of the Company as a single class. The 2022 Series A Preferred Stock stockholder is entitled to 60% of all votes (including, but not limited to, common stock, and preferred stock (including on an as converted basis) entitled to vote at each meeting of stockholders of the Company (and written actions of stockholders in lieu of meetings) with respect to any and all matters presented to the stockholders of the Company for their action or consideration. The Special 2022 Series A Preferred Stock shall not be divided into fractional shares.

At December 31, 2024 and 2023, the Company had 1 share and 1 share of Special 2022 Series A Preferred Stock issued and outstanding, respectively.

**NOTE 4 - CHANGE IN CONTROL**

Effective June 18, 2024, a change in control of the Company occurred. On such date, Carey Cooley sold one (1) share, or 100% of the outstanding shares, of the 2022 Series A Preferred Stock (the "Control Shares") of the Company to a single person, Daming Zhang.

In connection with the change in control, Carey Cooley resigned as the Sole Director, Daming Zhang and Miaomiao Wang were appointed as the new Directors. Daming Zhang was appointed President, Chief Executive Officer and Secretary of the Company; Miaomiao Wang was appointed Treasurer of the Company.

**NOTE 5 – SUBSEQUENT EVENTS**

None.

**SHINJU SPIRITS, INC.**

**BALANCE SHEETS**

**AT MARCH 31, 2025 AND 2024**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **March 31,** <br> **2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | $208173 | $741960 |
| &nbsp;&nbsp;&nbsp;Receivables | 0 | 63305 |
| &nbsp;&nbsp;&nbsp;Other Receivables | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Prepaid Accounts | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 441534 | 805265 |
| Other Assets |  |  |
| &nbsp;&nbsp;&nbsp;Other Investments | 0 | 0 |
| Total Other Non-Current Assets | 0 | 0 |
| Total Assets | $441534 | $805265 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable | $26972 | $57571 |
| &nbsp;&nbsp;&nbsp;Note Payable – Related Party | 0 | 0 |
| Total Current Liabilities | 26972 | 60540 |
| Long-term Liabilities | 24204 | 24871 |
| Total Liabilities | 51176 | 82443 |
| STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;Additional Paid-in Capital | 1083200 | 1083200 |
| &nbsp;&nbsp;&nbsp;Retained Earnings (Deficit) | (692843) | (360377) |
| TOTAL STOCKHOLDERS EQUITY | 390357 | 722823 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $441534 | $805265 |

---

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

**SHINJU SPIRITS, INC.**

**STATEMENTS OF INCOME**

**THREE MONTHS ENDED MARCH 31, 2025 AND 2024**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended 3/31/25** | **Three Months Ended 3/31/24** |
| Income |  |  |
| &nbsp;&nbsp;&nbsp;Sales of Product Income | $9330 | $1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Pearl 750ml | 26095 |  |
| &nbsp;&nbsp;&nbsp;Total Sales of Product Income | 35425 | 1409 |
| Total Income | 35425 | 1409 |
| Cost of Goods Sold |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Goods Sold | 18014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottle Supplies | 30432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warehouse Rent | 858 | – |
| &nbsp;&nbsp;&nbsp;Total Cost of Goods Sold | 49304 |  |
| &nbsp;&nbsp;&nbsp;Inventory Shrinkage |  |  |
| &nbsp;&nbsp;&nbsp;Shipping | 580 | 12 |
| &nbsp;&nbsp;&nbsp;Storage and Handling | 6308 | 3483 |
| Total Cost of Goods Sold | 56192 | 3495 |
| Gross Profit | (20767) | (2085) |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;Accounting Fees | 6997 |  |
| &nbsp;&nbsp;&nbsp;Advertising & Marketing |  | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising | 12600 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Website Hosting | – | 22 |
| &nbsp;&nbsp;&nbsp;Total Advertising & Marketing | 12600 | 1732 |
| &nbsp;&nbsp;&nbsp;Bank Charges & Fees | 724 | 444 |
| &nbsp;&nbsp;&nbsp;Consulting Fees | 62105 | 525 |
| &nbsp;&nbsp;&nbsp;Group Directors fees |  | 9000 |
| &nbsp;&nbsp;&nbsp;Legal & Professional Services | 49 |  |
| &nbsp;&nbsp;&nbsp;Meals & Entertainment | 1642 | 618 |
| &nbsp;&nbsp;&nbsp;Office Supplies & Software | 25 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchant Fees | 773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office Supplies | 754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quickbooks Software | 630 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 4643 | – |
| &nbsp;&nbsp;&nbsp;Total Office Supplies & Software | 6825 | 1534 |
| &nbsp;&nbsp;&nbsp;Parking Expense | 107 | 130 |
| &nbsp;&nbsp;&nbsp;Salaries and Wages |  | 8350 |
| &nbsp;&nbsp;&nbsp;Taxes & Licenses | 1202 | 1392 |
| &nbsp;&nbsp;&nbsp;Telephone | 1046 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airfare | 3859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas | 453 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel | 3464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Car | 2061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxi | 716 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tolls | 24 | 1 |
| &nbsp;&nbsp;&nbsp;Total Travel | 10586 | 353 |
| Total Expenses | 103883 | 24471 |
| Net Operating Income | (124650) | (26557) |
| Other Expenses |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Gain or Loss |  |  |
| &nbsp;&nbsp;&nbsp;Exchange gain or loss | – | – |
| Total Other Expenses | – | – |
| Net Other Income | – | – |
| Net Income | $(124650) | $(26557) |

---

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

 

 

 

 

**SHINJU SPIRITS, INC.**

**Statement of Changes in Stockholders' Equity**

**For the Three Months Ended March 31, 2025 and 2024**

**(unaudited)**

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series Seed<br> Preferred Stock** | **Series Seed<br> Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Retained Earnings (Accumulated**<br>**Deficit)** |<br>**Total** |
|  | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** | **Three Months Ended March 31, 2024** |
| Balance, December 31, 2023 |  | $– | 50000000 | $– | $333200 | $(334600) | $(1400) |
| Issuances of preferred shares for cash | 11450381 |  |  |  | 750000 |  | 750000 |
| Adjustment to reconcile prior period |  |  |  |  | 780 |  | 780 |
| Net loss | – | – | – | – | – | (26557) | (26557) |
| Balance, March 31, 2024 | – | $– | 50000000 | – | $1083200 | $(360377) | $722823 |
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| Balance, December 31, 2024 | 11450381 | $– | 50000000 | $– | $1083200 | $(584206) | $498994 |
| Net loss |  |  |  |  |  | (124650) | (124650) |
| Adjustment to reconcile prior period | – | – | – | – | – | 16013 | 16013 |
| Balance, March 31, 20025 | 11450381 | $– | 50000000 | $– | $1083200 | $(692843) | $390357 |

---

 

 

 

 

 

 

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

**SHINJU SPIRITS, INC.**

**STATEMENTS OF CASH FLOWS**

**THREE MONTHS ENDED MARCH 31, 2025 AND 2024** 

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended 3/31/25** | **Three Months Ended 3/31/24** |
| OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | $(124650) | $(25557) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable (A/R) | 54204 | 19070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capcity Loan account |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Co Transfer - Rogue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory Asset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan - HBI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tasmanian Tiger Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work in Progress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) |  | (2890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) - EUR |  | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) - GBP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Co Transfer - Mazeray |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partner transfers |  | (323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share creditor | – | – |
| &nbsp;&nbsp;&nbsp;Total Adjustments to reconcile Net Income to Net Cash provided by operations: | 54204 | 15778 |
| Net cash provided by operating activities | (70446) | (10779) |
| FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Owner's Investment: Share capital |  | 1145 |
| &nbsp;&nbsp;&nbsp;Owner's Investment: Share premium |  | 748855 |
| &nbsp;&nbsp;&nbsp;Retained Earnings | 16013 | 780 |
| Net cash provided by financing activities | $40744 | $750780 |
| Net cash increase for period | $(54433) | $740001 |
| Cash at beginning of period | 287794 | 1959 |
| Cash at end of period | $233361 | $741960 |

---

**SHINJU SPIRITS, INC.**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**MARCH 31, 2025 AND 2024**

**NOTE 1 – BASIS OF PRESENTATION AND GOING CONCERN**

**Basis of Presentation**

The accompanying unaudited interim financial statements of Shinju Spirits, Inc. (the "Company") have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP") and should be read in conjunction with the audited financial statements and notes thereto. In the opinion of management, such statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial statements of the Company as of March 31, 2025 and 2024.

**Use of estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Significant estimates made by management include but are not limited to, the valuation allowance associated with deferred tax assets. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

**New Accounting Pronouncements**

The Company has implemented all new accounting pronouncements that are in effect, and that may impact its financial statements. The Company does not believe that any other new accounting pronouncements have been issued that might have a material impact on its financial position or results of operations.

**Basic and Diluted Income Per Share**

The Company presents both basic and diluted earnings per share (EPS) on the face of the statements of operations. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible debt instruments, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

**NOTE 3 - STOCKHOLDERS' EQUITY**

**Common Stock**

At March 31, 2025 and 2024, the Company had 50,000,000 shares and 50,000,000 shares of common stock issued and outstanding, respectively.

**Preferred Stock**

*<u>Series Seed Preferred Stock</u>*.

At December 31, 2024 and 2023, the Company had 11,450,381 shares and -0- shares of Series Seed Preferred Stock issued and outstanding, respectively.

**NOTE 4 – EQUITY INVESTMENT**

In March 2024, the Company issued 11,450,381 shares of its Series Seed Preferred Stock, for $750,000 in cash.

**NOTE 5 – SUBSEQUENT EVENTS**

In June 2025, a change in majority ownership of the Company occurred. On such date, the Company's 60% shareholder, Intergen I Limited Partnership, sold such 60% ownership interest in the Company to SETO Holdings, Inc., a publicly-traded Nevada corporation. No change in the management of the Company occurred, in connection with such transaction

**SHINJU SPIRITS, INC.**

**BALANCE SHEETS**

**AT DECEMBER 31, 2024 AND 2023**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **At December 31,**<br> **2024** | **At December 31,**<br> **2023** |
| **ASSETS** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | $287793 | $1959 |
| &nbsp;&nbsp;&nbsp;Receivables | 262377 | 82375 |
| &nbsp;&nbsp;&nbsp;Other Receivables | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Prepaid Accounts | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 550170 | 84334 |
| Other Assets | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Other Investments | 0 | 0 |
| Total Other Non-Current Assets | 0 | 0 |
| Total Assets | $550170 | $84334 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable | $26972 | $60540 |
| &nbsp;&nbsp;&nbsp;Note Payable – Related Party | 0 | 0 |
| Total Current Liabilities | 26972 | 60540 |
| Long-term Liabilities | 24204 | 25194 |
| Total Liabilities | 51176 | 85734 |
| STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;Additional Paid-in Capital | 1083200 | 333200 |
| &nbsp;&nbsp;&nbsp;Retained Earnings (Deficit) | (584206) | (334600) |
| TOTAL STOCKHOLDERS EQUITY | 498994 | (1400) |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $550170 | $84334 |

---

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

 

 

 

 

**SHINJU SPIRITS, INC.**

**STATEMENTS OF INCOME**

**YEAR ENDED DECEMBER 31, 2024 AND 2023**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2023** |
| Income |  |  |
| &nbsp;&nbsp;&nbsp;Sales | $2332 | $4645 |
| &nbsp;&nbsp;&nbsp;Sales of Product Income | 1409 | 16380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Pearl 750ml | 201952 | 169742 |
| &nbsp;&nbsp;&nbsp;Total Sales of Product Income | 203361 | 186122 |
| Total Income | 205693 | 190767 |
| Cost of Goods Sold |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Goods Sold | 56221 | 100897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottle Supplies | 48222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount | 2880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warehouse Rent | 10043 | – |
| &nbsp;&nbsp;&nbsp;Total Cost of Goods Sold | 117366 | 100897 |
| &nbsp;&nbsp;&nbsp;Inventory Shrinkage | 11780 |  |
| &nbsp;&nbsp;&nbsp;Shipping | 7263 | 5774 |
| &nbsp;&nbsp;&nbsp;Storage and Handling | 5274 | 35036 |
| Total Cost of Goods Sold | 141684 | 141708 |
| Gross Profit | 64009 | 49059 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;Accounting Fees | 17732 |  |
| &nbsp;&nbsp;&nbsp;Advertising & Marketing | 2822 | 73394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising | 51095 | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Website Hosting | 32 | 580 |
| &nbsp;&nbsp;&nbsp;Total Advertising & Marketing | 53950 | 77717 |
| &nbsp;&nbsp;&nbsp;Bank Charges & Fees | 1865 | 1991 |
| &nbsp;&nbsp;&nbsp;Car & Truck | 142 |  |
| &nbsp;&nbsp;&nbsp;Consulting - intercompany |  | 28838 |
| &nbsp;&nbsp;&nbsp;Consulting Fees | 192756 | 200 |
| &nbsp;&nbsp;&nbsp;Contractors |  | 165773 |
| &nbsp;&nbsp;&nbsp;Group Directors fees | 9000 | 36000 |
| &nbsp;&nbsp;&nbsp;Insurance | 100 |  |
| &nbsp;&nbsp;&nbsp;Interest Paid |  | 1806 |
| &nbsp;&nbsp;&nbsp;Job Supplies | 515 | 548 |
| &nbsp;&nbsp;&nbsp;Legal & Professional Services | 649 |  |
| &nbsp;&nbsp;&nbsp;Meals & Entertainment | 7971 | 5713 |
| &nbsp;&nbsp;&nbsp;Office Supplies & Software | 3068 | 4717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchant Fees | 256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office Supplies | 594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quickbooks Software | 2242 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 3846 | – |
| &nbsp;&nbsp;&nbsp;Total Office Supplies & Software | 10007 | 5279 |
| &nbsp;&nbsp;&nbsp;Other Business Expenses |  | 22 |
| &nbsp;&nbsp;&nbsp;Parking Expense | 496 | 204 |
| &nbsp;&nbsp;&nbsp;Salaries and Wages | 39850 | 186472 |
| &nbsp;&nbsp;&nbsp;Taxes & Licenses | 3967 | 6484 |
| &nbsp;&nbsp;&nbsp;Telephone | 3481 | 1121 |
| &nbsp;&nbsp;&nbsp;Travel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airfare | 4676 | 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas | 1684 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel | 4524 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Car | 772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxi | 709 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tolls | 139 | 55 |
| &nbsp;&nbsp;&nbsp;Total Travel | 12503 | 7508 |
| Total Expenses | 354984 | 525677 |
| Net Operating Income | (290975) | (476618) |
| Other Expenses |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Gain or Loss |  |  |
| &nbsp;&nbsp;&nbsp;Exchange gain or loss | 154 | 40845 |
| &nbsp;&nbsp;&nbsp;Other Miscellaneous Expense | – | 200 |
| Total Other Expenses | 154 | 41045 |
| Net Other Income | (154) | (41045) |
| Net Income | $(291129) | $(517664) |

---

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

**SHINJU SPIRITS, INC.**

**Statement of Changes in Stockholders' Equity**

**For the Years Ended December 31, 2024 and 2023**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series Seed<br> Preferred Stock** | **Series Seed<br> Preferred Stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Retained Earnings (Accumulated**<br>**Deficit)** |<br>**Total** |
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| Balance, December 31, 2022 |  | $– | 50000000 | $– | $333200 | $184064 | $516064 |
| Adjustment to reconcile prior period |  |  |  |  | (1000) |  | (1000) |
| Net loss | – | – | – | – | – | (517664) | (517664) |
| Balance, December 31, 2023 | – | $– | 50000000 | – | $333200 | $(334600) | $(1400) |
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| Balance, December 31, 2023 |  | $– | 50000000 | $– | $333200 | $(334600) | $(1400) |
| Issuances of preferred shares for cash | 11450381 |  |  |  | 750000 |  | 750000 |
| <br> Adjustment to reconcile prior period |  |  |  |  | 41523 |  | 41523 |
| Net loss | – | – | – | – | – | (291129) | (291129) |
| Balance, December 31, 2024 | 11450381 | $– | 50000000 | $– | $1083200 | $(584206) | $498994 |

---

 

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

**SHINJU SPIRITS, INC.**

**STATEMENTS OF CASH FLOWS**

**YEAR ENDED DECEMBER 31, 2024 AND 2023**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2023** |
| OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | $(291129) | $(517664) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable (A/R) | (180002) | 59305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capcity Loan account |  | 71976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Co Transfer - Rogue |  | (421840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory Asset |  | 122978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan - HBI |  | 8058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tasmanian Tiger Loan |  | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work in Progress |  | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) | (33489) | 20281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) - EUR | (79) | (841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable (A/P) - GBP |  | (18872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruals |  | (42700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Co Transfer - Mazeray |  | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partner transfers | (990) | 25154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share creditor | – | (4052) |
| &nbsp;&nbsp;&nbsp;Total Adjustments to reconcile Net Income to Net Cash provided by operations: | (214560) | (174443) |
| Net cash provided by operating activities | (505689) | (692107) |
| FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Owner's Investment: Share capital | 1145 |  |
| &nbsp;&nbsp;&nbsp;Owner's Investment: Share premium | 748855 | 333200 |
| &nbsp;&nbsp;&nbsp;Retained Earnings | 41524 | 358032 |
| Net cash provided by financing activities | $791524 | $691232 |
| Net cash increase for period | $285835 | $(874) |
| Cash at beginning of period | 1959 | 2834 |
| Cash at end of period | $287794 | $**1959** |

---

**SHINJU SPIRITS, INC.**

**NOTES TO UNAUDITED FINANCIAL STATEMENTS**

**DECEMBER 31, 2024 AND 2023**

**NOTE 1 – BASIS OF PRESENTATION AND GOING CONCERN**

**Basis of Presentation**

The accompanying unaudited interim financial statements of Shinju Spirits, Inc. (the "Company") have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP") and should be read in conjunction with the audited financial statements and notes thereto. In the opinion of management, such statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial statements of the Company as of December 31, 2024 and 2023.

**Use of estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Significant estimates made by management include but are not limited to, the valuation allowance associated with deferred tax assets. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

**New Accounting Pronouncements**

The Company has implemented all new accounting pronouncements that are in effect, and that may impact its financial statements. The Company does not believe that any other new accounting pronouncements have been issued that might have a material impact on its financial position or results of operations.

**Basic and Diluted Income Per Share**

The Company presents both basic and diluted earnings per share (EPS) on the face of the statements of operations. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible debt instruments, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

**NOTE 3 - STOCKHOLDERS' EQUITY**

**Common Stock**

At December 31, 2024 and 2023, the Company had 50,000,000 shares and 50,000,000 shares of common stock issued and outstanding, respectively.

**Preferred Stock**

*<u>Series Seed Preferred Stock</u>*.

At December 31, 2024 and 2023, the Company had 11,450,381 shares and -0- shares of Series Seed Preferred Stock issued and outstanding, respectively.

**NOTE 4 – EQUITY INVESTMENT**

In March 2024, the Company issued 11,450,381 shares of its Series Seed Preferred Stock, for $750,000 in cash.

**NOTE 5 – SUBSEQUENT EVENTS**

None.

**SETO HOLDINGS, INC.**

**UNAUDITED PRO FORMA FINANCIAL STATEMENTS**

The following unaudited pro forma financial statements are based on the historical financial statements of SETO Holdings, Inc. ("SETO") and Shinju Spirits, Inc. ("SSI") after giving effect to SETO's acquisition of SSI (the "Acquisition") and the assumptions and adjustments described in the accompanying notes to the unaudited pro forma financial statements. The effective date of the Acquisition was December 31, 2024.

**<u>Unaudited Pro Forma Balance Sheet</u>**

The following unaudited pro forma balance sheet has been derived from the balance sheet of SETO at December 31, 2024 (unaudited), and adjusts such information to give effect to the acquisition of SSI, as if the acquisition had occurred at December 31, 2024. The unaudited pro forma balance sheet is presented for informational purposes only and does not purport to be indicative of the financial condition that would have resulted if the acquisition had been consummated at December 31, 2024. The unaudited pro forma balance sheet should be read in conjunction with the notes thereto and SSI's financial statements and related notes thereto contained elsewhere herein.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SETO** | **SSI** | **Pro Forma**<br> **Adjustments** | **Pro Forma** |
| Cash and cash equivalents | $– | $287793 | $– | $287793 |
| Total current assets | – | 550170 | – | 550170 |
| Other assets | – | – | – | – |
| Total assets | $– | $550170 | $– | $550170 |
| Liabilities | $2000 | $51176 | $– | $53176 |
| Preferred stock | 1 |  |  | 1 |
| Common stock | 10082221 |  |  | 10082221 |
| Additional paid-in capital | 67208534 | 1083200 |  | 68291734 |
| Retained earnings (deficit) | (77290756) | (481068) |  | (77771824) |
| Total stockholders' equity (deficit) | (73000000) | (103138) | – | (73103138) |
| Total liabilities and stockholders' equity (deficit) | $– | $550170 | $– | $550170 |

---

*See accompanying notes to unaudited pro forma financial statements.*

**<u>Unaudited Pro Forma Statements of Operations</u>**

<u>Year Ended December 31, 2024</u>

The following pro forma statement of operations has been derived from the statement of operation of SETO at December 31, 2024, and adjusts such information to give effect to the acquisition of SSI, as if the acquisition had occurred at January 1, 2024. The pro forma statement of operations is presented for informational purposes only and does not purport to be indicative of the results of operations that would have resulted if the acquisition had been consummated at January 1, 2024. The pro forma statement of operations should be read in conjunction with SSI's financial statements and related notes thereto contained elsewhere in this filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SETO** | **SSI** | **Pro Forma**<br> **Adjustments** | **Pro Forma** |
| Revenues | $– | $205693 | $– | $205693 |
| Cost of goods sold | – | 141684 | – | 141684 |
| Gross profit |  | 64009 |  | 64009 |
| Operating expenses |  |  |  |  |
| General and administrative | 73000000 | 354984 | – | 73354984 |
| Total expenses | (73000000) | (354984) | – | (73354984) |
| Other income (expense) | – | (154) | – | (154) |
| Profit (loss) before taxes | (73000000) | (291129) |  | (73291129) |
| Income tax expense | – | – | – | – |
| Net profit (loss) | $(73000000) | $(291129) | $– | $(73291129) |
| Net profit (loss) per share |  |  |  |  |
| Basic and Diluted | $(0.01) | $(0.01) | $(0.02) | $(0.00) |
| Weighted average shares outstanding |  |  |  |  |
| Basic and Diluted | 10082221660 | 50000000 | 30246664980 | 40378886640 |

---

*See accompanying notes to unaudited pro forma financial statements.*

**<u>Notes to Unaudited Pro Forma Financial Statements</u>**

**Note 1. Basis of Unaudited Pro Forma Presentation**

The unaudited pro forma balance sheet as of December 31, 2024, and the unaudited pro forma statement of operations for the year ended December 31, 2024, are based on the historical financial statements of SETO and SSI after giving effect to SETO's acquisition of SSI (the "Acquisition") and the assumptions and adjustments described in the notes herein. No pro forma adjustments were required to conform SSI's accounting policies to SETO's accounting policies.

The unaudited pro forma balance sheet as of December 31, 2024, is presented as if the Acquisition had occurred on December 31, 2024. The unaudited pro forma statement of operations of SETO and SSI for the year ended December 31, 2024, is presented as if the Acquisition had taken place on January 1, 2024.

The unaudited pro forma financial statements are not intended to represent or be indicative of the results of operations or financial position of SETO that would have been reported had the Acquisition been completed as of the dates presented, and should not be taken as representative of the future results of operations or financial position of SETO.

**Note 2. SSI Acquisition**

Effective June 20, 2025, SETO entered into an Agreement and Plan of Reorganization (the "Acquisition Agreement") with Intergen I Limited Partnership ("Intergen"). Pursuant to the Acquisition Agreement, SETO acquired: 60% ownership of SSI, the owner of "Shinju," a Japanese Whisky brand with distribution in the United States; Copa Imperial, a premium, high-end Tequila aimed at capitalizing on the superior growth of Tequila; Eight Vodka, a high-end Vodka fitting into the latest surge in popularity for premium Vodka; and other brands, Mazeray Champagne, Cote' Or Sparkling Wine and Comte de Mazeray Cognac. SETO has adopted the business plan of SSI as its overall corporate business plan. Pursuant to the Acquisition Agreement, SETO issued 75,000 shares of its Series B Voting Preferred Stock to Intergen, all of which shares are considered "restricted securities."

Acquisition-related expenses, including legal and accounting fees and other external costs directly related to the acquisition, were expensed as incurred.

**Note 3. Pro Forma Adjustments**

With respect to the unaudited pro form balance sheet, no pro forma adjustments are included. With respect to the unaudited pro forma statements of income, pro forma adjustments were made only to weighted average shares outstanding, which adjustments were made to reflect the issuance of 75,000 shares of Series B Voting Preferred Stock pursuant to the Acquisition Agreement.

**PART III – EXHIBITS**

**Index to Exhibits**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 1.1+<br>| [Placement Agent and Advisory Services Agreement between the Company and MD Global Partners, LLC.](seto_ex0101.htm) |
| 2.1+ | [Articles of Incorporation through December 31, 2024](seto_ex0201.htm) |
| 2.2+ | [Certificate of Amendment filed June 18, 2025](seto_ex0202.htm) |
| 2.3+ | [Certificate of Designation of Series B Preferred Stock filed June 18, 2025](seto_ex0203.htm) |
| 2.4+ | [Bylaws](seto_ex0204.htm) |
| 3.1+ | [Convertible Promissory Note dated July 15, 2025, $4,515.00 principal amount, in favor of Newlan Law Firm, PLLC](seto_ex0301.htm)  |
| 3.2+ | [Convertible Promissory Note dated September 5, 2025, $25,000.00 principal amount, in favor of Marbletown Advisors LLC](seto_ex0302.htm) |
| 4.1+ | [Subscription Agreement](seto_ex0401.htm) |
| 5.1+ | [Voting Agreement between Janon Costley and Ryan Dolder](seto_ex0501.htm) |
| 6.1+ | [Securities Purchase Agreement between the Company and Marbletown Advisors LLC](seto_ex0601.htm) |
| 6.2+ | [Employment Agreement between the Company and Janon Costley](seto_ex0602.htm) |
| 6.3+ | [Employment Agreement between the Company and Ryan Dolder](seto_ex0603.htm) |
| 7.1+ | [Agreement and Plan of Reorganization between the Company and Intergen I Limted Partnership](seto_ex0701.htm). |
| 11.1+ | Consent of Newlan Law Firm, PLLC (see [Exhibit 12.1](seto_ex1201.htm)) |
| 12.1+ | [Opinion of Newlan Law Firm, PLLC Opinion of Newlan Law Firm, PLLC Opinion of Newlan Law Firm, PLLC](seto_ex1201.htm) |

---

_______________________

+ Filed herewith.

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hyattsville, State of Maryland, on September 10, 2025.

---

| | |
|:---|:---|
| **SETO Holdings, Inc.** | **SETO Holdings, Inc.** |
| By: | */s/ Janon Costley* |
|  | Janon Costley |
|  | Chief Executive Officer |

---

This Offering Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | */s/ Janon Costley* | September 10, 2025 |
|  | Janon Costley |  |
|  | President, Chief Executive Officer [Principal Executive Officer] and Director |  |

---

---

| | | |
|:---|:---|:---|
| By: | */s/ Ryan Dolder* | September 10, 2025 |
|  | Ryan Dolder |  |
|  | Chief Financial Officer [Principal Accounting Officer], Secretary, Treasurer and Director |  |

---

## Ex1A-1

**Exhibit 1.1**

THIS NOTE, AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE APPLICABLE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS REGISTERED UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES LAWS, OR UNLESS AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE MAKER, IS OBTAINED TO THE EFFECT THAT SUCH PLEDGE, SALE, ASSIGNMENT OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND SUCH STATE SECURITIES LAWS.

---

| | |
|:---|:---|
| **Principal Amount: $150,000.00** | **Issue Date: June 18, 2025** |

---

**SETO HOLDINGS, INC.**

**CONVERTIBLE PROMISSORY NOTE**

FOR VALUE RECEIVED, SETO Holdings, Inc., a Nevada corporation (hereinafter called the ***"Borrower"***), hereby promises to pay to the order of MGD Global Partners, LLC, or registered assigns (the ***"Holder"***), the sum of $150,000.00 together with any interest as set forth herein, on June 18, 2026 (the ***"Maturity Date"***), including interest on the unpaid principal balance hereof at the rate of eight percent (8%) (the ***"Interest Rate"***) per annum from the date hereof (the ***"Issue Date"***) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment. This note (the ***"Note"***) shall contain an original issue discount (***"OID"***) of $0.00.

This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twelve percent (12%) per annum from the due date thereof until the same is paid (***"Default Interest"***). Interest shall commence accruing on the date that the Holder pays the full Purchase Price to the Borrower and shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share (the ***"Common Stock"***) in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note.

This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

The following terms shall apply to this Note:

**Article I. Conversion Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Conversion Right.** Beginning on the date that is fifteen (15) days immediately following the date of qualification of the Borrower's first-file Offering Statement on Form 1-A, the Holder shall have the right, from time to time, and at any time, to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or, in the event of a recapitalization or merger, any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the ***"Conversion Price"***) determined as provided herein (a ***"Conversion"***) [The foregoing is not a ratchet provision; in the event of a recapitalization or merger, if common shareholder receive any other shares or interests, i.e., shares of a different issuer in the event of a merger, the Note will convert into such shares. That is the Note conversion rights will follow the merger]; *provided, however*, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. *<u>The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder</u>*. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the "Notice of Conversion"), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the ***"Conversion Date"***); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date shall be the next business day. The term "Conversion Amount" means, with respect to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder's option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.1 Rights of Qualification.** The Holder shall have the right, which may be exercised at the Holder's sole discretion, to convert any amount due under this Note into shares of any qualified Regulation A Offering under the Securities Act of 1933, as amended (the *"Securities Act"*) of Borrower during the term of the any such Regulation A Offering. The number of shares to be issued upon any such conversion shall be in accordance with Section 1.2 of this Note. In conjunction with the rights granted to the Holder under this Section 1.1.1, Borrower shall, as may be required and while any amount due under this Note remains outstanding, (1) identify the Holder as a selling shareholder in each of its Regulation A Offering Circulars; and (2) qualify and allocate a sufficient number of shares of Common Stock to repay the remaining balance under the Note in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Conversion Price.** The Conversion Price shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower's securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Variable Conversion Price" shall mean 75% multiplied by the Market Price (as defined herein) (representing a discount rate of 25%).

"Market Price" means the closing price for the Common Stock on the trading day immediately preceding the date of any conversion. "Trading Day" shall mean any day on which the Common Stock is tradable for any period on the OTC, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.

**Notwithstanding the foregoing paragraph, should the Holder exercise its conversion rights pursuant to Section 1.1.1 of this Note, the Conversion Price shall be equal to the then-current offering price of the applicable Regulation A Offering Statement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Authorized Shares.** The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have authorized and reserved four and one half times the number of shares that would be issuable upon full conversion of the Note (assuming that the 4.99% limitation set forth in Section 1.1 is not in effect) (based on the respective Conversion Price of the Note (as defined in Section 1.2) in effect from time to time, initially 7,500,000 shares) (the ***"Reserved Amount"***). The Reserved Amount shall be increased (or decreased with the written consent of the Holder) from time to time in accordance with the Borrower's obligations hereunder. The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common Stock into which the Notes shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of this Note. If, at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 Method of Conversion.**

&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) Mechanics of Conversion.** As set forth in Section 1.1 hereof, from time to time, and at any time, ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Note at the principal office of the Borrower (upon payment in full of any amounts owed 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) Surrender of Note Upon Conversion.** Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as not to require physical surrender of this Note upon each such conversion.

&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) Delivery of Common Stock Upon Conversion.** Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the ***"Deadline"***) (and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein, the Borrower's obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection with such conversion.

&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) Delivery of Common Stock by Electronic Transfer.** In lieu of delivering physical certificates representing the Common Stock issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (***"DTC"***) Fast Automated Securities Transfer (***"FAST"***) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder by crediting the account of Holder's Prime Broker with DTC through its Deposit Withdrawal Agent Commission (***"DWAC"***) system.

&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) Failure to Deliver Common Stock Prior to Deadline.** Without in any way limiting the Holder's right to pursue other remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of this Note is not delivered by the Deadline (3 business days after receipt of Conversion Notice) due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder $500 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the ***"Fail to Deliver Fee"***); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party (i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages provision contained in this Section 1.4(e) are justified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 Concerning the Shares.** The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless: (i) the Borrower or its transfer agent shall have been furnished by the Holder with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration (such as Rule 144 or a successor rule) (***"Rule 144"***); or (ii) such shares are transferred to an "affiliate" (as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 Effect of Certain 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) Effect of Merger, Consolidation, Etc.** At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III). "Person" shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

&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) Adjustment Due to Merger, Consolidation, Etc.** If, at any time when this Note is issued and outstanding and prior to conversion of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof.

The Borrower shall not affect any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five (5) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

&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) Adjustment Due to Distribution.** If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to the Borrower's shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a ***"Distribution"***), then the Holder of this Note shall be entitled, upon any conversion of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution. [NOTE: This is not a ratchet provision, it simply prohibits the issuer from effecting a distribution of assets or stock while attempting to avoid conversion or payment of the note (i.e., in the event of an asset distribution which renders the company a shell company, without the foregoing language, although it would be a default, the note holder would be left with little other remedies to attempt to be repaid from the spin off entity). Note that the language does not change the conversion price formula.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7 Prepayment.** This Note may be prepaid at any time without penalty. The Holder's conversion rights herein shall not be affected in any way until the Note is fully paid (funds received by the Holder).

**ARTICLE II. CERTAIN COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Sale of Assets.** So long as the Borrower shall have any obligation under this Note, the Borrower shall not, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any consent to the disposition of any assets may not be unreasonably withheld as long as such disposition does not render the Borrower a "shell company" as such term is defined in Rule 144.

**ARTICLE III. EVENTS OF DEFAULT**

If any of the following events of default (each, an ***"Event of Default"***) shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Failure to Pay Principal and Interest.** The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Conversion and the Shares.** The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the option of the Holder, the Holder advances any funds to the Borrower's transfer agent in order to process a conversion, such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Breach of Covenants.** The Borrower breaches any material covenant or other material term or condition contained in this Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days after written notice thereof to the Borrower from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Breach of Representations and Warranties.** Any representation or warranty of the Borrower made herein or in any agreement, statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Receiver or Trustee.** The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee shall otherwise be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Bankruptcy.** Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Delisting of Common Stock.** The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 [Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Liquidation.** Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10 Cessation of Operations.** Any cessation of operations by Borrower rendering the Borrower a "shell company" as such term is defined in Rule 144, or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower's ability to continue as a "going concern" shall not be an admission that the Borrower cannot pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Financial Statement Restatement.** The restatement of any financial statements filed by the Borrower with OTC Markets at any time after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement would, by comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with respect to this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12 Replacement of Transfer Agent.** In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13 Cross-Default.** Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. ***"Other Agreements"*** means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term "Other Agreements" shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future debt of Borrower to the Holder.

Upon the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on this Note or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable through the delivery of written notice to the Borrower by such Holders (the "Default Notice"), and upon the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to 150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the ***"Mandatory Prepayment Date"***) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the ***"Default Amount"***) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

If the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable and the details of the determination of such amount, then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

**ARTICLE IV. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Failure or Indulgence Not Waiver.** No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder 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 privileges. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Notices.** All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice.

Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

If to the Borrower: SETO Holdings, Inc. 6231 Columbia Park Road Hyattsville, Maryland 20785 Attention: Janon Costley, Chief Executive Officer E-mail: janon@shinjuwhisky.com

If to the Holder: MD Global Partners, LLC 329 E. 63rd Street, Suite 3J New York, New York 10065 E-mail: omay@mdgpartners.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Amendments.** This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term "Note" and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Assignability.** This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns. Each transferee of this Note must be an "accredited investor" (as defined in Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be assigned by the Holder without the consent of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Cost of Collection.** If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Governing Law.** This Note shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state courts of New York or in the federal courts located in New York, New York. The parties to this Note hereby irrevocably waive 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. The Borrower and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Note, any agreement or any other document delivered in connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7 Remedies.** The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required.

**IN WITNESS WHEREOF,** Borrower has caused this Note to be signed in its name by its duly authorized officer on June 18, 2025.

SETO HOLDINGS, INC.

By: <u>/s/ Janon Costley</u> 

Janon Costley

Chief Executive Officer

**EXHIBIT A**

**FORM OF NOTICE OF CONVERSION**

The undersigned hereby elects to convert $ principal amount and $ of accrued interest of the Note (defined below) into that number of shares of Common Stock to be issued pursuant to the conversion of the Note (***"Common Stock"***) as set forth below, of SETO Holdings, Inc., a Nevada corporation (the ***"Borrower"***), according to the conditions of the convertible note of the Borrower dated as of April , 2025 (the ***"Note"***), as of the date written below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

Box Checked as to applicable instructions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The Borrower shall electronically transmit the Common Stock issuable
pursuant to this Notice of Conversion to the account of the undersigned or its nominee with DTC through its Deposit Withdrawal Agent
Commission system ("DWAC Transfer").

Name of DTC Prime Broker:<u> </u>

Account Number:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The undersigned hereby requests that the Borrower issue a certificate
or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder's calculation attached
hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

Date of conversion:<u> </u>

Applicable Conversion Price: $<u> </u>

Number of shares of common stock to be issued

pursuant to conversion of the Notes:<u> </u>

Amount of Principal Balance due remaining

under the Note after this conversion:<u> </u>

[ Name of Holder ]

By:<u> </u>

## Ex1A-2A

**Exhibit 2.1**

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20244387094 Secretary of State State Of Nevada Filed On 10/8/2024 8:00:00 AM Number of Pages 3

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07 : 58 : 36 a . m . 10 - 08 - 2 0 24 s I 1 8178871604 =i ro : Page: 5 of6 2024 - 1 0 - 08 14:58 : 09 GMT 18178871604 From : EN _. FRANCISCO : v .. AGUILAR . .. s;e=e �.l'ry , ot : Sta l e :• • : - 40. - 1 Ndcrth 'Ca<:S'!Hl Sfrj>Et . : Ca - rson;C � y , J:,l e vaw,8 �!01 - 4 2 91 . (IT5 f M 4 �7 1lB • • • • • • .: w"'bsite ; . ..., , ,.,!f/_n•,so _ s - so v · .. . . . ... • o.rpor - a 10 : n : · eert.ifi<;a:te . of :Amendment <, ?URSl,:fAt:(rfo : �� RS7!qao &78 : 365 - /18 : .300 } . Certificate < to Ac"cC>mpaoy ije$tated Ar � e � es o r Arnen � ed ·. at1cJ • • • �� estated : A r tic1es . � Pl ! Rs U A N T roN R S : 1 i j . Ż o o, ••• • fll . �, Offieer � s · statement 1 Pui;;:s• .1 Aw - io NRS i • Dale : T:JJ.Tie : • tit.,"' 4 . :Effe , d i ve Qate : arn 1 • · Time: { Optiooal) { rn u � t r, ot b e ! � ih2" f;O d, �.2f:ler - tl1 e . � rtilieat � f s'fi i o.d)) 5; : l n to m:ialioo'B � tlO • ·. Omnged: {o.orr , � ii �,;orpor.wc n Sc ¢nlvl Qh a rn ge;;1 . tn takea . lt - ,e followii:,g efret t •• • � Th eermtynartm.haSbeenarnended • ; 6 �::::fthas t,eent . ��,{ a � cflCE!cti �� ct Ac®.tancemn - �6 : Sign �� ur �: l Requ.,..d/ •. •: : • �· =n::!::tt:St!:: - ��; . ; �: - :: · :J::;= �:;ee:1 � ersm �� beetl_ameooed. P.Jtt � tia v ��- <.l d �. n.l A: rtk:les:haveteen �• The . articles mvel;ieen amended .as ' fol l ows: (provide a rti cle.n. u m!>e r s · 1.1 availabfe • • ::' :: � Jflf. ..; �:i:.: ����• SlQ'1'!al 1 .re · ofO ff 'teen:irAu!ho.ri � ecl Si gner: T.1 le - • � I f ao.y � Pl)sesd · � ru1m..,,,;t . wouid . s �1 or: . ciJ?1" 9E! "'"'I' p (l!; r � ny re . � ve _ pr · o � f . r ia � t D iv � p to . �'? : !::;;: �;; �;:::;t: �: ���:.=l ��"Jf!:: �:i::: ::.: = �1r: �!I:!t �:: :: � t �::: • : of eaeti .;; i;,.ss oc . s,e - rres .· afie,:1e , cl by � l;,,ecam e nd m � nt re . gar'31eir.s to , l . i m itatio:n �.: or < es!nciions Df) tb e · � iit> Q Jl'O"' - er thereof . • • - • Please : it1dude aoy r � uired . Qr flll1iorn!l _ infon:nati_on; i n space below : . • • • : (a tt acl �.adQ J tlon � i ƒ fJ'age(� J i r, n e ces.saJ)') :: j \ , Thisfcmn n11: 1 streaccomi:,anfedbt · � rtate · Fees . � ge"; or i � a �9 tl!2 �3 -

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I 07 : 58 : 36 a . m . 10 - 08 - 2024 6 l 18178871604 ro: Page : 6 of 6 2024 - 10 - 08 14:58:09 GMT 18178871604 From: EN Information Being Changed {continuation) The Articles of Incorporation are amended, as follows: "Article IV . Capitalization . The aggregate number of shares which this Corporation shall have authority to issue is Ten Billion One Hundred One Million Five I -- : lundred Thousand (10 , 101 , 500 , 000) shares , divided into two classes : (i) Ten Billion One Hundred Million (10 , 100 , 000 , 000) shares ofcornmon stock with a par value of $0 . 001 per share, and (ii) One Million Five Hundred Thousand (1 , 500 , 000) shares of preferred stock with a par value of $0 . 001 per share . The common stock and the preferred stock may be issued for such consideration as may be fixed from time to time by the Board of Directors . The Board of Directors may issue such shares o f preferred stock in one or more series , with such voting powers, designations, preferences and rights or qualifications . limitations or restrictions thereof as shall be stated in the resolution or resolutions adopted by them . "

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20233486387 Secretary of State State Of Nevada Filed On 9/19/2023 8:56:00 AM Number of Pages 6

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I 08 : 5 6 : S 0a . m . 09 - 19 - 2 0 23 I 4 I 9/19/2023 3:57 PM F ed ex Offi ce 114 9 Fedex Office 1149 Page 4 of 9 CERTIFICATE OF DESIGNATION of SPECIAL 2022 SERIES A PREFERRED STOCK SETO HOLDINGS INC (Pursuant to NRS 78.1955) SETO Holdings Inc., a Nevada corporation (hereinafter called the "Corporation ") , hereby certifies that the following resolution was adopted by UMA LLC (the "Custodian"), the court appointed custodian of the Corporation pursuant to the Order Granting Application for Appointment of UMA LLC as Custodian of SETO HOLDINGS INC ., Order of District Court of Clark County, Nevada, case no .. A - 22 - 849116 - C on April 27, 2022 (the "Order")(the ''Custodian")(See Exhibit A) ; RESOLVED, that pursuant to the authority granted to and vested in the Custodian in accordance with the provisions of the certificate of incorporation of the Corporation, as currently in effect, and the Order, the Custodian hereby fixes the relative rights, preferences, and limitations of the Corporation's Special 2022 Series A Preferred Stock as follows: Special 2022 Series A Preferred Stock Section l. Designation and Amount . The designation of this class of capital stock shall be "Special 2022 Series A Preferred", par value $. 001 per share (the " 2022 Series A Preferred Stock''). The number of authorized shares of 2022 Series A Preferred Stock is one (I) share. Section 2. Voting Rights. Except as otherwise required by law, the holder of the share of2022 Series A Preferred Stock shall have the following rights: (a) Number of Votes; Voting with Common Stock. Except as provided by Nevada statutes or Section 2(b) below), the holder of the 2022 Series A Preferred Stock shall vote together with the holders of preferred stock (including on an as converted basis), par value $0.001, and common stock , par value $0.001 per share , of the Corporation (the "Common Stock") as a single class. The 2022 Series A Preferred Stock stockholder is entitled to 60% of all votes (including, but not limited to, common stock, and preferred stock (including on an as converted basis)) entitled to vote at each meeting of stockholders of the Corporation (and written actions of stockholders in lieu of meetings) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The 2022 Series A Preferred Stock shall not be divided into fractional shares. (b) Adverse Effects. The Corporation shall not amend, alter or repeal the preferences, rights , powers or other terms of the 2022 Series A Preferred Stock so as to affect adversely the 2022 Series A Preferred Stock or the holder thereof without the written consent

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I 08 : 56 : 5 0 a . m . 09 - 1 9 - 2 0 23 I 5 I Fedex Office 1149 I 9/19/2023 3:57 PM Fedex Office 1149 Page 5 of 9 or affirmative vote of the holder of the 2022 Series A Preferred Stock given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class. Section 3:Conversion in to common shares. The share of2022 Series A Preferred Stock shall convert into common shares at a conversion rate of I preferred to 61,800,000 common shares. The holder of the 2022 Series A Preferred Stock can affect the conversion at any time. The conversion in to common is a right and conversion is not required. Section 4:Dividends, Liquidation. The share of2022 Series A Preferred Stock shall not be entitled to any dividends in respect thereof, and shall not participate in any proceeds available to the Corporation's shareholders upon the liquidation, dissolution or winding up of the Corporation . Section 5 :No Impairment. The Corporation shall not intentionally take any action which would impair the rights and privileges of the 2022 Series A Preferred Stock set forth herein or the rights of the holder thereof. The Corporation wi II not, by amendment of its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, 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 to be observed or performed hereunder by the Corporation, but will at all times in good faith assist in the carrying out of all the provisions herein and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of the 2022 Series A Preferred Stock against impairment. Section 6:Replacement Certificate . In the event that the holder of the 2022 Series A Preferred Stock notifies the Corporation that the stock certificate evidencing the share of 2022 Series A Preferred Stock has been lost, stolen, destroyed or mutilated, the Corporation shall issue a replacement stock certificate evidencing the 2022 Series A Preferred Stock identical in tenor and date to the original stock certificate evidencing the 2022 Series A Preferred Stock, provided that the holder executes and delivers to the Corporation an affidavit of lost stock certificate and an agreement reasonably satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such 2022 Series A Preferred Stock certificate. IN WITNESS WHEREOF , the Corporation has caused this Certificate of Designation to be duly executed by an officer thereunto duly authorized this 28th day of April 2022. SEID HOLDINGS INC By: UMA I s Custodian Its: President SEIOHOLDINGS INC

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I 08 : 56 : S 0a . m . 09 - 19 - 2 0 23 I 6 I 9/19/2023 3:57 PM FedexOffice1 149 Fedex Office 1149 Page 6 of 9 RESOLUTION OF UMA LLC AS COURT APPOINTED CUSTODIAN The undersigned , being the Court - appointed custodian of SEID HOLDINGS INC., a Nevada corporation (the "Corporation"), acting in accordance with Section 78.347 of the Nevada Revised Statutes, hereby consents to the adoption of the following resolutions: Certificate of Amendment Dated: April 28, 2022 WHEREAS, in accordance with the Section 78 . 347 of the Nevada Revised Statutes, UMA LLC a Nevada limited liability company, was appointed Custodian of the Corporation pursuant to an Order of District Court of Clark County, Nevada, case no .. A - 22 - 849116 - C on April 27 , 2022 (the "Order")(the "Custodian")(See Exhibit A) ; WHEREAS, pursuant to Section 78 . 347 of the Nevada Revised Statutes Order, the Custodian is authorized to take any actions on behalf of the Corporation that are reasonable, prudent, or for the benefit of the Corporation . WHEREAS, the Custodian deems it to be in the best interest of the Corporation and its stockholders to adopt the following resolutions ; Pursuant to the Nevada Statutes (the "Statutes"), the Articles of Incorporation of SEfO HOLDINGS INC. . (the "Corporation") , are amended as follows: The undersigned President and Secretary of the Corporation, does hereby certify: WHEREAS, On April 28 at 12pm, at a special meeting of the Board of Directors, the Board of Directors of the Company, unanimously consented to the following resolutions; WHEREAS , that the following amendments to the Articles of Incorporation were duly adopted. NOW, THEREFORE:

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I 08 : 56 : S0a . m . 09 - 1 9 - 2 0 2 3 I 7 I 9/19/2023 3:57 PM F ed ex Office114 9 Fedex Office 1149 Page 7 of 9 RESOLVED, that the appropriate article shall be amended to allow the creation of a new class of preferred shares . The new class shall be called the Special 2022 Series A Preferred Shares . RESOLVED, that the Special 2022 Series A Preferred Shares shall have the following designation : Section I . Designation and Amount . The designation of this class of capital stock shall be "Special 2022 Series A Preferred", par value $. 001 per share (the "2022 Series A Preferred Stock''). The number of authorized shares of 2022 Series A Preferred Stock is (l) share. Section 2. Voting Rights. Except as otherwise required by law , the holder of the share of 2022 Series A Preferred Stock shall have the following rights: (a) Number of Votes; Voting with Common Stock. Except as provided by Nevada statutes or Section 2(b) below), the holder of the 2022 Series A Preferred Stock shall vote together with the holders of preferred stock (including on an as converted basis), par value $0.001, and common stock, par value $0.001 per share, of the Corporation (the "Common Stock") as a single class . The 2022 Series A Preferred Stock stockholder is entitled to 60% of all votes (including, but not limited to, common stock, and preferred stock (including on an as converted basis)) entitled to vote at each meeting of stockholders of the Corporation (and written actions of stockholders in lieu of meetings) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The 2022 Series A Preferred Stock shall not be divided into fractional shares . (b) Adverse Effects . The Corporation shall not amend, alter or repeal the preferences, rights, powers or other terms of the 2022 Series A Preferred Stock so as to affect adversely the 2022 Series A Preferred Stock or the holder thereof without the written consent or affirmative vote of the holder of the 2022 Series A Preferred Stock given in writing or by vote at a meeting , consenting or voting (as the case may be) separately as a class. Section 3. Conversion in to common shares. The share of 2022 Series A Preferred Stock shall convert into common shares at a conversion rate of l preferred to 61,800,000 common shares. The holder of the 2022 Series A Preferred Stock can affect the conversion at any time. The conversion in to common is a right and conversion is not required. Section 4. Dividends , Liquidation . The share of2022 Series A Preferred Stock shall not be entitled to any dividends in respect thereof, and shall not part i cipate in any proceeds available to the Corporation's shareholders upon the liquidation , dissolution or winding up of the Corporation. Section 5 . No Impairment . The Corporation shall not intentionally take any action which would impair the rights and privileges of the 2022 Series A Preferred Stock set forth herein or the rights of the holder thereof . The Corporation will not, by amendment of its certificate of incorporation or through any reorganization, transfer of assets , consolidation, merger , dissolut i on, issue or sale of securities or any other voluntary action, avoid or seek to

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I 08 : 5 6 : 5 0 a . m . 09 - 1 9 - 2 0 2 3 I 8 I 9/19/2023 3:57 PM F ed ex O ffi c e 1 14 9 Fedex Office 1149 Page 8 of 9 avoid the observance or performance of any of the terms to be observed or performed hereunder by the Corporation, but will at all times in good faith assist in the carrying out of all the provisions herein and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of the 2022 Series A Preferred Stock against impairment. Section 6. Replacement Certificate. In the event that the holder of the 2022 Series A Preferred Stock notifies the Corporation that the stock certificate evidencing the share of 2022 Series A Preferred Stock has been lost , stolen, destroyed or mutilated, the Corporation shall issue a replacement stock certificate evidencing the 2022 Series A Preferred Stock identical in tenor and date to the original stock certificate evidencing the 2022 Series A Preferred Stock, provided that the holder executes and delivers to the Corporation an affidavit of lost stock certificate and an agreement reasonably satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such 2022 Series A Preferred Stock certificate. Consent WHEREFORE, this Consent shall have the same force and effect as a majority vote cast at a meeting of the shareholders duly called, noticed, convened and held in accordance with the law, the Articles of Incorporation , and the Bylaws of the Corporation . Effective date: April 28 , 2022 UMA LLC a Nevada limited liability company As Court - Ap ointed Custodian for SEID HOlDINCB INC. , Nevada corporation By: Nikki Lee Its: Managing Member

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20222693470 Secretary of State State Of Nevada Filed On 10/17/2022 11:42:32 AM Number of Pages 47

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ROBERT READE 1333 North Buffalo Drive SUITE 210 LAS VEGAS, NV 89128, USA Work Order #: W2022061400603 June 14, 2022 Receipt Version: 1 Special Handling Instructions: Submitter ID: 283 Charges Amount Price Qty Filing Status Filing Date/Time Filing Number Fee Description Description $100.00 $100.00 1 Approved 6/14/2022 9:57:52 AM 20222396459 Fees Business Entity Filed Documents $100.00 Total Payments Amount Payment Status Description Type $100.00 Success 6552258745276176203018 Credit Card $100.00 Total Credit Balance: $0.00 STATE OF NEVADA OFFICE OF THE SECRETARY OF STATE ROBERT READE 1333 North Buffalo Drive SUITE 210 LAS VEGAS, NV 89128, USA Business Number C6720 - 1985 Filed in the Office of Filing Number 20222693470 Secretary of State State Of Nevada Filed On 10/17/2022 11:42:32 AM Number of Pages 47

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20222384674 Secretary of State State Of Nevada Filed On 06/13/2022 13:10:23 PM Number of Pages 1

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0000794998 Business Number C6720 - 1985 Filed in the Office of Filing Number 20222384663 Secretary of State State Of Nevada Filed On 06/13/2022 13:06:09 PM Number of Pages 2

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20211752186 Secretary of State State Of Nevada Filed On 09/15/2021 09:56:07 AM Number of Pages 2

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20200472420 Secretary of State State Of Nevada Filed On 2/10/2020 9:41:00 AM Number of Pages 4

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. . .. �\ ,' - '· 1,;. • ·· '·· .:... : - ., t < - t · . ·• . . ,. - - ="" : : • - �, . �.... • .• \ ;:· - ,:,,u:'. BARBARA K. CEGAVSKE Secretary of State 202 North Carson Street Carson City, Nevada 89701 - 4201 (775) 684 - 5708 Website: www.nvsos.gov www.nvsilverflume. ov Certificate of Reinstatement/Revival NRS 78, 78A, 80, 81, 82, 84, 86, 87, 87A, 88, 88A and 89 CORPORATION, INDICATE THE DIRECTOR: � ETci H - OLDINGs: iNc · . : Sanjay Srivastava _, I USA Name Country I •. 2 C 1 ross.ra � s O.r �- �1 _ 5 _ g _ win_g �_ ry1ill _ s _ _ MD 21117 Address City State Zip/Postal Code 5. Current List Continued: - FOR CORPORATION SOLE, INDICATE THE SUBSCRIBER/SUCCESSOR: Name Country Address City State Zip/Postal Code D Revival pursuant to 78 .73 0 or 81.010: (check one) The undersigned declare that the corporation desires to revive its corporate charter and is , or has been, organized and carrying on the business authorized by its existing or original charter and amendments thereto, and des ires to continue through revival its existence pursuant to and subject to the provisions of Chapters 78 and/or 81 O The undersigned declare that they have obtained written consent of the stockholders of the corporation holding at least a majority of the voting power and that this consent was secured ; furthermore, that they are the person(s) designated or appointed by the stockholders of the corporation to revive the corporation. D The unders igned declare that they are the person(s) who have been designated by a majority of the directors in office to sign this certificate and that no stock has been Issued . Membership approval not required under NRS 81 . 0 10(2) . 6. Statement of Fact: (Revivals only, select one. Entities under NRS 84 cannot revive) D Revival pursuant to 80 : The unders igned declare that the corporation desires to revive its qualification to do business and is , or has been, organized and carrying on the business authorized by its existing or original qualification and amendments thereto , and desires to continue through revival its existence pursuant to and subject to the provisions of Chapter 80. D The undersigned declare that they have obtained written consent of the stockholders of the . corporation holding at least a majority of the voting power and that this consent was secured ; furthermore, that they are the person(s) designated or appo i nted by the stockholders of the corporat i on to revive the qualification. D The undersigned declare that t hey are the person(s) who have been designated by a majority of the directors in office to sign this certificate and that no stock has been issued. D Revival pursuant to 82 : The undersigned declare that the corporation desires to revive its corporate charter and is, or has been, organ ize d and carrying on the business authorized by its existing or original charter and amendments thereto , and desires to continue through rev ival its existence pursuant to and subject to the provisions of Chapters 81 and 82. This certificate must be executed by the President or Vice President AND Secretary or Assistant Secretary. The unders ig ned declare that the execution and filing of this certificate has been approved unanimously by the last - appointed surviving directors of the corporation and the unanimous consent has been secured : Page 2 of 3 Rev i sed : 1/1/2019</P

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BARBARA K. CEGAVSKE Secretary of State 202 North Carson Street Carson City, Nevada 89701 - 4201 (775) 684 - 5708 Website: www.nvsos.gov www.nvsilverflume. ov Certificate of Reinstatement/Reviva l NRS 78, 78A, 80, 81, 82, 84, 86, 87, 87A, 88, 88A and 89 Revival pursuant to 86.580 : The undersigned declare that the limited - liability company desires to revive its charter and is, or has been, organized and carrying on the business authorized by its existing or original charter and amendments thereto, and desires to continue through revival Its existence pursuant to and subject to the provisions of Chapter 86. The undersigned declares that he has been designated or appointed by the members to sign this certificate. Furthermore, the execution and filing of this certificate has been approved and secured by the written consent of a majority of the members. 6. Statement of Fact Continued: (Revivals only, select one. Entities under NRS 84 cannot revive) 0 Revival pursuant to 86: The undersigned declare that the foreign limited - liability company desires to revive its registration and is, or has been, organized and carrying on the business authorized by its existing or original registration and amendments thereto, and desires to continue through revival its existence pursuant to and subject to the provisions of NRS 86 . 5467 . The undersigned declares that he/she has obtained approval by written consent of the majority in Interest and that this consent was secured . Revival pursuant to 87, 87 A. 88 or 88A: The undersigned declare that the limited partnership, limited - liability partnership, limited - liability limited partnership or business trust desires to revive its certificate and is, or has been, organized and carrying on the business authorized by its existing or original certificate and amendments thereto, and desires to continue through revival its existence pursuant to and subject to the provisions of Chapter 87 , 87A , 88 or 88A. 0 The undersigned declares that he/she has been designated or appointed by the general partners, managing partners or trustees to sign this certificate . Furthermore, the execution and filing of this certificate has been approved and secured by the written consent of the general partners or managing artners holdin at least a ma orit of the votin owers. Revival pursuant to 89: The undersigned declare that the professional association desires to revive its articles of association and is, or has been, organized and carrying on the business authorized by its existing or original articles of association and amendments thereto, and desires to continue through revival its existence pursuant to and subject to the provisions of Chapter 89. 0 The undersigned declares that he/she has been des i gnated or appointed by the members to sign this certificate. Furthermore, the execution and filing of this certificate has been approved and secured by the written consent of the holders of a membership interest in the professional association holding at least a majority of voting power . I declare under th e penalty of perjury that the relnstatement/revlva l has bee n authorized by a court of competent Jurisdiction o r by th e duly selected manager or managers of the entity or if the entity has no managers , its managing members . 7. Signatures: (Required) I declare, to the best of my knowledge under penalty of perjury, that the Information contained herein Is correct and acknowledge that pursuant to NRS 239.330, it is a category C felony to ,,. kpowlngly offer any false or forged Instrument for filing In the Office of the Seer tar:yof State. X • ..,,.._,,_ �. , ?;, ���- �; - �- -- �- ; · _ r'y'D _ · �- ure of ffice , Mafl8 , Managing Member, T - a ((Date General Pa ner, anaging Partner, Trustee, or Authorized igner X _ Signature of Officer, Manager, Managing Member, Title Date General Partner, Managing Partner, Trustee , or Authorized Signer FORM WILL BE RETURNED IF UNSIGNED. Page 3 of 3 Rev i sed : 1/1/2019

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BARBARA K. CEGAVSKE Secretary of State 202 North Carson Street Carson City, Nevada 89701 - 4201 (775) 684 - 5708 Website: www.nvsos.gov Registered Agent Acceptance (PURSUANT TO NRS 77.310) This form may be submitted by : a Commercial Registered Agent, Noncommerc i al Registered Agent or Represented Entity . For more information please v i s i t http : //www . nvsos . gov/index . aspx?oage= 141 USE BLACK INK ONLY • 00 NOT HIGHLIGHT 11111111111111111 11111111111111111111111 • 180304• ABOVE SPACE IS FOR OFFICE USE ONLY Certifi . �� t �? . ! . � C? � P ��. ���- - �! - � P . e �. in. ��- �- �! . . b . t . ���. i �. t e . ���. . �. ��� t. ... In the matter of Seto Holdings, Inc. Name of Represented Business Entity I, TR:A< - :; I ��. Il . gis! ����- �- g(?ll _ !f()I? - !P . !! � Y · - ·· . . .. .. ·· - ....................... - ·· .... .. .. - - - - · - - Name of Appointed Registered Agent OR Represented Entity Serving as Own Agent' (complete only one) a) ! Ki commercial registered agent listed with the Nevada Secretary of State, b) [] noncommercial registered agent with the following address for service of process : r······ - · -- ·· - · - ••·· --- · ----- · -- · - · ---- ·· - ·· - · - · · - · -- · - - · . ·· - · ....... ---- ··· - -- ···· - · -- ····· .. - · .... ---- , ... -------- ·· - · - · ·· - ·· - · - ... ·· -- · - ....... ... .. . ,i Street Add re ss City ................. ! Nevada ! _ Zip Code ·:···.·. �- . - · - ·:· �) Nevada [ :·· - . - · - - · •. - - ! ----- ·•· - ·· -- · - --- · - · - ·· · · - - - ····· --- ······· - ·•· - ······•·· - - ···•··•· . · - . - ........... ..... r . · - ..... ··• · - • - • - -- - - · - · - • • · �- --- · -- · - -- - · - ··· ••..•.•. ,. - h • Ma il ing Address (If different from street address) City Z ip Code c) [ J represented entity accepting own service of process at the following address: . - · - ·· - ····· - · -- · --- ·· ---- · --- · - · ------ ----- · - · - \* -- •···· - · - - - - •·• ·· - · - ···· -- ·· - · -- · ·••·· .. _ ... , _................ - -- · · · - ·•· - ··· -- . .. - ----- --- .... · - - .........., - -- •··•·• - . I Title of Office or Position of Person in Represented Entity Ma i ling Address (if different from street address) f .... - .........•. - · -- . - · - - ·· - - · ... and hereby state that on L.. . . 02/10/2020 . · - : s entity. Date X C i ty Z i p Code I accepted the appointment as registered agent for Maggie Muszellk, VP on behalf of TRAC - The R lstered A ent Company f R.A. or On Behalf of R.A. Company ! 02/10/2020 Date \*If changing Registered Agent when reinstating, officer's signature required. X Signature of Officer Date , "1 am a: Nevada Sec r llUlryof Slate F01m RA Acceptance Rev i sed : 1 - S.15</P

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20170532558 - 78 Secretary of State State Of Nevada Filed On 12/19/2017 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20170532559 - 89 Filed On 12/19/2017 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20170532560 - 11 Filed On 12/19/2017 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20150486629 - 03 Filed On 11/04/2015 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20150421844 - 51 Filed On 09/24/2015 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20130821555 - 92 Secretary of State State Of Nevada Filed On 12/17/2013 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20130603662 - 79 Filed On 09/16/2013 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20120363562 - 40 Filed On 05/23/2012 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20120245525 - 98 Filed On 04/06/2012 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20100921700 - 22 Filed On 12/13/2010 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20100167004 - 91 Filed On 03/17/2010 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20090403284 - 62 Filed On 05/11/2009 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20090260337 - 62 Filed On 03/18/2009 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20090122487 - 55 Filed On 02/03/2009 Number of Pages 6

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'' · -- · ---------------------- - AMENDED AND RESTATED ARTICLES OF INCORPORATION OF SETO HOLDINGS, INC. Seto Holdings, Inc . , pursuant to Sections 78 . 385 . 78 . 390 and 78 . 403 of the Nevada Revised Statutes ("NRS"), adopts these Amended and Restated Articles of Incorporation, wbic . h were adopted by unanimous written consent of the Board of Directors, pursuant to NRS 78 . 315 . and by written consent of stockholders holding shares in the Coiporation entitled to exercise at least a majority of the voting power, pursuant to NRS 78 .3 20. • ARTICLE I NAME The name of the Corporation (hereinafter called the ''Corporation") is "SETO HOLDlNGS, INC ... ARTICLE II .. REGlSTERED AGENT • • • • The name of the . Corporation•s , residcnt agent in · the State ' of Ntmlda is lilQ Corpo,ate . - � Inc . , and the street address of said resident agent where process may be served on the •• · corporation is 10 Bodie Drive, Carson City, Nevada 89706. • •• • The mailing address and the s � t address of the said resident agent are iden1ical . ARTICLE III PURPOSE The nature of the business of the Corporation and the objects or purposes to be transacted, promoted, or carried on by it are to engage in and conduct any lawful business activity or enterprise s for which corporations may be organized under the General Corporation Law of the State of Nevada . ARTICLEN CAPITALIZATION The aggJegate number of shares which this Corporation shall have authority to issue is 25 , 000 , 000 shares, divided into two classes : 2 0 , 000 , 0 00 shares of common stock with . a par v alue of $0 . 001 per share, and 1 , 500 , 000 shares of preferred stock of a par value of $0 . 001 per share, with the preferred stock having such rights and preferences as the Board of Directors shall detennine . • . ' i l

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I ARTICLEV • BOARD OF DIRECTORS Toe . Corporation shall be managed under the direction of a • ·Board of Dircc 1 ors" .. Tho numbor of members constituting the Board of Directors of the Corporation upon the effcciivcness of this Amended and Restated Articles of Incorporation is one (1) . The number of dircc 1 ors of the Corporation n : my be increased or decreased in the manner provided in 1 bc By Laws of the Corporation ; provided, that the number of directors shall never be less than one nor mOM than five (5) . In the interim between elections of directors by stockholders entitled tovote, all vacancies, including vacaneies caused by an increase inthe number of directors and including vacancies resulting from the removal of directors for any reuon, may be filled by the remaining directors, even if the number of remaining directors is less than a quol' \ llll . ARTICLE VI PAID - IN SHARES All shares of this Corporation shall be paid in as the Board of Directors may designate and as provided by law, and said shares when issued shall thereupon and thereby be fut 1 y paid and non - assessable . ARTICLE VII DURATION The Corporation shall have_perpetual existenoe. .M,'.llCLEVW .•;$)7 - LAWS. By - Laws of this Corporation may : �·adopt=d by the Bomd of DiRctors, which shall al 8 o have the povwer to alter, Rmcnd or rcpea 1 · the same from·time to time ·as permitted under 1 he General Corporation Law of the State of Nevada . ARTICLE IX ELIMINATION OFPERSONAL LIABILITY The penonal liability of the directors and officm of theCorporation is'bcreby eJimineW to the fullest extent permitted by the General Corporation Law of the State of Nevada . u the same may be amended and supplemented . ARTICLEX INDEMNIFICATION The Corporation shall, to the fullest extent permitted by the Oeneral Corporation Lawof the State of Nevada, as the same may be amended and supplemented, indemnify any and all - persons whom it shall have power to indemnify under said Jaw from and against any and all of the expenses, Jiabilities, or other niattlm refcmd to in or covered by said law, and the l (73IO:SIOOIJOII7976':1 - MlP I 2

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indemnification provided for herein $ lll not be deemed exclusive of any other rights to which those indemnified may be entitled under any By - law, agreement, vote of stockholders or disinterested directors, or otherwise, botb as to action in his office capacity and as to action in another capacity while holding such office and shall continue as to a person who bas ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators ofsuch a person . ARTICLE XI AMENDMENT OFARTICLES OF INCORPORATION The Corporation reserves the right to amend, alter, ebange or repeal· any provision.,. contained inthese Articles of Incorporation in the manner now or hereafter prescribed by sCat1.1to, and all rights conferred herein upon the stockholders of the Corpomion are granted subject to this reservation. To th e • fullest extent permitted under the General Corporation Law of the S 1 ate of Nevada, the Board of Directors shall also have the power and other authority to amend . altm . change or repeal any provision inthe Corporations' Articles of Incorporation . ARTICLEXII CONI'R.OL SHARES ACQUISmONS The Corporation expressly opts.out of, or elects not to be_ governed by, the "Acquilitioo. of Controlling Interest" provisions co � bl NRS 78.378 through 78.3793 inclU8ive, all as permitted under NRS 78.378.1. • AR11Cl,E'"1n. COMBINATIONS WITH INTERESTED STOCKHOLDERS· The Corporation expressly optg . out of, and elects not to be govancd by, the "Combination with Interested Stockholders" provisions contained in NRS 78 . 411 through 78 . 444 inclusive, all as permitted under NRS 78 . 434 . ARTICLBXIV CONFLICTS OF INTEREST To the fullest extent contemplated by the General Corporation Law of the State of Nevada, no contract or other transaction between this Corporation and any othei corporation, entity or person shall be affected by the fact that a director or of&cr of this Corporation is interested in . or is a director or officer of such other corporation . Any director or officer of this Corporation, individually or with others . may be a party to or may be interested in any transaction of this Corporation or any transaction in which this Corporation is intcrcstcd, Each person who i s now or may become a director or offic ; cr of this Corporation is hereby relieved from and indemnified against any liability that might otherwise obtain in the event such director or officer contracts with the Corporation for the benefit of such direcior, officer or any firm, , I l3WIOOI/Oll 79'/64:I - MlPI 3

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association or co1J)Of&1ion in which such director or officer may be interested in any way, provided such director or officer acts in good faith. ARTICLEXV AtJrnORITY OFBOARD OFDIRECTORS TO CHANOE CORPORATE NAME The Board of Directors shall have the right to change the name of the Corporation without stockholder approval to a name that reflects the industry or business in which the Corporation's business operations are conducted or to a name that will promote or conform 1 IO any principal product . technology orother asset of the Corporation that the Board of Dircctom, in its sole discretion . deems appropriate . ARTICLEXVJ RE - CAPITALIZATlONS AFFECTING OlITST ANDINO SECURITIES The Board of Directors, without the consent of the stockholders . may adopt any � QJ>italizarion affecting 1 he outstanding securities of the Corporation by effecting a forward or reverse stock split of all of the outstanding securities of the Corporation, with • appropriate adjmtments to the Corporation's capital accounts, provided that the recapitaliution does not require any change in the Articles of Incorporation of the Corporation . IN WITNESS WHEREOF, the Corpomtion has caused these Amended and Res1alcd Articles of Incorporation to be executed by its Presi

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• ROSS MILLER Secretary of State 202 NorthCarson Street Cant0n Ctty, Nevada 81701 - 4201 (7715)184 6708 Webetta: www.nvaos.gov Registered Agent • Acceptance (PURSUANT TO NRS n.310) ta form may be aubmltt8d by: a Commercial Registered Agent. Noncommercial Registered Agent or R � sentad Entity. For more information ease visit :llwww.nvsoa. v/businesa/forms/ra.a U&l BLACK IWICONLY - DONOTHlGMt.lGHT ABOVE SP.AC!II FOR OfflCI UII OM.Y Certificate of Acceptance of Appointment by Registered Agent 1, :.. Name of Represented Business Entity :. ���- �- - : �::.: �.: �- : �: �:.··:: ���... HIQ c6RP6RATE SERVICES,·me·. �. - ... _ - - _ · - - ·· - - · - • - • - �· - - .= - �] am a: Name of Appointed Registered Agent OR Represented Entity Serving as Own Agent" (complete only one) a) [Kl commercial registered agent listed with the Nevada Secretary of State, b) D noncommercial registered agent with the following address for service of process: ilOBODIEDRIVE .. streat Address IICARSONCITY city . • - - ·,NevadaL ���······· - - Zip Code , - --- ....... - . ' ---------------- " ---------- - ...,Nevadai.......... ---- J Malling Address (if different from street address) Ctty· Zip Code_ c} 0 represented entity accepting own service of process at the following address: ................ • - ·• - ··· -- · .... _ ............................ · . - · ------ · Trtle of Office or Position of Person in Represented Entity ·_ :·.: �- . - -- ..................... -- · - · ....:. ..= �. - - ..:. :.·:.·.:.·.:. �· - --- :: .. -- .il .· - �: : - · - ·:·:·:· . ··_·::· :··::_ ��:. - :.:: . : · . ::.::: · · : J NevadaL_......... ] Street Address City ZlpCode i:.. :..:. �·.:..: ·· - ··· - ········ �·· - ·:·· - ---- · - ·::. - �: �.·..·...·..:·····: �: .:.:·.:.:·:..:.::.·.:·::·· �· �··][: �·::·_ ��:·..·. - ·.::.:·.·:·:·:·:· �: - - �. . �. .:. ���: _ �.. ] Nevadf.l 1·•···......... - -- - .. - .. . - ._.! Mailing Address (If different from street address) Ctty Zip Code and hereby state that on [ - January 14th , 2009 · ; 1accepted the appointment as registered agent for the above named business entity. Date �� S �� v Beh a P lf of R.A. Company Date •Jf changing Registered Agent when reinstating, officer's signature required. X Signature of Officer I •• •" .r, ••••••• �••••••••••• --- •••• - • - • Date

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20080672670 - 18 Secretary of State State Of Nevada Filed On 10/08/2008 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20070724793 - 81 Filed On 10/24/2007 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20060671213 - 28 Filed On 10/19/2006 Number of Pages 1

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Business Number C6720 - 1985 Filed in the Office of Secretary of State State Of Nevada Filing Number 20050492659 - 82 Filed On 10/19/2005 Number of Pages 1

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· ..4NNUALLJStOF:6FF:tQE;R$fbJ8 † ¢T:< ••••• :····· · •• • ::: > : SETO HaLnrncs, iNc·: FOR THE PERIOD OCT 2004 TO 2005. DUE BY OCT 31, 2004. The Corporation's duly appointed resident agen:in the State of Neva r.ust oeatre � sf on - 9 director L �.sr year"s information mc1y ha'i/eb - eiSnpre;:mnled. It you rteed to m.ak.a chaog - es. cross oi.:tth.a rnco1TI:1ct intcrmation and insert !'•e ne.v inlor1catio,i above r. Ai: olficer e,u,tsign the fo,rn. FOAM Will BE RETURNED IF UNSIGliED. 2. !f thare �:·e addt; - or, �:directors. o':i2ch a itst c, � them � o thisform. Retu:::"! : ie compfetejformw:t.!1the trlin9 fee s!iown above - . A S7Spenalfy' must be added1or 1aiUre tot;: � lhis form :y t:i � deadline. An annuallist receivedmore than90 d � ys betor1; - !ts d',le d � te Shajtbe Ceer.ied an arner.ded lrs! tor theprev:ous year. i. ��� a.I{>'.?·r::iur cl1ecli::p:ayabf.:: to tl �- eiScic:et � ry of State. To mco;ivQ a c � i � ITTC?d cooy. onc!osol? an addi!ionai$30.00 and approprja,t(I instructions. Rft,..1;•1!hi? completed � om,ta: S£1cre � rv of State. 2 �2 �- Carsen St.. Carson Crfy, NV 89701 - 4201. (775} 084 - 5708. G". F ¸ ; r. m �;sl ;}J? ir. th.;,r,,: - sse!:is'.onoi'::,'l � SE1cr �:ary ot Stat!ll oo or be - f:Jr@tlle :ast Cayo: the monrl,1n �\ "hieh t1 is due. (Fostmark dat � tS not aeei;,pt1?da,; re - eeiJ= - t date. � For: - rrs ri?cei'/9G afi:,;r duG de: :=w!II be r(: \ Um � C ro � ad"dilmnaf f � es. - anc' � enai1ies. Fll.iNGFEE • AS SHOWN ABOVE PENALTY: $75.00 i Check ail that appiy: : I � LJ Thi>? corpora \ ior: ·1s a publicly - tradedcorporation. lf so, Central Index Key number is; j ! ; : � is pubiidy - ,:·;c;ded corporationis not reqwired to have a Central !ndex Key number. I N• ��£ rnn.2:rn, • PRESIDENT (OR EQUIVALENT OF) E . U . . C . . : . E . . N .. . E . . J ?IAN 554 N STATE RD ' FRANCINE PIAN 554 N STATE RD 1 ----- ····· - ·· ---- - ! BRIARCLIFF NY 10510 :rnLE(S! SECRETARY (OR EQU!VALENTOF) ------- ······ �· · BRIARCLIFF 'ST. jZ!P NY 10510 CRAIG P " Ar - I :T!Ti. - ECSJ • TREASURER (OR EQUIVALENT OF) ------ �- -- ·· - ··· ��- , - ,. ;VP - - -- · 554 N STATE RD BRIARCLIFF NY 10510 • :r;T..,t!'{$j DlRECTOR :c:It1 " - �- , .... · . - · �. I dcc'are. to the � est ci my k � GWlod;e under P �"•ity of pNjury.taat tho abovo me � tioned enti;y has complied wit � the provisions of NR5 300.780 anc!acknowledge that p;.;rs �- 1;rn! 10 NP.S 23 - 3. �30. it rs .1 category C ft1ro, � y to irnowinQly offer ariv rarse ot fctged!nstnJment for flrfng ln tho orncG 0f 1:tie Secretary oi State. Oate , ' I I I �0lCSSA5 I I. -- �- �- :!._1_!_1 .!!L.J I I I

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J ANNUAL LIST OF OFFICERS, DIRECTORS AND A � S SETO HOLDINGS, INC. OF: FILE NUMBER 6720 - 1985 FOR THE PERIOD OCT 2003 TO 2004. DUE BY OCT 31, 2003. Th � Corporatio11·s dul1' appoint � d t � sident a � n! in the s:aIe o! Nevada upon whom process can be served is: RA# 21499 MARILYN K RADLOFF 115 TAURUS CIR RENO NV 89521 r - rnR OFFICE usE oNLYI 1 FILEO(DATE) ' RLEJ J -- �- - OCT 2 2 2003 I □ I � THE 0.50VE INFOi \ f,!ATIONIS INCORRECT, PLEASE CH � CK THIS BOX AND A CHANGE OF RESIDENT AGENTiADDRESS .ORM Will BoSENT, Pl EASE READ INSTRUCTIONS BEFORE COMPLETING AND RETIJi'INING THIS FORM 1":.1· :on !h; 11:: - .: - r - �:. ;):1 - j::ir,:jrt:?SSS - ?1h12'1 t9:;1a �'lCO? ::11 b.::.i•lQs:S. :0 1 a!; o � ic1:r5 :an::I Oiui'c!ors A Preside - Ill. Sec:rttary. Treasuntr andaJI DirlE!ctors rn � s:be named. 7},eniml1st I: �!!:'. � P'.I .'.')·1t==l"fi:e::to1 L � s.i y �;:,i(::; :n1 - a:m=3t1on - na �1 - : � ve Mein o:i;,pr1,ri;id If you ne - � cr to rn.ak � chan � tls.. cra - ss aul '.he ,r. - ,arrec::t i11form - at100 and irisert thell � W 1rllorr.1at1onabov€! ,t A·: of1Icor ,,.:,,1sipnlhol0Im FORM WILL BE RETURNED IF UNSIGNED i11:1.;,1 ��- ;:: :3dd!11011:')i(1;1:? - c1or"3.. att.1c!1 a. !is � N '.t1 � m le n· :s 'orm �� lu:n :1• � co·r,c,;9t9cJ 101r,·,•::ti1 'he 5e.5 00 r11 fl£! le'? A 550penalty r.il,:;1 bl? �::k � d f::rra,lur:? To 1·:'! this farm by 11·e d � adline - An � nn•.1al list rect1ived more tl - iari 60 d.ays beforer.s ..::;: - C',i': - '.,l:.:i'I �,:) i:l - :>'i?lnl? Ƒ �;·, ;:,r, - :"?nd - s,d .'1s: fo: lhl? Pl&'ilC - US year '." - ,:' - - .!? ys - :1 ! ch':'.. - : �. p:3·t - :1bl1:> to ti \ � Sei:,etary ot Slate. Your Ciln,c. �·ed c;hE:Jclo;: wi"Icons:,11i19a cert1'1ca1f' t, tr � rtsacl busin � ss p � r ! \ RS 7815.:i. If yo �,ne! � dth � below atta - cllme11!1ilP. �,:"l:nr'7} '?":.io �'?' 1 - s �11. � d!ess.;,,j ;1.;r1r,.":£1d � T - 'l � Jopsi To , � i:;eive a cert1!:Pd copy ,s,nclosi; : - i c.opy or t11s compie:eid torm. an addi:icn<il $20 00 ahdappropriate ins!n:,C'.:oris. ;:.:;,;1111111 1 ·?c:.:;•pi;l.c.l=?r1 t,::lfn to 5£1::1:;;:.;•y of St,'3'. �. 2J2 N C �1sa;1S! C.ar'!.On C:ty. 1 \ V 8:QfQ·.4201 (77S) € - 84 - S.708. FILING FEE: $�5.00 PENALTY: $50.00 D This co1poration is a pLiblically lraded corporation. If so. Central Index Key number is: .THLi::ISl PRESIDENT (OR EQUIVALENT OF) EUGENE � T FIAN .ZIF 554 N STATE RD BRIARCLIFF - N - Y - 1 - 0 - 5 1 - 0 -- �;rr,1 �(�1 • SECRETARY (OR EQUIVALENT OF) ,ST. ·ZIP. NY 10510 - · •••••••• - · - · 'e'r,cc 1 cc,,cc,cc<;c - l • TREASURER (OR EQUIVALENT OF) 554 l \ ' STATE RD BRIARCLIFF CRAIG PIAN 554 N STATE RD BRIARCLIFF NY 10510 ,TIH.EiSI DIRECTOR ; d;, �.IJ � e - 10 �1 ,e !:. - - est ol my knowle, �90 W<dNpeh.alty of pet jury, tha:t the above mi?nlioned c"01ity - t,,as ccmplierl' with the - prov - isi<ms of section 108of $88 o - rthe 20thspecial ":,: � s �;::,r. ot 1 ��\ lc - 1 1.atM :..eg1 - sl.ature. Acknowledge u,at pursuant to NRS 239.330.it is a c �! � gDry C fef - ony to knawrrigty oUer any falsg, or rcrged instrurn,g,m rot filing inthe O'l1,: �: - A :,c1Secrel.lryof S;aie. Oat �</P

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ANNUA L : : · �: �� t :r �� i : � g j ��� i 1 � ti i!ii I I � i ff l i 1 i : � ii i 1 1 i �1 i i 1 : 1 � j i i 1 i 1 ili 1 i ii !iji \ i;i :iii ii rJ i � i i . ii SETO HOLDINGS, INC. , . FILE NUMBER 6720 - 1985 FOR THE PERIOD OCT 2002 TO 2003. DUE BY OCT 31, 2002. Thll Corporation's duly appointed resi<:fent a � r.t in the State of Nevada upon whom process can be servad is; RA# 21499 MARILYN K RADLOFF 1 1 5 TAURUS CIR RENO NV 89521 FOR OFFICE USEONLY - ------ 7 Fil.ED(DATE) FILED# - ---- - OCT 2 3 2002 □ IF THE ABOVE INFORMATION IS INCORRECT. PLEASE CHECK lfflS80lC AKO ACl1ANGE OF RESIOENT AGENT/ADORES$ !'ORMWILL BE SENT. PLE .. se REAOINSTRUCTIONS BEFORE COMPt.EllMG AND REl \ JRNING nus FORM. 1. Include tr, e names a nd a ddr 8$$8$. eith e r residence orbu s in 8 $$. !Of iillotlic:ers and d&emed a n amen ta tramsact busine ss �• NRS 7 8 . 155 . !I you n 88d the b e low attachment !i1o s ta mp ed . encl«><> a s i,n . add re ss a d s ta mp e d envelope. To receive a c,,11iliedcop y , en c los e a c,:,py of t'llsCORl)fetedlorm. an addilioc \ al $20 . 00 an(Iapproptiale in s ln.l®ns. 5 Return til e compl9ted iorm to : Seerelary ot S tat e. 202liorttiCarson S1nlet. Car.onCity, NV 8 97 01 - 4 201 . fT75) 884 - S 7 08 , t"ILING F EE : $8 5 . 00 PEkAl TY : $50.00 !TIT \ .E($1 ..... , •• · · · - - · "" ··· - · - · ··· - ·· "" - -- - " - - - - - - · - - -- - -- - -- � EUGENE J . PIAN i \ P . O . & ox ! PRESIDENT 554 N STATE RD j S T . ; ! ZI P L.. - _....: �- ---- - BRIARCLIFF N 1 0 Y 510 i _! 'Tl E< S I SECRETARY ; s rij Ee T ADDS?ESS 554 N - S TATE RD BRIARCLIFF }Cl TY _, _ , _! ._, - -------- ' C R A - I G P I A N .. . . .... - . •· - . - · - - ··• - · • ·· · ·· - · - · - • · - - · · ·I · ; s n u :E T AO � ESS 55 - 4 - N - S - TA _ T _ E _ RD _ . TF1L:ASURER j ST. I NY 10510 � C lTV BRIARCLIFF j ST . i f 2I P NY 10510 DIRECTOR f S TR F. � At'IDRi.S - S · · · �- - -- ·· i --------------- ' i (CITY i ZI P ' l : N :. �1· I · · - · - - - . - .. - ... - - · - ·· - · ·· · - - · ···· · " · · - - - - - ····· - · · - - ·· - - --- ---- ' r l / ::_ <> , : o x .. DIRECTOR -- - - · - - - - - · ... 1 i sn ff T ADDRE S S !C!TY ---- "' ' t ... ...., ; / S T . f i ZI P . ! d ec lar e. to the best of my knowledgeunder penalty of p a /jury, that the above mentlonor::I entity has 00mpllad with tt,eprovisions of ch.apter 364A of NRS .

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l1te Corporatlon"s duly appointed rvsiderrt a � m. in the State cf N&vada upon whom proce ss caribe seived is: · - �_ JN . ���'.: �. : ��:· � t ': �� i,b : J ��- · - · o:,Rt � f ���:: : ; : �; R : :· : ����: f! i 2 , ��]i; ;:1:: ;) ;ii � l : :(;: ; �:l \ �\ � i '.T S E TO HOLDINGS · , INC. �� THE PERIOD OCT 2001 TO 2002. DUE BY OCT 31, 2001. RAJ 21499 IF FOROFFICEUSE OHyL I ALEO (DATE} FILE NUMBER 6720 - 1985 MARILYN K RADLOFF 115 TAURUS CIR RENO NV 89511 flLED I_ . . o �... . l , \ . _ [ : _ NOV ii 9 2001 D IF Tl - IE AB O VE INFORMATION IS : NCORRE C ,. PLEASE CHECK THIS BOX ANIJ A CHANGE OF flESIOENT AG E NT I ADORES 5 FORM WILL B E SENT. ?LEASE READINSTIIUCT l ON S BEFORE COMPLETING ANO RETURNING TI·tlS FO RJ.11 . 1 . rnc:!ude 1he names andad<11'9Sse - s . 9'1ria, n c " or b u ,< i o e ss . tcr all onicers and dlr � ct or.; . A p,._111, S - re!ary, T. - 111w and:all DfrKIIDrs rru&t be n3m<>d . Th Rre - b<> a: 1ea , 1 on e dir11 C1 ¢r . last year's ,n1 o rn .... uon ma.1 haveb •e" preprv,ied. It you n e<'dto ma �.. changc.s, cros � out !Ile inconect in for mation and inser! the n e w lnforma !f on a bav9 ii . .An offio&r mt � to!his :Orrn 3. Re - turn th e C<>rtl>l'11ed f or m withth e se s 0 �: 111 � g fe <> . A SoO p 9 nalty rru � be - a � tor 1 . - . - .," to file t h i:. f<1m, b y t11e deadlino. An am - . ral f t o •.rensactbusir,"'8sper NRS 7 8. 1 55 . if you need thel:efow attachment1ii. starTllleC. enclO$e " se �- a rld re ss ed s!M'P9d ., .vo f "!)t' . To r e � iv e a c,,,tiliea c cr,, - 1 . t>nC ' �" a C"!JY QI t his compl91ed lorm. an ;,,dd � icmal $20.00 an d appropriom insuu cti on 9 S Re � n, U,e compk>te � form 10 : S � cr,,tary of s t �, o. 20 2 North Crrson Str ee t , c � rs o n C ify . NV S97 0 1 - �0t . (77S) 684 - 5708 . FILING FEE: S85.00 P E NALTY : $50.00 ·.EUGENE J · .• P IA N ·· • ·· - - - -- · - - - - - -- - -- · --- - · - - · • ; ct T 'f ' : {s:T '. _J :P . D. M),< • • j � f li? EF'T. A')ORE S!. -- - - - ·· - ··· - - · - -- ·· · - ··· 554'' ii f ƒ S T ATE RD • • , • • • , • , • ,, _ · · - · - - · - • ' BRIAR CLI F F - - ' NY - 10510 · - - - - - --- --- ,.. • FRANCINE .. PIAN·· · "· -- - · - ... . _ ,,, , _ ' • lilL f:tS) l SECRETARY - -- - ----- -- - - - - 5 - 5 - 4 - N - · STATE RD CRAIG FIAN BRIARCLIFF r !l l EIS) TREASUR ER � jClTV j . ... . . ·· · - - ·· - ·· · "· ··· ' .BRIARCLIFF - - , l r n Le ,s > l DJRECTOR L ��- · -- �- · -- - ---- ,. - . �- - _., · -- -- - · . . :rr �, ! ' ! I , '"""' ! TB L £; l �: = •• • �- === - = - = - ���- : = = ��- - - : . : · : : : . : • •• • •• • .· :: �. . , , ., , . , .. . . - , . , . �: ��- .: ��:: · �_ : = _ : �: : �· E ! ��- TOR · - = - · · ·· - · · - - - · .. .. - . . . - - · - · r ·0 .• 80 �- -- - - · - - · - . .) i$i ; � E'E T _ b 0 01U:!#S �... . .. . _ , .. . - ..... . .. .. ,.. .. .. ... , · , · ·· - - ·" - · · · - · -- · · ·· ·· - " • • · �· _ j � lTY - · - --- - - ·· ·_· - J fsf7 [ZiPo I �� o � tM> be'3 \ of my 11:nowk>dg,,und&r p � na /ty of p ar ju,y . th a t th e above manlioned enttty h as cornpli#dwillltheprovisions ol cbapb>f364Aol N �. XSlg=tuteor - l.'tf �

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FI..ENUll:IER 6720 - 1985 FOR THE PERIOD OCT 2000 TO 2001 . DUE BY OCT 31, 2000. llle Corporation•• cMr appointed resident agent In the State of � Vada upon whomprocess can be served is: RA# 21499 MARILYN K RADLOFF 115 TAURUS CIR RENO NV 89511 I FOROFFICE US£ ONLY � Fl.ED (DATE) I I · ocr o FIL �2 2 00(} ,......, IF TliE !>.!!OV E l'!!'O �:.i.,,!O:.: 1S !: � cc:m;:c - r. :•i..cASF. C � i:Cl<. Tri I$ iiOX A. � O A CHAN<.E OF U RE SID ENT AGiNTIAODHESS FORM Will BE SENT. PU:ASE READ INS 'iRUCTIOt. S BEFORE COMPLElDIG ANO RETURNINGTHIS FORM. 1. lnc ude Iha m,.. - a nd a6dr 11SSGs. e!lher tMldence o< bUsiness,torall offic:efs andcir8Clofs . A Prnid911t, o.cnt:aly, 7 - aad a D ll nc111n irostbe named. ThCll'O 1T11S1 be at !east one directllr. Lastyea(sinformalionmay Mve bee11pAll)rinted n yoo need 1Dmake dlanges, cross Otathe lncomictinlormalion and insert tile. - lnformalion abov$ it An oftlcet 1Tl1$l S!!Jn lhe 1orm . FORMWILL SE RETURkEOIF UNSIC»EO . 2. If11 \ ere ar .. addiliona I drrectors, 311ach a listof themto thislonn. ? Rlum the c � ed fonnw!1h lhe - Se5.001111ng lee . A S15 penally rrust beaddedtorrawn,toflle lhlsfom111f lhe d!ladllne. An annuallist receivedmon11han60cbysb8fom it$ due elate sha � bll d9erned an amended lis1 tor 1he previous yo,ar, 4. Make your ch.ck payableto lheS&cnlaly of $Cm . Yourcanceledc:hac:k willcons1ltutea certificalg tonnsadbusiness perNRS 78.155. It youneedthebelllwdlcltmantfile sla1t1)e<l. enclOsa a sew - addressed sla �9'1'<'8kJpe . To niceiVe a ce tlffi8d oopy , enclosGa capy of thisCOfl1)1B18d torm.an additional $10.00 and approp r1a1 l 8 nstruc:tions . 5. RB1um 11 \ Q cOlllfl le1ee1 tormtu : Sec rotary ot S1a1e, 101 Norttl carson Street. su � e 113, Caison Ci1y. NV 89701 - 4786. (775) 684 - 570& . FILINGFEE; $85.00 Pl:NALTY : $1S.OO i - i I " · EUG E = N E - J - . - PIAN , j P . ;). l!O,C ....., 554 N STATE RD jST. j i2IP ' - --- ' . ! - ---- � NY 10510 r � I) � RANC INE PIAN 1r o - 801< 554. N STATE RD \ T!Tt.EISI PRESIDENT fllY BR I ARCLIFF rrTU:fS) SECRE TARY I S TliE£T AlllJlt£SS \ CITV BRIARCLIFF - rr1ns: 1 s., TREASURER j \ TllU' tSI � DIRECTOR (ST - j fZ lP NY �1 - 0 5_1 _ 0 .r - l ·· cRAIG PC f P . O . � OX L - �- -- -- - -- -- - fITV 55 N 4 STATE RD BRI: - .RCLIFF i Zl P' I 10510 · - , Tan _ Hun Chin ! S TRW AmUaSs 554 Worth State Road lel1Y 'Rriaroliff �:ZIP �, �10510 l j N AE Y � p Hun Kok ' inn E(S I ! DIRECTOR 1 , 9 Tli_EET_AD DR ESS ,,5""5'""4......,North,.,... - ..,...s..,..ta., . . . t .e � B.,.,aa....,d..._.;..... , i Wiarcl jff

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SETO HOLDINGS, INC. Corporate Headquarters: 554 North State Road • Briarcliff Manor , New York 10510 USA Tel: 914 - 923 - 5 000 Fax: 914 - 923 - 6225 E - Mail: stiandecs@aol.com URL: www.setoholdings.com AOOITIOOAL D � OF SE"ro HOIDINGS INC. Voon SOO Tuck DIRECIOR 554 North state Road Briarlciff N.Y. 10510 Ste � Whittington, 554 North State Road USA : SEMICON TOOLS INC. l \ .1Al.AYS1A: OTt TEOINOLOCY SDN. BUD . CHJNA: SETO St/ZHOU Briarcliff N.Y. 10510 · • - - . - - - ,• • .... - . • E4ST COAST SALES CO � INC. FUJI FABRJC, \ llON SDN. BUD. HONG KONG : RECEIVED OCT 1 8 2000 Secreta,y of State SETO BOLDfNG INC. CORPORATE HDQ • fflUS � SON. BBD. HONG KONG BATTERIES fNJ>USTRIES LTD.

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SETO HOLDINGS, INC• The Corporation's dulyappointed resident agen1in the State of Nevada upon whom process can be served is: ' - FOR THE PERIOD OCT 1999 TO 2000• DUE BY OCT 31, 1999• MARILYN K RADLOFF 115 TAURUS CIR RENO NV 89511 .....:: RA# • FILE NUMBER I n "'THEAIOVI! IWOIIMATION II INCOIUIECT, PL!A1I£ CHECtC:n1ta aox ANDA cHNtGa 01' � llflllD!HT AGeNT/Alllllle&$!'OIIIIWIIJ. Ill 81!N1•' PLEABEIIEAOINIITTIIIC110N$BEFORE COMPLmNB ANDIIEnlAHINQ '11118 FOAM. !. tr,cIuoeIhanam8$andaddi8$19M. allhorMoldenceor �• - forallOll \ ce01anddln,ci""'. A"' - i - . �. 21499 7 _j 672 �1985 FOR OFFICEUSE ONLY - ------- . FILED (DATE) _FILED OCT 2 11999 DeanH.Uer ltcrdaty o1 �5_ r@= - - - , llf_mustbori&IMd. ?Mre/! \ IJSIIIIOl!e811.onedr8ck.t. LMl)'98f's ... ..........,.................... .. - ..· - · -- - .·. - ·"·· ...... L. - - . - - .... ..... • J �.eiAN._ •••••••••• : J 1 m€£; - .OORES S - ------ - - .. - ...... - ..... . .. . �. JL CflY ............ - .. ::::::J 554 N STATE RD BRIARCLI F lr1lo1TT111tli>"Imayhavebeanpreponffld. II you need to makeCNlll/11, o,oasout1"" li'lcorrOW "11,llmatlonoboveIt. Allottlcormuot � lh&lo,rn. FOflM WII.L IE 11£n!RN � DIF UNSIIJNf:IJ. 2. If !himare ldlttioM.l Cl � tcl'fl, 41t48.dl a IIM � tMIMto ,hMJ; brrn. 3. Rwrnlho com � lorn \ wll \ 1"" $e5.001ff"II fv&. A$1 � J)«lolly muOl be odaedlorfae<:l(l)O � IOlho 8ec, - Yol 5 - . Your cancttoac'leci<'Mltwrn,tJtutea oenilcalo lo ,,........ ti..Sk>oaP

![](image_052.jpg)) .f} �,1::: 1 ... . · . '.,; �,, , SEMICON TOOLS, r � c. - :rhe COrporation's duly appointed resident agent in the State of Nevada upon whomprocess canbe served is: i FOR TJiE PERIOD OCT 1998 TO 1999• DUE BY acr 31, 1998• MARILYN K RADLOFF 115 TAURUS CIR RENO NV 89511 RAif n I IFTHEASOVE IHFOf!MATION ISINCORRECT, PLEASE aiECKTHIS BOX l,Hll /:,. CHANGE OF L.::::: RESIDEHTAGVIT/ADDRESS fORIIWILLBE SENT. Pl£ASEFIEADtNSfflUC'TIONS 8EFOII£ � ANORETURMNGTHISFOAM. _J FILENUMBER 6720 - 1985 FOR OFAC£ USEONLY - ------- , ALEO(DATE �·e Fll,:r HOV os 1998 1. lrdudo lht,..,,,.. and - , - res;denoo or b.si>Bss, to, al officers and dl""10!S. A ��. T,_..._., oll 01,e;1..,, mustbo named. 1 - "'""'boot loaslono directer. l.aolyoar's - may l \ aVe _, p!1lllM!Qd. �)'OIi need IOmake - dlatlges. crossOU! IhainCorroc! infoona1io<1 and i'ISW it. An """'"'mus,S9' 2111form. FOllll11'1..1.BE RETUIINEDJF UNSIGNED. 2 H � ore � I �. all4d \ alislils dbeda!BSh>I t,e. - ,.,ed an ""10ndall lial!Q'lhtproyiousre,,,, 4, Make �• - � b:l llie � ol S - . Your"'"""3d oMecl< ...ioons1!IIJUI a"'"11liealetoll'aflSIC! - ....perNRS78.155. ff)'OlP \ lol lhis""""'"""""'""'·an - ..r$10.ooan<1 �� S Raum 11,e c:cn,;,M!9d fam ID: SectOlaly of S1a1a. 101Nor1h c.,,_ Sh...._ S.115#3, Cor«in City, NV89701 - 4788 - (702)S87 - 52C \ :l. FWNGFEE: SSS.00 PENALTY;$15.00 L 1 - � nnEtS) PRESIDENT r , E �. ! o . . J e � o x f..M.E ' J • PIAN l,rn;,aer.oo,isss :U.L.N!.">.r..th $Tate i.oJi ril 'ID:; a re) ; ff :fl:i L: FRANClNE_P � I=A_N �- - 1 � o.BOl< 11ll6(S) SECRETARY NAME CRAIG PAIN 111LE(S) TREASURER DIRECTOR � l= A - O O - R - fSS - ---------- ' I i Cfl'Y fd I Lios10 I NY � I I � ZI' llTlE(SI D!RECTOR I P.O.B

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SENT gy,un1,ed Cor p Svc :10 - 2 - 98: 17:02: OCT �1998 14:49 ROI KAEDER 6 & G 10 9149199640 - - 15149oC991Wl :# 3/ 3 13RTU'Ic:A'l' I 0, � tlD'J ; or AnICl&I 0, � llll a, SDllt'Clf 'ffX)JaB , IJIC. S'mTS or nw 10H ,) ... O)t:ftY OP ftSTQlllffllll On SeptMbc - at'1HI, pe � ly �1:lefon, •• • Notary P0li1:, Cz - a �11r1 and h'UOW Pia, wbo .a.cJaD,l.ettld tut thq encut.ad the iUt � t . . t TCfflL P.lil TDlR. P.82 - . •. - - - · . - ... �. -

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SENT gy,un1,ed Cor p Svc :10 - 2 - 98: 17:02: OCT �1998 14:49 ROI KAEDER 6 & G 10 9149199640 - - 15149oC991Wl :# 3/ 3 13RTU'Ic:A'l' I 0, � tlD'J ; or AnICl&I 0, � llll a, SDllt'Clf 'ffX)JaB , IJIC. S'mTS or nw 10H ,) ... O)t:ftY OP ftSTQlllffllll On SeptMbc - at'1HI, pe � ly �1:lefon, •• • Notary P0li1:, Cz - a �11r1 and h'UOW Pia, wbo .a.cJaD,l.ettld tut thq encut.ad the iUt � t . . t TCfflL P.lil TDlR. P.82 - . •. - - - · . - ... �. -

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Copy Request Exception List Copy Request Filing Date: Work Order Item Number: Copy Request Number: 06/14/2022 W2022061400603 2189324 Online images for the following document numbers were unavailable and are not included with this request. Copies of these documents will be delivered at a later date under a separate cover. We apologize for any inconvenience. Number Of Pages Found Expected Number of Pages Doc ID Transaction Type Filing Number Filing Date/Time 0 1 16287286 Registered Agent Address Change C6720 - 1985 - 005 07/16/2002 0 1 15854516 Amendment C6720 - 1985 - 003 04/21/1987 0 6 16003897 Articles of Incorporation C6720 - 1985 - 001 10/08/1985 STATE OF NEVADA OFFICE OF THE SECRETARY OF STATE

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20222693470 Secretary of State State Of Nevada Filed On 10/17/2022 11:42:32 AM Number of Pages 47

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shares of c ommon stock, par value $0.001.

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20222409069 Secretary of State State Of Nevada Filed On 06/20/2022 13:41:24 PM Number of Pages 8

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20222409069 Secretary of State State Of Nevada Filed On 06/20/2022 13:41:24 PM Number of Pages 8

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1 2 3 4 5 6 7 8 9 10 11 12 �::; �13 1a - - "' l � v:: V - , ��0 \ I' - 14 ol!! � oe �� C - /"J - ��- OIi �..._.. � i:::i ;,. ;1 15 g � z"" ;., � tf .... 16 ��: t c ! �:;:: Ź l ... = 7 - : �"' - - � i:: V ::I CERTIFICATE OF SERVICE I hereby certify that April 27, 2022, I served a copy of the attached NOTICE OF ENTRY OF ORDER GRANTING APPLICATION FOR APPOINTMENT OF CUSTODIAN. a sealed envelope to the following and that postage was fully prepaid thereon: TRAC - THE REGISTERED AGENT COMPANY Registered Agent 321 W WINNIE LN STE 104 Carson City, NV 89703 trac@tracagents.com James Strott Act on behalf of Registered Agent 321 ,v WINNIE LN STE 104 Carson City, NV 89703 Sanjay Srivastava President/Director/Treasurer/Secretary 8828 North Stemmons Fwy, Ste 505 Plano, TX 75247 Isl Kathrine von Arx of CORY READE DOWS & SHAFER A - n Employee 17 f: a 18 t;, 19 20 21 22 23 24 25 26 27 28 2

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 j:I(. Q .. . . . . . . �.j � j i;/) !:I: ;: r - - �.r 00;::, ; � j �† � z � lo! �.r .... A � U'"' <.<:I> J �> < i z ��, �.... 8 .... l:t: : .. : .. : - . i: . : . : 20 21 22 23 24 25 26 27 28 ELECTRON/CALLY SERVED 4/26/2022 4:53 PM ORDR Jay A. Shafer, Esq. Nevada Bar No. 9184 CORY READE DOWS & SHAFER 1333 North Buffalo Drive, Suite 210 Las Vegas, Nevada 89128 Telephone: (702) 794 - 4411 Fax: (702) 794 - 4421 jshafer@crdslaw.com Attorneys for Petitioner UMA, LLC In the Matter of TELEFIX COMMUNICATIONS HOLDINGS, INC., a Nevada Corporation. DISTRICT COURT CLARK COUNTY, NEVADA Case No. A - 22 - 848924 - C Dept. No. 16 HEARING REQUESTl:D _j Electronically Filed �6/2 �22 4:52 PM �� CLERK OF THE COURT EXEMPT FROM ARBITRATION (Equitable Relief Requested) ORDER GRANTING APPLICATION FOR APPOINTMENT OF CUSTODIAN Petitioner UMA, LL.C'S Motion and Application for Appointment as Custodian of TELEFIX COMMUNICATIONS HOLDINGS, lNC having been considered by the Court, the Court having considered the pleadings and papers on file herein, with no opposition being filed, and for good cause appearing therefore : THE COURT HEREBY FINDS that: 1. TELEFIX COMMUNICATIONS HOLDINGS, INC has failed file required repo1is with the Nevada Secretary of State in violation ofN.R.S 78.150. 2. TELEFIX COMMUNICATIONS HOLDINGS, INC has failed to hold an annual meeting of stockholders for the preceding six (6) years in violation ofN .R.S. 78.170. 3. Petitioner, UMA, LLC is a sharehol

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1 2 3 4 5 6 7 8 9 10 11 12 13 - <: . , . .. . ����·a ��14 15 'l :l t >< 0 . 7 , - 1 , ... �.., ... 0.., o:> u � C 18 19 20 21 22 23 24 25 26 27 28 4. Petitioner has given reasonable and required notice as required by the NRS 78.347 et seq. 5. Beginning on January 10 , 2022 , Petitioner served demand upon TELEFIX COMMUNICATIONS HOLDI � GS, INC at its last known addresses demanding the company comply with N . R . S . 78 . 170 , N . R . S . 78 . 150 and N . R . S 78 . 090 . Petitioner employed all reasonable efforts to contact TELEFIX COMMUNICATIONS HOLDINGS, INC . 6. Despite Petitioner's demand, no response was received from TELEFIX COMMUNICATIONS HOLDINGS, INC . 7. Petitioner has demonstrable experience in managing the affairs of Nevada corporations. THEREFORE IT IS HEREBY ORDERED, ADJUDGED AND DECREED that 1. Pursuant to NRS 78.347, UMA, LLC is hereby appointed custodian of TELEFIX COMMUNICATIONS HOLDINGS, INC . 2. UMA, LLC is authorized to take any actions on behalf of TELEFIX COMMUNICATIONS HOLDINGS, INC pursuant to NRS 78 . 347 that are reasonable, prndent or for the benefit of pursuant to, including, but not limited to, issuing new shares of stock, and issuing new classes of stock, as well as entering in contracts on behalf of the corporation . 3. Pursuant to NRS 78 . 347 (3)(a) UMA, LLC shalI comply with NRS 78 . 180 to reinstate TELEFIX COMMUNICATIONS HOLDINGS, INC . 4. Pursuant to NRS 78 . 347, UMA, LLC shall comply with NRS 78.150 to identify and name a registered agent within the State of Nevada for TELEFlX COMMUNICATIONS HOLDINGS, INC . 5. UMA, LLC shall provide reasonable notice to all stockholders of record of a meeting of stockholders ofTELEFIX COMMUNICATIONS HOLDINGS, INC d1at will be held within a reasonable time after this Order is entered. 2

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1 2 3 4 s 6 7 8 9 10 11 12 �0 ,.., 13 14 (al.:; ��·i �: {J) l ��<'l N 8E c 15 16 ;,,, it' s , - , 17 18 19 20 21 22 23 24 25 26 27 28 6. UMA, LLC, as custodian of TELEFIX COMMUNICATIONS HOLDINGS, INC shall submit a report to this Court of the actions taken at said stockholders meeting . 7. UMA, LLC shall report to this Court no less than every one � hundred twenty (120) days concerning its custodianship of TELEFIX COMMVNICA TIONS HOLDINGS, INC while such custodianship remains active . 8. UMA, LLC shall, pursuant to NRS 78 . 347 (4), file an amendment to the Articles of Incorporation of TELEFIX COMMUNICATIONS HOLDINGS, INC which the Secretary of State containing the following disclosures and statements : a. Disclosures of any previous criminal, administrative, civil or Financial Industry Regulatory Authority, or Securities and Exchange Commission investigations, violations, or conviction concerning UMA, LLC, odts affiliates or subsidiaries ; b. A statement that reasonable, but ultimately unsuccessful, attempts were made to contact the last known officers or directors of TELEFIX COMMUNICA TlONS HOLDINGS, INC to request that the corporation comply with corporate formalities and to continue its business ; c, A statement that UMA, LLC , is, in fact, is pursuing its business and attempted to fmther the interest of its stockholders; d. A statement indicating that UMA, LLC will reinstate and maintain the corporate charter ofTELEFIX COMMUNICATIO � S HOLDINGS, INC; and e. Any other infonnation as may be required by regulations promulgated by the Nevada Secretary of State. 9. In order to implement and effectuate the requirements of this Order, UMA, LLC is authorized to negotiate with potential creditors, note holders, and other claimants . l 0 . ln order to implement and effectuate the requirements of this Order, UMA, LLC is authorized to identify at reasonable commercial terms and, if necessary, cause TELEFIX COMMUNICATIONS HOLDINGS, INC to sell the corporation's debt securities to finance its operations, the repayment of which shall be in shares of the corporation • s common stock at par value per share . 3

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1 2 3 4 5 6 7 8 9 10 11 12 Q ... ���13 � jj;t. �..,. 14 rll ;: ��..... N' " i: - : ' - A t �,. . �._, 15 O � t I:: A Ii:! Z . - , f � ai l = i ��; .... 16 't > J: a 0., , I?: 17 18 19 ;.,z;j,.... �0 . . . . , , .... c;, u � C 20 21 22 23 24 25 26 27 28 11. The Transfer Agent for TELEFIX COMMUNICATIONS HOLDINGS, INC is hereby ordered to provide the custodian all shareholder records, so that a shareholder meeting may be held. IT IS SO ORDERED. Dated this 26th day of April, 2022 � e.b � MH 9CB DF4 221C A6F9 Timothy C. Williams District Court Judge Submitted by: CORY READE DOWS & SHAFER By: Isl Jay Shafer JAY A. SHAFER, ESQ. Nevada Bar No. 9184 1333 North Buffalo Drive, Suite2l0 Las Vegas, Nevada 89128 (702) 794 - 4411 Fax: (702) 794 - 4421 JShafer@crdslaw.com 4

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CSERV 2 3 4 5 6 7 8 9 11 12 13 16 17 18 19 20 21 22 23 24 25 26 27 28 UMA, LLC, Plaintiff{s) vs. DISTRICT COURT CLARK COUNTY, NEVADA Telefix Communications Holdings, Inc., Dcfondant(s) CASE NO: A - 22 - 848924 - C DEPT. NO. Department 16 AUTOMATED CERTlFICATE OF SERVICE This automated certificate of service was generated by the Eighth Judicial District Court. The foregoing Order Granting Motion was served via the court's electronic eFile system to all recipients registered fore - Service on the above entitled case as listed below: 14 Service Date: 4/26/2022 15 Jay Shafer Kathrine von Arx jshafer@crdslaw.com kvonarx@crdslaw.com

## Ex1A-2A

**Exhibit 2.2**

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20254974807 Secretary of State State Of Nevada Filed On 6/17/2025 2:56:00 PM Number of Pages 3

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02 : 56 : 1 2 p . m . 06 - 17 - 20 2 5 s I 181788 7 1604 To : Page : 5 of 6 2025 - 06 - 17 21:56 : 07 GMT 18178871604 From : Et FRANCISCO V. AGUILAR Secretary of State - .· 401 North Carson Street . Carson City, . Nevada . B9701 - 4201 •• (775) 684 - 5708 :·_ webalte : www.nvsos.gov 4 (Profit Corporation: Certificate of Amendment cPuRsuANT To NRs 18 . 380 & 18 . 385/7s . mi Certificate to Accompany Restated Articles or Amended and •• Restated Articles

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02 : s6 : 12 p . m . 06 - 11 - 202s 6 1 18178871604 Page : 6 of 6 To : 2025 - 06 - 17 21 : 56 : 07 GMT 18178871604 From: E 1 Information Being Changed (continuation) The Articles of Incorporation are amended, as follows: "Article IV . Capitalization . The aggregate number of shares which this Corporation shall have authority to issue is Five Hundred One Million Five Hundred Thousand (501 , 500 , 00) shares, divided into two classes : (i) Five Hundred Million (500 , 000 , 000) shares of common stock with a par value of $0 . 001 per share and (ii) One Million Five Hundred Thousand (1 , 500 , 000) shares of preferred stock with a par value of $0 . 001 per share . The common stock and the preferred stock may be issued for such consideration as may be fixed from time to time by the . Board of Directors . The . Board of Directors may issue such shares of preferred stock in one or more series, with such voting powers, designations, preferences and rights or qualifications, limitations or restrictions thereof as shall be stated in the resolution or resolutions adopted by them . "

## Ex1A-2A

**Exhibit 2.3**

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Business Number C6720 - 1985 Filed in the Office of Filing Number 20254976935 Secretary of State State Of Nevada Filed On 6/18/2025 12:15:00 PM Number of Pages 4

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12 : 1s : 24p . m . oo - 1s - 202s s I 18178871604 To: Page : 5 of 7 - PAGE 1 - 2025 - 06 - 18 19 : 15:19 GMT 18178871604 From : E � SETO HOLDINGS, INC. CERTIFICATE OF DESIGNATION OF PREFERENCES, RIGHTS AND LIMITATIONS OF SERIES B VOTING PREFERRED STOCK PURSUANT TO SECTION 78.1955 OF THE NEVADA REVISED STATUTES Pursuant to Section 78 . 1955 of the Nevada Revised Statutes, the undersigned does hereby certify , on behalf of SETO Holdings , Inc . , a Nevada corporation (the "Company', , that the following resolution was duly adopted by the Board of Directors of the Company . WHEREAS, the Articles of Incorporation of the Company , as amended (the "Articles of bicorporatio 11 , "), authorize the issuance of up to 1 , 500 , 000 shares of preferred stock , par value $0 . 001 per share , of the Company (the "Preferred Stock ' 1 i n one or more series , which Preferred Stock shall have such distinctive designation or title , voting powers or no voting powers , and such preferences , rights , qualifications , limitations or restrictions , as shall be stated in such resolution or resolutions providing for the issuance of such class or series of Preferred Stock as may be adopted from time to time by the Board prior to the issuance of any shares thereof ; and WHEREAS, it is the desire of the Board of Directors to establish and fix the number of shares to be included in a new series of Preferred Stock and the designation , rights, preferences, powers, restrictions and limitations of the shares of such new series . NOW, THEREFORE, IT IS RESOLVED, that the Board of Directors does hereby provide for the issue of a series of Preferred Stock and does hereby in this Certificate of Designation (this "Certificate of Designation ' 1 establish and fix and herein state and express the designation , rights , preferences , powers , restrictions , and limitations of such series of Preferred Stock as follows : TERMS OF SERIES B VOTING PREFERRED STOCK Section l . Designation, Amount and Par Value . The series of Preferred Stock shall be designated as Series B Voting Preferred Stock (the "Series B Voting Preferred Stock', and the number of shares so designated shall be Seventy - Five Thousand (75 , 000) . Each share of the Series B Voting Preferred Stock shall have a par value of $0 . 001 . CERTIFlCATE OF DESIGNATION OF PREFERENCES , RIGHTS AND LIMITATIONS OF SERIES B VOTING PREFERRED STOCK

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1 12 : 1s : 24p . m . 06 - 1s - 202s 6 I 18178871604 To: Page: 6 of 7 - PAGE 2 - 2025 - 06 - 18 19:15:19 GMT 18178871604 From : E � Section 2 . Fractional Shares . The Series B Voting Preferred Stock may be issued in fractional shares . Section 3 . Voting Rights . The holders of the Series B Voting Preferred Stock shall , as a class , hav e rights in all matters requiring shareholder approval to a number of votes equal to two (2) times the sum of : (a) The total number of shares of Company common stock (the "Common Stock' 1 which are issued and outstanding at the time of any election or vote by the shareholders ; plus (b) The number of votes allocated to shares of Preferred Stock issued and outstanding of any other class that shall have voting rights . Section 4 . Dividends . The holders of the Series B Voting Preferred Stock shall not be entitled to receive dividends paid on the Common Stock . Section 5 . Liquidation . The holders of the Series B Voting Preferred Stock shall not be entitled to any liquidation preference . Section 6. Conversion and Adjustments. (a) Conversion Rate . The Series B Voting Preferred Stock shall be convertible into shares of the Company ' s common stock, as follows : Each share of Series 13 Voting Preferred Stock shal l be convertible at any tim e into a number of shares of Common Stock that equals one - thousandth of one percen t (0 . 00 I %) of the number uf issued an

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1 12 : 1s : 24p . m . 06 - 1s - 202s 7 I AND LIMITATIONS OF SERIES B VOTING PREFERRED STOCK - PAGE3 - 18178871604 To : Page: 7 of? 2025 - 06 - 18 19 : 15 : 19 GMT 18178871604 From : E �(c) Adjustment for Merger and Reorganization, etc . If there shall occur any reorganization, recapitalization, reclassification, consolidation or merger (a "Reorganization Event''") involving the Company in which the Common Stock (but not the Series B Voting Preferred Stock) is converted into or exchanged for securities , cash or other property , then each share of Series B Voting Preferred Stock shall be deemed to have been converted into shares of the Common Stock at the Conversion Rate . Section 7 . Protection Provisions . So long as any shares of Series B Voting Preferred Stock are outstanding, the Company shall not, without first obtaining the majority written consent of the holders of Series B Voting Preferred Stock , alter or change the rights, preferences or privileges of the Series B Voting Preferred Stock so as to affect adversely the holders of Series B Voting Preferred Stock . • Section 8 . Waiver . Any of the rights, preferences or privileges ofthe holders of the Series B Voting Preferred Stock may be waived by the affirmative consent or vote of the holders of at least a majority of the shares of Series B Voting Preferred Stock then outstanding . Section 9 . No Other Rights or Privileges . Except as specifically set forth herein , the holder(s) of the shares of Series B Voting Preferred Stock shall have no other rights, privileges or preferences with respect to the Series B Voting Preferred Stock . RESOLVED, FURTHER, that the president or any vice - president , and the secretary or any assistant secretary, of the Company be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations in accordance with the foregoing resolution and the provisions of the Nevada Revised Statutes . IN WITNESS WHEREOF, the undersigned has executed this Certificate of Designation this 18 th day of June , 2025 . SETO HOLDINGS , INC. By: I s l .Janon Costley Janon Costley Chief Executive Officer CERTIFICATE OF DESJGNATION0} ' PREFERENCES, RIGHTS

## Ex1A-2B

**Exhibit 2.4**

**AMENDED AND RESTATED BYLAWS**

**OF**

**SETO HOLDINGS, INC.**

**ARTICLE I — OFFICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Principal Office.** The principal office and place of business of SETO Holdings, Inc. (the "Corporation") shall be at such location as may be determined from time to time by board of directors of the Corporation (the "Board of Directors").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Other Offices.** Other offices and places of business either within or without the State of Nevada may be established from time to time by resolution of the Board of Directors or as the business of the Corporation may require. The street address of the Corporation's resident agent is the registered office of the Corporation in Nevada.

**ARTICLE II — STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Annual Meeting.** The annual meeting of stockholders of the Corporation shall be held on such date and at such time as may be designated from time to time by the Board of Directors. At the annual meeting, directors shall be elected and any other business may be transacted as may be properly brought before the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Special Meetings.**

&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)** Subject to the rights of the holders of preferred stock, if any, special meetings of the stockholders may be called by the Chairman of the Board, if any, or the Chief Executive Officer, if any, or, if there be no Chairman of the Board and no Chief Executive Officer, by the President, and shall be called by the Secretary upon the written request of at least a majority of the authorized number of directors. Such request shall state the purpose or purposes of the meeting.

&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)** Subject to the rights of the holders of preferred stock, if any, special meetings of the stockholders may be called if the holders of at least 25% of all the votes entitled to be cast on any issue proposed to be considered at the proposed special meeting sign, date and deliver to the Corporation one (1) or more written demands for the meeting describing the purpose or purposes for which it is to be held. Unless otherwise provided in the Articles of Incorporation, a written demand for a special meeting may be revoked by a writing to that effect received by the Corporation prior to the receipt by the Corporation of demands sufficient in number to require the holding of a special meeting.

&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)** No business shall be acted upon at a special meeting of stockholders, except as set forth in the notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Place of Meetings.** Any meeting of the stockholders of the Corporation may be held at the Corporation's registered office in the State of Nevada or at such other place within or without of the State of Nevada and United States as may be designated in the notice of meeting. A waiver of notice signed by all stockholders entitled to vote may designate any place for the holding of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Notice of Meetings; Waiver of 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;**(a)** The Chairman of the Board, President, Chief Executive Officer, if any, a Vice President, the Secretary, an Assistant Secretary or any other individual designated by the Board of Directors shall sign and deliver or cause to be delivered to the stockholders written notice of any stockholders' meeting not less than ten (10) days, but not more than sixty (60) days, before the date of such meeting. The notice shall state the place, date and time of the meeting and the purpose or purposes for which the meeting is called. The notice shall contain or be accompanied by such additional information as may be required by the Nevada Revised Statutes ("NRS").

&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 an annual meeting, subject to Section 2.13 below, any proper business may be presented for action, except that (1) if a proposed plan of merger, conversion or exchange is submitted to a vote, the notice of the meeting must state that the purpose, or one of the purposes, of the meeting is to consider the plan of merger, conversion or exchange and must contain or be accompanied by a copy or summary of the plan; and (2) if a proposed action creating dissenters' rights is to be submitted to a vote, the notice of the meeting must state that the stockholders are or may be entitled to assert dissenters' rights under NRS 92A.300 to 92A.500, inclusive, and be accompanied by a copy of those sections.

&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 the notice shall be personally delivered or mailed postage prepaid to each stockholder of record entitled to vote at the meeting at the address appearing on the records of the Corporation. Upon mailing, service of the notice is complete, and the time of the notice begins to run from the date upon which the notice is deposited in the mail. If the address of any stockholder does not appear upon the records of the Corporation or is incomplete, it will be sufficient to address any notice to such stockholder at the registered office 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;**(d)** The written certificate of the individual signing a notice of meeting, setting forth the substance of the notice or having a copy thereof attached, the date the notice was mailed or personally delivered to the stockholders and the addresses to which the notice was mailed, shall be prima facie evidence of the manner and fact of giving such 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;**(e)** Any stockholder may waive notice of any meeting by a signed writing, either before or after the meeting. Such waiver of notice shall be deemed the equivalent of the giving of such 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;**(f)** Attendance in person at any meeting of stockholders shall constitute a waiver of notice of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Determination of Stockholders of Record.**

&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)** For the purpose of determining the stockholders entitled to notice of and to vote at any meeting of stockholders or any adjournment thereof, or entitled to receive payment of any distribution or the allotment of any rights, or entitled to exercise any rights in respect of any change, conversion, or exchange of stock or for the purpose of any other lawful action, the directors may fix, in advance, a record date, which shall not be more than sixty (60) days nor less than ten (10) days before the date of such meeting, 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;**(b)** If no record date is fixed, the record date for determining stockholders: (1) entitled to notice of and to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; and (2) for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at any meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting and must fix a new record date if the meeting is adjourned to a date more than 60 days later than the date set for the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Quorum; Adjourned Meetings.**

&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 the Articles of Incorporation provide for a different proportion, stockholders holding at least a majority of the voting power of the Corporation's capital stock, represented in person or by proxy (regardless of whether the proxy has authority to vote on all matters), are necessary to constitute a quorum for the transaction of business at any meeting. If, on any issue, voting by classes or series is required by the laws of the State of Nevada, the Articles of Incorporation or these Bylaws, at least a majority of the voting power, represented in person or by proxy (regardless of whether the proxy has authority to vote on all matters), within each such class or series is necessary to constitute a quorum of each such class or series.

&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 a quorum is not represented, a majority of the voting power represented or the person presiding at the meeting may adjourn the meeting from time to time until a quorum shall be represented. At any such adjourned meeting at which a quorum shall be represented, any business may be transacted which might have been transacted as originally called. When a stockholders' meeting is adjourned to another time or place hereunder, notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. However, if a new record date is fixed for the adjourned meeting, notice of the adjourned meeting must be given to each stockholder of record as of the new record date. The stockholders present at a duly convened meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the departure of enough stockholders to leave less than a quorum of the voting power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Voting.**

&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 otherwise provided in the NRS, in the Articles of Incorporation or in the resolution providing for the issuance of preferred stock adopted by the Board of Directors pursuant to authority expressly vested in it by the provisions of the Articles of Incorporation, each stockholder of record, or such stockholder's duly authorized proxy, shall be entitled to one (1) vote for each share of voting stock standing registered in such stockholder's name at the close of business on the record 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)** Except as otherwise provided herein, all votes with respect to shares standing in the name of an individual at the close of business on the record date (including pledged shares) shall be cast only by that individual or such individual's duly authorized proxy. With respect to shares held by a representative of the estate of a deceased stockholder, or a guardian, conservator, custodian or trustee, even though the shares do not stand in the name of such holder, votes may be cast by such holder upon proof of such representative capacity. In the case of shares under the control of a receiver, the receiver may cast votes carried by such shares even though the shares do not stand of record in the name of the receiver; provided, that the order of a court of competent jurisdiction which appoints the receiver contains the authority to cast votes carried by such shares. If shares stand of record in the name of a minor, votes may be cast by the duly appointed guardian of the estate of such minor only if such guardian has provided the Corporation with written proof of such appointment.

&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)** With respect to shares standing of record in the name of another corporation, partnership, limited liability company or other legal entity on the record date, votes may be cast: (1) in the case of a corporation, by such individual as the bylaws of such other corporation prescribe, by such individual as may be appointed by resolution of the Board of Directors of such other corporation or by such individual (including, without limitation, the officer making the authorization) authorized in writing to do so by the Chairman of the Board, if any, president, chief executive officer, if any, or any vice president of such corporation; and (2) in the case of a partnership, limited liability company or other legal entity, by an individual representing such stockholder upon presentation to the Corporation of satisfactory evidence of his authority 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;**(d)** Notwithstanding anything to the contrary contained herein and except for the Corporation's shares held in a fiduciary capacity, the Corporation shall not vote, directly or indirectly, shares of its own stock owned by it; and such shares shall not be counted in determining the total number of outstanding shares entitled to vote.

&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 holder of shares entitled to vote on any matter may cast a portion of the votes in favor of such matter and refrain from casting the remaining votes or cast the same against the proposal, except in the case of elections of directors. If such holder entitled to vote does vote any of such stockholder's shares affirmatively and fails to specify the number of affirmative votes, it will be conclusively presumed that the holder is casting affirmative votes with respect to all shares held.

&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)** With respect to shares standing of record in the name of two or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, husband and wife as community property, tenants by the entirety, voting trustees or otherwise and shares held by two or more persons (including proxy holders) having the same fiduciary relationship in respect to the same shares, votes may be cast, 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;**(1)** If only one person votes, the vote of such person binds all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** If more than one person casts votes, the act of the majority so voting binds all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** If more than one person casts votes, but the vote is evenly split on a particular matter, the votes shall be deemed cast proportionately, as split.

&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)** If a quorum is present, unless the Articles of Incorporation, these Bylaws, the NRS or other applicable law provide for a different proportion, action by the stockholders entitled to vote on a matter, other than the election of directors, is approved by and is the act of the stockholders if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action, unless voting by classes or series is required for any action of the stockholders by the laws of the State of Nevada, the Articles of Incorporation or these Bylaws, in which case the number of votes cast in favor of the action by the voting power of each such class or series must exceed the number of votes cast in opposition to the action by the voting power of each such class or series.

&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)** If a quorum is present, directors shall be elected by a majority of the votes cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Proxies.** At any meeting of stockholders, any holder of shares entitled to vote may designate, in a manner permitted by the laws of the State of Nevada, another person or persons to act as a proxy or proxies. Every proxy shall continue in full force and effect until its expiration or revocation in a manner permitted by the laws of the State of Nevada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 Action Without Meeting.**

&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 otherwise provided in the Articles of Incorporation, any action required by statute to be taken at any annual or special meeting of the stockholders, or any action which may be taken at any annual or special meeting of the stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.

&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)** Every written consent shall bear the date of signature of each stockholder who signs the consent, and no written consent shall be effective to take the corporate action referred to therein unless, within sixty (60) days of the earliest dated consent delivered to the Corporation in the manner herein required, written consents signed by a sufficient number of stockholders to take action are delivered to the corporation by delivery to its registered office in the State of Nevada, its principal place of business or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested.

&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)** Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of stockholders to take action were delivered to the Corporation as provided in the NRS. If the action which is consented to is such as would have required the filing of a certificate under any section of the NRS if such action had been voted on by stockholders at a meeting thereof, then the certificate under such section shall state, in lieu of any statement required by such section concerning any vote of stockholders, that written consent has been given in accordance with the NRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Organization.**

&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)** Meetings of stockholders shall be presided over by the Chairman of the Board, or, in the absence of the chairman, by the Vice-Chairman of the Board, or in the absence of the Vice-Chairman, the President, or, in the absence of the President, by the chief executive officer, if any, or, in the absence of the foregoing persons, by a chairman designated by the Board of Directors, or, in the absence of such designation by the Board of Directors, by a chairman chosen at the meeting by the stockholders entitled to cast a majority of the votes which all stockholders present in person or by proxy are entitled to cast. The Secretary, or in the absence of the Secretary an Assistant Secretary, shall act as Secretary of the meeting, but in the absence of the Secretary and any Assistant Secretary the chairman of the meeting may appoint any person to act as Secretary of the meeting. The order of business at each such meeting shall be as determined by the chairman of the meeting. The chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of order and safety, limitation on the time allotted to questions or comments on the affairs of the Corporation, restrictions on entry to such meeting after the time prescribed for the commencement thereof and the opening and closing of the voting polls.

&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 chairman of the meeting may appoint one or more inspectors of elections. The inspector or inspectors may (1) ascertain the number of shares outstanding and the voting power of each; (2) determine the number of shares represented at a meeting and the validity of proxies or ballots; (3) count all votes and ballots; (4) determine any challenges made to any determination made by the inspector(s); and (5) certify the determination of the number of shares represented at the meeting and the count of all votes and ballots.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 Absentees' Consent to Meetings.** Transactions of any meeting of the stockholders are as valid as though had at a meeting duly held after regular call and notice if a quorum is represented, either in person or by proxy, and if, either before or after the meeting, each of the persons entitled to vote, not represented in person or by proxy (and those who, although present, either object at the beginning of the meeting to the transaction of any business because the meeting has not been lawfully called or convened or expressly object at the meeting to the consideration of matters not included in the notice which are legally or by the terms of these Bylaws required to be included therein), signs a written waiver of notice and/or consent to the holding of the meeting or an approval of the minutes thereof. All such waivers, consents, and approvals shall be filed with the corporate records and made a part of the minutes of the meeting. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called, noticed or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not properly included in the notice if such objection is expressly made at the time any such matters are presented at the meeting. Neither the business to be transacted at nor the purpose of any regular or special meeting of stockholders need be specified in any written waiver of notice or consent, except as otherwise provided in these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 Director Nominations.** Subject to the rights, if any, of the holders of preferred stock to nominate and elect directors, nominations of persons for election to the Board of Directors of the Corporation may be made by the Board of Directors or by a committee appointed by the Board of Directors.

**ARTICLE III — DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 General Powers; Performance of Duties.** The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as otherwise provided in the NRS or the Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Number, Tenure, and Qualifications.** The Board of Directors of the Corporation shall consist of at least one (1) individual and not more than seven (7) individuals. The number of directors within the foregoing fixed minimum and maximum may be established and changed from time to time by resolution adopted by the Board of Directors of the Corporation without amendment to these Bylaws or the Articles of Incorporation. Each director shall hold office until his successor shall be elected or appointed and qualified or until his earlier death, retirement, disqualification, resignation or removal. No reduction of the number of directors shall have the effect of removing any director prior to the expiration of his term of office. No provision of this Section shall be restrictive upon the right of the Board of Directors to fill vacancies or upon the right of the stockholders to remove directors as is hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Chairman of the Board.** The Board of Directors shall elect a Chairman of the Board from the members of the Board of Directors who shall preside at all meetings of the Board of Directors and stockholders at which he shall be present and shall have and may exercise such powers as may, from time to time, be assigned to him by the Board of Directors, these Bylaws or as may be provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Vice-Chairman of the Board.** The Board of Directors shall elect a Vice-Chairman of the Board from the members of the Board of Directors who shall preside at all meetings of the Board of Directors and stockholders at which he shall be present and the Chairman is not present and shall have and may exercise such powers as may, from time to time, be assigned to him by the Board of Directors, these Bylaws or as may be provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Removal and Resignation of Directors.** Subject to any rights of the holders of preferred stock and except as otherwise provided in the NRS, any director may be removed from office with or without cause by the affirmative vote of the holders of not less than sixty-six and two-thirds percent (66-2/3%) of the voting power of the issued and outstanding stock of the Corporation entitled to vote generally in the election of directors (voting as a single class) excluding stock entitled to vote only upon the happening of a fact or event unless such fact or event shall have occurred. In addition, the Board of Directors of the Corporation, by majority vote, may declare vacant the office of a director who has been declared incompetent by an order of a court of competent jurisdiction or convicted of a felony. Any director may resign effective upon giving written notice, unless the notice specifies a later time for effectiveness of such resignation, to the Chairman of the Board, if any, the President or the Secretary, or in the absence of all of them, any other officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Vacancies; Newly Created Directorships.** Subject to any rights of the holders of preferred stock, any vacancies on the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office, or other cause, and newly created directorships resulting from any increase in the authorized number of directors, may be filled by a majority vote of the directors then in office or by a sole remaining director, in either case though less than a quorum, and the director(s) so chosen shall hold office for a term expiring at the next annual meeting of stockholders at which the term of the class to which he has been elected expires, or until his earlier resignation or removal. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Annual and Regular Meetings.** Immediately following the adjournment of, and at the same place as, the annual or any special meeting of the stockholders at which directors are elected, the Board of Directors, including directors newly elected, shall hold its annual meeting without notice, other than this provision, to elect officers and to transact such business as may be necessary or appropriate. The Board of Directors may provide by resolution the place, date and hour for holding regular meetings between annual meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 Special Meetings.** Except as otherwise required by law, and subject to any rights of the holders of preferred stock, special meetings of the Board of Directors may be called only by the Chairman of the Board, if any, or if there be no Chairman of the Board, by the Chief Executive Officer, if any, the President, or the Secretary, and shall be called by the Chairman of the Board, if any, the President, the Chief Executive Officer, if any, or the Secretary upon the request of at least a majority of the authorized number of directors. If the Chairman of the Board, or if there be no Chairman of the Board, each of the President, Chief Executive Officer, if any, and Secretary, refuses or neglects to call such special meeting, a special meeting may be called by a written request signed by at least a majority of the authorized number of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Place of Meetings.** Any regular or special meeting of the directors of the Corporation may be held at such place as the Board of Directors, or in the absence of such designation, as the notice calling such meeting, may designate. A waiver of notice signed by the directors may designate any place for the holding of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10 Notice of Meetings.** Except as otherwise provided in Section 3.8 above, there shall be delivered to each director at the address appearing for him on the records of the Corporation, at least twenty-four (24) hours before the time of such meeting, a copy of a written notice of any meeting (a) by delivery of such notice personally, (b) by mailing such notice postage prepaid, (c) by facsimile, (d) by overnight courier, (e) by telegram, or (f) by electronic transmission or electronic writing, including, but not limited to, email. If mailed to an address inside the United States, the notice shall be deemed delivered two (2) business days following the date the same is deposited in the United States mail, postage prepaid. If mailed to an address outside the United States, the notice shall be deemed delivered four (4) business days following the date the same is deposited in the United States mail, postage prepaid. If sent via facsimile, by electronic transmission or electronic writing, including, but not limited to, email, the notice shall be deemed delivered upon sender's receipt of confirmation of the successful transmission. If sent via overnight courier, the notice shall be deemed delivered the business day following the delivery of such notice to the courier. If the address of any director is incomplete or does not appear upon the records of the Corporation it will be sufficient to address any notice to such director at the registered office of the Corporation. Any director may waive notice of any meeting, and the attendance of a director at a meeting and oral consent entered on the minutes of such meeting shall constitute waiver of notice of the meeting unless such director objects, prior to the transaction of any business, that the meeting was not lawfully called, noticed or convened. Attendance for the express purpose of objecting to the transaction of business thereat because the meeting was not properly called or convened shall not constitute presence or a waiver of notice for purposes hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Quorum; Adjourned Meetings.**

&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 majority of the directors in office, at a meeting duly assembled, is necessary to constitute a quorum for the transaction 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;**(b)** At any meeting of the Board of Directors where a quorum is not present, a majority of those present may adjourn, from time to time, until a quorum is present, and no notice of such adjournment shall be required. At any adjourned meeting where a quorum is present, any business may be transacted which could have been transacted at the meeting originally called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12 Manner of Acting.** Except as provided in Section 3.14 below, the affirmative vote of a majority of the directors present at a meeting at which a quorum is present is the act of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13 Super-majority Approval.** Notwithstanding anything to the contrary contained in these Bylaws or the Articles of Incorporation, the following actions may be taken by the Corporation only upon the approval of two-thirds of the directors present at a meeting at which a quorum is present is the act of the Board of Directors:

&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 voluntary dissolution or liquidation 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;**(b)** the sale of all or substantially all of the assets of the Corporation; 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)** the filing of a voluntary petition of bankruptcy by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14 Telephonic Meetings.** Members of the Board of Directors or of any committee designated by the Board of Directors may participate in a meeting of the Board of Directors or such committee by means of a telephone conference or video or similar method of communication by which all persons participating in such meeting can hear each other. Participation in a meeting pursuant to this Section 3.14 constitutes presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.15 Action Without Meeting.** Any action required or permitted to be taken at a meeting of the Board of Directors or of a committee thereof may be taken without a meeting if, before or after the action, a written consent thereto is signed by all of the members of the Board of Directors or the committee. The written consent may be signed in counterparts, including, without limitation, facsimile counterparts, and shall be filed with the minutes of the proceedings of the Board of Directors or committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.16 Powers and Duties.**

&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 restricted by the laws of the State of Nevada or the Articles of Incorporation, the Board of Directors has full control over the business and affairs of the Corporation. The Board of Directors may delegate any of its authority to manage, control or conduct the business of the Corporation to any standing or special committee, or to any officer or agent, and to appoint any persons to be agents of the Corporation with such powers, including the power to subdelegate, and upon such terms as may be deemed fit.

&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 Board of Directors, in its discretion, or the officer of the Corporation presiding at a meeting of stockholders, in his discretion, may (1) require that any votes cast at such meeting shall be cast by written ballot and/or (2) submit any contract or act for approval or ratification at any annual meeting of the stockholders or any special meeting properly called and noticed for the purpose of considering any such contract or act, provided a quorum is present.

&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 may, by resolution passed by a majority of the board, designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Subject to applicable law and to the extent provided in the resolution of the Board of Directors, any such committee shall have and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors. The committees shall keep regular minutes of their proceedings and report the same to the Board of Directors when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.17 Compensation.** The Board of Directors, without regard to personal interest, may establish the compensation of directors for services in any capacity. If the Board of Directors establishes the compensation of directors pursuant to this subsection, such compensation is presumed to be fair to the Corporation, unless proven unfair by a preponderance of the evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.18 Organization.** Meetings of the Board of Directors shall be presided over by the Chairman of the Board, or in the absence of the Chairman of the Board by the Vice-Chairman, or in his absence by a chairman chosen at the meeting. The Secretary, or in the absence of the Secretary an Assistant Secretary, shall act as Secretary of the meeting, but in the absence of the Secretary and any Assistant Secretary the chairman of the meeting may appoint any person to act as secretary of the meeting. The order of business at each such meeting shall be as determined by the chairman of the meeting.

**ARTICLE IV — OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Election.** The Board of Directors, at its annual meeting, shall elect and appoint a President, a Secretary and a Treasurer. Said officers shall serve until the next succeeding annual meeting of the Board of Directors and until their respective successors are elected and appointed and shall qualify or until their earlier resignation or removal. The Board of Directors may from time to time, by resolution, elect or appoint such other officers and agents as it may deem advisable, who shall hold office at the pleasure of the board, and shall have such powers and duties and be paid such compensation as may be directed by the board. Any individual may hold two or more offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Removal; Resignation.** Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause. Any officer may resign at any time upon written notice to the Corporation. Any such removal or resignation shall be subject to the rights, if any, of the respective parties under any contract between the Corporation and such officer or agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Vacancies.** Any vacancy in any office because of death, resignation, removal or otherwise may be filled by the Board of Directors for the unexpired portion of the term of such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Chief Executive Officer.** The Board of Directors may elect a chief executive officer who, subject to the supervision and control of the Board of Directors, shall have the ultimate responsibility for the management and control of the business and affairs of the Corporation, and shall perform such other duties and have such other powers as are delegated to him by the Board of Directors, these Bylaws or as may be provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 President.** The President, subject to the supervision and control of the Board of Directors, shall in general actively supervise and control the business and affairs of the Corporation. The President shall keep the Board of Directors fully informed as the Board of Directors may request and shall consult the Board of Directors concerning the business of the Corporation. The President shall perform such other duties and have such other powers which are delegated and assigned to him by the Board of Directors if any, these Bylaws or as may be provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Vice Presidents.** The Board of Directors may elect one or more vice presidents. In the absence or disability of the President, or at the President's request, the vice president or vice presidents, in order of their rank as fixed by the Board of Directors, and if not ranked, the vice presidents in the order designated by the Board of Directors, or in the absence of such designation, in the order designated by the President, shall perform all of the duties of the President, and when so acting, shall have all the powers of, and be subject to all the restrictions on the President. Each vice president shall perform such other duties and have such other powers which are delegated and assigned to him by the Board of Directors, the President, these Bylaws or as may be provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7 Secretary.** The Secretary shall attend all meetings of the stockholders, the Board of Directors and any committees, and shall keep, or cause to be kept, the minutes of proceeds thereof in books provided for that purpose. He shall keep, or cause to be kept, a register of the stockholders of the Corporation and shall be responsible for the giving of notice of meetings of the stockholders, the Board of Directors and any committees, and shall see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law. The Secretary shall be custodian of the corporate seal, the records of the Corporation, the stock certificate books, transfer books and stock ledgers, and such other books and papers as the Board of Directors or appropriate committee may direct. The Secretary shall perform all other duties commonly incident to his office and shall perform such other duties which are assigned to him by the Board of Directors, the chief executive officer, if any, the President, these Bylaws or as may be provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8 Assistant Secretaries.** An Assistant Secretary shall, at the request of the Secretary, or in the absence or disability of the Secretary, perform all the duties of the Secretary. He shall perform such other duties as are assigned to him by the Board of Directors, the chief executive officer, if any, the President, these Bylaws or as may be provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9 Treasurer.** The Treasurer, subject to the order of the Board of Directors, shall have the care and custody of, and be responsible for, all of the money, funds, securities, receipts and valuable papers, documents and instruments of the Corporation, and all books and records relating thereto. The Treasurer shall keep, or cause to be kept, full and accurate books of accounts of the Corporation's transactions, which shall be the property of the Corporation, and shall render financial reports and statements of condition of the Corporation when so requested by the Board of Directors, the Chairman of the Board, if any, the chief executive officer, if any, or the President. The Treasurer shall perform all other duties commonly incident to his office and such other duties as may, from time to time, be assigned to him by the Board of Directors, the chief executive officer, if any, the President, these Bylaws or as may be provided by law. The Treasurer shall, if required by the Board of Directors, give bond to the Corporation in such sum and with such security as shall be approved by the Board of Directors for the faithful performance of all the duties of the Treasurer and for restoration to the Corporation, in the event of the Treasurer's death, resignation, retirement or removal from office, of all books, records, papers, vouchers, money and other property in the Treasurer's custody or control and belonging to the Corporation. The expense of such bond shall be borne by the Corporation. If a chief financial officer has not been appointed, the Treasurer may be deemed the chief financial officer of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10 Assistant Treasurer.** An Assistant Treasurer shall, at the request of the Treasurer, or in the absence or disability of the Treasurer, perform all the duties of the Treasurer. He shall perform such other duties which are assigned to him by the Board of Directors, the chief executive officer, the President, the Treasurer, these Bylaws or as may be provided by law. The Board of Directors may require an Assistant Treasurer to give a bond to the Corporation, at the Corporation's expense, in such sum and with such security as it may approve, for the faithful performance of his duties, and for restoration to the Corporation, in the event of the Assistant Treasurer's death, resignation, retirement or removal from office, of all books, records, papers, vouchers, money and other property in the Assistant Treasurer's custody or control and belonging to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11 Execution of Negotiable Instruments, Deeds and Contracts.** All checks, drafts, notes, bonds, bills of exchange, and orders for the payment of money of the Corporation; all deeds, mortgages, proxies, powers of attorney and other written contracts, documents, instruments and agreements to which the Corporation shall be a party; and all assignments or endorsements of stock certificates, registered bonds or other securities owned by the Corporation shall be signed in the name of the Corporation by such officers or other persons as the Board of Directors may from time to time designate. The Board of Directors may authorize the use of the facsimile signatures of any such persons. Any officer of the Corporation shall be authorized to attend, act and vote, or designate another officer or an agent of the Corporation to attend, act and vote, at any meeting of the owners of any entity in which the Corporation may own an interest or to take action by written consent in lieu thereof. Such officer or agent, at any such meeting or by such written action, shall possess and may exercise on behalf of the Corporation any and all rights and powers incident to the ownership of such interest.

**ARTICLE V — CAPITAL STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Issuance.** Shares of the Corporation's authorized stock shall, subject to any provisions or limitations of the laws of the State of Nevada, the Articles of Incorporation or any contracts or agreements to which the Corporation may be a party, be issued in such manner, at such times, upon such conditions and for such consideration as shall be prescribed by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Stock Certificates.** Every holder of stock in the Corporation shall be entitled to have a certificate signed by or in the name of the Corporation by the President, the chief executive officer, if any, or a vice president, and by the Secretary or an Assistant Secretary, of the Corporation (or any other two officers or agents so authorized by the Board of Directors), certifying the number of shares of stock owned by him, her or it in the Corporation.

Each certificate representing shares shall state the following upon the face thereof: the name of the state of the Corporation's organization; the name of the person to whom issued; the number and class of shares and the designation of the series, if any, which such certificate represents; the par value of each share, if any, represented by such certificate or a statement that the shares are without par value. Certificates of stock shall be in such form consistent with law as shall be prescribed by the Board of Directors. No certificate shall be issued until the shares represented thereby are fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Surrendered; Lost or Destroyed Certificates.** All certificates surrendered to the Corporation, except those representing shares of treasury stock, shall be canceled and no new certificate shall be issued until the former certificate for a like number of shares shall have been canceled, except that in case of a lost, stolen, destroyed or mutilated certificate, a new one may be issued therefor. However, any stockholder applying for the issuance of a stock certificate in lieu of one alleged to have been lost, stolen, destroyed or mutilated shall, prior to the issuance of a replacement, provide the Corporation with his, her or its affidavit of the facts surrounding the loss, theft, destruction or mutilation and, if required by the Board of Directors, an indemnity bond in an amount not less than twice the current market value of the stock, and upon such terms as the Treasurer or the Board of Directors shall require which shall indemnify the Corporation against any loss, damage, cost or inconvenience arising as a consequence of the issuance of a replacement certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Replacement Certificate.** When the Articles of Incorporation are amended in any way affecting the statements contained in the certificates for outstanding shares of capital stock of the Corporation or it becomes desirable for any reason, in the discretion of the Board of Directors, including, without limitation, the merger of the Corporation with another Corporation or the conversion or reorganization of the Corporation, to cancel any outstanding certificate for shares and issue a new certificate therefor conforming to the rights of the holder, the Board of Directors may order any holders of outstanding certificates for shares to surrender and exchange the same for new certificates within a reasonable time to be fixed by the Board of Directors. The order may provide that a holder of any certificate(s) ordered to be surrendered shall not be entitled to vote, receive distributions or exercise any other rights of stockholders of record until the holder has complied with the order, but the order operates to suspend such rights only after notice and until compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Transfer of Shares.** No transfer of stock shall be valid as against the Corporation except on surrender and cancellation of the certificates therefor accompanied by an assignment or transfer by the registered owner made either in person or under assignment. Whenever any transfer shall be expressly made for collateral security and not absolutely, the collateral nature of the transfer shall be reflected in the entry of transfer in the records of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Transfer Agent; Registrars.** The Board of Directors may appoint one or more transfer agents, transfer clerks and registrars of transfer and may require all certificates for shares of stock to bear the signature of such transfer agents, transfer clerks and/or registrars of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Miscellaneous.** The Board of Directors shall have the power and authority to make such rules and regulations not inconsistent herewith as it may deem expedient concerning the issue, transfer, and registration of certificates for shares of the Corporation's stock.

**ARTICLE VI — DISTRIBUTIONS**

Distributions may be declared, subject to the provisions of the laws of the State of Nevada and the Articles of Incorporation, by the Board of Directors and may be paid in cash, property, shares of corporate stock, or any other medium. The Board of Directors may fix in advance a record date, as provided in Section 2.5 above, prior to the distribution for the purpose of determining stockholders entitled to receive any distribution.

**ARTICLE VII — RECORDS; REPORTS; SEAL; AND FINANCIAL MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Records.** All original records of the Corporation, shall be kept at the principal office of the Corporation by or under the direction of the Secretary or at such other place or by such other person as may be prescribed by these Bylaws or the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Corporate Seal.** The Board of Directors may, by resolution, authorize a seal, and the seal may be used by causing it, or a facsimile, to be impressed or affixed or reproduced or otherwise. Except when otherwise specifically provided herein, any officer of the Corporation shall have the authority to affix the seal to any document requiring it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Fiscal Year-End.** The fiscal year-end of the Corporation shall be such date as may be fixed from time to time by resolution of the Board of Directors.

**ARTICLE VIII — INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Indemnification and Insurance.**

&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) Indemnification of Directors and Officers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** For purposes of this Article VIII,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** "Indemnitee" shall mean each director or officer who was or is a party to, or is threatened to be made a party to, or is otherwise involved in, any Proceeding (as herein defined), by reason of the fact that he is or was a director or officer of the Corporation or member, manager or managing member of a predecessor limited liability company or affiliate of such limited liability company or is or was serving in any capacity at the request of the Corporation as a director, officer, employee, agent, partner, member, manager or fiduciary of, or in any other capacity for, another corporation or any partnership, joint venture, limited liability company, trust, or other enterprise; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** "Proceeding" shall mean any threatened, pending, or completed action, suit or proceeding (including, without limitation, an action, suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative, or investigative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Each Indemnitee shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Nevada law, against all expense, liability and loss (including, without limitation, attorneys' fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Indemnitee in connection with any Proceeding; provided that such Indemnitee either is not liable pursuant to the NRS or acted in good faith and in a manner such Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any Proceeding that is criminal in nature, had no reasonable cause to believe that his conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the Indemnitee is liable pursuant to the NRS or did not act in good faith and in a manner in which he reasonably believed to be in or not opposed to the best interests of the Corporation, or that, with respect to any criminal proceeding he had reasonable cause to believe that his conduct was unlawful. The Corporation shall not indemnify an Indemnitee for any claim, issue or matter as to which the Indemnitee has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Corporation or for any amounts paid in settlement to the Corporation, unless and only to the extent that the court in which the Proceeding was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts as the court deems proper. Except as so ordered by a court and for advancement of expenses pursuant to this Section, indemnification may not be made to or on behalf of an Indemnitee if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud or a knowing violation of law and was material to the cause of action. Notwithstanding anything to the contrary contained in these Bylaws, no director or officer may be indemnified for expenses incurred in defending any threatened, pending, or completed action, suit or proceeding (including without limitation, an action, suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative or investigative, that such director or officer incurred in his capacity as a stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Indemnification pursuant to this Section shall continue as to an Indemnitee who has ceased to be a director or officer of the Corporation or member, manager or managing member of a predecessor limited liability company or affiliate of such limited liability company or a director, officer, employee, agent, partner, member, manager or fiduciary of, or to serve in any other capacity for, another corporation or any partnership, joint venture, limited liability company, trust, or other enterprise and shall inure to the benefit of his heirs, executors and administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** The expenses of Indemnitees must be paid by the Corporation or through insurance purchased and maintained by the Corporation or through other financial arrangements made by the Corporation, as they are incurred and in advance of the final disposition of the Proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the Corporation. To the extent that a director or officer of the Corporation is successful on the merits or otherwise in defense of any Proceeding, or in the defense of any claim, issue or matter therein, the Corporation shall indemnify him against expenses, including attorneys' fees, actually and reasonably incurred in by him in connection with the defense.

&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) Indemnification of Employees and Other Persons.** The Corporation may, by action of its Board of Directors and to the extent provided in such action, indemnify employees and other persons as though they were Indemnitees.

&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) Non-Exclusivity of Rights.** The rights to indemnification provided in this Article shall not be exclusive of any other rights that any person may have or hereafter acquire under any statute, provision of the Articles of Incorporation or these Bylaws, agreement, vote of stockholders or directors, 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;**(d) Insurance.** The Corporation may purchase and maintain insurance or make other financial arrangements on behalf of any Indemnitee for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee, member, managing member or agent, or arising out of his status as such, whether or not the Corporation has the authority to indemnify him against such liability and expenses.

&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) Other Financial Arrangements.** The other financial arrangements which may be made by the Corporation may include the following: (1) the creation of a trust fund; (2) the establishment of a program of self-insurance; (3) the securing of its obligation of indemnification by granting a security interest or other lien on any assets of the Corporation; and (4) the establishment of a letter of credit, guarantee or surety. No financial arrangement made pursuant to this subsection may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud, or a knowing violation of law, except with respect to advancement of expenses or indemnification ordered by a court.

&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 Matters Relating to Insurance or Financial Arrangements.** Any insurance or other financial arrangement made on behalf of a person pursuant to this Section may be provided by the Corporation or any other person approved by the Board of Directors, even if all or part of the other person's stock or other securities is owned by the Corporation. In the absence of fraud, (1) the decision of the Board of Directors as to the propriety of the terms and conditions of any insurance or other financial arrangement made pursuant to this Section and the choice of the person to provide the insurance or other financial arrangement is conclusive; and (2) the insurance or other financial arrangement is not void or voidable and does not subject any director approving it to personal liability for his action; even if a director approving the insurance or other financial arrangement is a beneficiary of the insurance or other financial arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Amendment.** The provisions of this Article VIII relating to indemnification shall constitute a contract between the Corporation and each of its directors and officers which may be modified as to any director or officer only with that person's consent or as specifically provided in this Section. Notwithstanding any other provision of these Bylaws relating to their amendment generally, any repeal or amendment of this Article which is adverse to any director or officer shall apply to such director or officer only on a prospective basis, and shall not limit the rights of an Indemnitee to indemnification with respect to any action or failure to act occurring prior to the time of such repeal or amendment. Notwithstanding any other provision of these Bylaws (including, without limitation, Article X below), no repeal or amendment of these Bylaws shall affect any or all of this Article VIII so as to limit or reduce the indemnification in any manner unless adopted by (a) the unanimous vote of the directors of the Corporation then serving, or (b) by the stockholders as set forth in Article X hereof; provided that no such amendment shall have a retroactive effect inconsistent with the preceding sentence.

**ARTICLE IX — CHANGES IN NEVADA LAW**

References in these Bylaws to Nevada law or the NRS or to any provision thereof shall be to such law as it existed on the date these Bylaws were adopted or as such law thereafter may be changed; provided that (a) in the case of any change which expands the liability of directors or officers or limits the indemnification rights or the rights to advancement of expenses which the Corporation may provide in Article VIII hereof, the rights to limited liability, to indemnification and to the advancement of expenses provided in the Articles of Incorporation and/or these Bylaws shall continue as theretofore to the extent permitted by law; and (b) if such change permits the Corporation, without the requirement of any further action by stockholders or directors, to limit further the liability of directors or limit the liability of officers or to provide broader indemnification rights or rights to the advancement of expenses than the Corporation was permitted to provide prior to such change, then liability thereupon shall be so limited and the rights to indemnification and the advancement of expenses shall be so broadened to the extent permitted by law.

**ARTICLE X — AMENDMENT OR REPEAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Board of Directors.** In furtherance and not in limitation of the powers conferred by statute, the Board of Directors of the Corporation is expressly authorized to adopt, repeal, alter, amend and rescind these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Stockholders.** Notwithstanding Section 10.1 above, these Bylaws may be rescinded, altered, amended or repealed in any respect by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66-2/3%) of the outstanding voting power of the Corporation, voting together as a single class.

## Ex1A-3

**Exhibit 3.1**

**THIS NOTE, AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE APPLICABLE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS REGISTERED UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES LAWS, OR UNLESS AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE MAKER, IS OBTAINED TO THE EFFECT THAT SUCH PLEDGE, SALE, ASSIGNMENT OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND SUCH STATE SECURITIES LAWS.**

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| | |
|:---|:---|
| **Principal Amount: $25,000.00** | **Issue Date: September 5, 2025** |

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**SETO HOLDINGS, INC.**

**CONVERTIBLE PROMISSORY NOTE**

FOR VALUE RECEIVED, SETO Holdings, Inc., a Nevada corporation (hereinafter called the ***"Borrower"***), hereby promises to pay to the order of Marbletown Advisors LLC, or registered assigns (the ***"Holder"***), the sum of $25,000.00 together with any interest as set forth herein, on September 6, 2026 (the ***"Maturity Date"***), including interest on the unpaid principal balance hereof at the rate of eight percent (8%) (the ***"Interest Rate"***) per annum from the date hereof (the ***"Issue Date"***) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment. This note (the "Note") shall contain an original issue discount (***"OID"***) of $0.00.

This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid (***"Default Interest"***). Interest shall commence accruing on the date that the Holder pays the full Purchase Price to the Borrower and shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share (the ***"Common Stock"***) in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note.

Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the ***"Purchase Agreement"***).

This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

The following terms shall apply to this Note:

**ARTICLE I. CONVERSION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Conversion Right.** The Holder shall have the right from time to time, and at any time beginning on the Issue Date to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or, in the event of a recapitalization or merger, any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the ***"Conversion Price"***) determined as provided herein (a ***"Conversion"***) [The foregoing is not a ratchet provision; in the event of a recapitalization or merger, if common shareholder receive any other shares or interests, i.e., shares of a different issuer in the event of a merger, the Note will convert into such shares. That is the Note conversion rights will follow the merger]; *provided, however*, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. *<u>The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder</u>*. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the "Notice of Conversion"), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the ***"Conversion Date"***); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date shall be the next business day. The term "Conversion Amount" means, with respect to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder's option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Conversion Price.** The Conversion Price shall equal $0.0035 per share (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower's securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Authorized Shares.** The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have authorized and reserved one and one-half times the number of shares that would be issuable upon full conversion of the Note (assuming that the 4.99% limitation set forth in Section 1.1 is not in effect) (based on the respective Conversion Price of the Note (as defined in Section 1.2) in effect from time to time, initially 7,200,000 shares) (the ***"Reserved Amount"***). The Reserved Amount shall be increased (or decreased with the written consent of the Holder) from time to time in accordance with the Borrower's obligations hereunder. The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common Stock into which the Note shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of this Note. If, at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 Method of Conversion.**

&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) Mechanics of Conversion.** As set forth in Section 1.1 hereof, from time to time, and at any time, ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Note at the principal office of the Borrower (upon payment in full of any amounts owed 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) Surrender of Note Upon Conversion.** Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as not to require physical surrender of this Note upon each such conversion.

&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) Delivery of Common Stock Upon Conversion.** Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the ***"Deadline"***) (and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein, the Borrower's obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection with such conversion.

&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) Delivery of Common Stock by Electronic Transfer.** In lieu of delivering physical certificates representing the Common Stock issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (***"DTC"***) Fast Automated Securities Transfer (***"FAST"***) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder by crediting the account of Holder's Prime Broker with DTC through its Deposit Withdrawal Agent Commission (***"DWAC"***) system.

&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) Failure to Deliver Common Stock Prior to Deadline.** Without in any way limiting the Holder's right to pursue other remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of this Note is not delivered by the Deadline (3 business days after receipt of Conversion Notice) due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder $500 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the ***"Fail to Deliver Fee"***); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party (i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages provision contained in this Section 1.4(e) are justified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 Concerning the Shares.** The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless: (i) the Borrower or its transfer agent shall have been furnished by the Holder with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration (such as Rule 144 or a successor rule) (***"Rule 144"***); or (ii) such shares are transferred to an "affiliate" (as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 Effect of Certain 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) Effect of Merger, Consolidation, Etc.** At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III). "Person" shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

&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) Adjustment Due to Merger, Consolidation, Etc.** If, at any time when this Note is issued and outstanding and prior to conversion of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof.

The Borrower shall not affect any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five (5) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

&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) Adjustment Due to Distribution.** If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to the Borrower's shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a ***"Distribution"***), then the Holder of this Note shall be entitled, upon any conversion of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution. [NOTE: This is not a ratchet provision, it simply prohibits the issuer from effecting a distribution of assets or stock while attempting to avoid conversion or payment of the note (i.e., in the event of an asset distribution which renders the company a shell company, without the foregoing language, although it would be a default, the note holder would be left with little other remedies to attempt to be repaid from the spin off entity). Note that the language does not change the conversion price formula.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7 Prepayment.** This Note may be prepaid at any time without penalty. The Holder's conversion rights herein shall not be affected in any way until the Note is fully paid (funds received by the Holder).

**ARTICLE II. CERTAIN COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Sale of Assets.** So long as the Borrower shall have any obligation under this Note, the Borrower shall not, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any consent to the disposition of any assets may not be unreasonably withheld as long as such disposition does not render the Borrower a "shell company" as such term is defined in Rule 144.

**ARTICLE III. EVENTS OF DEFAULT**

If any of the following events of default (each, an ***"Event of Default"***) shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Failure to Pay Principal and Interest.** The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Conversion and the Shares.** The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the option of the Holder, the Holder advances any funds to the Borrower's transfer agent in order to process a conversion, such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Breach of Covenants.** The Borrower breaches any material covenant or other material term or condition contained in this Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days after written notice thereof to the Borrower from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Breach of Representations and Warranties.** Any representation or warranty of the Borrower made herein or in any agreement, statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Receiver or Trustee.** The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee shall otherwise be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Bankruptcy.** Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Delisting of Common Stock.** The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 [Omitted].**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Liquidation.** Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10 Cessation of Operations.** Any cessation of operations by Borrower rendering the Borrower a "shell company" as such term is defined in Rule 144, or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower's ability to continue as a "going concern" shall not be an admission that the Borrower cannot pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Financial Statement Restatement.** The restatement of any financial statements filed by the Borrower with OTC Markets at any time after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement would, by comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with respect to this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12 Replacement of Transfer Agent.** In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13 Cross-Default.** Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. ***"Other Agreements"*** means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term "Other Agreements" shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future debt of Borrower to the Holder.

Upon the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on this Note or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable through the delivery of written notice to the Borrower by such Holders (the "Default Notice"), and upon the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to 150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the ***"Mandatory Prepayment Date"***) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the ***"Default Amount"***) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

If the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable and the details of the determination of such amount, then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

**ARTICLE IV. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Failure or Indulgence Not Waiver.** No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder 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 privileges. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Notices.** All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

If to the Borrower: SETO Holdings, Inc.

6231 Columbia Park Road,

Hyattsville, Maryland 20785

E-mail: janon@seto-holdings.com

If to the Holder: Marbletown Advisors LLC

60 Vincent Lane

Stone Ridge, New York 12484

E-mail: jasahnsommerville@gmail.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Amendments.** This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term "Note" and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Assignability.** This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns. Each transferee of this Note must be an "accredited investor" (as defined in Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be assigned by the Holder without the consent of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Cost of Collection.** If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Governing Law.** This Note shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state courts of Maryland or in the federal courts located in Baltimore, Maryland. The parties to this Note hereby irrevocably waive 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. The Borrower and Holder waive trial by jury.

The prevailing party shall be entitled to recover from the other party its reasonable attorneys' fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.

Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Note, any agreement or any other document delivered in connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7 Purchase Agreement.** By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8 Remedies.** The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required.

**IN WITNESS WHEREOF,** Borrower has caused this Note to be signed in its name by its duly authorized officer on September 5, 2025.

SETO HOLDINGS, INC.

By: ___________________________

Janon Costley

Chief Executive Officer

**EXHIBIT A**

**FORM OF NOTICE OF CONVERSION**

The undersigned hereby elects to convert $_________ principal amount and $_________ of accrued interest of the Note (defined below) into that number of shares of Common Stock to be issued pursuant to the conversion of the Note (***"Common Stock"***) as set forth below, of SETO Holdings, Inc., a Nevada corporation (the ***"Borrower"***), according to the conditions of the convertible note of the Borrower dated as of September 5, 2025 (the ***"Note"***), as of the date written below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

Box Checked as to applicable instructions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The Borrower shall electronically transmit the Common Stock issuable
pursuant to this Notice of Conversion to the account of the undersigned or its nominee with DTC through its Deposit Withdrawal Agent
Commission system ("DWAC Transfer").

Name of DTC Prime Broker:<u> </u>

Account Number:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The undersigned hereby requests that the Borrower issue a certificate
or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder's calculation attached
hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

Date of conversion:<u> </u>

Applicable Conversion Price: $<u> </u>

Number of shares of common stock to be issued

pursuant to conversion of the Notes:<u> </u>

Amount of Principal Balance due remaining

under the Note after this conversion:<u> </u>

[ Name of Holder ]

By:<u> </u>

## Ex1A-3

**Exhibit 3.2**

**THIS NOTE, AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE APPLICABLE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS REGISTERED UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES LAWS, OR UNLESS AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE MAKER, IS OBTAINED TO THE EFFECT THAT SUCH PLEDGE, SALE, ASSIGNMENT OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND SUCH STATE SECURITIES LAWS.**

---

| | |
|:---|:---|
| **Principal Amount: $4,515.00** | **Issue Date: July 15, 2025** |

---

**SETO HOLDINGS, INC.**

**CONVERTIBLE PROMISSORY NOTE**

FOR VALUE RECEIVED, SETO Holdings, Inc., a Nevada corporation (hereinafter called the ***"Borrower"***), hereby promises to pay to the order of Newlan Law Firm, PLLC, or registered assigns (the ***"Holder"***), the sum of $4,515.00 together with any interest as set forth herein, on July 15, 2026 (the ***"Maturity Date"***), including interest on the unpaid principal balance hereof at the rate of eight percent (8%) (the ***"Interest Rate"***) per annum from the date hereof (the ***"Issue Date"***) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment. This note (the "Note") shall contain an original issue discount (***"OID"***) of $0.00.

This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid (***"Default Interest"***). Interest shall commence accruing on the date that the Holder pays the full Purchase Price to the Borrower and shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share (the ***"Common Stock"***) in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note.

Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the ***"Purchase Agreement"***).

This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

The following terms shall apply to this Note:

**ARTICLE I. CONVERSION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Conversion Right.** The Holder shall have the right from time to time, and at any time beginning on the Issue Date to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or, in the event of a recapitalization or merger, any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the ***"Conversion Price"***) determined as provided herein (a ***"Conversion"***) [The foregoing is not a ratchet provision; in the event of a recapitalization or merger, if common shareholder receive any other shares or interests, i.e., shares of a different issuer in the event of a merger, the Note will convert into such shares. That is the Note conversion rights will follow the merger]; *provided, however*, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. *<u>The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder</u>*. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the "Notice of Conversion"), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the ***"Conversion Date"***); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date shall be the next business day. The term "Conversion Amount" means, with respect to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder's option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Conversion Price.** The Conversion Price shall equal $0.0035 per share (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower's securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Authorized Shares.** The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have authorized and reserved one and one-half times the number of shares that would be issuable upon full conversion of the Note (assuming that the 4.99% limitation set forth in Section 1.1 is not in effect) (based on the respective Conversion Price of the Note (as defined in Section 1.2) in effect from time to time, initially -0- shares) (the ***"Reserved Amount"***). The Reserved Amount shall be increased (or decreased with the written consent of the Holder) from time to time in accordance with the Borrower's obligations hereunder. The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common Stock into which the Note shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of this Note. If, at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 Method of Conversion.**

&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) Mechanics of Conversion.** As set forth in Section 1.1 hereof, from time to time, and at any time, ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Note at the principal office of the Borrower (upon payment in full of any amounts owed 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) Surrender of Note Upon Conversion.** Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as not to require physical surrender of this Note upon each such conversion.

&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) Delivery of Common Stock Upon Conversion.** Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the ***"Deadline"***) (and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein, the Borrower's obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection with such conversion.

&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) Delivery of Common Stock by Electronic Transfer.** In lieu of delivering physical certificates representing the Common Stock issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (***"DTC"***) Fast Automated Securities Transfer (***"FAST"***) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder by crediting the account of Holder's Prime Broker with DTC through its Deposit Withdrawal Agent Commission (***"DWAC"***) system.

&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) Failure to Deliver Common Stock Prior to Deadline.** Without in any way limiting the Holder's right to pursue other remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of this Note is not delivered by the Deadline (3 business days after receipt of Conversion Notice) due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder $500 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the ***"Fail to Deliver Fee"***); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party (i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages provision contained in this Section 1.4(e) are justified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 Concerning the Shares.** The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless: (i) the Borrower or its transfer agent shall have been furnished by the Holder with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration (such as Rule 144 or a successor rule) (***"Rule 144"***); or (ii) such shares are transferred to an "affiliate" (as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 Effect of Certain 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) Effect of Merger, Consolidation, Etc.** At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III). "Person" shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

&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) Adjustment Due to Merger, Consolidation, Etc.** If, at any time when this Note is issued and outstanding and prior to conversion of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof.

The Borrower shall not affect any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five (5) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

&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) Adjustment Due to Distribution.** If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to the Borrower's shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a ***"Distribution"***), then the Holder of this Note shall be entitled, upon any conversion of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution. [NOTE: This is not a ratchet provision, it simply prohibits the issuer from effecting a distribution of assets or stock while attempting to avoid conversion or payment of the note (i.e., in the event of an asset distribution which renders the company a shell company, without the foregoing language, although it would be a default, the note holder would be left with little other remedies to attempt to be repaid from the spin off entity). Note that the language does not change the conversion price formula.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7 Prepayment.** This Note may be prepaid at any time without penalty. The Holder's conversion rights herein shall not be affected in any way until the Note is fully paid (funds received by the Holder).

**ARTICLE II. CERTAIN COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Sale of Assets.** So long as the Borrower shall have any obligation under this Note, the Borrower shall not, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any consent to the disposition of any assets may not be unreasonably withheld as long as such disposition does not render the Borrower a "shell company" as such term is defined in Rule 144.

**ARTICLE III. EVENTS OF DEFAULT**

If any of the following events of default (each, an ***"Event of Default"***) shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Failure to Pay Principal and Interest.** The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Conversion and the Shares.** The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the option of the Holder, the Holder advances any funds to the Borrower's transfer agent in order to process a conversion, such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Breach of Covenants.** The Borrower breaches any material covenant or other material term or condition contained in this Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days after written notice thereof to the Borrower from the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Breach of Representations and Warranties.** Any representation or warranty of the Borrower made herein or in any agreement, statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Receiver or Trustee.** The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee shall otherwise be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Bankruptcy.** Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Delisting of Common Stock.** The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 [Omitted].**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Liquidation.** Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10 Cessation of Operations.** Any cessation of operations by Borrower rendering the Borrower a "shell company" as such term is defined in Rule 144, or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower's ability to continue as a "going concern" shall not be an admission that the Borrower cannot pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Financial Statement Restatement.** The restatement of any financial statements filed by the Borrower with OTC Markets at any time after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement would, by comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with respect to this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12 Replacement of Transfer Agent.** In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13 Cross-Default.** Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. ***"Other Agreements"*** means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term "Other Agreements" shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future debt of Borrower to the Holder.

Upon the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on this Note or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable through the delivery of written notice to the Borrower by such Holders (the "Default Notice"), and upon the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to 150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the ***"Mandatory Prepayment Date"***) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the ***"Default Amount"***) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

If the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable and the details of the determination of such amount, then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

**ARTICLE IV. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Failure or Indulgence Not Waiver.** No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder 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 privileges. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Notices.** All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

If to the Borrower: SETO Holdings, Inc.

6231 Columbia Park Road,

Hyattsville, Maryland 20785

E-mail: janon@seto-holdings.com

If to the Holder: Marbletown Advisors LLC

60 Vincent Lane

Stone Ridge, New York 12484

E-mail: jasahnsommerville@gmail.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Amendments.** This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term "Note" and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Assignability.** This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns. Each transferee of this Note must be an "accredited investor" (as defined in Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be assigned by the Holder without the consent of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Cost of Collection.** If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Governing Law.** This Note shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state courts of Maryland or in the federal courts located in Baltimore, Maryland. The parties to this Note hereby irrevocably waive 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. The Borrower and Holder waive trial by jury.

The prevailing party shall be entitled to recover from the other party its reasonable attorneys' fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.

Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Note, any agreement or any other document delivered in connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7 Purchase Agreement.** By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8 Remedies.** The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required.

**IN WITNESS WHEREOF,** Borrower has caused this Note to be signed in its name by its duly authorized officer on July 15, 2025.

SETO HOLDINGS, INC.

By: ___________________________

Janon Costley

Chief Executive Officer

**EXHIBIT A**

**FORM OF NOTICE OF CONVERSION**

The undersigned hereby elects to convert $_________ principal amount and $_________ of accrued interest of the Note (defined below) into that number of shares of Common Stock to be issued pursuant to the conversion of the Note (***"Common Stock"***) as set forth below, of SETO Holdings, Inc., a Nevada corporation (the ***"Borrower"***), according to the conditions of the convertible note of the Borrower dated as of July 15, 2025 (the ***"Note"***), as of the date written below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

Box Checked as to applicable instructions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The Borrower shall electronically transmit the Common Stock issuable
pursuant to this Notice of Conversion to the account of the undersigned or its nominee with DTC through its Deposit Withdrawal Agent
Commission system ("DWAC Transfer").

Name of DTC Prime Broker:<u> </u>

Account Number:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The undersigned hereby requests that the Borrower issue a certificate
or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder's calculation attached
hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

Date of conversion:<u> </u>

Applicable Conversion Price: $<u> </u>

Number of shares of common stock to be issued

pursuant to conversion of the Notes:<u> </u>

Amount of Principal Balance due remaining

under the Note after this conversion:<u> </u>

[ Name of Holder ]

By:<u> </u>

## Ex1A-4

**Exhibit 4.1**

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| |
|:---|
| **SUBSCRIPTION AGREEMENT** |
| **SETO Holdings, Inc.** |

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**NOTICE TO INVESTORS**

**The securities of SETO Holdings, Inc., a Nevada corporation (the "Company"), to which this Subscription Agreement relates, represent an investment that involves a high degree of risk, suitable only for persons who can bear the economic risk for an indefinite period of time and who can afford to lose their entire investments. Investors should further understand that this investment is illiquid and is expected to continue to be illiquid for an indefinite period of time. No public market exists for the securities to which this Subscription Agreement relates.**<br>**The securities offered hereby have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities or blue sky laws and are being offered and sold in reliance on exemptions from the registration requirements of the Securities Act and state securities or blue sky laws. Although an Offering Statement has been filed with the Securities and Exchange Commission (the "SEC"), that Offering Statement does not include the same information that would be included in a Registration Statement under the Securities Act. The securities offered hereby have not been approved or disapproved by the SEC, any state securities commission or other regulatory authority, nor have any of the foregoing authorities passed upon the merits of the offering to which this Subscription Agreement relates or the adequacy or accuracy of this Subscription Agreement or any other materials or information made available to prospective investors in connection with the offering to which this Subscription Agreement. Any representation to the contrary is unlawful.** <br>**The securities offered hereby cannot be sold or otherwise transferred, except in compliance with the Securities Act. In addition, the securities offered hereby cannot be sold or otherwise transferred, except in compliance with applicable state securities or "blue sky" laws. Investors who are not "accredited investors" (as that term is defined in Section 501 of Regulation D promulgated under the Securities Act) are subject to limitations on the amount they may invest, as described in Section 4(g) of this Subscription Agreement.** <br>**To determine the availability of exemptions from the registration requirements of the Securities Act as such may relate to the offering to which this Subscription Agreement relates, the Company is relying on each investor's representations and warranties included in this Subscription Agreement and the other information provided by each investor in connection herewith.**<br>**Prospective investors may not treat the contents of this Subscription Agreement, the Offering Circular or any of the other materials provided by the Company (collectively, the "Offering Materials"), or any prior or subsequent communications from the Company or any of its officers, employees or agents (including "Testing the Waters" materials), as investment, legal or tax advice. In making an investment decision, investors must rely on their own examinations of the Company and the terms of the offering to which this Subscription Agreement relates, including the merits and the risks involved. Each prospective investor should consult such investor's own counsel, accountants and other professional advisors as to investment, legal, tax and other related matters concerning such investor's proposed investment in the Company.**<br>**The Offering Materials may contain forward-looking statements and information relating to, among other things, the Company, its business plan, its operating strategy and its industries. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to, the Company's management. When used in the Offering Materials, the words "estimate," "project," "believe," "anticipate," "intend," "expect" and similar expressions are intended to identify forward-looking statements, which constitute forward-looking statements. These statements reflect management's current views with respect to future events and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.**<br>

**SUBSCRIPTION AGREEMENT**

This subscription agreement (the "Subscription Agreement" or the "Agreement") is entered into by and between SETO Holdings, Inc., a Nevada corporation (the Company), and the undersigned investor ("Investor"), as of the date set forth on the signature page hereto. Any term used but not defined herein shall have the meaning set forth in the Offering Circular (defined below).

RECITALS

WHEREAS, the Company is offering for sale a maximum of 200,000,000 shares of its common stock (the "Offered Shares"), pursuant to Tier 1 of Regulation A promulgated under the Securities Act (the "Offering") at a fixed price of $[0.01-0.05] per share (the "Share Purchase Price"), on a best-efforts basis.

WHEREAS, Investor desires to acquire that number of Offered Shares (the "Subject Offered Shares") as set forth on the signature page hereto at the Share Purchase Price.

WHEREAS, the Offering will terminate at the earlier of: (a) the date on which all of the securities offered in the Offering shall have been sold, (b) the date which is one year from the Offering having been qualified by the SEC or (c) the date on which the Offering is earlier terminated by the Company, in its sole discretion (in each case, the "Termination Date").

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** | **INVESTOR INFORMATION** |
| *Name of Investor* | *Name of Investor* | *Name of Investor* | *Name of Investor* | *Name of Investor* | *Name of Investor* | *Name of Investor* | *Name of Investor* | *SSN or EIN* | *SSN or EIN* | *SSN or EIN* |
| *Street Address* | *Street Address* | *Street Address* | *Street Address* | *Street Address* | *Street Address* | *Street Address* | *Street Address* | *Street Address* | *Street Address* | *Street Address* |
| *City* | *City* | *City* | *City* | *City* | *City* | *State* | *State* | *State* | *State* | *Zip Code* |
| *Phone* | *Phone* | *Phone* | *E-mail* | *E-mail* | *E-mail* | *E-mail* | *State/Nation of Residency* | *State/Nation of Residency* | *State/Nation of Residency* | *State/Nation of Residency* |
| *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* | *Name and Title of Authorized Representative, if investor is an entity or custodial account* |
| *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* | *Type of Entity or Custodial Account (IRA, Keogh, corporation, partnership, trust, limited liability company, etc.)* |
| *Jurisdiction of Organization* | *Jurisdiction of Organization* | *Jurisdiction of Organization* | *Jurisdiction of Organization* | *Date of Organization* | *Date of Organization* | *Date of Organization* | *Date of Organization* | *Account Number* | *Account Number* | *Account Number* |
| CHECK ONE: | CHECK ONE: | Individual Investor | Individual Investor | Individual Investor | Custodian Entity | Custodian Entity | Custodian Entity | Custodian Entity | Tenants-in-Common\* | Tenants-in-Common\* |
| | | Community Property\* | Community Property\* | Community Property\* | Corporation | Corporation | Corporation | Corporation | Joint Tenants\* | Joint Tenants\* |
| | | LLC | LLC | LLC | Partnership | Partnership | Partnership | Partnership | Trust | Trust |
| \* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* | *If the Subject Offered Shares are intended to be held as Community Property, as Tenants-In-Common or as Joint Tenancy, then each party (owner) must execute this Subscription Agreement.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. 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;**(a)** Investor hereby irrevocably subscribes for, and agrees to purchase, the Subject Offered Shares set forth on the signature page hereto at the Share Purchase Price, upon the terms and conditions set forth herein. The aggregate purchase price for the Subject Offered Shares subscribed by Investor (the "Purchase Price") is payable to the Company in the manner provided in Section 2(a).

&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)** Investor understands that the Offered Shares are being offered pursuant to the Offering Circular dated ______, 2025, and its exhibits, as supplemented from time to time (the "Offering Circular"), as filed with the SEC. By subscribing for the Subject Offered Shares, Investor acknowledges that Investor has received and reviewed a copy of the Offering Circular and any other information required by Investor to make an investment decision with respect to the Subject Offered Shares.

&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)** This Subscription Agreement may be accepted or rejected in whole or in part, for any reason or for no reason, at any time prior to the Termination Date, by the Company in its sole and absolute discretion. The Company will notify Investor whether this Subscription Agreement is accepted or rejected. If rejected, Investor's payment shall be returned to Investor without interest and all of Investor's obligations hereunder shall terminate, except for Section 5 hereof, which shall remain in force and 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;**(d)** The terms of this Subscription Agreement shall be binding upon Investor and Investor's permitted transferees, heirs, successors and assigns (collectively, the "Transferees"); *provided, however*, that for any such transfer to be deemed effective, the proposed Transferee shall have executed and delivered to the Company, in advance, an instrument in form acceptable to the Company in its sole discretion, pursuant to which the proposed Transferee shall acknowledge and agree to be bound by the representations and warranties of Investor and the terms of this Subscription Agreement. No transfer of this Agreement may be made without the consent of the Company, which consent may be withheld by the Company in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Payment and Purchase Procedure.** The Purchase Price shall be paid simultaneously with Investor's delivery of this Subscription Agreement. Investor shall deliver payment of the Purchase Price of the Subject Offered Shares in the manner set forth in Section 8 hereof. Investor acknowledges that, in order to subscribe for Offered Shares, Investor must comply fully with the purchase procedure requirements set forth in Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Representations and Warranties of the Company.** The Company represents and warrants to Investor that each of the following is true and complete in all material respects as of the date 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;**(a)** the Company is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada. The Company has all requisite power and authority to own and operate its properties and assets, to execute and deliver this Subscription Agreement, the Subject Offered Shares and any other agreements or instruments required hereunder. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or 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)** The issuance, sale and delivery of the Subject Offered Shares in accordance with this Subscription Agreement have been duly authorized by all necessary corporate action on the part of the Company. The Subject Offered Shares, when issued, sold and delivered against payment therefor in accordance with the provisions of this Subscription Agreement, will be duly and validly issued, fully paid and non-assessable; 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)** the acceptance by the Company of this Subscription Agreement and the consummation of the transactions contemplated hereby are within the Company's powers and have been duly authorized by all necessary corporate action on the part of the Company. Upon the Company's acceptance of this Subscription Agreement, this Subscription Agreement shall constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except (1) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors' rights and (2) as limited by general principles of equity that restrict the availability of equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Representations and Warranties of Investor.** Investor represents and warrants to the Company that each of the following is true and complete in all material respects as of the date 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;**(a) Requisite Power and Authority.** Investor has all necessary power and authority under all applicable provisions of law to execute and deliver this Subscription Agreement and to carry out the provisions hereof. Upon due delivery hereof, this Subscription Agreement will be a valid and binding obligation of Investor, enforceable in accordance with its terms, except (1) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors' rights and (2) as limited by general principles of equity that restrict the availability of equitable 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;**(b) Company Offering Circular; Company Information.** Investor acknowledges the public availability of the Offering Circular which can be viewed on the SEC Edgar Database, under CIK number 0000794998, and that Investor has reviewed the Offering Circular. Investor acknowledges that the Offering Circular makes clear the terms and conditions of the Offering and that the risks associated therewith are described. Investor has had an opportunity to discuss the Company's business, management and financial affairs with directors, officers and management of the Company and has had the opportunity to review the Company's operations and facilities. Investor has also had the opportunity to ask questions of, and receive answers from, the Company and its management regarding the terms and conditions of the Offering. Investor acknowledges that, except as set forth herein, no representations or warranties have been made to Investor, or to any advisor or representative of Investor, by the Company with respect to the business or prospects of the Company or its financial condition.

&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) Investment Experience; Investor Suitability.** Investor has sufficient experience in financial and business matters so as to be capable of evaluating the merits and risks of an investment in the Offered Shares, and to make an informed decision relating thereto. Alternatively, Investor has utilized the services of a purchaser representative and, together, they have sufficient experience in financial and business matters so as to be capable of evaluating the merits and risks of an investment in the Offered Shares, and to make an informed decision relating thereto. Investor has evaluated the risks of an investment in the Offered Shares, including those described in the section of the Offering Circular entitled "Risk Factors", and has determined that such an investment is suitable for Investor. Investor has adequate financial resources for an investment of this character. Investor is capable of bearing a complete loss of Investor's investment in the Offered Shares.

&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 Registration.** Investor understands that the Offered Shares are not being registered under the Securities Act on the ground that the issuance thereof is exempt under Regulation A promulgated under the Securities Act, and that reliance on such exemption is predicated, in part, on the truth and accuracy of Investor's representations and warranties, and those of the other purchasers of the Offered Shares in the Offering.

Investor further understands that the Offered Shares are not being registered under the securities laws of any state, on the basis that the issuance thereof is exempt as an offer and sale not involving a registrable public offering in such state.

Investor covenants not to sell, transfer or otherwise dispose of any Offered Shares, unless such Offered Shares have been registered under the Securities Act and under applicable state securities laws or exemptions from such registration requirements are available.

&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) Illiquidity and Continued Economic Risk.** Investor acknowledges and agrees that there is a limited public market for the Offered Shares and that there is no guarantee that a market for their resale will continue to exist. Investor must, therefore, bear the economic risk of the investment in the Subject Offered Shares indefinitely and Investor acknowledges that Investor is able to bear the economic risk of losing Investor's entire investment in the Subject Offered Shares.

&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) Accredited Investor Status or Investment Limits.** Investor represents that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Investor is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act; 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;**(2)** that the Purchase Price, together with any other amounts previously used to purchase Offered Shares in the Offering, does not exceed ten percent (10%) of the greater of Investor's annual income or net worth (or, in the case where Investor is a non-natural person, Investor's revenue or net assets for such Investor's most recently completed fiscal year end).

Investor represents that, to the extent Investor has any questions with respect to Investor's status as an accredited investor, or the application of the investment limits, Investor has sought professional advice.

&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) Investor Information.** Within five (5) days after receipt of a request from the Company, Investor hereby agrees to provide such information with respect to Investor's status as a Company shareholder and to execute and deliver such documents as may reasonably be necessary to comply with any and all laws and regulations to which the Company is, or may become, subject, including, without limitation, the need to determine the accredited investor status of the Company's shareholders. Investor further agrees that, in the event Investor transfers any Offered Shares, Investor will require the transferee of any such Offered Shares to agree to provide such information to the Company as a condition of such transfer.

&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) Valuation; Arbitrary Determination of Share Purchase Price by the Company.** Investor acknowledges that the Share Purchase Price of the Offered Shares in the Offering was set by the Company on the basis of the Company's internal valuation and no warranties are made as to value. Investor further acknowledges that future offerings of securities of the Company may be made at lower valuations, with the result that Investor's investment will bear a lower valuation.

&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) Domicile.** Investor maintains Investor's domicile (and is not a transient or temporary resident) at the address provided herein.

&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) Foreign Investors.** If Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Investor hereby represents that Investor is in full compliance with the laws of Investor's jurisdiction in connection with any invitation to subscribe for the Offered Shares or any use of this Subscription Agreement, including, without limitation, (1) the legal requirements within Investor's jurisdiction for the purchase of the Subject Offered Shares, (2) any foreign exchange restrictions applicable to such purchase, (3) any governmental or other consents that may need to be obtained, and (4) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Subject Offered Shares. Investor's subscription and payment for and continued beneficial ownership of the Subject Offered Shares will not violate any applicable securities or other laws of Investor's jurisdiction.

&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) Fiduciary Capacity.** If Investor is purchasing the Subject Offered Shares in a fiduciary capacity for another person or entity, including, without limitation, a corporation, partnership, trust or any other juridical entity, Investor has been duly authorized and empowered to execute this Subscription Agreement and all other related documents. Upon request of the Company, Investor will provide true, complete and current copies of all relevant documents creating Investor, authorizing Investor's investment in the Company and/or evidencing the satisfaction of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Indemnity.** The representations, warranties and covenants made by Investor herein shall survive the consummation of this Subscription Agreement. Investor agrees to indemnify and hold harmless the Company and its officers, directors and agents, and each other person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all reasonable attorneys' fees, including attorneys' fees on appeal) and expenses reasonably incurred in investigating, preparing or defending against any false representation or warranty or breach of failure by Investor to comply with any covenant or agreement made by Investor herein or in any other document furnished by Investor to any of the foregoing in connection with the transaction contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Governing Law; Jurisdiction.** This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, applicable to agreements made in and wholly to be performed in that jurisdiction with regards to the choice of law rules of such state, except for matters arising under the Securities Act or the Securities Exchange Act of 1934, which matters shall be construed and interpreted in accordance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Notices.** Notice, requests, demands and other communications relating to this Subscription Agreement and the transactions contemplated herein shall be in writing and shall be deemed to have been duly given if and when (a) delivered personally, on the date of such delivery; or (b) mailed by registered or certified mail, postage prepaid, return receipt requested, in the third day after the posting thereof; or (c) e-mailed on the date of such delivery to the address of the respective parties as follows, if to the Company, to SETO Holdings, Inc., 6231 Columbia Park Road, Hyattsville, Maryland 20785, Attention: Janon Costley, Chief Executive Officer. If to Investor, at Investor's address supplied in connection herewith, or to such other address as may be specified by written notice from time to time by the party entitled to receive such notice. Any notices, requests, demands or other communications by email shall be confirmed by letter given in accordance with (a) or (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Purchase Procedure.** Investor acknowledges that, in order to subscribe for the Subject Offered Shares, Investor must, and Investor does hereby, deliver (in a manner described below) 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;**(a)** a single executed counterpart of the Subscription Agreement, which shall be delivered to the Company either by (1) physical delivery to: SETO Holdings, Inc., Attention: Janon Costley, Chief Executive Officer, 6231 Columbia Park Road, Hyattsville, Maryland 20785; (2) e-mail to: janon@seto-holdings.com; 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)** payment of the Purchase Price, which shall be delivered in the manner set forth in Annex I attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Miscellaneous.** All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons or entity or entities may require. Other than as set forth herein, this Subscription Agreement is not transferable or assignable by Investor. The representations, warranties and agreements contained herein shall be deemed to be made by, and be binding upon, Investor and Investor's heirs, executors, administrators and successors and shall inure to the benefit of the Company and its successors and assigns. None of the provisions of this Subscription Agreement may be waived, changed or terminated orally or otherwise, except as specifically set forth herein or except by a writing signed by the Company and Investor. In the event any part of this Subscription Agreement is found to be void or unenforceable, the remaining provisions are intended to be separable and binding with the same effect as if the void or unenforceable part were never in this Subscription Agreement. This Subscription Agreement supersedes all prior discussions and agreements between the Company and Investor, if any, with respect to the subject matter hereof and contains the sole and entire agreement between the Company and Investor with respect to the subject matter hereof. The terms and provisions of this Subscription Agreement are intended solely for the benefit of each party hereto and their respective successors and assigns, and it is not the intention of the parties to confer, and no provision hereof shall confer, third-party beneficiary rights upon any other person. The headings used in this Subscription Agreement have been inserted for convenience of reference only and do not define or limit the provisions hereof. In the event that either party hereto shall commence any suit, action or other proceeding to interpret this Subscription Agreement, or determine to enforce any right or obligation created hereby, then such party, if it prevails in such action, shall recover its reasonable costs and expenses incurred in connection therewith, including, but not limited to, reasonable attorneys' fees and expenses and costs of appeal, if any. All notices and communications to be given or otherwise made to Investor shall be deemed to be sufficient if sent by e-mail to such address provided by Investor herein. Unless otherwise specified in this Subscription Agreement, Investor shall send all notices or other communications required to be given hereunder to the Company via e-mail at janon@seto-holdings.com. Any such notice or communication shall be deemed to have been delivered and received on the first business day following that on which the e-mail has been sent (assuming that there is no error in delivery). As used in this Section 9, the term "business day" shall mean any day other than a day on which banking institutions in the State of Nevada are legally closed for business. This Subscription Agreement may be executed in one or more counterparts. No failure or delay by any party in exercising any right, power or privilege under this Subscription Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

**Investor certifies that Investor has read this entire Subscription Agreement and that every statement made by Investor herein is true and complete.**

**The Company may not be offering the Offered Shares in every state. The Offering Materials do not constitute an offer or solicitation in any state or jurisdiction in which the Offered Shares are not being offered. The information presented in the Offering Materials was prepared by the Company solely for the use by prospective investors in connection with the Offering. Nothing contained in the Offering Materials is or should be relied upon as a promise or representation as to the future performance of the Company.**

**The Company reserves the right, in its sole discretion and for any reason whatsoever, to modify, amend and/or withdraw all or a portion of the Offering and/or accept or reject, in whole or in part, for any reason or for no reason, any prospective investment in the Offered Shares. Except as otherwise indicated, the Offering Materials speak as of their date. Neither the delivery nor the purchase of the Offered Shares shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.**

**[ SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on the date set forth below.

Dated: _______________________.

---

| | | | |
|:---|:---|:---|:---|
| **INDIVIDUAL INVESTOR** | **INDIVIDUAL INVESTOR** | **INDIVIDUAL INVESTOR** | **INDIVIDUAL INVESTOR** |
| | *(Signature)* | *(Signature)* | *(Subscription Amount)* |
| | *(Printed Name)* | *(Printed Name)* | *(Number of Offered Shares Subscribed)* |
| **CORPORATION/LLC/TRUST INVESTOR** | **CORPORATION/LLC/TRUST INVESTOR** | **CORPORATION/LLC/TRUST INVESTOR** | **CORPORATION/LLC/TRUST INVESTOR** |
| | | *(Name of Corporation/LLC/Trust)* | *(Subscription Amount)* |
| | *(Signature)* | *(Signature)* | |
| | | | *(Number of Offered Shares Subscribed)* |
| | *(Printed Name)* | *(Printed Name)* |  |
| | *(Title)* | *(Title)* |  |
| **PARTNERSHIP INVESTOR** | **PARTNERSHIP INVESTOR** | **PARTNERSHIP INVESTOR** | **PARTNERSHIP INVESTOR** |
| |  |  | <br> $ |
| | *(Name of Partnership)* | *(Name of Partnership)* | *(Subscription Amount)* |
| | *(Signature)* | *(Signature)* | |
| | | | *(Number of Offered Shares Subscribed)* |
| | *(Printed Name)* | *(Printed Name)* |  |
| | *(Title)* | *(Title)* |  |
| **COMPANY ACCEPTANCE** | **COMPANY ACCEPTANCE** | **COMPANY ACCEPTANCE** | **COMPANY ACCEPTANCE** |

---

The foregoing subscription for **________________________** Offered Shares, a Subscription Amount of $**________________**,

is hereby accepted on behalf of SETO Holdings, Inc., a Nevada corporation, this **______** day of **______________**, 202**___**.

SETO HOLDINGS, INC.

By: **_________________________**

Janon Costley

Chief Executive Officer

## Ex1A-5

**Exhibit 5.1**

**VOTING AGREEMENT**

This Voting Agreement (the ***"Agreement"***) is made and entered into as of June 20, 2025 (the ***"Effective Time"***), by and between Janon Costley (***"Costley"***) and Ryan Dolder (***"Dolder"***). Costley Dolder are sometimes referred to collectively as the ***"Parties"***.

<u>RECITALS</u>

**WHEREAS,** Costley and Dolder are the managing members of Tres Grados LLC, a Wyoming limited liability (***"Tres Grados"***), which is the general partner of Intergen I Limited Partnership, a Wyoming limited partnership (***"Intergen"***), which is the owner of 75,000 shares of the Series B Voting Preferred Stock (the ***"Subject Shares"***) of SETO Holdings, Inc., a Nevada corporation (***"SETO"***); and

**WHEREAS,** Costley and Dolder desire to enter into this Agreement, on the terms and conditions set forth in this Agreement.

<u>AGREEMENT</u>

In order to consummate this Agreement, Costley and Dolder, in consideration of the mutual covenants and on the basis of the representations and warranties set forth, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Voting 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;**1.01With Respect to the Subject Shares.** For good and valuable consideration, the receipt and adequacy of which are acknowledged, Dolder hereby agrees that, for all purposes, Costley shall, as a managing member of Tres Grados, have the sole right to exercise all voting rights attendant to the Subject Shares owned by Intergen and to dispose of the Subject Shares owned by Intergen; *provided, however*, that Costley shall not take any action to remove Dolder as a director or executive officer of SETO and shall vote all of the Subject Shares to elect Dolder as a Director of SETO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02Legend.** Concurrently with the execution of this Agreement, there shall be imprinted, or otherwise placed, on book-entry records representing the Subject Shares the following restrictive legend:

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF THAT CERTAIN VOTING AGREEMENT DATED JUNE 20, 2025 (THE "AGREEMENT"), BY AND BETWEEN JANON COSTLEY AND RYAN DOLDER. COPIES OF THE AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF SETO HOLDINGS, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Representations and Warranties of Costley.** Costley represents and warrants, as of the Effective Time, that Costley is under no legal disability with respect to his entering into and performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Representations and Warranties of Dolder.** Dolder represents and warrants, as of the Effective Time, that Dolder is under no legal disability with respect to his entering into and performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.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;**4.01Governing Law.** This Agreement shall be governed in all respects by the internal laws of the State of Nevada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02Arbitration.** In the event of a dispute between the parties hereto that arises out of this Agreement, the parties hereby agree to submit such dispute to arbitration before the American Arbitration Association (the "Association") at its Dallas, Texas, offices, in accordance with the then-current rules of the Association; the award given by the arbitrators shall be binding and a judgment can be obtained on any such award in any court of competent jurisdiction. It is expressly agreed that the arbitrators, as part of their award, can award attorneys' fees to the prevailing 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;**4.03Specific Performance.** The parties hereto hereby declare that it is impossible to measure in money the damages which will accrue to a party hereto or to their heirs, personal representatives, or assigns by reason of a failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall be specifically enforceable. If any party hereto or his heirs, personal representatives, or assigns institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that such party or such personal representative has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04Successors.** Nothing in this Agreement, express or implied, is intended to confer upon any party other than the Parties to this Agreement 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.05Complete Agreement.** This Agreement contains the complete agreement of the parties concerning the subject matter hereof and shall supersede all other agreements between and among the 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;**4.06Termination.** In addition to the termination provisions set forth in Section 1, this Agreement shall terminate in its entirety and be of no further force or effect upon (1) the resignation of either of Costley or Dolder as a Director of the Company or (2) the mutual written agreement of the 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;**4.07Amendments and Waivers.** Any provision of this Agreement may be amended or waived, if, but only if, such amendment or waiver is in writing and is signed by the Party against whom the waiver is to be effective. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided 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;**4.08Notices.** All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date delivered by e-mail to the Parties at the following e-mail addresses (or at such other e-mail address for a Party as shall be specified by like notice:

if to Costley:janon@seto-holdings.com

if to Dolder:ryan@seto-holdings.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09Attorneys' Fees.** If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10Advice of Counsel.** The Parties each acknowledge that, in executing this Agreement, each has had the opportunity to seek the advice of independent legal counsel and has read and understood all of the terms and provisions of this Agreement. This Agreement shall not be construed against any party by reason of the drafting or preparation 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;**4.11Severability.** In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be enforceable, and all of which together shall constitute one instrument.

**[ SIGNATURE PAGE FOLLOWS ]**

**[ <u>Signature Page to Voting Agreement</u> ]**

**IN WITNESS WHEREOF,** the parties have executed this Agreement as of the date first set forth above.

**COSTLEY:**

*<u>/s/ Janon Costley</u>*

Janon Costley

**DOLDER:**

*<u>/s/ Ryan Dolder</u>*

Ryan Dolder

## Ex1A-6

**Exhibit 6.1**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (the ***"Agreement"***) is dated as of September 4, 2025, by and between SETO Holdings, Inc., a Nevada corporation (the ***"Company"***), and Marbletown Advisors LLC (***"Buyer"***).

<u>RECITALS</u>

**WHEREAS,** this Agreement is one of up to ten agreements of like tenor, pursuant to which the Company would sell up to $200,000.00 of convertible promissory notes on the same terms and conditions as are included herein; and

**WHEREAS,** the Company and Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the ***"SEC"***) under the Securities Act of 1933, as amended (the ***"1933 Act"***); and

**WHEREAS,** Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement, a promissory note of the Company, in the form attached hereto as <u>Exhibit A</u>, in the aggregate principal amount of $25,000.00 (the ***"Note"***).

**NOW, THEREFORE,** the Company and Buyer severally (and not jointly) hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Purchase and Sale of the 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;**(a) Purchase of the Note.** On the Closing Date (as defined below), the Company shall issue and sell to Buyer and Buyer agrees to purchase from the Company the Note as is set forth immediately below Buyer's name on the signature pages hereto.

&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) Form of Payment.** On the Closing Date: (1) Buyer shall pay the purchase price of $25,000.00 (the ***"Purchase Price"***) for the Note, to be issued and sold to it at the Closing (as defined below), by wire transfer of immediately available funds to the Company, in accordance with the Company's written wiring instructions, against delivery of the Note, and (2) the Company shall deliver such duly executed Note to Buyer, against delivery of such Purchase Price.

&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) Closing Date.** Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the ***"Closing Date"***) shall be 1:00 p.m., Eastern Time, on or about September 5, 2025, or such other mutually agreed upon time. The closing of the transactions contemplated by this Agreement (the ***"Closing"***) shall occur on the Closing Date at such location as may be agreed to by the parties.

**1A. Rights of Qualification.** As further consideration for Buyer's entering into this Agreement, the Company shall, in its first-filed Regulation A Offering under the 1933 Act, (1) identify Buyer as a selling shareholder in each of its Regulation A Offering Circulars and (2) qualify and allocate a sufficient number of shares of Company common stock to repay the remaining balance under the Note, including accrued interest, in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Buyer's Representations and Warranties.** Buyer represents and warrants to the Company 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) Investment Purpose.** As of the Closing Date, Buyer is purchasing the Note, including the shares of Common Stock issuable upon conversion of or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the ***"Conversion Shares"***) (collectively the Note and the Conversion Shares are referred to herein as the ***"Securities"***) for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; *provided, however*, that by making the representations herein, Buyer does not agree to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an exemption under the 1933 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;**(b) Accredited Investor Status.** Buyer is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D (an ***"Accredited 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;**(c) Reliance on Exemptions.** Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and Buyer's compliance with, the representations, warranties, agreements, acknowledgments and understandings of Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of Buyer to acquire 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;**(d) Information.** Buyer and its advisors, if any, have been, and for so long as the Note remains outstanding will continue to be, furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by Buyer or its advisors. Buyer and its advisors, if any, have been, and for so long as the Note remains outstanding will continue to be, afforded the opportunity to ask questions of the Company regarding its business and affairs. Notwithstanding the foregoing, the Company has not disclosed to Buyer any material non-public information regarding the Company or otherwise and will not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to Buyer. Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or affect Buyer's right to rely on the Company's representations and warranties contained in Section 3 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;**(e) Governmental Review.** Buyer understands that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement 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;**(f) Transfer or Re-sale.** Buyer understands that (1) the sale or resale of the Securities has not been and is not being registered under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities are sold pursuant to an effective registration statement under the 1933 Act, (b) Buyer shall have delivered to the Company an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from such registration, which opinion shall be accepted by the Company, (c) the Securities are sold or transferred to an "affiliate" (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (***"Rule 144"***)) of Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited Investor, (d) the Securities are sold pursuant to Rule 144 or other applicable exemption, (e) the Securities are sold pursuant to Regulation S under the 1933 Act (or a successor rule) (***"Regulation S"***) or (f) the Securities are sold pursuant to Regulation A under the 1933 Act (or a successor rule) (***"Regulation A"***), and Buyer shall have delivered to the Company, at the cost of the Company, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions, which opinion shall be accepted by the Company; (2) any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (3) neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities may be pledged in connection with a bona fide margin account or other lending arrangement secured by the Securities, and such pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and Buyer in effecting such pledge of Securities shall be not required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement 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;**(g) Legends.** Buyer understands that the Securities have not been registered under the 1933 Act; and may bear a restrictive legend in substantially the following form:

THE SECURITIES, INCLUDING THE SECURITIES INTO WHICH THESE SECURITIES MAY BE CONVERTED, REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE BUYER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY ACCEPTABLE TO THE ISSUER'S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

The legend set forth above shall be removed and the Company shall issue a certificate or book entry statement for the applicable shares of Common Stock without such legend to the holder of any Security upon which it is stamped or (as requested by such holder) issue the applicable shares of Common Stock to such holder by electronic delivery by crediting the account of such holder's broker with The Depository Trust Company (***"DTC"***), if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144, Rule 144A, Regulation S, Regulation A or other applicable exemption without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) the Company or Buyer provides an opinion of counsel to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Company shall be responsible for the fees of its transfer agent and all DTC fees associated with any such issuance. Buyer agrees to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, Rule 144A, Regulation S, Regulation A or other applicable exemption at the Deadline (as defined in the Note), it will be considered an Event of Default under the 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;**(f) Authorization; Enforcement.** This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf of Buyer, and this Agreement constitutes a valid and binding agreement of Buyer enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Representations and Warranties of the Company.** The Company represents and warrants to Buyer 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) Organization and Qualification.** The Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted.

&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) Authorization; Enforcement.** (1) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (2) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note has been duly authorized by the Company's Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (3) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the Company accordingly, and (4) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable against the Company 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;**(c) Capitalization; Governing Documents.** As of the date of this Agreement, the authorized capital stock of the Company consists of: 500,000,000 shares of common stock, par value $0.001 per share, of which 117,221,600 shares are issued and outstanding and up to 300,000,000 shares have been authorized for sale pursuant to a Tier 1 Regulation A offering; and 1,500,000 shares of preferred stock, par value $0.001 per share, (1) one (1) share of which has been designated Special 2022 Series A Preferred Stock which is issued and outstanding, and (2) 75,000 shares of which have been designated Series B Voting Preferred Stock and 75,000 of which are issued and outstanding. All of such outstanding shares of capital stock of the Company and the Conversion Shares are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable. No shares of capital stock of the Company are subject to preemptive rights or any other similar rights of the shareholders of the Company or any liens or encumbrances imposed through the actions or failure to act of the Company. As of the effective date of this Agreement, other than as publicly announced prior to such date and reflected in the Disclosure Documents (defined below) of the Company (x) there are no outstanding options, warrants, scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable for any shares of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (y) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities under the 1933 Act and (z) there are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of any of the Securities. The Company has furnished to Buyer true and correct copies of the Company's Articles of Incorporation as in effect on the date hereof (***"Articles of Incorporation"***), the Company's Bylaws, as in effect on the date hereof (the ***"Bylaws"***), and the terms of all securities convertible into or exercisable for Common Stock of the Company and the material rights of the holders thereof in 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;**(d) Issuance of Securities.** The Securities are duly authorized and reserved for issuance in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon Buyer 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) Acknowledgment of Dilution.** The Company understands and acknowledges the potentially dilutive effect of the Conversion Shares to the Common Stock upon the conversion of the Note. The Company further acknowledges that its obligation to issue, upon conversion of the Note, the Conversion Shares are absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other shareholders 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;**(f) Ranking; No Conflicts.** The Note shall have no priority in payment and performance over any other indebtedness of the Company. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion Shares) will not (1) conflict with or result in a violation of any provision of the Articles of Incorporation or Bylaws, or (2) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, note, evidence of indebtedness, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party, or (3) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities is subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect), or (4) trigger any anti-dilution and/or ratchet provision contained in any other contract in which the Company is a party thereto or any security issued by the Company. The Company is not in violation of its Articles of Incorporation, Bylaws or other organizational documents and it is not in default (and no event has occurred which with notice or lapse of time or both could put the Company in default) under, and the Company has not taken any action or failed to take any action that would give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party or by which any property or assets of the Company is bound or affected, except for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect. The business of the Company is not being conducted, and shall not be conducted so long as Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. Except as specifically contemplated by this Agreement and as required under the 1933 Act and any applicable state securities laws, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency, regulatory agency, self-regulatory organization or stock market or any third party in order for it to execute, deliver or perform any of its obligations under this Agreement and the Note in accordance with their respective terms hereof or thereof or to issue and sell the Note in accordance with the terms hereof and, upon conversion of the Note, issue Conversion Shares. All consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof. The Company is not in violation of the listing requirements of the Principal Market (as defined herein) and does not reasonably anticipate that the Common Stock will be delisted by the Principal Market in the foreseeable future. The Company is unaware of any facts or circumstances which might give rise to any of the foregoing. The ***"Principal Market"*** shall mean the principal securities exchange or trading market where such Common Stock is listed or traded, including but not limited to any tier of the OTC Markets, any tier of the NASDAQ Stock Market (including NASDAQ Capital Market), or the NYSE American, or any successor to such markets.

&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) Disclosure Documents; Financial Statements.** The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with OTC Markets (the ***"Disclosure Documents"***). The Disclosure Documents comply in all material respects with the requirements of the OTC Markets applicable thereto, and none of the Disclosure Documents, at the time they were filed with the OTC Markets, 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 light of the circumstances under which they were made, not misleading. None of the statements made in any such Disclosure Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial statements of the Company included in the Disclosure Documents complied as to form in all material respects with applicable accounting requirements and the published rules of OTC Markets with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company as of the dates thereof and the results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). The Company has no liabilities, contingent or otherwise, other than liabilities incurred in the ordinary course of business. The Company is not subject to the reporting requirements of the Securities Exchange Act of 1934 (the ***"1934 Act"***). The Company has been, but no longer is, a "shell company," as described in Rule 144(i)(1)(I).

&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) Absence of Certain Changes.** Except as set forth in <u>Exhibit B</u> attached hereto, there has been material adverse development in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or reporting status of the Company, since the May 27, 2025, change in control 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;**(i) Absence of Litigation.** There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company, or their officers or directors in their capacity as such, that could have a Material Adverse Effect. The Disclosure Documents contain a complete list and summary description of any pending or, to the knowledge of the Company, threatened proceeding against or affecting the Company, without regard to whether it would have a Material Adverse Effect. The Company is unaware of any facts or circumstances which might give rise to 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;**(j) Intellectual Property.** The Company owns or possesses the requisite licenses or rights to use all patents, patent applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications, service marks, service names, trade names and copyrights (***"Intellectual Property"***) necessary to enable it to conduct its business as now operated (and, as presently contemplated to be operated in the future); there is no claim or action by any person pertaining to, or proceeding pending, or to the Company's knowledge threatened, which challenges the right of the Company with respect to any Intellectual Property necessary to enable it to conduct its business as now operated (and, as presently contemplated to be operated in the future); to the best of the Company's knowledge, the Company's current and intended products, services and processes do not infringe on any Intellectual Property or other rights held by any person; and the Company is unaware of any facts or circumstances which might give rise to any of the foregoing. The Company has taken reasonable security measures to protect the secrecy, confidentiality and value of its Intellectual 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;**(k) No Materially Adverse Contracts, Etc.** The Company is not subject to any charter, corporate or other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company's officers has or is expected in the future to have a Material Adverse Effect. The Company is not a party to any contract or agreement which in the judgment of the Company's officers has or is 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;**(l) Tax Status.** Except for its federal income tax return for the year ended December 31, 2024 (the ***"2024 Return"***), the Company has filed all required federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject. The shall have filed the 2024 Return on or before September 15, 2025. The Company represents that it owes no delinquent 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;**(m) Transactions with Affiliates.** Except as set forth in the Disclosure Documents, none of the officers, directors or employees of the Company is presently a party to any transaction 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;**(n) Disclosure.** All information relating to or concerning the Company set forth in this Agreement and provided to Buyer pursuant to Section 2(d) hereof and otherwise in connection with the transactions contemplated hereby is true and correct in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements made herein or therein, in light of the circumstances under which they were made, not misleading. No event or circumstance has occurred or exists with respect to the Company or its business, properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.

&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) Acknowledgment Regarding Buyer's Purchase of Securities.** The Company acknowledges and agrees that Buyer is acting solely in the capacity of arm's length purchaser with respect to this Agreement and the transactions contemplated hereby. The Company further acknowledges that Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any statement made by Buyer or any of its respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation and is merely incidental to Buyer's purchase of the Securities. The Company further represents to Buyer that the Company's decision to enter into this Agreement has been based solely on the independent evaluation of 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;**(p) No Integrated Offering.** 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 in any security or solicited any offers to buy any security under circumstances that would require registration under the 1933 Act of the issuance of the Securities to Buyer. The issuance of the Securities to Buyer will not be integrated with any other issuance of the Company's securities (past, current or future) for purposes of any shareholder approval provisions applicable to the Company or its 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;**(q) No Brokers; No Solicitation.** The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby. The Company acknowledges and agrees that neither Buyer nor its employee(s), member(s), beneficial owner(s), or partner(s) solicited the Company to enter into this Agreement and consummate the transactions described 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;**(r) Permits; Compliance.** The Company is in possession of all franchises, grants, authorizations, licenses, permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its properties and to carry on its business as it is now being conducted (collectively, the ***"Company Permits"***), and there is no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company Permits. The Company is not in conflict with, or in default or violation of, any of the Company Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would 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;**(s) Environmental Matters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** There are, to the Company's knowledge, with respect to the Company or any predecessor of the Company, no past or present violations of Environmental Laws (as defined below). The term ***"Environmental Laws"*** means all federal, state, local or foreign laws relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants contaminants, or toxic or hazardous substances or wastes (collectively, ***"Hazardous Materials"***) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved 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;**(2)** Other than those that are or were stored, used or disposed of in compliance with applicable law, no Hazardous Materials are contained on or about any real property currently owned, leased or used by the Company, and no Hazardous Materials were released on or about any real property previously owned, leased or used by the Company during the period the property was owned, leased or used 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;**(t) Title to Property.** The Company has good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by it which is material to the business of the Company, in each case free and clear of all liens, encumbrances and defects.

&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) Insurance.** The Company has necessary commercially reasonable insurance policies in force.

&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) Internal Accounting Controls.** The Company maintains a system of internal accounting controls sufficient, in the judgment of the Company's board of directors, to provide reasonable assurance that (1) transactions are executed in accordance with management's general or specific authorizations, (2) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (3) access to assets is permitted only in accordance with management's general or specific authorization and (4) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&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) Foreign Corrupt Practices.** Neither The Company nor any director, officer, agent, employee or other person acting on behalf of the Company, has, in the course of his actions for, or on behalf of, the Company, used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

&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) Solvency.** The Company (after giving effect to the transactions contemplated by this Agreement) is solvent (i.e., its assets have a fair market value in excess of the amount required to pay its probable liabilities on its existing debts as they become absolute and matured) and currently the Company has no information that would lead it to reasonably conclude that the Company would not, after giving effect to the transaction contemplated by this Agreement, have the ability to, nor does it intend to take any action that would impair its ability to, pay its debts from time to time incurred in connection therewith as such debts mature. The Company's financial statements for its most recent fiscal year end and interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal 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;**(y) No Investment Company.** The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement will not be an "investment company" required to be registered under the Investment Company Act of 1940 (an ***"Investment Company"***). The Company is not controlled by an Investment 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;**(z) No Off-Balance-Sheet Arrangements.** There is no transaction, arrangement, or other relationship between the Company and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its public filings.

&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) No Disqualification Events.** None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, 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 1933 Act) connected with the Company in any capacity at the time of sale (each, an ***"Issuer Covered Person"***) is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act (a ***"Disqualification Event"***), 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.

&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) Manipulation of Price.** The Company has not, and to its knowledge no one acting on its behalf has: (1) taken, directly or indirectly, any action designed to cause or to result, or that could reasonably be expected to cause or 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, (2) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (3) paid or agreed to pay to any person any compensation for soliciting another to purchase any other 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;**(cc) Bank Holding Company Act.** The Company is not subject to the Bank Holding Company Act of 1956, as amended (the ***"BHCA"***) and to regulation by the Board of Governors of the Federal Reserve System (the "Federal Reserve"). The Company (1) does not exercise a controlling influence over the management or policies and (2) does not own or control, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

&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) Illegal or Unauthorized Payments; Political Contributions.** Neither the Company nor, to the Company's knowledge, any of the officers, directors, employees, agents or other representatives of the Company or any other business entity or enterprise with which the Company is or has been affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services, whether or not in contravention of applicable law, (1) as a kickback or bribe to any person or (2) to any political organization, or the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving the direct or indirect use of funds 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;**(ee) Breach of Representations and Warranties by the Company.** The Company agrees that if the Company breaches any of the representations or warranties set forth in this Section 3 and in addition to any other remedies available to Buyer pursuant to this Agreement, it will be considered an Event of Default under the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Additional Covenants, Agreements and Acknowledgments.**

&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) Best Efforts.** The parties shall use their best efforts to satisfy timely each of the conditions described in Section 6 and 7 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) Form D; Blue Sky Laws.** The Company agrees to file a Form D with respect to the Securities if required under Regulation D and to provide a copy thereof to Buyer promptly after such filing. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably determine is necessary to qualify the Securities for sale to Buyer at the applicable closing pursuant to this Agreement under applicable securities or "blue sky" laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to Buyer on or 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;**(c) Use of Proceeds.** The Company shall use the proceeds for general working capital purposes.

&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) Usury.** To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any action or proceeding that may be brought by Buyer in order to enforce any right or remedy under this Agreement, the Note and any document, agreement or instrument contemplated thereby. Notwithstanding any provision to the contrary contained in this Agreement, the Note and any document, agreement or instrument contemplated thereby, it is expressly agreed and provided that the total liability of the Company under this Agreement, the Note or any document, agreement or instrument contemplated thereby for payments which under applicable law are in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the ***"Maximum Rate"***), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums which under applicable law in the nature of interest that the Company may be obligated to pay under this Agreement, the Note and any document, agreement or instrument contemplated thereby exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law applicable to this Agreement, the Note and any document, agreement or instrument contemplated thereby is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to this Agreement, the Note and any document, agreement or instrument contemplated thereby from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to Buyer with respect to indebtedness evidenced by this Agreement, the Note and any document, agreement or instrument contemplated thereby, such excess shall be applied by Buyer to the unpaid principal balance of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at Buyer's election.

&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) Restriction on Activities.** Commencing as of the date first above written, and until the earlier of payment of the Note in full or full conversion of the Note, the Company shall not, directly or indirectly, without Buyer's prior written consent, which consent shall not be unreasonably withheld: (1) change the nature of its business; or (2) sell, divest, acquire, change the structure of any material assets other than 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;**(f) Listing.** The Company will, so long as Buyer owns any of the Securities, maintain the listing and trading of its Common Stock on the Principal Market or any equivalent replacement exchange or electronic quotation system (including but not limited to the Pink Sheets electronic quotation system) and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Financial Industry Regulatory Authority (***"FINRA"***) and such exchanges, as applicable. The Company shall promptly provide to Buyer copies of any notices it receives from the Principal Market and any other exchanges or electronic quotation systems on which the Common Stock is then traded regarding the continued eligibility of the Common Stock for listing on such exchanges and quotation systems.

&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) Corporate Existence.** The Company will, so long as Buyer beneficially owns any of the Securities, maintain its corporate existence and shall not sell all or substantially all of the Company's assets, except in the event of a merger or consolidation or sale of all or substantially all of the Company's assets, where the surviving or successor entity in such transaction (1) assumes the Company's obligations hereunder and under the agreements and instruments entered into in connection herewith and (2) is a publicly traded corporation whose Common Stock is listed for trading or quotation on the Principal Market, any tier of the NASDAQ Stock Market, the New York Stock Exchange or the NYSE MKT.

&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) No Integration.** The Company shall not make any offers or sales of any security (other than the Securities) under circumstances that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision applicable to the Company or its 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;**(i) Breach of Covenants.** The Company acknowledges and agrees that if the Company breaches any of the covenants set forth in this Section 4, in addition to any other remedies available to Buyer pursuant to this Agreement, it will be considered an Event of Default under the 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;**(j) Compliance with Reporting Obligations; Public Information Failures.** For so long as Buyer beneficially owns the Note or any Conversion Shares, the Company shall comply with the reporting requirements of OTC Markets and/or the 1934 Act, as such may be applicable 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;**(k) Acknowledgment Regarding Buyer's Trading Activity.** Until the Note is fully repaid or fully converted, Buyer shall not effect any "short sale" (as such term is defined in Rule 200 of Regulation SHO of the 1934 Act) of the Common Stock which establishes a net short position with respect to the Common Stock.

&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) Disclosure of Transactions and Other Material Information.** Within four (4) business days following the date this Agreement has been fully executed, the Company shall file a Supplemental Disclosure with OTC Markets describing the terms of the transactions contemplated by this Agreement. From and after the filing of such disclosure, Buyer shall not be in possession of any material, non-public information received from the Company or any of its officers, directors, employees or agents that is not disclosed in such disclosure.

&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) Non-Public Information.** The Company covenants and agrees that neither it, nor any other person acting on its behalf, will provide Buyer or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto Buyer shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that Buyer shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information to Buyer without such Buyer's consent, the Company hereby covenants and agrees that such Buyer shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or affiliates, not to trade on the basis of, such material, nonpublic information, provided that Buyer shall remain subject to applicable law. To the extent that any notice provided, information provided, or any other communications made by the Company, to Buyer, constitutes or contains material non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice or other material information with OTC Markets and/or the SEC, as such may be applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Transfer Agent Instructions.** The Company shall issue irrevocable instructions to the Company's transfer agent to issue certificates and/or issue shares electronically at Buyer's option, registered in the name of Buyer or its nominee, upon conversion of the Note, the Conversion Shares, in such amounts as specified from time to time by Buyer to the Company in accordance with the terms thereof (the ***"Irrevocable Transfer Agent Instructions"***). In the event that the Company proposes to replace its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement (including, but not limited to, the provision to irrevocably reserved shares of Common Stock in the Reserved Amount (as defined in the Note)) signed by the successor transfer agent to the Company and the Company. Prior to registration of the Conversion Shares under the 1933 Act, the qualification of the Conversion Shares under Regulation A or the date on which the Conversion Shares may be sold pursuant to Rule 144, Rule 144A, Regulation S or other applicable exemption without any restriction as to the number of Securities as of a particular date that can then be immediately sold, all such certificates or book entry shares shall bear the restrictive legend specified in Section 2(g) of this Agreement. The Company warrants that: (1) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5 will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement and the Note; (2) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate for Securities to be issued to Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement; (3) it will not fail to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any Securities issued to Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and/or this Agreement and (4) it will provide any required corporate resolutions and issuance approvals to its transfer agent within 24 hours of each conversion of the Note. Nothing in this Section shall affect in any way Buyer's obligations and agreement set forth in Section 2(g) hereof to comply with all applicable prospectus delivery requirements, if any, upon re-sale of the Securities. If Buyer provides the Company with (y) an opinion of counsel in form, substance and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act and such sale or transfer is effected or (z) Buyer provides reasonable assurances that the Securities can be sold pursuant to 144, Rule 144A, Regulation S, Regulation A or other applicable exemption, the Company shall permit the transfer, and, in the case of the Securities, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by Buyer. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to Buyer, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that Buyer shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Conditions to the Company's Obligation to Sell.** The obligation of the Company hereunder to issue and sell the Securities to Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided that these conditions are for the Company's sole benefit and may be waived by the Company at any time in its 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;**(a)** Buyer shall have executed this Agreement and delivered the same 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)** Buyer shall have delivered the Purchase Price in accordance with Section 1(b) 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;**(c)** The representations and warranties of Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by Buyer at or 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;**(d)** No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Conditions to Buyer's Obligation to Purchase.** The obligation of Buyer hereunder to purchase the Securities at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions are for Buyer's sole benefit and may be waived by Buyer at any time in its 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;**(a)** The Company shall have executed this Agreement and delivered the same to Buyer.

&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 shall have delivered to Buyer the duly executed Note in such denominations as Buyer shall request and in accordance with Section 1(b) 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;**(c)** The Irrevocable Transfer Agent Instructions, in form and substance satisfactory to Buyer, shall have been delivered to and acknowledged in writing by the Company's Transfer Agent.

&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 representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of Closing Date, as though made at such time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or 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;**(e)** No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of 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;**(f)** No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on 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)** Trading in the Common Stock on the Principal Market shall not have been suspended by the SEC, FINRA or the Principal Market.

&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 Company shall have delivered to Buyer (1) a certificate evidencing the formation and good standing of the Company in such entity's jurisdiction of formation issued by the Secretary of State (or comparable office) of such jurisdiction, as of a date within twenty (20) days of the Closing Date and (2) resolutions adopted by the Company's Board of Directors at a duly called meeting or by unanimous written consent authorizing this Agreement and all other documents, instruments and transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Governing Law; 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;**(a) Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of Maryland or in the federal courts located in Baltimore, Maryland. The parties to this Agreement hereby irrevocably waive 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. The Company and Buyer waive trial by jury. Buyer shall be entitled to recover from the Company its reasonable attorney's fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement, the Note or any related document or agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by 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) Counterparts.** This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to 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;**(c) Headings.** The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation 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) Severability.** In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision 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;**(e) Entire Agreement; Amendments.** This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of Buyer.

&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) Notices.** All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (1) personally served, (2) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (3) delivered by reputable air courier service with charges prepaid, or (4) transmitted by hand delivery, telegram, e-mail or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (y) upon hand delivery or delivery by e-mail or facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (z) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

The addresses for such communications shall be:

If to Buyer: Marbletown Advisors LLC

60 Vincent Lane

Stone Ridge, New York 12484

E-mail: jasahnsommerville@gmail.com

If to the Company: SETO Holdings, Inc.

6231 Columbia Park Road,

Hyattsville, Maryland 20785

Attention: Janon Costley, Chief Executive Officer

E-mail: IR@seto-holdings.com

&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) Third Party Beneficiaries.** This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, 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;**(h) Successors and Assigns.** This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company nor Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding the foregoing, Buyer may assign its rights hereunder to any person that purchases Securities in a private transaction from Buyer or to any of its "affiliates," as that term is defined under the 1934 Act, without the consent 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;**(i) Survival.** The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of Buyer. The Company agrees to indemnify and hold harmless Buyer and all their officers, directors, employees and agents for loss or damage arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

&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) Further Assurances.** Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of 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;**(k) Publicity.** The Company and Buyer shall have the right to review a reasonable period of time before issuance of any press releases, SEC, Principal Market or FINRA filings, or any other public statements with respect to the transactions contemplated hereby; *provided, however*, that the Company shall be entitled, without the prior approval of Buyer, to make any press release or SEC, Principal Market (or other applicable trading market) or FINRA filings with respect to such transactions as is required by applicable law and regulations (although Buyer shall be consulted by the Company in connection with any such press release prior to its release and shall be provided with a copy thereof and be given an opportunity to comment 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;**(l) No Strict Construction.** The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any 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;**(m) Remedies.** The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to Buyer by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Agreement, that Buyer shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being 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;**(n) Payment Set Aside.** To the extent that the Company makes a payment or payments to Buyer hereunder, pursuant to the Note, pursuant to the Warrant, or pursuant to any other agreement, certificate, instrument or document contemplated hereby or thereby, or Buyer enforces or exercises its rights hereunder, pursuant to the Note, pursuant to the Warrant, or pursuant to any other agreement, certificate, instrument or document contemplated hereby or thereby, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof (including but not limited to the sale of the Securities) are for any reason subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, or disgorged by Buyer, or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person or entity under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration 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 enforcement or setoff had not occurred and the Company shall immediately pay to Buyer a dollar amount equal to the amount that was for any reason subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, or disgorged by Buyer, or required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person or entity under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause of 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;**(o) Failure or Indulgence Not Waiver.** No failure or delay on the part of Buyer in the exercise of any power, right or privilege hereunder 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 privileges. All rights and remedies of Buyer existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

**[ SIGNATURE PAGE FOLLOWS ]**

**[ <u>Signature Page to Securities Purchase Agreement</u> ]**

**IN WITNESS WHEREOF,** the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

**THE COMPANY:**

SETO HOLDINGS, INC.

By:<u> </u>

Janon Costley

Chief Executive Officer

**BUYER:**

MARBLETOWN ADVISORS LLC

By: ___________________________

Jasahn Sommerville

Manager

Aggregate Principal Amount of Note: $25,000.00

Original Issue Discount: $-0-

Aggregate Purchase Price: $25,000.00

**<u>EXHIBIT A</u>**

**Form of Promissory Note**

To be delivered separately.

**<u>EXHIBIT B</u>**

None.

## Ex1A-6

**Exhibit 6.2**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Employment Agreement (this ***"Agreement"***) is made and entered into as of the 1st day of July, 2025 (the ***"Effective Date"***), by and between SETO Holdings, Inc., a Nevada corporation (the ***"Company"***), and Janon Costley (the ***"Executive"***).

**WHEREAS,** Executive currently serves as President and Chief Executive Officer of the Company; and

**WHEREAS,** the Company and the Executive desire to amend and restate all prior agreements, whether verbal or written, regarding the terms of employment of Executive and formalize the terms of employment by which Executive has been serving the Company, and on which basis Executive agrees to continue to serve the Company as set forth herein, subject to the terms and conditions of this Agreement.

**NOW, THEREFORE,** in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Definitions.** Capitalized terms not otherwise defined in this Agreement shall have the meaning set forth on <u>Appendix A</u>, attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Acceptance and Term of Employment.** The Company agrees to employ Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein. The term of employment shall commence as of July 1, 2025 (the ***"Effective Date"***), and continue until December 31, 2028 (the ***"Initial Term"***). The term of employment shall automatically renew for one-year periods beginning on January 1, 2029 (each, a ***"Renewal Term"***), unless either the Executive or the Company delivers a written notice of non-renewal to the other party at least ninety (90) days prior to such Renewal Term (the Initial Term, together with each Renewal Term, are referred to as the ***"Term of Employment"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Position, Duties and Responsibilities; Performance; Place of Performance.**

&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)Position, Duties, and Responsibilities.** Executive shall be employed and serve as President and Chief Executive Officer of the Company (together with such other position or positions consistent with Executive's title as the Board shall specify from time to time) and shall have such duties and responsibilities commensurate with such title and as the Board may designate from time to time. In addition, Executive shall be appointed to serve as a director on the Board and, as applicable, at each annual stockholders' meeting during the Term of Employment, shall be nominated for re-election to the Board, in each case to the extent not inconsistent with the fiduciary duties of the Board in making such appointment and renomination.

&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)Performance.** Executive shall devote his business time, attention, skill and best efforts to the performance of his duties under this Agreement and shall not engage in any other business or occupation during the Term of Employment that (1) conflicts with the interests of the Company, (2) interferes with the proper and efficient performance of Executive's duties for the Company or (3) interferes with Executive's exercise of judgment in the Company's best interests. Nothing herein, however, shall preclude Executive from (A) serving on the boards of directors or similar governing body of charitable or civic organizations, (B) with the prior written consent of the Board, serving on the board of directors, trustees or similar governing body of a for-profit entity and (C) managing his personal investments, business and affairs, *provided, however*, that such activities shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the performance of his duties and responsibilities 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)Place of Performance.** Until such time as the Company has established a permanent Company corporate headquarters, Executive shall be authorized to the performance of his duties under this Agreement in any location with adequate communications capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Compensation.** During the Term of Employment, Executive shall be entitled to the compensation described in <u>Exhibit 1</u> attached hereto and incorporated hereby by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Employee Benefits.** During the Term of Employment, Executive shall be entitled to the benefits described in <u>Exhibit 2</u> attached hereto and incorporated hereby by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Reimbursement of Expenses.** Executive is authorized to incur reasonable business expenses in carrying out his duties and responsibilities under this Agreement, and the Company shall promptly reimburse Executive for all such reasonable business expenses, subject to documentation in accordance with the Company's policies, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Termination of Employment.**

&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)General.** The Term of Employment shall terminate earlier than as provided in Section 2, upon the earliest to occur of (1) Executive's death, (2) a termination by reason of a Disability, (3) a termination by the Company with or without Cause, and (4) a termination by Executive with or without Good Reason. Upon any termination of Executive's employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall resign from any and all directorships, committee memberships, fiduciary and any other positions Executive holds with the Company or any Subsidiary or with respect to any of its benefit plans.

&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)Termination Due to Death or Disability.** Executive's employment shall terminate automatically upon his death. The Company may terminate Executive's employment immediately upon the determination of a Disability by a Determining Physician, such termination to be effective upon Executive's receipt of written notice of such termination. Upon Executive's death or if Executive's employment is terminated due to Disability, Executive, his estate or his beneficiaries, as applicable, shall be entitled 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;**(1)**The Accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**An amount equal to the greater of (A) the sum of Executive's Base Salary for the years remaining in his Term of Employment or (B) the sum of (x) one year of Executive's then-current Base Salary and (y) the Executive's Target Annual Bonus; 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;**(3)**Fully accelerated vesting and immediate lapse of restrictions on the unvested portion of any equity awards previously granted.

Following Executive's death or a termination of Executive's employment by reason of a Disability, except as set forth in this Section 7(b) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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)Termination by the Company for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**The Company may terminate Executive's employment at any time for Cause relying on clauses (3) and (4) of the definition of Cause effective upon Executive's receipt of written notice of termination. A termination of employment for Cause under this Section (c)(1) shall require the affirmative vote of not less than two-thirds of the Board (not including Executive) at a meeting of the Board called and held for this purpose.

The Board shall identify the conduct of Executive constituting grounds for Cause and specify the particulars thereof in reasonable detail. Executive shall have been provided notice of the meeting and an opportunity, together with counsel, to address the Board at any such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**With respect to any termination of Executive for Cause relying on clauses (1), (2) or (5) of the definition of Cause, the Board of the Company shall provide Executive with written notice of its intention to terminate Executive for Cause. Such notice shall state in detail the act or acts or failure or failures to act that constitute the grounds on which the proposed termination for Cause is based, and Executive shall be given at least thirty days (30) days to cure such acts or failures to act. A termination of employment for Cause under this Section (c)(2) shall be effective at the expiration of the 30-day cure period (or such longer period as the Board may determine in its reasonable, good faith discretion), unless Executive has cured such act or acts or failure or failures to act that give rise to Cause, as determined by the Board in its reasonable, good faith discretion at a meeting called and held for this purpose. Executive shall be provided with notice of the meeting and an opportunity, together with counsel, to address the Board. Any actions by the Board at such meeting shall require the affirmative vote of not less than two-thirds of the Board (not including Executive).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**In the event of a termination for Cause, Executive shall be entitled only to the Accrued Rights. Following such termination of Executive's employment for Cause, Executive shall have no further rights to any compensation or any other benefits under 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)Termination by the Company without Cause.** The Company may terminate Executive's employment at any time without Cause, effective upon Executive's receipt of written notice of such termination. If Executive's employment is terminated by the Company without Cause and Executive complies with Section 7(h) hereof, Executive shall be entitled 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;**(1)**The Accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**An amount equal to the greater of (A) the sum of the Executive's Base Salary for the years remaining in his Term of Employment or (B) the sum of (x) one year of Executive's then current Base Salary and (y) one year of Executive's Target Annual Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Fully accelerated vesting and immediate lapse of restrictions on the unvested portion of any equity awards previously granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Subject to Executive's election of COBRA continuation coverage under the Company's group health plan, the Company shall cover the premium cost of such coverage monthly for the lesser of eighteen months following the Date of Termination or until the Executive no longer qualifies for COBRA continuance coverage. The Company's obligation to cover the premium cost will terminate if the Executive becomes eligible to obtain benefits under a subsequent employer's benefit plan; 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;**(5)**At the Company's expense, continuation of the benefits in Section 5(b) until the later or (A) one year from the Date of Termination or (B) the end of the Term of Employment.

The payments and benefits described in clauses (2), (3), (4) and (5) above shall immediately terminate, and the Company shall have no further obligations to Executive with respect thereto, if Executive materially breaches any provision of the Restrictive Covenants contained in <u>Appendix B</u> attached hereto. Following the Date of Termination of Executive pursuant to this Section 7(d), except as set forth in Section 7(d) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(e)Termination by Executive with Good Reason.** Executive may terminate his employment with Good Reason by providing the Company written notice setting forth in reasonable specificity the event that constitutes Good Reason, such notice to be received within thirty (30) days' following the date that the Executive became aware of such event. Upon receipt of such notice, the Company shall have thirty (30) days to cure. If not cured within such period, Executive's termination shall be effective no later than thirty (30) days following the expiration of such cure period, and Executive shall be entitled to the same payments and benefits as provided in Section 7(d) hereof for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 7(d) and Section 7(h) hereof. Following the Date of Termination of Executive pursuant to this Section 7(e), except as set forth in Section 7(e) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(f)Termination related to Change in Control.** If at any time during the period beginning 90 days prior to a Change in Control and ending one (1) year after a Change in Control, the Executive's employment is terminated by the Company without Cause or by the Executive with Good Reason and Executive complies with Section 7(h) hereof, Executive shall be entitled 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;**(1)**The Accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**An amount equal to the greater of (A) the sum of the Executive's Base Salary for the years remaining in his Term of Employment or (B) two times the sum of (x) one year of Executive's then current Base Salary and (y) one year of Executive's Target Annual Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Any unpaid amounts remaining under the Transaction Cash Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Fully accelerated vesting and immediate lapse of restrictions on the unvested portion of any equity awards previously granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Subject to Executive's election of COBRA continuation coverage under the Company's group health plan, the Company shall cover the premium cost of such coverage on a monthly basis for the lesser of eighteen months following the Date of Termination or until the Executive no longer qualifies for COBRA continuance coverage. The Company's obligation to cover the premium cost will terminate if the Executive becomes eligible to obtain benefits under a subsequent employer's benefit plan; 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;**(6)**At the Company's expense, continuation of the benefits in Section 5(b) until the later or (A) one year from the Date of Termination or (B) the end of the Term of Employment.

The payments and benefits described in clauses (2), (3), (5) and (6) above shall immediately terminate, and the Company shall have no further obligations to Executive with respect thereto, if Executive breaches any provision of the Restrictive Covenants contained in <u>Appendix B</u> attached hereto. Following such termination and except as set forth in this Section 7(f) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(g)Termination by Executive without Good Reason.** Executive may terminate his employment without Good Reason by providing the Company thirty (30) days' written notice of such termination. In the event of a termination of employment by Executive under this Section 7(g), Executive shall be entitled only to the Accrued Rights. In the event of termination of Executive's employment under this Section 7(g), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination or remove him from any officer or director positions without changing the characterization of such termination as a termination by Executive without Good Reason. Following the Termination Date of Executive pursuant to this Section 7(g), except as set forth in Section 7(g) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(h)Release.** Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to subsection (b) (Disability only), (d), (e) or (f) of this Section 7 (other than the Accrued Rights and Transaction Bonus) (collectively, the ***"Severance Benefits"***) shall be conditioned upon Executive's execution, delivery to the Company, and non-revocation of the Release of Claims (and the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the date of Executive's Date of Termination. Within fifteen (15) business days after the condition in the preceding sentence is satisfied, amounts owed as Severance Benefits shall be payable in a single lump sum to Executive. If Executive fails to execute the Release of Claims in such a timely manner so as to permit any revocation period to expire prior to the end of such sixty (60) day (or shorter) period, or timely revokes his acceptance of such release following its execution, Executive shall not be entitled to any of the Severance Benefits.

&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)Termination Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Notice of Termination.** Any written notice of termination given under Section 7 of this Agreement shall be provided to the other party in accordance with Section 18. In addition, any written notice pertaining to a termination by the Company for Cause or by Executive for Good Reason shall meet the requirements of a Notice of Termination. A ***"Notice of Termination"*** means a written notice which (A) indicates the specific termination provision in this Agreement relied upon, to the extent applicable, (B) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated, and (C) the Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Date of Termination. *"Date of Termination"*** means (A) if Executive's employment is terminated by the Company for Cause, the date of expiration of the cure period set forth in Section 7(c), (B) if Executive's employment is terminated by Executive for Good Reason, thirty (30) days following the date of expiration of the cure period specified in Section 7(e), (C) if Executive's employment is terminated by the Company other than for Cause, death or Disability, the date on which the Company notifies Executive of such termination, (D) if Executive voluntarily resigns without Good Reason or terminates his employment for Good Reason related to a Change in Control, the date at least thirty (30) days after Executive notifies the Company, subject to the Company's right to accelerate such date of termination without changing the characterization of such termination, and (E) if Executive's employment is terminated by reason of death, the date of death of Executive, or if Executive's employment is terminated by the Company due to Disability, the date that written notice of determination of Executive's Disability is made by the Determining Physician.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Certain 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)**In the event that any payment or benefit received or to be received by Executive pursuant to this Agreement or otherwise (***"Payments"***) would (i) constitute a "parachute payment" within the meaning of Section 280G of the Code and (ii) but for this section, be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax ("Excise Tax"), then, subject to the provisions of this Section 8, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in no portion of such Payments being subject to the Excise Tax (***"Reduced Amount"***), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax.

&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)**Unless the Company and Executive otherwise agree in writing, any determination required under this Section 8 shall be made by an independent advisor designated by the Company and reasonably acceptable to Executive ("Independent Advisor"), whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required under this Section, the Independent Advisor may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that the Independent Advisor shall assume that Executive pays all taxes at the highest marginal rate.

The Company and Executive shall furnish to the Independent Advisor such information and documents as the Independent Advisor may reasonably request in order to make a determination under this Section. The Company shall bear all costs that Independent Advisor may incur in connection with any calculations contemplated by this Section. Any reduction of the Payments payable hereunder, if applicable, shall be made by first reducing the cash payments under Section 7, second by reducing COBRA reimbursement and lastly by reducing any other Payments in a manner determined by the Company, in consultation with Executive in accordance with 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;**(c)**If Executive is determined to be entitled to a Reduced Amount pursuant to Section 8(a) and, notwithstanding any reduction described in this Section 8 (or in the absence of any such reduction), the Internal Revenue Service (***"IRS"***) determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within one hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the "Repayment Amount." The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Executive's net proceeds with respect to such Payments (after taking into account the payment of the excise tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the Payments. If the Excise Tax is not eliminated pursuant to this Section 8, Executive shall pay the Excise Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Restrictive Covenants.** Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees, as a condition of Executive's continued employment with the Company, to be bound by and comply with the Restrictive Covenants contained in <u>Appendix B</u> attached hereto and incorporated by reference herein. Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of Section 1 of <u>Appendix B</u> or a material breach or material threatened breach of any of the provisions of Section 2 of <u>Appendix B</u> of this Agreement would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Representation and Warranty of Executive.** Executive represents and warrants to the Company that Executive has had the opportunity to consult with, and is represented by, his own tax and legal advisor(s) in connection with the negotiation and preparation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Taxes.** The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been advised by the Company to seek tax advice from his own tax advisors regarding this Agreement and payments that may be made to him pursuant to this Agreement, including specifically, the application of the provisions of Section 409A of the Code to such payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Additional Section 409A Provisions.** Notwithstanding any provision in this Agreement to the contrary:

&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 payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive's employment shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the ***"Specified Employee Delay Period"***). On the first business day following the expiration of the Specified Employee Delay Period, Executive shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

&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 payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

&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 any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the Company no later than the last day of the taxable year following the taxable year in which such expense was incurred by Executive, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in 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;**(d)**The payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes under Section 409A of the Code and shall be interpreted consistent with such intent. Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest, or penalties that may be imposed on Executive as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A of the Code). If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest under Section 409A of the Code, the Company shall, after consulting with and receiving the approval of Executive, reform such provision in a manner intended (but not guaranteed by the Company) to avoid the incurrence by Executive of any such additional tax or interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Successors and Assigns; No Third-Party Beneficiaries.**

&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.** This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this Agreement nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person without Executive's prior written consent (which shall not be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially all of the assets of the Company, the Company may provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets without Executive's consent.

&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)Executive.** Executive's rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise, without the prior written consent of the Company, except that Executive may assign benefits payable in the event of Executive death under Section 7(b) of this Agreement to a trust of which he is the sole beneficiary during his lifetime. In the event of Executive's death, all amounts then payable to Executive under this Agreement shall be paid in accordance with the terms of this Agreement to Executive's devisee, legatee, trust, or other designee, or if there be no such designee, to Executive's estate.

&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)No Third-Party Beneficiaries.** Except as otherwise set forth in Section 7(b) or Section 13(b) hereof, nothing expressed or referred to in this Agreement will be construed to give any Person other than the Company and Executive any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Arbitration.** In the event of a dispute between the parties arising out of this Agreement, both Executive and the Company agree to submit such dispute to arbitration before the American Arbitration Association (the ***"Association"***) at its Baltimore, Maryland, offices, in accordance with the then-current rules of the Association; the award given by the arbitrators shall be binding and a judgment may be obtained on any such award in any court of competent jurisdiction. It is expressly agreed that the arbitrators, as part of their award, may award attorneys' fees to the prevailing party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Waiver and Amendments.** Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the parties; *provided, however*, that any such waiver, alteration, amendment, or modification must be consented to on the Company's behalf by the Compensation Committee, if in existence, and the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Severability.** If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Governing Law.** This agreement is governed by and is to be construed under 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;**18.Notices.**

&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 of Delivery.** Every notice or other communication relating to this Agreement shall be in writing, and shall be delivered by Overnight Mail to, or directly hand delivered to, the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so designated, all notices and communications by Executive to the Company shall be delivered by Overnight Mail to, or directly hand delivered to, the Company at its principal executive office to the attention of the Chief Legal Officer, and all notices and communications by the Company to Executive shall be directly hand delivered to Executive personally or, if not so hand delivered, shall be delivered by Overnight Mail to Executive at Executive's last known address, as reflected in the Company's records.

&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)Date of Delivery.** Any notice so addressed shall be deemed to be given (1) if delivered by hand, on the date of such delivery, and (2) if delivered by Overnight Mail, on the first business day following the date of such mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.Section Headings.** The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.Entire Agreement.** This Agreement, together with any exhibits and appendices attached hereto and any equity award grants referenced herein to be made by the Company to Executive, constitutes the entire understanding and agreement of the parties hereto regarding the employment of Executive. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties relating to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.Survival of Operative Sections.** Upon any termination of Executive's employment, the provisions of Section 7 through Section 21 of this Agreement (together with any related definitions set forth in <u>Appendix A</u> hereof) and <u>Appendix B</u> shall survive to the extent necessary to give effect to the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.Counterparts.** This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature.

**[ SIGNATURE PAGE FOLLOWS ]**

**IN WITNESS WHEREOF,** the undersigned have executed this Agreement as of the date first above written.

**COMPANY:**

SETO HOLDINGS, INC.

By: *<u>/s/ Ryan Dolder</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Dolder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Operating Officer

**EXECUTIVE:**

*<u>/s/ Janon Costley</u>*

Janon Costley, individually

**<u>EXHIBIT 1</u>**

**Compensation**

During the Term of Employment, Executive shall be entitled to the following compensation:

&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)Base Salary.** The Company shall pay Executive a base salary at a rate of $240,000 per year (the ***"Base Salary"***).

&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)Annual Bonus.** Executive shall be eligible to earn an annual cash bonus, as may be established from time to time by the Board of Directors of the Company (the ***"Annual Bonus"***).

&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)Annual Equity Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Executive will be eligible to participate in the long-term equity incentive plan(s) adopted by the Company from time to time (as applicable, the ***"Equity Plan"***), subject to such vesting, other performance terms, including Company business objectives, and other conditions as the Board or, if established, the Compensation Committee, shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Executive shall not directly or indirectly, pledge, hypothecate or otherwise encumber shares of the Company's common stock awarded under the Equity Plan as collateral for indebtedness, including, but not limited to, holding such shares in a margin account or any other account that could cause the common stock to be subject to a margin call or otherwise be available as collateral for a margin loan.

&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)Signing Cash Bonus.** In consideration of his executing this Agreement, Executive shall receive a one-time cash bonus in the amount of $25,000, payable by the Company on or before January 15, 2026.

**<u>EXHIBIT 2</u>**

**Benefits**

During the Term of Employment, Executive shall be entitled to the following benefits:

Executive shall be entitled to participate in such 401(k) and employee health, welfare and benefit plans and programs of the Company as are made available to the Company's senior level executives or employees generally, as such plans and programs may be in effect from time to time.

**<u>APPENDIX A</u>**

**Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)"Accrued Rights"** shall mean (1) all accrued but unpaid Base Salary through the Date of Termination, to be paid within thirty (30) days following Date of Termination or such earlier date as required by applicable law, (2) any unpaid or unreimbursed expenses incurred through the Date of Termination in accordance with Sections 5(b) or 6 hereof, to be paid within thirty (30) days following Date of Termination, and (3) any benefits provided under the Company's employee benefit plans or any incentive plans upon a termination of employment, including rights with respect to Company equity, in accordance with the terms contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)"Agreement"** shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)"Annual Bonus"** shall have the meaning set forth in Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)"Base Salary"** shall mean the salary provided for in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)"Board"** shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)"Cause"** shall mean Executive's (1) continued and willful failure, or refusal by Executive, to substantially perform his duties or responsibilities to the Company under this Agreement (other than as a result of Disability), (2) engaging in gross negligence or willful misconduct that has a material adverse effect on the reputation or business of the Company, (3) fraud or embezzlement committed by the Executive (or at his direction), or misappropriation (or attempted misappropriation) by Executive of any Company funds, (4) conviction of, or pleading "guilty" or "no contest" to, (A) a felony or (B) any other criminal charge that has, or could be reasonably expected to have, an adverse impact on the performance of Executive's duties to the Company or otherwise have an adverse impact on the reputation or business of the Company, or (5) material breach of this Agreement or material breach of the Restrictive Covenants contained in <u>Appendix B</u>.

For purposes of this Section (g), no act or failure to act by Executive shall be considered "willful" unless it is done, or omitted to be done, in bad faith and without reasonable belief that Executive's action or omission was in the best interests of the Company. Any action or inaction of Executive taken in reliance on the advice of the Company's Chief Legal Officer, outside counsel to the Company, or at the direction of the Board or any committee thereof shall be considered to have been taken or not taken in good faith, and not in bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)"Change in Control"** shall have the meaning assigned to such term in the Equity Plan, as amended from time to time (or any successor plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)"Code"** shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)"Company"** shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)"Compensation Committee"** shall mean the committee of the Board designated to make compensation decisions relating to senior executive officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)"Delay Period"** shall have the meaning set forth in Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)"Determining Physician"** shall mean a physician satisfactory to both the Executive and the Company who is appointed by the Company for the purpose of determining Executive's Disability; provided, however, that if the Employee and the Company do not agree on a physician, the Employee and the Company shall each select a physician and these two together shall select a third physician who shall serve as the Determining Physician and whose determination as to Disability shall be final and conclusive for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)"Disability"** shall mean any physical or mental disability or infirmity of Executive that prevents, with reasonable accommodation to the extent required by applicable law, the performance of Executive's duties for a period of (1) one hundred eighty (180) consecutive days or (2) two hundred seventy (270) non-consecutive days during any twelve (12) month period. Any question as to the existence, extent, or potentiality of Executive's Disability upon which Executive and the Company cannot agree shall be determined by a Determining Physician. The determination of any such Determining Physician shall be final and conclusive for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)"Executive"** shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)"Excise Tax"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)"Good Reason"** shall mean:

&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)**without Executive's written consent, (A) a material diminution in Executive's title, duties, or responsibilities as set forth in Section 3, (B) a reduction in Base Salary set forth in Section 4(a), (C) a material diminution in Executive's total overall compensation opportunity, which includes the sum of Executive's Base Salary, Annual Bonus opportunity, historic grant date value of annual equity awards and benefits and allowances under Section 5 of this Agreement or (D) the relocation of Executive's principal place of performance by more than twenty-five (25) miles from the Company's headquarters or (E) in the event of a sale of all or substantially all the assets of the Company, a failure of the Company under Section 13 to have this Agreement assigned to, or assumed by, the acquiror within 15 business days of such sale; 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;**(2)**written notice by the Company to the Executive of non-renewal of the Agreement under Section 2 without an offer to the Executive of at-will employment with substantially the same title, duties and responsibilities, total overall compensation opportunity and principal place of performance as in effect prior to receipt of the notice of non-renewal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)"Independent Advisor"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)"IRS"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)"Notice of Termination"** shall have the meaning set forth in Section 7(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)"Overnight Mail"** means express or priority mail with a delivery confirmation or an overnight service with an on-line tracking system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)"Payments"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)"Person"** shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)"Reduced Amount"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)"Release of Claims"** shall mean Executive's release of claims, substantially in the form attached hereto as <u>Exhibit 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)"Repayment Amount"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)"Restrictive Covenants"** shall mean the restrictive covenants contained in Appendix B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)"Severance Benefits"** shall have the meaning set forth in Section 7(h).

**<u>APPENDIX B</u>**

**Restrictive Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Non-Competition; Non-Solicitation; Non-Disparagement.**

&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)**Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its Affiliates and accordingly 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**During Executive's employment with the Company or its Affiliates and for a period of 12 months following the date Executive ceases to be employed by the Company or its Affiliates (the ***"Restricted Period"***), Executive will not, whether on Executive's own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (***"Person"***), directly or indirectly solicit or assist in soliciting in competition with the Restricted Group in the Business, the business of any then current or prospective client or customer with whom Executive (or his direct reports) had personal contact or dealings on behalf of the Company or its Affiliates during the two-year period preceding Executive's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**During the Restricted Period, Executive will not directly or indirectly in any state or the District of Columbia where the Company maintains an office with a minimum of twenty employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**enter the employ of a Competitor, except where such employment does not relate in any manner to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)**without the prior written authorization of the Board, which consent may be withheld at the Board's sole and absolute discretion, render any services to a Competitor; except where such services do not relate in any manner to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)**acquire a financial interest in and otherwise become actively involved in the Business with any Person as, a general partner, shareholder, officer, director, principal, member, manager, agent, trustee or lender; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**intentionally and adversely interfere with, or attempt to adversely interfere with, business relationships between the members of the Restricted Group and any of their clients, customers, suppliers, partners, members or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)**Executive may, directly or indirectly own, solely as an investment, securities of any Person engaged in a Business (including, without limitation, a Competitor) if Executive (A) is not a Controlling Person of, or a member of a group which Controls, such Person and (B) does not, directly or indirectly, own 5% or more of any class of securities 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)**During Executive's employment with the Company and during the Restricted Period, Executive will not, whether on Executive's own behalf or on behalf of or in conjunction with any Person, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**solicit or encourage any employee of the Restricted Group to leave the employment of the Restricted 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;&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)**hire any executive-level employee who was employed by the Restricted Group as of Executive's Date of Termination or who left the employment of the Restricted Group coincident with, or within one year prior to or after, the Executive's Date of Termination; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)**encourage any material consultant of the Restricted Group to cease working with the Restricted 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)**For purposes of this Appendix 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;&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)**"Affiliate" shall mean, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under common control with, 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;&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)**"Business" shall mean business of providing professional civil engineering, right-of-way acquisition, structural engineering, land surveying, land planning, mining engineering, environmental engineering and consulting, landscape architecture, traffic and transportation planning and engineering, construction engineering and inspection, construction management, mechanical, electrical and plumbing engineering, renewable energy consulting, and other services related to 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;&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)**"Competitor" shall mean any Person engaged in the Business in direct competition with the Restricted Group, but excluding any Person that (i) has been in Business for at least one year and (ii) derived less than 10% of its gross revenue during its most recent fiscal year from activities, individually or in the aggregate, the same as or similar to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**"Control" (including the terms "controlling", "controlled by" or "under common control with") shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**"Restricted Group" shall mean, collectively, the Company and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**"Timely" shall mean in a timely manner not in excess of 10 business 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;**(b)Non-Disparagement.** Executive will not at any time (whether during or after Executive's employment with the Company) make public statements or public comments of a defamatory or disparaging nature that are likely to be harmful to the business, business reputation or personal reputation of the Company or its Affiliates or any of their respective businesses, shareholders, members, partners, employees, officers or directors (it being understood that comments made in Executive's good faith performance of his duties hereunder shall not be deemed disparaging or defamatory for purposes of this paragraph).

The Company (via any official statement) shall not, and shall instruct its executive officers and directors to not, at any time make any public statements or public release of a defamatory or disparaging nature regarding Executive's reputation in the business community (it being understood that comments made by the Company in the good faith and in ordinary course of business shall not be deemed disparaging or defamatory for purposes of this paragraph).

Notwithstanding anything in this Section 1(b), either Executive or the Company (including its officers and directors) shall be permitted to (1) provide a reasonable and truthful response to or statement to defend itself or him/herself against any public statement made by the Company or Executive, as applicable, that is incorrect or disparages such person, to the extent necessary to correct or refute such public statement and (2) provide truthful testimony in any legal proceeding or process. For the avoidance of doubt, and notwithstanding the foregoing, nothing in this Agreement shall prohibit Executive from communicating with a government agency, regulator or legal authority concerning any possible violations of federal or state law or regulation prevent or limit Executive from discussing his terms and conditions of employment. Nothing in this Agreement, however, authorizes the disclosure of information Executive obtained through a communication that was subject to the attorney-client privilege, unless disclosure of the information (A) would otherwise be permitted by an applicable law or rule, or (B) is necessary in order to comply with an order from a court or other governmental body of competent jurisdiction and is in connection with compliance with such order.

&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)** It is expressly understood and agreed that, although Executive and the Company consider the restrictions contained in this Section 1 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Appendix B is an unenforceable restriction against Executive, the provisions of this Appendix B shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Appendix B is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

&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 period of time during which the provisions of this Section 1 shall be in effect shall be extended by the length of time during which Executive is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company's application for injunctive relief.

&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 provisions of Section 1 hereof shall survive the termination of Executive's employment for any reason, including but not limited to, any termination other than for Cause (except as otherwise set forth in Section 1 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Confidentiality; Intellectual 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;**(a)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**Executive will not at any time (A) retain or use for the benefit, purposes or account of Executive or any other Person; or (B) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations or otherwise in performance of Executive's duties under Executive's employment and pursuant to customary industry practice), any non-public, proprietary or confidential information concerning the Company or its business, systems, operations, customers, procedures, manuals, software, equipment and other processes, as well as the Company's business and technical information including, without limitation, all brochures, flyers, promotional materials and literature, mailing lists, lists of customers and prospective customers, sales and marketing techniques, names and addresses of the Company's customers or clients, business plans, marketing materials or information, financial and marketing data, customer drawings and/or Computer Aided Designs ("CAD"), Company employee information (including but not limited to employee compensation, employee capabilities and abilities, and employee performance reviews), or any other information relating to the Company's customers, designs, processes, software, procedures, or business, all of which constitute valuable, special, and unique assets of the Company (***"Confidential Information"***) without the prior written authorization 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;**(2)**"Confidential Information" shall not include any information that is (A) generally known to the industry or the public other than as a result of Executive's breach of this covenant; (B) made legitimately available to Executive by a third party without breach of any confidentiality obligation of which Executive has knowledge; or (C) required by law or by order from a court or other governmental body of competent jurisdiction to be disclosed; provided that with respect to subsection (C) Executive shall give prompt written notice to the Company of such requirement, disclose no more information than is so required, and reasonably cooperate with any attempts by the Company to obtain a protective order or similar treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Upon termination of Executive's employment with the Company for any reason, Executive shall (A) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company or its Affiliates; and (B) upon the request of the Company, Timely destroy, delete, or return to the Company, at the Company's option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive's possession or control (including any of the foregoing stored or located in Executive's office, home, laptop or other computer, whether or not Company property) that contain Confidential Information, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any 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;**(b)Intellectual 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**If Executive has created, invented, designed, developed, contributed to or improved any works of authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials) (***"Works"***), either alone or with third parties, prior to Executive's employment by the Company, that are relevant to or implicated by such employment and in which Executive has exclusive, unfettered ownership ("Prior Works"), Executive hereby grants the Company a perpetual, non-exclusive, royalty-free, worldwide, assignable, sublicensable license under all rights and intellectual property rights (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) therein for all purposes in connection with the Company's current and future 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;**(2)**If Executive creates, invents, designs, develops, contributes to or improves any Works, either alone or with third parties, at any time during Executive's employment by the Company and within the scope of such employment and with the use of any Company resources (***"Company Works"***), Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in 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;&nbsp;&nbsp;&nbsp;&nbsp;**(3)**Upon request by the Company, Executive shall Timely take all reasonably requested actions and execute all reasonably requested documents (including any licenses or assignments required by a government contract) at the Company's expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company's rights in the Prior Works and Company Works. Executive also waives any moral rights to Prior Works and Company Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**The provisions of Section 2 hereof shall survive Executive's Date of Termination (except as otherwise set forth in Section 2(a)(iii) hereof).

**EXHIBIT 3**

**FORM OF RELEASE OF CLAIMS**

This Release of Claims (this ***"Release"***), once executed, shall be incorporated into the Employment Agreement (as defined below).

In consideration of the "Severance Benefits" defined under Section 7(h) of the employment agreement dated as of July 1, 2025, by and between SETO Holdings, Inc., a Nevada corporation (the ***"Company"***), and Janon Costley (the ***"Undersigned"***) (the ***"Employment Agreement"***), with the promises and covenants that the Company and the Undersigned made thereunder, the Undersigned, on behalf of himself and his respective heirs, representatives, executors, family members, and assigns, hereby fully and forever releases and discharges the Company, and its past, present and future directors, officers, employees, agents, attorneys, investors, administrators, affiliates, divisions, subsidiaries, predecessors, successors, and assigns (collectively, the ***"Company Parties"***) from and against, and agrees not to sue or otherwise institute or cause to be instituted any legal, alternative dispute resolution, or administrative proceeding concerning, any claim, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that he may possess arising from any omissions, acts, or facts that have occurred through the date his employment terminates, including without limitation (individually a ***"Claim"*** and collectively ***"Claims"***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Any and all claims relating to or arising from his employment by the Company and the termination of such employment, including allegations
that any of the Company Parties has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and
fair dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** Any and all claims under the Employment Agreement or any other agreement or understanding governing the service relationship between
the Company and the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Any and all claims against any of the Company Parties for wrongful discharge, termination in violation of good policy, discrimination,
breach of contract, both expressed or implied, covenants of good faith or fair dealing, both expressed or implied, promissory estoppel,
negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference
with contract or prospective economic advantage, unfair business practice, defamation, libel, slander, negligence, personal injury, assault,
battery, invasion of privacy, false imprisonment, or conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** Any and all claims against any of the Company Parties alleging any of the Company Parties has discriminated against the Undersigned
on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation,
marital status, parental status, source of income, entitlement to benefits, any union activities or other protected category or has otherwise
violated any federal, state or municipal statute, including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil
Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards
Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Equal Pay Act, the
Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, the Virginia Human Rights Act, the Older Workers Benefit
Protection Act, the anti-retaliation provisions of the Sarbanes-Oxley Act, or any other federal or state law regarding whistleblower retaliation,
the Lilly Ledbetter Fair Pay Act, the Uniformed Services Employment and Reemployment Rights Act, the Fair Credit Reporting Act, the National
Labor Relations Act; and all amendments to each such Acts as well as the regulations issued there under;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** Any and all claims based on the violation of the federal or any state constitution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** Any and all claims for attorneys' fees and costs.

Other than events expressly contemplated by this Release, the Undersigned does not waive or release rights or Claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** that may arise from events that occur after the date this Release is executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** for indemnification and/or advanced expenses under applicable law, any directors' and officers' liability insurance, any
indemnification agreement, the Employer's certificate of incorporation or by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** to enforce the Employment Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** any Claims which cannot be waived by law, including, without limitation, any rights the Undersigned may have under applicable workers'
compensation laws and his right, if applicable, to file or participate in an investigative proceeding of any federal, state or local governmental
agency.

Nothing in this Release shall prevent the Undersigned from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal government agency, or similar state or local agency (***"Government Agencies"***), or exercising any rights pursuant to Section 7 of the National Labor Relations Act. The Undersigned further understands this Release does not limit his ability to voluntarily communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Release does not limit the Undersigned's right to receive an award for information provided to the Securities and Exchange Commission, the

Undersigned understands and agrees that, he is otherwise waiving, to the fullest extent permitted by law, any and all rights he may have to individual relief based on any Claims that he has released and any rights he has waived by signing this Release. If any Claim is not subject to release, to the extent permitted by law, the Undersigned waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the Company Parties is a party. This Release does not abrogate the Undersigned existing rights under any Company benefit plan or any plan or agreement related to equity ownership in the Company; however, it does waive, release and forever discharge Claims existing as of the date the Undersigned executes this Release pursuant to any such plan or agreement.

The Undersigned acknowledges and agrees that (i) the consideration given to the Undersigned in exchange for the waiver and release in this Release is in addition to anything of value to which the Undersigned was already entitled, and (ii) that the Undersigned has been paid for all time worked, has received all the leave, leaves of absence and leave benefits and protections for which the Undersigned is eligible, and has not suffered any on-the-job injury for which the Undersigned has not already filed a Claim. The Undersigned affirms that all of the decisions of the Company Parties regarding his pay and benefits through the date of his execution of this Release were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by law. The Undersigned affirms that he has not filed or caused to be filed, and is not presently a party to, a Claim against any of the Company Parties. The Undersigned further affirms that he has no known workplace injuries or occupational diseases. The Undersigned acknowledges and affirms that he/she has not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the Company Parties, or for exercising any rights protected by law, including any rights protected by the Fair Labor Standards Act, the Family Medical Leave Act or any related statute or local leave or disability accommodation laws, or any applicable state workers' compensation law. The Undersigned expressly acknowledges and understands that this Release: (i) is not an admission of liability under any statute or otherwise by the Company or any of the Company Parties, and (ii) does not admit any violation of Employee's legal rights.

The Undersigned acknowledges that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** he has been advised by Company to consult a lawyer of his own choice prior to executing this Release and has done so, or voluntarily
declined to seek such counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** he has read this Release and understands the terms and conditions hereof and the binding nature hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** he has had at least twenty-one (21) days within which to consider the terms of this Release and has been given sixty (60) days from
his Date of Termination to return his execution of this Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** he has executed this Release voluntarily and without duress or undue influence on the part of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** he has seven (7) days to revoke his execution of this Release by notifying Company of any such revocation in writing at the following
address: _______________________________________;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** he understands that execution of this Release shall not be effective until expiration of the seven (7) day revocation period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** he understands that his right to receive Severance Benefits under Section 7(h) of the Employment Agreement is subject to and conditioned
on the Undersigned's signing and delivering this Release to Company and the Release becoming effective prior to the expiration of
the seven (7) day revocation period.

In the event Undersigned breaches any terms of this Release, the Undersigned understands that he shall forfeit all rights to Severance Benefits, and in addition to any and all other remedies available under law or equity to the Company, the Undersigned shall be obligated to repay to the Company, all Severance Benefits previously paid under the Employment Agreement, as well as all reasonable attorneys' fees, expenses and costs incurred by Company Parties.

Capitalized terms used in this Release and defined in the Employment Agreement shall have the meanings given to such terms under the Employment Agreement.

________________________

Janon Costley

Date: ____________________

## Ex1A-6

**Exhibit 6.3**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Employment Agreement (this ***"Agreement"***) is made and entered into as of the 1st day of July, 2025 (the ***"Effective Date"***), by and between SETO Holdings, Inc., a Nevada corporation (the ***"Company"***), and Ryan Dolder (the ***"Executive"***).

**WHEREAS,** Executive currently serves as Chief Operating Officer and Chief Financial Officer of the Company; and

**WHEREAS,** the Company and the Executive desire to amend and restate all prior agreements, whether verbal or written, regarding the terms of employment of Executive and formalize the terms of employment by which Executive has been serving the Company, and on which basis Executive agrees to continue to serve the Company as set forth herein, subject to the terms and conditions of this Agreement.

**NOW, THEREFORE,** in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Definitions.** Capitalized terms not otherwise defined in this Agreement shall have the meaning set forth on <u>Appendix A</u>, attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Acceptance and Term of Employment.** The Company agrees to employ Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein. The term of employment shall commence as of July 1, 2025 (the ***"Effective Date"***), and continue until December 31, 2028 (the ***"Initial Term"***). The term of employment shall automatically renew for one-year periods beginning on January 1, 2029 (each, a ***"Renewal Term"***), unless either the Executive or the Company delivers a written notice of non-renewal to the other party at least ninety (90) days prior to such Renewal Term (the Initial Term, together with each Renewal Term, are referred to as the ***"Term of Employment"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Position, Duties and Responsibilities; Performance; Place of Performance.**

&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)Position, Duties, and Responsibilities.** Executive shall be employed and serve as President and Chief Executive Officer of the Company (together with such other position or positions consistent with Executive's title as the Board shall specify from time to time) and shall have such duties and responsibilities commensurate with such title and as the Board may designate from time to time. In addition, Executive shall be appointed to serve as a director on the Board and, as applicable, at each annual stockholders' meeting during the Term of Employment, shall be nominated for re-election to the Board, in each case to the extent not inconsistent with the fiduciary duties of the Board in making such appointment and renomination.

&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)Performance.** Executive shall devote his business time, attention, skill and best efforts to the performance of his duties under this Agreement and shall not engage in any other business or occupation during the Term of Employment that (1) conflicts with the interests of the Company, (2) interferes with the proper and efficient performance of Executive's duties for the Company or (3) interferes with Executive's exercise of judgment in the Company's best interests. Nothing herein, however, shall preclude Executive from (A) serving on the boards of directors or similar governing body of charitable or civic organizations, (B) with the prior written consent of the Board, serving on the board of directors, trustees or similar governing body of a for-profit entity and (C) managing his personal investments, business and affairs, *provided, however*, that such activities shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the performance of his duties and responsibilities 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)Place of Performance.** Until such time as the Company has established a permanent Company corporate headquarters, Executive shall be authorized to the performance of his duties under this Agreement in any location with adequate communications capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Compensation.** During the Term of Employment, Executive shall be entitled to the compensation described in <u>Exhibit 1</u> attached hereto and incorporated hereby by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Employee Benefits.** During the Term of Employment, Executive shall be entitled to the benefits described in <u>Exhibit 2</u> attached hereto and incorporated hereby by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Reimbursement of Expenses.** Executive is authorized to incur reasonable business expenses in carrying out his duties and responsibilities under this Agreement, and the Company shall promptly reimburse Executive for all such reasonable business expenses, subject to documentation in accordance with the Company's policies, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Termination of Employment.**

&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)General.** The Term of Employment shall terminate earlier than as provided in Section 2, upon the earliest to occur of (1) Executive's death, (2) a termination by reason of a Disability, (3) a termination by the Company with or without Cause, and (4) a termination by Executive with or without Good Reason. Upon any termination of Executive's employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall resign from any and all directorships, committee memberships, fiduciary and any other positions Executive holds with the Company or any Subsidiary or with respect to any of its benefit plans.

&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)Termination Due to Death or Disability.** Executive's employment shall terminate automatically upon his death. The Company may terminate Executive's employment immediately upon the determination of a Disability by a Determining Physician, such termination to be effective upon Executive's receipt of written notice of such termination. Upon Executive's death or if Executive's employment is terminated due to Disability, Executive, his estate or his beneficiaries, as applicable, shall be entitled 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;**(1)**The Accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**An amount equal to the greater of (A) the sum of Executive's Base Salary for the years remaining in his Term of Employment or (B) the sum of (x) one year of Executive's then-current Base Salary and (y) the Executive's Target Annual Bonus; 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;**(3)**Fully accelerated vesting and immediate lapse of restrictions on the unvested portion of any equity awards previously granted.

Following Executive's death or a termination of Executive's employment by reason of a Disability, except as set forth in this Section 7(b) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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)Termination by the Company for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**The Company may terminate Executive's employment at any time for Cause relying on clauses (3) and (4) of the definition of Cause effective upon Executive's receipt of written notice of termination. A termination of employment for Cause under this Section (c)(1) shall require the affirmative vote of not less than two-thirds of the Board (not including Executive) at a meeting of the Board called and held for this purpose.

The Board shall identify the conduct of Executive constituting grounds for Cause and specify the particulars thereof in reasonable detail. Executive shall have been provided notice of the meeting and an opportunity, together with counsel, to address the Board at any such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**With respect to any termination of Executive for Cause relying on clauses (1), (2) or (5) of the definition of Cause, the Board of the Company shall provide Executive with written notice of its intention to terminate Executive for Cause. Such notice shall state in detail the act or acts or failure or failures to act that constitute the grounds on which the proposed termination for Cause is based, and Executive shall be given at least thirty days (30) days to cure such acts or failures to act. A termination of employment for Cause under this Section (c)(2) shall be effective at the expiration of the 30-day cure period (or such longer period as the Board may determine in its reasonable, good faith discretion), unless Executive has cured such act or acts or failure or failures to act that give rise to Cause, as determined by the Board in its reasonable, good faith discretion at a meeting called and held for this purpose. Executive shall be provided with notice of the meeting and an opportunity, together with counsel, to address the Board. Any actions by the Board at such meeting shall require the affirmative vote of not less than two-thirds of the Board (not including Executive).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**In the event of a termination for Cause, Executive shall be entitled only to the Accrued Rights. Following such termination of Executive's employment for Cause, Executive shall have no further rights to any compensation or any other benefits under 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)Termination by the Company without Cause.** The Company may terminate Executive's employment at any time without Cause, effective upon Executive's receipt of written notice of such termination. If Executive's employment is terminated by the Company without Cause and Executive complies with Section 7(h) hereof, Executive shall be entitled 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;**(1)**The Accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**An amount equal to the greater of (A) the sum of the Executive's Base Salary for the years remaining in his Term of Employment or (B) the sum of (x) one year of Executive's then current Base Salary and (y) one year of Executive's Target Annual Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Fully accelerated vesting and immediate lapse of restrictions on the unvested portion of any equity awards previously granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Subject to Executive's election of COBRA continuation coverage under the Company's group health plan, the Company shall cover the premium cost of such coverage monthly for the lesser of eighteen months following the Date of Termination or until the Executive no longer qualifies for COBRA continuance coverage. The Company's obligation to cover the premium cost will terminate if the Executive becomes eligible to obtain benefits under a subsequent employer's benefit plan; 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;**(5)**At the Company's expense, continuation of the benefits in Section 5(b) until the later or (A) one year from the Date of Termination or (B) the end of the Term of Employment.

The payments and benefits described in clauses (2), (3), (4) and (5) above shall immediately terminate, and the Company shall have no further obligations to Executive with respect thereto, if Executive materially breaches any provision of the Restrictive Covenants contained in <u>Appendix B</u> attached hereto. Following the Date of Termination of Executive pursuant to this Section 7(d), except as set forth in Section 7(d) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(e)Termination by Executive with Good Reason.** Executive may terminate his employment with Good Reason by providing the Company written notice setting forth in reasonable specificity the event that constitutes Good Reason, such notice to be received within thirty (30) days' following the date that the Executive became aware of such event. Upon receipt of such notice, the Company shall have thirty (30) days to cure. If not cured within such period, Executive's termination shall be effective no later than thirty (30) days following the expiration of such cure period, and Executive shall be entitled to the same payments and benefits as provided in Section 7(d) hereof for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 7(d) and Section 7(h) hereof. Following the Date of Termination of Executive pursuant to this Section 7(e), except as set forth in Section 7(e) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(f)Termination related to Change in Control.** If at any time during the period beginning 90 days prior to a Change in Control and ending one (1) year after a Change in Control, the Executive's employment is terminated by the Company without Cause or by the Executive with Good Reason and Executive complies with Section 7(h) hereof, Executive shall be entitled 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;**(1)**The Accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**An amount equal to the greater of (A) the sum of the Executive's Base Salary for the years remaining in his Term of Employment or (B) two times the sum of (x) one year of Executive's then current Base Salary and (y) one year of Executive's Target Annual Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Any unpaid amounts remaining under the Transaction Cash Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Fully accelerated vesting and immediate lapse of restrictions on the unvested portion of any equity awards previously granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Subject to Executive's election of COBRA continuation coverage under the Company's group health plan, the Company shall cover the premium cost of such coverage on a monthly basis for the lesser of eighteen months following the Date of Termination or until the Executive no longer qualifies for COBRA continuance coverage. The Company's obligation to cover the premium cost will terminate if the Executive becomes eligible to obtain benefits under a subsequent employer's benefit plan; 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;**(6)**At the Company's expense, continuation of the benefits in Section 5(b) until the later or (A) one year from the Date of Termination or (B) the end of the Term of Employment.

The payments and benefits described in clauses (2), (3), (5) and (6) above shall immediately terminate, and the Company shall have no further obligations to Executive with respect thereto, if Executive breaches any provision of the Restrictive Covenants contained in <u>Appendix B</u> attached hereto. Following such termination and except as set forth in this Section 7(f) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(g)Termination by Executive without Good Reason.** Executive may terminate his employment without Good Reason by providing the Company thirty (30) days' written notice of such termination. In the event of a termination of employment by Executive under this Section 7(g), Executive shall be entitled only to the Accrued Rights. In the event of termination of Executive's employment under this Section 7(g), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination or remove him from any officer or director positions without changing the characterization of such termination as a termination by Executive without Good Reason. Following the Termination Date of Executive pursuant to this Section 7(g), except as set forth in Section 7(g) and Section 14, Executive shall have no further rights to any compensation or any other benefits under 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;**(h)Release.** Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to subsection (b) (Disability only), (d), (e) or (f) of this Section 7 (other than the Accrued Rights and Transaction Bonus) (collectively, the ***"Severance Benefits"***) shall be conditioned upon Executive's execution, delivery to the Company, and non-revocation of the Release of Claims (and the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the date of Executive's Date of Termination. Within fifteen (15) business days after the condition in the preceding sentence is satisfied, amounts owed as Severance Benefits shall be payable in a single lump sum to Executive. If Executive fails to execute the Release of Claims in such a timely manner so as to permit any revocation period to expire prior to the end of such sixty (60) day (or shorter) period, or timely revokes his acceptance of such release following its execution, Executive shall not be entitled to any of the Severance Benefits.

&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)Termination Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Notice of Termination.** Any written notice of termination given under Section 7 of this Agreement shall be provided to the other party in accordance with Section 18. In addition, any written notice pertaining to a termination by the Company for Cause or by Executive for Good Reason shall meet the requirements of a Notice of Termination. A ***"Notice of Termination"*** means a written notice which (A) indicates the specific termination provision in this Agreement relied upon, to the extent applicable, (B) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated, and (C) the Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Date of Termination. *"Date of Termination"*** means (A) if Executive's employment is terminated by the Company for Cause, the date of expiration of the cure period set forth in Section 7(c), (B) if Executive's employment is terminated by Executive for Good Reason, thirty (30) days following the date of expiration of the cure period specified in Section 7(e), (C) if Executive's employment is terminated by the Company other than for Cause, death or Disability, the date on which the Company notifies Executive of such termination, (D) if Executive voluntarily resigns without Good Reason or terminates his employment for Good Reason related to a Change in Control, the date at least thirty (30) days after Executive notifies the Company, subject to the Company's right to accelerate such date of termination without changing the characterization of such termination, and (E) if Executive's employment is terminated by reason of death, the date of death of Executive, or if Executive's employment is terminated by the Company due to Disability, the date that written notice of determination of Executive's Disability is made by the Determining Physician.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Certain 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)**In the event that any payment or benefit received or to be received by Executive pursuant to this Agreement or otherwise (***"Payments"***) would (i) constitute a "parachute payment" within the meaning of Section 280G of the Code and (ii) but for this section, be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax ("Excise Tax"), then, subject to the provisions of this Section 8, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in no portion of such Payments being subject to the Excise Tax (***"Reduced Amount"***), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax.

&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)**Unless the Company and Executive otherwise agree in writing, any determination required under this Section 8 shall be made by an independent advisor designated by the Company and reasonably acceptable to Executive ("Independent Advisor"), whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required under this Section, the Independent Advisor may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that the Independent Advisor shall assume that Executive pays all taxes at the highest marginal rate.

The Company and Executive shall furnish to the Independent Advisor such information and documents as the Independent Advisor may reasonably request in order to make a determination under this Section. The Company shall bear all costs that Independent Advisor may incur in connection with any calculations contemplated by this Section. Any reduction of the Payments payable hereunder, if applicable, shall be made by first reducing the cash payments under Section 7, second by reducing COBRA reimbursement and lastly by reducing any other Payments in a manner determined by the Company, in consultation with Executive in accordance with 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;**(c)**If Executive is determined to be entitled to a Reduced Amount pursuant to Section 8(a) and, notwithstanding any reduction described in this Section 8 (or in the absence of any such reduction), the Internal Revenue Service (***"IRS"***) determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within one hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the "Repayment Amount." The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Executive's net proceeds with respect to such Payments (after taking into account the payment of the excise tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the Payments. If the Excise Tax is not eliminated pursuant to this Section 8, Executive shall pay the Excise Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Restrictive Covenants.** Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees, as a condition of Executive's continued employment with the Company, to be bound by and comply with the Restrictive Covenants contained in <u>Appendix B</u> attached hereto and incorporated by reference herein. Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of Section 1 of <u>Appendix B</u> or a material breach or material threatened breach of any of the provisions of Section 2 of <u>Appendix B</u> of this Agreement would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Representation and Warranty of Executive.** Executive represents and warrants to the Company that Executive has had the opportunity to consult with, and is represented by, his own tax and legal advisor(s) in connection with the negotiation and preparation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Taxes.** The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been advised by the Company to seek tax advice from his own tax advisors regarding this Agreement and payments that may be made to him pursuant to this Agreement, including specifically, the application of the provisions of Section 409A of the Code to such payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Additional Section 409A Provisions.** Notwithstanding any provision in this Agreement to the contrary:

&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 payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive's employment shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the ***"Specified Employee Delay Period"***). On the first business day following the expiration of the Specified Employee Delay Period, Executive shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

&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 payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

&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 any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the Company no later than the last day of the taxable year following the taxable year in which such expense was incurred by Executive, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in 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;**(d)**The payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes under Section 409A of the Code and shall be interpreted consistent with such intent. Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest, or penalties that may be imposed on Executive as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A of the Code). If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest under Section 409A of the Code, the Company shall, after consulting with and receiving the approval of Executive, reform such provision in a manner intended (but not guaranteed by the Company) to avoid the incurrence by Executive of any such additional tax or interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Successors and Assigns; No Third-Party Beneficiaries.**

&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.** This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this Agreement nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person without Executive's prior written consent (which shall not be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially all of the assets of the Company, the Company may provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets without Executive's consent.

&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)Executive.** Executive's rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise, without the prior written consent of the Company, except that Executive may assign benefits payable in the event of Executive death under Section 7(b) of this Agreement to a trust of which he is the sole beneficiary during his lifetime. In the event of Executive's death, all amounts then payable to Executive under this Agreement shall be paid in accordance with the terms of this Agreement to Executive's devisee, legatee, trust, or other designee, or if there be no such designee, to Executive's estate.

&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)No Third-Party Beneficiaries.** Except as otherwise set forth in Section 7(b) or Section 13(b) hereof, nothing expressed or referred to in this Agreement will be construed to give any Person other than the Company and Executive any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Arbitration.** In the event of a dispute between the parties arising out of this Agreement, both Executive and the Company agree to submit such dispute to arbitration before the American Arbitration Association (the ***"Association"***) at its Baltimore, Maryland, offices, in accordance with the then-current rules of the Association; the award given by the arbitrators shall be binding and a judgment may be obtained on any such award in any court of competent jurisdiction. It is expressly agreed that the arbitrators, as part of their award, may award attorneys' fees to the prevailing party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Waiver and Amendments.** Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the parties; *provided, however*, that any such waiver, alteration, amendment, or modification must be consented to on the Company's behalf by the Compensation Committee, if in existence, and the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Severability.** If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Governing Law.** This agreement is governed by and is to be construed under 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;**18.Notices.**

&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 of Delivery.** Every notice or other communication relating to this Agreement shall be in writing, and shall be delivered by Overnight Mail to, or directly hand delivered to, the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so designated, all notices and communications by Executive to the Company shall be delivered by Overnight Mail to, or directly hand delivered to, the Company at its principal executive office to the attention of the Chief Legal Officer, and all notices and communications by the Company to Executive shall be directly hand delivered to Executive personally or, if not so hand delivered, shall be delivered by Overnight Mail to Executive at Executive's last known address, as reflected in the Company's records.

&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)Date of Delivery.** Any notice so addressed shall be deemed to be given (1) if delivered by hand, on the date of such delivery, and (2) if delivered by Overnight Mail, on the first business day following the date of such mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.Section Headings.** The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.Entire Agreement.** This Agreement, together with any exhibits and appendices attached hereto and any equity award grants referenced herein to be made by the Company to Executive, constitutes the entire understanding and agreement of the parties hereto regarding the employment of Executive. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties relating to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.Survival of Operative Sections.** Upon any termination of Executive's employment, the provisions of Section 7 through Section 21 of this Agreement (together with any related definitions set forth in <u>Appendix A</u> hereof) and <u>Appendix B</u> shall survive to the extent necessary to give effect to the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.Counterparts.** This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature.

**[ SIGNATURE PAGE FOLLOWS ]**

**IN WITNESS WHEREOF,** the undersigned have executed this Agreement as of the date first above written.

**COMPANY:**

SETO HOLDINGS, INC.

By: *<u>/s/ Janon Costley</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janon Costley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

**EXECUTIVE:**

*<u>/s/ Ryan Dolder</u>*

Ryan Dolder, individually

**<u>EXHIBIT 1</u>**

**Compensation**

During the Term of Employment, Executive shall be entitled to the following compensation:

&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)Base Salary.** The Company shall pay Executive a base salary at a rate of $240,000 per year (the ***"Base Salary"***).

&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)Annual Bonus.** Executive shall be eligible to earn an annual cash bonus, as may be established from time to time by the Board of Directors of the Company (the ***"Annual Bonus"***).

&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)Annual Equity Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Executive will be eligible to participate in the long-term equity incentive plan(s) adopted by the Company from time to time (as applicable, the ***"Equity Plan"***), subject to such vesting, other performance terms, including Company business objectives, and other conditions as the Board or, if established, the Compensation Committee, shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Executive shall not directly or indirectly, pledge, hypothecate or otherwise encumber shares of the Company's common stock awarded under the Equity Plan as collateral for indebtedness, including, but not limited to, holding such shares in a margin account or any other account that could cause the common stock to be subject to a margin call or otherwise be available as collateral for a margin loan.

&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)Signing Cash Bonus.** In consideration of his executing this Agreement, Executive shall receive a one-time cash bonus in the amount of $25,000, payable by the Company on or before January 15, 2026.

**<u>EXHIBIT 2</u>**

**Benefits**

During the Term of Employment, Executive shall be entitled to the following benefits:

Executive shall be entitled to participate in such 401(k) and employee health, welfare and benefit plans and programs of the Company as are made available to the Company's senior level executives or employees generally, as such plans and programs may be in effect from time to time.

**<u>APPENDIX A</u>**

**Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)"Accrued Rights"** shall mean (1) all accrued but unpaid Base Salary through the Date of Termination, to be paid within thirty (30) days following Date of Termination or such earlier date as required by applicable law, (2) any unpaid or unreimbursed expenses incurred through the Date of Termination in accordance with Sections 5(b) or 6 hereof, to be paid within thirty (30) days following Date of Termination, and (3) any benefits provided under the Company's employee benefit plans or any incentive plans upon a termination of employment, including rights with respect to Company equity, in accordance with the terms contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)"Agreement"** shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)"Annual Bonus"** shall have the meaning set forth in Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)"Base Salary"** shall mean the salary provided for in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)"Board"** shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)"Cause"** shall mean Executive's (1) continued and willful failure, or refusal by Executive, to substantially perform his duties or responsibilities to the Company under this Agreement (other than as a result of Disability), (2) engaging in gross negligence or willful misconduct that has a material adverse effect on the reputation or business of the Company, (3) fraud or embezzlement committed by the Executive (or at his direction), or misappropriation (or attempted misappropriation) by Executive of any Company funds, (4) conviction of, or pleading "guilty" or "no contest" to, (A) a felony or (B) any other criminal charge that has, or could be reasonably expected to have, an adverse impact on the performance of Executive's duties to the Company or otherwise have an adverse impact on the reputation or business of the Company, or (5) material breach of this Agreement or material breach of the Restrictive Covenants contained in <u>Appendix B</u>.

For purposes of this Section (g), no act or failure to act by Executive shall be considered "willful" unless it is done, or omitted to be done, in bad faith and without reasonable belief that Executive's action or omission was in the best interests of the Company. Any action or inaction of Executive taken in reliance on the advice of the Company's Chief Legal Officer, outside counsel to the Company, or at the direction of the Board or any committee thereof shall be considered to have been taken or not taken in good faith, and not in bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)"Change in Control"** shall have the meaning assigned to such term in the Equity Plan, as amended from time to time (or any successor plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)"Code"** shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)"Company"** shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)"Compensation Committee"** shall mean the committee of the Board designated to make compensation decisions relating to senior executive officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)"Delay Period"** shall have the meaning set forth in Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)"Determining Physician"** shall mean a physician satisfactory to both the Executive and the Company who is appointed by the Company for the purpose of determining Executive's Disability; provided, however, that if the Employee and the Company do not agree on a physician, the Employee and the Company shall each select a physician and these two together shall select a third physician who shall serve as the Determining Physician and whose determination as to Disability shall be final and conclusive for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)"Disability"** shall mean any physical or mental disability or infirmity of Executive that prevents, with reasonable accommodation to the extent required by applicable law, the performance of Executive's duties for a period of (1) one hundred eighty (180) consecutive days or (2) two hundred seventy (270) non-consecutive days during any twelve (12) month period. Any question as to the existence, extent, or potentiality of Executive's Disability upon which Executive and the Company cannot agree shall be determined by a Determining Physician. The determination of any such Determining Physician shall be final and conclusive for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)"Executive"** shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)"Excise Tax"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)"Good Reason"** shall mean:

&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)**without Executive's written consent, (A) a material diminution in Executive's title, duties, or responsibilities as set forth in Section 3, (B) a reduction in Base Salary set forth in Section 4(a), (C) a material diminution in Executive's total overall compensation opportunity, which includes the sum of Executive's Base Salary, Annual Bonus opportunity, historic grant date value of annual equity awards and benefits and allowances under Section 5 of this Agreement or (D) the relocation of Executive's principal place of performance by more than twenty-five (25) miles from the Company's headquarters or (E) in the event of a sale of all or substantially all the assets of the Company, a failure of the Company under Section 13 to have this Agreement assigned to, or assumed by, the acquiror within 15 business days of such sale; 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;**(2)**written notice by the Company to the Executive of non-renewal of the Agreement under Section 2 without an offer to the Executive of at-will employment with substantially the same title, duties and responsibilities, total overall compensation opportunity and principal place of performance as in effect prior to receipt of the notice of non-renewal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)"Independent Advisor"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)"IRS"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)"Notice of Termination"** shall have the meaning set forth in Section 7(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)"Overnight Mail"** means express or priority mail with a delivery confirmation or an overnight service with an on-line tracking system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)"Payments"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)"Person"** shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)"Reduced Amount"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)"Release of Claims"** shall mean Executive's release of claims, substantially in the form attached hereto as <u>Exhibit 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)"Repayment Amount"** shall have the meaning set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)"Restrictive Covenants"** shall mean the restrictive covenants contained in Appendix B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)"Severance Benefits"** shall have the meaning set forth in Section 7(h).

**<u>APPENDIX B</u>**

**Restrictive Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Non-Competition; Non-Solicitation; Non-Disparagement.**

&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)**Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its Affiliates and accordingly 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**During Executive's employment with the Company or its Affiliates and for a period of 12 months following the date Executive ceases to be employed by the Company or its Affiliates (the ***"Restricted Period"***), Executive will not, whether on Executive's own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (***"Person"***), directly or indirectly solicit or assist in soliciting in competition with the Restricted Group in the Business, the business of any then current or prospective client or customer with whom Executive (or his direct reports) had personal contact or dealings on behalf of the Company or its Affiliates during the two-year period preceding Executive's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**During the Restricted Period, Executive will not directly or indirectly in any state or the District of Columbia where the Company maintains an office with a minimum of twenty employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**enter the employ of a Competitor, except where such employment does not relate in any manner to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)**without the prior written authorization of the Board, which consent may be withheld at the Board's sole and absolute discretion, render any services to a Competitor; except where such services do not relate in any manner to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)**acquire a financial interest in and otherwise become actively involved in the Business with any Person as, a general partner, shareholder, officer, director, principal, member, manager, agent, trustee or lender; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**intentionally and adversely interfere with, or attempt to adversely interfere with, business relationships between the members of the Restricted Group and any of their clients, customers, suppliers, partners, members or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)**Executive may, directly or indirectly own, solely as an investment, securities of any Person engaged in a Business (including, without limitation, a Competitor) if Executive (A) is not a Controlling Person of, or a member of a group which Controls, such Person and (B) does not, directly or indirectly, own 5% or more of any class of securities 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)**During Executive's employment with the Company and during the Restricted Period, Executive will not, whether on Executive's own behalf or on behalf of or in conjunction with any Person, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**solicit or encourage any employee of the Restricted Group to leave the employment of the Restricted 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;&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)**hire any executive-level employee who was employed by the Restricted Group as of Executive's Date of Termination or who left the employment of the Restricted Group coincident with, or within one year prior to or after, the Executive's Date of Termination; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)**encourage any material consultant of the Restricted Group to cease working with the Restricted 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)**For purposes of this Appendix 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;&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)**"Affiliate" shall mean, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under common control with, 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;&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)**"Business" shall mean business of providing professional civil engineering, right-of-way acquisition, structural engineering, land surveying, land planning, mining engineering, environmental engineering and consulting, landscape architecture, traffic and transportation planning and engineering, construction engineering and inspection, construction management, mechanical, electrical and plumbing engineering, renewable energy consulting, and other services related to 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;&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)**"Competitor" shall mean any Person engaged in the Business in direct competition with the Restricted Group, but excluding any Person that (i) has been in Business for at least one year and (ii) derived less than 10% of its gross revenue during its most recent fiscal year from activities, individually or in the aggregate, the same as or similar to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**"Control" (including the terms "controlling", "controlled by" or "under common control with") shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**"Restricted Group" shall mean, collectively, the Company and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**"Timely" shall mean in a timely manner not in excess of 10 business 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;**(b)Non-Disparagement.** Executive will not at any time (whether during or after Executive's employment with the Company) make public statements or public comments of a defamatory or disparaging nature that are likely to be harmful to the business, business reputation or personal reputation of the Company or its Affiliates or any of their respective businesses, shareholders, members, partners, employees, officers or directors (it being understood that comments made in Executive's good faith performance of his duties hereunder shall not be deemed disparaging or defamatory for purposes of this paragraph).

The Company (via any official statement) shall not, and shall instruct its executive officers and directors to not, at any time make any public statements or public release of a defamatory or disparaging nature regarding Executive's reputation in the business community (it being understood that comments made by the Company in the good faith and in ordinary course of business shall not be deemed disparaging or defamatory for purposes of this paragraph).

Notwithstanding anything in this Section 1(b), either Executive or the Company (including its officers and directors) shall be permitted to (1) provide a reasonable and truthful response to or statement to defend itself or him/herself against any public statement made by the Company or Executive, as applicable, that is incorrect or disparages such person, to the extent necessary to correct or refute such public statement and (2) provide truthful testimony in any legal proceeding or process. For the avoidance of doubt, and notwithstanding the foregoing, nothing in this Agreement shall prohibit Executive from communicating with a government agency, regulator or legal authority concerning any possible violations of federal or state law or regulation prevent or limit Executive from discussing his terms and conditions of employment. Nothing in this Agreement, however, authorizes the disclosure of information Executive obtained through a communication that was subject to the attorney-client privilege, unless disclosure of the information (A) would otherwise be permitted by an applicable law or rule, or (B) is necessary in order to comply with an order from a court or other governmental body of competent jurisdiction and is in connection with compliance with such order.

&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)** It is expressly understood and agreed that, although Executive and the Company consider the restrictions contained in this Section 1 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Appendix B is an unenforceable restriction against Executive, the provisions of this Appendix B shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Appendix B is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

&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 period of time during which the provisions of this Section 1 shall be in effect shall be extended by the length of time during which Executive is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company's application for injunctive relief.

&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 provisions of Section 1 hereof shall survive the termination of Executive's employment for any reason, including but not limited to, any termination other than for Cause (except as otherwise set forth in Section 1 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Confidentiality; Intellectual 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;**(a)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**Executive will not at any time (A) retain or use for the benefit, purposes or account of Executive or any other Person; or (B) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations or otherwise in performance of Executive's duties under Executive's employment and pursuant to customary industry practice), any non-public, proprietary or confidential information concerning the Company or its business, systems, operations, customers, procedures, manuals, software, equipment and other processes, as well as the Company's business and technical information including, without limitation, all brochures, flyers, promotional materials and literature, mailing lists, lists of customers and prospective customers, sales and marketing techniques, names and addresses of the Company's customers or clients, business plans, marketing materials or information, financial and marketing data, customer drawings and/or Computer Aided Designs ("CAD"), Company employee information (including but not limited to employee compensation, employee capabilities and abilities, and employee performance reviews), or any other information relating to the Company's customers, designs, processes, software, procedures, or business, all of which constitute valuable, special, and unique assets of the Company (***"Confidential Information"***) without the prior written authorization 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;**(2)**"Confidential Information" shall not include any information that is (A) generally known to the industry or the public other than as a result of Executive's breach of this covenant; (B) made legitimately available to Executive by a third party without breach of any confidentiality obligation of which Executive has knowledge; or (C) required by law or by order from a court or other governmental body of competent jurisdiction to be disclosed; provided that with respect to subsection (C) Executive shall give prompt written notice to the Company of such requirement, disclose no more information than is so required, and reasonably cooperate with any attempts by the Company to obtain a protective order or similar treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**Upon termination of Executive's employment with the Company for any reason, Executive shall (A) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company or its Affiliates; and (B) upon the request of the Company, Timely destroy, delete, or return to the Company, at the Company's option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive's possession or control (including any of the foregoing stored or located in Executive's office, home, laptop or other computer, whether or not Company property) that contain Confidential Information, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any 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;**(b)Intellectual 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**If Executive has created, invented, designed, developed, contributed to or improved any works of authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials) (***"Works"***), either alone or with third parties, prior to Executive's employment by the Company, that are relevant to or implicated by such employment and in which Executive has exclusive, unfettered ownership ("Prior Works"), Executive hereby grants the Company a perpetual, non-exclusive, royalty-free, worldwide, assignable, sublicensable license under all rights and intellectual property rights (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) therein for all purposes in connection with the Company's current and future 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;**(2)**If Executive creates, invents, designs, develops, contributes to or improves any Works, either alone or with third parties, at any time during Executive's employment by the Company and within the scope of such employment and with the use of any Company resources (***"Company Works"***), Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in 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;&nbsp;&nbsp;&nbsp;&nbsp;**(3)**Upon request by the Company, Executive shall Timely take all reasonably requested actions and execute all reasonably requested documents (including any licenses or assignments required by a government contract) at the Company's expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company's rights in the Prior Works and Company Works. Executive also waives any moral rights to Prior Works and Company Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**The provisions of Section 2 hereof shall survive Executive's Date of Termination (except as otherwise set forth in Section 2(a)(iii) hereof).

**EXHIBIT 3**

**FORM OF RELEASE OF CLAIMS**

This Release of Claims (this ***"Release"***), once executed, shall be incorporated into the Employment Agreement (as defined below).

In consideration of the "Severance Benefits" defined under Section 7(h) of the employment agreement dated as of July 1, 2025, by and between SETO Holdings, Inc., a Nevada corporation (the ***"Company"***), and Ryan Dolder (the ***"Undersigned"***) (the ***"Employment Agreement"***), with the promises and covenants that the Company and the Undersigned made thereunder, the Undersigned, on behalf of himself and his respective heirs, representatives, executors, family members, and assigns, hereby fully and forever releases and discharges the Company, and its past, present and future directors, officers, employees, agents, attorneys, investors, administrators, affiliates, divisions, subsidiaries, predecessors, successors, and assigns (collectively, the ***"Company Parties"***) from and against, and agrees not to sue or otherwise institute or cause to be instituted any legal, alternative dispute resolution, or administrative proceeding concerning, any claim, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that he may possess arising from any omissions, acts, or facts that have occurred through the date his employment terminates, including without limitation (individually a ***"Claim"*** and collectively ***"Claims"***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Any and all claims relating to or arising from his employment by the Company and the termination of such employment, including allegations
that any of the Company Parties has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and
fair dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** Any and all claims under the Employment Agreement or any other agreement or understanding governing the service relationship between
the Company and the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Any and all claims against any of the Company Parties for wrongful discharge, termination in violation of good policy, discrimination,
breach of contract, both expressed or implied, covenants of good faith or fair dealing, both expressed or implied, promissory estoppel,
negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference
with contract or prospective economic advantage, unfair business practice, defamation, libel, slander, negligence, personal injury, assault,
battery, invasion of privacy, false imprisonment, or conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** Any and all claims against any of the Company Parties alleging any of the Company Parties has discriminated against the Undersigned
on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation,
marital status, parental status, source of income, entitlement to benefits, any union activities or other protected category or has otherwise
violated any federal, state or municipal statute, including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil
Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards
Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Equal Pay Act, the
Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, the Virginia Human Rights Act, the Older Workers Benefit
Protection Act, the anti-retaliation provisions of the Sarbanes-Oxley Act, or any other federal or state law regarding whistleblower retaliation,
the Lilly Ledbetter Fair Pay Act, the Uniformed Services Employment and Reemployment Rights Act, the Fair Credit Reporting Act, the National
Labor Relations Act; and all amendments to each such Acts as well as the regulations issued there under;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** Any and all claims based on the violation of the federal or any state constitution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** Any and all claims for attorneys' fees and costs.

Other than events expressly contemplated by this Release, the Undersigned does not waive or release rights or Claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** that may arise from events that occur after the date this Release is executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** for indemnification and/or advanced expenses under applicable law, any directors' and officers' liability insurance, any
indemnification agreement, the Employer's certificate of incorporation or by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** to enforce the Employment Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** any Claims which cannot be waived by law, including, without limitation, any rights the Undersigned may have under applicable workers'
compensation laws and his right, if applicable, to file or participate in an investigative proceeding of any federal, state or local governmental
agency.

Nothing in this Release shall prevent the Undersigned from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal government agency, or similar state or local agency (***"Government Agencies"***), or exercising any rights pursuant to Section 7 of the National Labor Relations Act. The Undersigned further understands this Release does not limit his ability to voluntarily communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While this Release does not limit the Undersigned's right to receive an award for information provided to the Securities and Exchange Commission, the

Undersigned understands and agrees that, he is otherwise waiving, to the fullest extent permitted by law, any and all rights he may have to individual relief based on any Claims that he has released and any rights he has waived by signing this Release. If any Claim is not subject to release, to the extent permitted by law, the Undersigned waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the Company Parties is a party. This Release does not abrogate the Undersigned existing rights under any Company benefit plan or any plan or agreement related to equity ownership in the Company; however, it does waive, release and forever discharge Claims existing as of the date the Undersigned executes this Release pursuant to any such plan or agreement.

The Undersigned acknowledges and agrees that (i) the consideration given to the Undersigned in exchange for the waiver and release in this Release is in addition to anything of value to which the Undersigned was already entitled, and (ii) that the Undersigned has been paid for all time worked, has received all the leave, leaves of absence and leave benefits and protections for which the Undersigned is eligible, and has not suffered any on-the-job injury for which the Undersigned has not already filed a Claim. The Undersigned affirms that all of the decisions of the Company Parties regarding his pay and benefits through the date of his execution of this Release were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by law. The Undersigned affirms that he has not filed or caused to be filed, and is not presently a party to, a Claim against any of the Company Parties. The Undersigned further affirms that he has no known workplace injuries or occupational diseases. The Undersigned acknowledges and affirms that he/she has not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the Company Parties, or for exercising any rights protected by law, including any rights protected by the Fair Labor Standards Act, the Family Medical Leave Act or any related statute or local leave or disability accommodation laws, or any applicable state workers' compensation law. The Undersigned expressly acknowledges and understands that this Release: (i) is not an admission of liability under any statute or otherwise by the Company or any of the Company Parties, and (ii) does not admit any violation of Employee's legal rights.

The Undersigned acknowledges that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** he has been advised by Company to consult a lawyer of his own choice prior to executing this Release and has done so, or voluntarily
declined to seek such counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** he has read this Release and understands the terms and conditions hereof and the binding nature hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** he has had at least twenty-one (21) days within which to consider the terms of this Release and has been given sixty (60) days from
his Date of Termination to return his execution of this Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** he has executed this Release voluntarily and without duress or undue influence on the part of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** he has seven (7) days to revoke his execution of this Release by notifying Company of any such revocation in writing at the following
address: _______________________________________;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** he understands that execution of this Release shall not be effective until expiration of the seven (7) day revocation period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** he understands that his right to receive Severance Benefits under Section 7(h) of the Employment Agreement is subject to and conditioned
on the Undersigned's signing and delivering this Release to Company and the Release becoming effective prior to the expiration of
the seven (7) day revocation period.

In the event Undersigned breaches any terms of this Release, the Undersigned understands that he shall forfeit all rights to Severance Benefits, and in addition to any and all other remedies available under law or equity to the Company, the Undersigned shall be obligated to repay to the Company, all Severance Benefits previously paid under the Employment Agreement, as well as all reasonable attorneys' fees, expenses and costs incurred by Company Parties.

Capitalized terms used in this Release and defined in the Employment Agreement shall have the meanings given to such terms under the Employment Agreement.

________________________

Ryan Dolder

Date: ____________________

## Ex1A-7

**Exhibit 7.1**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (the ***"Agreement"***) is entered into as of the 23rd day of May, 2025, by and between Intergen I Limited Partnership, a Wyoming limited partnership (***"Purchaser"***), and Daming Zhang (***"Seller"***), with respect to certain securities of SETO Holdings, Inc., a Nevada corporation (***"SETO"***).

<u>RECITALS</u>

**WHEREAS,** Seller is the owner of (1) 10,000,000,000 shares of common stock (the ***"Seller Common Stock"***) of SETO and (2) the single outstanding share of Special 2022 Series A Preferred Stock of SETO (the ***"Seller Preferred Stock"***), the Certificate of Designation of which is attached hereto as <u>Exhibit A</u> and made a part hereof, which are restricted securities, by virtue of their not having been registered under Section 5 of the Securities Act of 1933, as amended (the ***"1933 Act"***); and

**WHEREAS,** Purchaser desires to purchase from Seller, and Seller desires to sell to Purchaser, (a) 9,995,000,000 shares of the Seller Common Stock (the ***"Purchased Common Stock"***) and (b) the Seller Preferred Stock (the Purchased Common Stock and the Seller Preferred Stock are referred to collectively as the ***"Subject Shares"***), on the terms and conditions set forth in this Agreement.

<u>AGREEMENT</u>

In order to consummate this Agreement, Purchaser and Seller, in consideration of the mutual covenants and on the basis of the representations and warranties set forth, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Purchase of Subject Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01 Purchase.** Subject to the terms and conditions of this Agreement, Seller shall transfer and sell to Purchaser all indicia of ownership representing the Subject Shares, which shall be free-trading shares subject to no encumbrances, duly endorsed in blank and delivered upon payment therefor on the Closing Date (defined 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;**1.02 Consideration for Purchase.** In payment of the Subject Shares, Purchaser shall pay to Seller the sum of $67,000 (the ***"Purchase Price"***), payable as follows: on the Closing Date (defined below), Purchaser shall deliver (a) the sum of $25,000 (the ***"Closing Amount"***) by wire transfer in immediately available funds and (b) a $42,000 principal amount promissory note (the ***"Closing Note"***), in the form of <u>Exhibit B</u> attached hereto and made a part hereof. Payment of the Purchase Price shall be made in the manner prescribed by Seller pursuant to Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Establishment of Escrow.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01 Appointment of Escrow Agent.** Purchaser and Seller hereby appoint Eric Newlan acting on behalf of Newlan Law Firm, PLLC, as escrow agent (the ***"Escrow Agent"***) under this Agreement, and Escrow Agent hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02 Escrow of Deliverables.** On or before May 23, 2025 (the ***"Escrow Date"***), Seller shall deliver to Escrow Agent the items required to be delivered by Section 1.01 and the items required to be delivered by Section 6(a). On or before the Escrow Date, Purchaser shall deliver to Escrow Agent the items required to be delivered by Section 1.02 and the items required to be delivered by Section 6(b). The items to be delivered to Escrow Agent by Purchaser and Seller are referred to collectively as the ***"Escrow Deliverables"***.

Subject to, and in accordance with, the terms and conditions hereof, Escrow Agent agrees that he shall receive, hold in escrow and release or distribute the Escrow 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;**2.03 Receipt of Escrow Deliverables.** Receipt of the Escrow Deliverables shall be confirmed, in writing delivered by e-mail to Purchaser and Seller, by Escrow Agent as soon as practicable following his receipt of 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;**2.04. Disbursement of Escrow Deliverables.** Escrow Agent is hereby authorized to make disbursements of the Escrow Deliverables and the Closing Amount, in accordance with the terms of Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05 Scope of Undertaking.** Escrow Agent's duties and responsibilities in connection with this Agreement shall be purely ministerial and shall be limited to those expressly set forth in this Section 2. Escrow Agent shall not be liable for any error in judgment, any act or omission, any mistake of law or fact, or for anything he may do or refrain from doing in connection herewith, except for his own fraud, willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06. Indemnification.** Purchaser and Seller hereby jointly and severally agree to indemnify Escrow Agent against, and hold Escrow Agent harmless from, any and all reasonable and documented out-of-pocket expenses incurred after the date 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;**2.07. Compensation and Reimbursement of Expenses.** Escrow Agent shall receive no compensation for his serving as Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08. Termination by Purchaser and Seller.** By mutual agreement, Purchaser and Seller shall have the right, at any time, to terminate their appointment of Escrow Agent as the escrow agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Duties and Rights of Escrow Agent.** The agreements and obligations of the Escrow Agent are subject to 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;**(a)** Escrow Agent's duties hereunder are limited solely to the safekeeping of the Escrow Deliverables in accordance with the terms of the Agreement. It is agreed that the duties of Escrow Agent are only such as herein specifically provided, being purely of a ministerial nature and Escrow Agent shall incur no liability whatsoever, except for gross negligence, willful misconduct or bad faith.

&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)** Escrow Agent is authorized to rely on any document believed by Escrow Agent to be authentic in making any delivery of Escrow Deliverables. He shall have no responsibility for the genuineness or validity of any documents or any other item deposited with him and he shall be fully protected in acting in accordance with the Agreement or valid instruction 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;**(c)** Purchaser and Seller hereby waive any suit, claim, demand or cause of action of any kind which they may have or may assert against Escrow Agent arising out of or relating to the execution or performance by Escrow Agent under this Agreement, unless such suit, claim, demand or cause of action is based upon the gross negligence, willful misconduct or bad faith of Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Delivery into Court.** If, at any time, there shall exist any dispute between Purchaser and Seller with respect to the holding or disposition of any portion of the Escrow Deliverables or any other obligations of Escrow Agent hereunder, or if at any time Escrow Agent is unable to determine, to Escrow Agent's sole satisfaction, the proper disposition of any portion of the Escrow Deliverables, or Escrow Agent's proper actions with respect to his obligations hereunder, or if Purchaser and Seller have not with 30 days of the furnishing by Escrow Agent of a notice of resignation appointed a successor Escrow Agent to act hereunder, Escrow Agent may, in his sole discretion, take either or both of the following actions:

&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)** suspend the performance of any of his obligations under this Escrow Agreement until such dispute or uncertainty be resolved to the sale satisfaction of the Escrow Agent or until a successor Escrow Agent shall have been appointed (as the case may be); provided, however, that Escrow Agent shall continue to hold the Escrow Deliverables in accordance with Section 2.02 hereof; and/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)** petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction in Denton County, Texas, for instructions with respect to such dispute or uncertainty, and deliver into the Court the Escrow Deliverables for holding and disposition in accordance with the instructions of such Court.

Escrow Agent shall have no liability to Purchaser, Seller or to any other person with respect to any such suspension of performance or delivery into Court, specifically including any liability or claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the distribution of the Escrow Deliverables or any delay in or with respect to any other action required or requested of Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. The Closing; Closing Date.** At 10:00 a.m. Eastern Time, on May 27, 2025, Escrow Agent shall, on behalf of Purchaser and Seller, consummate this Agreement (the ***"Closing"***) on behalf of Purchaser and Seller. The date of the consummation of this Agreement is referred to as the ***"Closing Date"***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Consummation of the Closing.** At the Closing and subject to the terms and conditions contained herein:

&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) Deliveries of Purchaser.** Purchaser shall deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Closing Amount in immediately available funds in the manner set forth in <u>Attachment 1</u> attached hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Closing Note; 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;**(3)** a duly executed pledge agreement (the ***"Pledge Agreement"***), in the form of <u>Exhibit C</u> attached hereto.

&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) Deliveries of Seller.** Seller shall deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** an Assignment, in the form of <u>Attachment 2</u> attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** an original stock power in favor of Purchaser and either (A) a Medallion Signature Guaranty or (B) documentation waiving the Medallion Signature Guaranty requirement signed by SETO and its transfer agent, Securities Transfer Corporation, in form satisfactory to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** a duly executed Pledge 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;**(4)** Signed resignations of all current officers and directors of SETO, all effective as of the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** A true and correct copy of resolutions of the Board of Directors of SETO accepting the resignations of the current officers and directors, effective as of Closing, and electing Janon Costley and Ryan Dolder as directors of SETO, effective immediately upon the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Representations and Warranties of Seller.** Seller represents and warrants, as of the date of this Agreement and as of the Closing Date, 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;**7.01. Full Disclosure.** As of the Closing Date, Seller will have disclosed all events, conditions and facts materially affecting the business and prospects of SETO known to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02. Ownership of Subject Securities.** Seller is, on the date of this Agreement, and on the Closing Date will be, the lawful owner of the Subject Securities. Seller has the legal right and power to sell, assign and transfer the Subject Securities. The delivery of the Subject Securities to Purchaser pursuant to the provisions of this Agreement will transfer valid title to the Subject Securities free and clear of all liens, encumbrances, claims and other restrictions of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03. Seller an Affiliate.** Seller is an affiliate of SETO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04. No Legal Disability.** Seller is under no legal disability with respect to entering into, and performing under, 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;**7.05. No Brokers or Finders.** All negotiations related to this Agreement on the part of Seller have been accomplished solely by Seller without the assistance of any person employed as a broker or finder. Seller has done anything to give rise to any valid claims against Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Representations and Warranties of 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;**8.01. Acknowledgment of Receipt of Disclosure.** Purchaser acknowledges receipt of the disclosure regarding SETO delivered by Seller pursuant to Section 7.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02. Investment Purpose.** Purchaser is purchasing the Subject Shares for Purchaser's own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; *provided, however*, that, by making the representations herein, Purchaser does not agree to hold any of the Subject Shares for any minimum or other specific term and reserves the right to dispose of the Subject Shares at any time in accordance with or pursuant to a registration statement or an exemption under the 1933 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;**8.03. Reliance on Exemptions.** Purchaser understands that the Subject Shares are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that Seller is relying upon the truth and accuracy of, and Purchaser's compliance with, the representations, warranties, agreements, acknowledgments and understandings of Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of Purchaser to acquire the Subject 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;**8.04. Transfer or Re-sale.** Purchaser understands that (a) the sale or resale of the Subject Shares has not been and is not being registered under the 1933 Act or any applicable state securities laws, and the Subject Shares may not be transferred unless (1) the Subject Shares are sold pursuant to an effective registration statement under the 1933 Act, (2) Purchaser shall have delivered an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions to the effect that the Subject Shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration, (3) the Subject Shares are sold or transferred to an "affiliate" (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (***"Rule 144"***)) of Purchaser who agrees to sell or otherwise transfer the Subject Shares only in accordance with this Section 8.04 and who is an accredited investor, (4) the Subject Shares are sold pursuant to Rule 144 or other applicable exemption or (5) the Subject Shares are sold pursuant to Regulation A (***"Regulation A"***) or Regulation S (***"Regulation S"***) under the 1933 Act (or successor rules), and Purchaser shall have delivered an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions; (b) any sale of such Subject Shares made in reliance on Rule 144 may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Subject Shares under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (c) no person is under any obligation to register such Subject Shares under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the foregoing or anything else contained herein to the contrary, the Subject Shares may be pledged in connection with a bona fide margin account or other lending arrangement secured by the Subject Shares, and such pledge of Subject Shares shall not be deemed to be a transfer, sale or assignment of the Subject Shares hereunder, and Purchaser in effecting such pledge of Subject Shares shall be not required to provide any person with any notice thereof or otherwise make any delivery to any person pursuant to this Agreement 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;**8.05. Legend.** Purchaser understands that, until such time as the Subject Shares have been registered under the 1933 Act or may be sold pursuant to Rule 144, Rule 144A under the 1933 Act, Regulation A, Regulation S or other applicable exemption without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Subject Shares may bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such Subject Shares):

"NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE [CONVERTIBLE/EXERCISABLE] HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A, REGULATION S, OR OTHER APPLICABLE EXEMPTION UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY 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;**8.06 Authorization.** All corporate action on the part of Purchaser, its partners and its owners necessary for the authorization of this Agreement and the execution, delivery and performance of all obligations of Purchaser hereunder has been taken or will be taken prior to the Closing Date. This Agreement, when executed and delivered by Purchaser, shall constitute the valid and binding obligation of Purchaser enforceable in accordance with their terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Survival of Representations and Warranties; Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01. Nature and Survival of Representations and Warranties.** The covenants, representations and warranties of Purchaser and Seller shall survive 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;**9.02. Expenses.** Purchaser and Seller shall pay their respective expenses incurred by them arising out of this Agreement and the transactions contemplated in this Agreement, including, but not limited to, all fees and expenses of their counsel and accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01. Default.** Purchaser or Seller may, by written notice, on or at any time prior to the Closing Date, terminate this Agreement by notice to the other party in the 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;**(a)** The other party has defaulted under this Agreement by failing to perform any of its covenants and agreements contained in this 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;**(b)** Each default has not been fully cured within three (3) days after receipt of the notice specifying particularly the nature of the 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;**10.02. Delay.** If consummation of the transactions contemplated in this Agreement has not occurred by 11:59 p.m., Eastern Time, on May 30, 2025, the party that is not in default in the timely performance of any of its covenants and conditions may terminate this Agreement subsequent to that time by giving written notice of termination to the other party. The written notice of termination shall be effective upon the delivery of the notice in person to the other party or parties or, if served by mail or overnight courier, upon the receipt of the notice by such party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. 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;**11.01. Notices.** All notices, requests and other communications to any party hereunder shall be in writing (including facsimile and e-mail transmission) and shall be given:

if to Purchaser: 30 N. Gould Street, Suite N Sheridan, Wyoming 82801

if to Seller: Room 601, Building 20 Shuiyueyuanan, Daqiao Road Zhouzhuang Town Kunshan City, Suzhou City JS, China

or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding business day in the place of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02. No Third-Party Beneficiaries.** Nothing in this Agreement, express or implied, is intended to confer on any Person other than the parties hereto or their respective successors and assigns any rights, remedies or liabilities under or by reason 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;**11.03. Amendments and Waivers.** Any provision of this Agreement may be amended or waived prior to the Closing Date, if, but only if, such amendment or waiver is in writing and is signed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided 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;**11.04. Cumulative Rights and Remedies.** All rights and remedies under this Agreement shall be cumulative, and none shall exclude any other right or remedy at law. Such rights and remedies may be exercised and enforced concurrently and whenever and as often as occasion therefor arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.05. Binding Effect; Benefit; Assignment.** The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any person other than the parties hereto and their respective successors and assigns. No party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each other party hereto; provided, however, that Purchaser shall have the right to assign his rights and delegate his duties hereunder to an entity controlled by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.06. Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts of law rules of 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;**11.07. Counterparts; Effectiveness.** This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when executed by Purchaser and Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08. Entire Agreement.** This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.09. Severability.** If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other governmental authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

&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. Legal Representation.** Each of Purchaser and Seller acknowledges that each has had the opportunity to utilize separate legal counsel with respect to this Agreement.

**[ SIGNATURE PAGE FOLLOWS]**

**[ <u>Signature Page to Securities Purchase Agreement</u> ]**

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

**SELLER:**

*<u>/s/ Daming Zhang</u>*

Daming Zhang

**PURCHASER:**

INTERGEN I LIMITED PARTNERSHIP

By: Tres Grados LLC, its General Partner

By: *<u>/s/ Janon Costley</u>*

Janon Costley

Manager

By: *<u>/s/ Ryan Dolder</u>*

Ryan Dolder

Manager

**AGREED AND ACCEPTED:**

**ESCROW AGENT:**

NEWLAN LAW FIRM, PLLC

By: *<u>/s/ Eric Newlan</u>*

Eric Newlan

Managing Member

**<u>EXHIBIT A</u>**

**Designation of Special 2022 Series A Preferred Stock**

Except as provided by Nevada statutes, the holder of the Special 2022 Series A Preferred Stock shall vote together with the holders of preferred stock (including on an as converted basis), par value $0.001, and common stock, par value $0.001 per share, of the Company as a single class. The 2022 Series A Preferred Stock stockholder is entitled to 60% of all votes (including, but not limited to, common stock, and preferred stock (including on an as converted basis) entitled to vote at each meeting of stockholders of the Company (and written actions of stockholders in lieu of meetings) with respect to any and all matters presented to the stockholders of the Company for their action or consideration. The Special 2022 Series A Preferred Stock shall not be divided into fractional shares.

**<u>EXHIBIT B</u>**

**Form of Closing Note**

**NEITHER THE ISSUANCE NOR THE SALE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.**

**SECURED PROMISSORY NOTE** 

---

| | |
|:---|:---|
| **Principal Amount: $42,000.00** | **Issue Date: May 27, 2025** |

---

Intergen I Limited Partnership, a Wyoming limited partnership (***"Maker"***), promises to pay to Daming Zhang (***"Holder"***), the principal sum of Forty-Two Thousand Dollars ($42,000.00) (the ***"Principal Amount"***). This note (the ***"Note"***) shall contain an original issue discount (***"OID"***) of $2,000.00, which shall be included in the Principal Amount of this Note.

The Principal Amount hereunder may be prepaid in whole or in part prior to any demand, at any time and from time to time, without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Principal Amount shall be paid, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On August 15, 2025, the sum of $10,500.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On September 15, 2025, the sum of $10,500.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) On October 15, 2025, the sum of $10,500.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) On November 15, 2025 (the  ***"Maturity Date"***), the sum of $10,500.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any Principal Amount or interest on this Note which is not paid when due shall bear interest at the rate of 16 percent (16%) per annum
from the due date thereof until the same is paid ( ***"Default Interest"***). Default Interest shall be computed on
the basis of a 365-day year and the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. All payments due hereunder shall be made in lawful money of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. All payments shall be made in accordance with wire transfer instructions as Holder shall hereafter give to Borrower by written notice
made in accordance with the provisions of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the same shall instead
be due on the next succeeding day which is a business. As used in this Note, the term "business day" shall mean any day other
than a Saturday, Sunday or a day on which commercial banks in the City of New York, New York, are authorized or required by law or executive
order to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

The following terms shall also apply to this Note:

In the event any payment called for by this Note would result in the violation of applicable usury laws, then any amount paid in excess of the maximum amount on interest allowed by law shall be applied towards a reduction of the outstanding Principal Amount.

**The obligations of this Note are secured by that certain Pledge Agreement dated as of the Issue Date between Holder and Maker.**

The occurrence of any one or more of the following events shall constitute a default under this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure of Maker to make any payment when due under this Note, with a grace period of two (2) business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the filing of any petition under federal bankruptcy law or any similar federal or state statute by or against Maker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an application for the appointment of a receiver for, the making of a general assignment for the benefit of creditors by, or the insolvency
of Maker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the validity or enforceability of this Note is contested by Maker;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Maker denies that it has any or any further liability or obligation hereunder.

This Note is and shall be deemed to have been made and delivered in the State of Florida and in all respects shall be governed and construed in accordance with the laws of that State.

This Note shall be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state courts of Nevada or in the federal courts located in Las Vegas, Nevada. The parties to this Note hereby irrevocably waive 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. Maker and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Note, any agreement or any other document delivered in connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

The word "Maker" shall include Maker's representatives, successors and assigns and the word "Holder" shall include Holder's representatives, successors and assigns.

Maker and all endorsers of this Note hereby waive presentment for payment, demand for payment, notice of non-payment and dishonor, protest, and notice of protest; consent to any renewals, extensions and partial payments of this Note or the indebtedness for which it is given without notice to them, and consent that no such renewals, extensions or partial payments shall discharge any party hereto from liability hereon in whole or in part.

If this Note shall be placed with an attorney for collection, Maker, endorsers and guarantors agree to pay all costs of collection, including reasonable attorneys' fees which shall be added to the amount due under this Note and shall be recoverable with the amount due under this Note and shall be a lien on any collateral securing this Note.

Maker acknowledges and agrees that sufficient consideration has passed to render this Note valid and enforceable and waives any claim based on inadequate consideration.

**IN WITNESS WHEREOF,** Borrower has caused this Note to be signed in its name by its duly authorized officer on May 27, 2025.

INTERGEN I LIMITED PARTNERSHIP

By: Tres Grados LLC, its General Partner

By: *<u>/s/ Janon Costley</u>*

Janon Costley

Manager

By: *<u>/s/ Ryan Dolder</u>*

Ryan Dolder

Manager

**<u>EXHIBIT C</u>**

**Form of Pledge Agreement**

**PLEDGE AGREEMENT**

This Pledge Agreement (the ***"Agreement"***) is made and entered as of May 27, 2025, by and between Intergen I Limited Partnership, a Wyoming limited partnership (***"Debtor"***), Daming Zhang (***"Lender"***), and the undersigned holder of the pledged shares (***"Pledge Holder"***).

<u>RECITALS</u>

**WHEREAS,** effective May 27, 2025, Debtor consummated a Securities Purchase Agreement with, and issued a Secured Promissory Note in the principal amount of $41,600.00 (the ***"Closing Note"***) to, Lender, whereby the Company owes payment obligations to Lender; and

**WHEREAS,** Debtor has agreed to secure its payment obligations to Lender under the Closing Note with a pledge of, and thereby create a security interest in favor of Lender in, the single outstanding share of Special 2022 Series A Preferred Stock (the ***"Share"***) of SETO Holdings, Inc., a Nevada corporation (***"SETO"***), the Share representing 60% voting control of SETO.

<u>AGREEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Security Interest.** Debtor hereby grants to Lender a security interest in (a) the Share, (b) all Dividends (as defined below), and (c) all Additional Securities (as defined below); to secure payment of the Closing Note and performance of all of Debtor's obligations under this Agreement. For purposes of this Agreement, the Share, all Dividends and all Additional Securities will be collectively referred to as the ***"Collateral"***.

If any stock dividend, reclassification, readjustment, stock split or other change is declared or made with respect to the Collateral, or if warrants or any other rights, options or securities are issued in respect of the Collateral (***"Additional Securities"***), then all new, substituted and/or additional shares or other securities issued by reason of such change or by reason of the exercise of such warrants, rights, options or securities, will be (if delivered to Debtor, immediately surrendered to Lender care of the Pledge Holder and) pledged to Lender to be held under the terms of this Agreement as and in the same manner as the Collateral is held hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Appointment of the Pledge Holder.** Debtor and Lender hereby designate and appoint the Pledge Holder as such for the purposes hereinafter set forth. Debtor hereby deposits with the Pledge Holder (a) the Share, as are represented by the book entry statement in the name of Debtor and (b) a duly executed stock power in form satisfactory to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Rights and Obligations of the Pledge Holder.** Debtor and Lender hereby authorize the Pledge Holder to keep and preserve the Share in its possession pending payment in full of the Closing Note. If a default occurs under the terms of this Agreement or the Closing Note, then Lender shall provide written notice to Debtor and the Company specifying the default and shall have the right to direct the Pledge Holder to transfer the Share to the Lender or its designee if Debtor has not cured the default within 15 days after receipt of the notice. In such event, the Pledge Holder, acting as agent of Lender, shall, with respect to the Share, exercise the rights and duties of a Secured Party under the Uniform Commercial Code as enacted in Nevada (the ***"UCC"***), and under any other applicable law as the same may, from time to time, be in effect. Debtor agrees that any notice by Pledge Holder concerning the sale, disposition or other intended action in connection with the Share, whether required by the UCC, or otherwise shall constitute reasonable notice to Debtor if such notice is mailed by registered mail or certified mail, return receipt requested, postage prepaid at least ten (10) days prior to such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Disposition of the Share.** Upon any disposition of the Share by Pledge Holder in accordance with the terms of Section 3 (Rights and Obligations of the Pledge Holder), Lender shall be entitled to all of the proceeds of any such disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Rights of Beneficial Ownership.** Upon an event of default under the Closing Note, Lender shall be deemed the beneficial owner of the Share and shall have all rights and benefits incident thereto. Lender and Debtor agree to execute any necessary proxies or other documents to effectuate this right. So long as Debtor owns the Share and no event of default has occurred under the Closing Note, Debtor shall be entitled to vote any shares comprising the Collateral, subject to any proxies granted by Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Covenants of Debtor.** Debtor hereby represents and warrants to Lender that Debtor has good title (both record and beneficial) to the Collateral, free and clear of all claims, pledges, security interests, liens or encumbrances of every nature whatsoever, and that Debtor has the right to pledge and grant Lender the security interest in the Collateral granted under this Agreement. Debtor agrees that, until all sums due under the Closing Note have been paid in full, Debtor will not: (a) sell, assign or transfer, or attempt to sell, assign or transfer, any of the Collateral, (b) grant or create, or attempt to grant or create, any security interest, lien, pledge, claim or other encumbrance with respect to any of the Collateral, (c) suffer or permit to continue upon any of the Collateral during the term of this Agreement, an attachment, levy, execution or statutory lien, (d) permit the issuance of any equity of the Company or any other security of the Company which diminishes the value, or rights and preferences of the Share; or (e) amend the rights and preferences of the Share.

There shall be no substitution of collateral under the terms of this Agreement, without the prior written consent of Lender.

Debtor hereby agrees to indemnify Lender and Pledge Holder against any direct loss, reasonable cost or out-of-pocket expense incurred by holder in connection with the Closing Note and this Agreement and the exercise of any and all rights pertaining thereto, including, without limitation, all court costs, reasonable attorney's fees and other costs of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Disputes.** In the event of a dispute with respect to the terms and provisions of this Agreement, Pledge Holder shall not be required to resolve that dispute or take any action with respect thereto. Pledge Holder may continue to hold the Share and await final resolution of the dispute by joint written instructions from Debtor and Lender or by a final determination of a court or arbitration panel of competent jurisdiction. In the alternative, Pledge Holder may deliver the Share to a court of proper jurisdiction under an appropriate action in interpleader and thereupon be relieved of all responsibility under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Release of Shares.** When satisfactory proof has been presented to Pledge Holder that all amounts due under the Closing Note (including accrued interest thereon) have been paid, Pledge Holder shall deliver the Share with stock power attached to Debtor and all obligations by and between Debtor, Lender and Pledge Holder under this Agreement shall thereupon cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Conduct of Pledge Holder.** Pledge Holder shall not be required to exercise any standard of care greater than ordinary care in discharging its duties and obligations under this Agreement and Pledge Holder shall not incur any liability to anyone for any damages, losses or expenses with respect to any action taken or omitted in good faith. Pledge Holder shall have no duties other than those expressly imposed herein. Pledge Holder may rely and shall be protected in relying upon any paper or other document that may be submitted to it in connection with its duties hereunder and that it believes to be genuine and to have been signed or presented by the proper party or parties and shall have no liability or responsibility with respect to the form, execution or validity thereof. Pledge Holder may resign as such following the giving of 30 days prior written notice to the other parties hereto. Similarly, Pledge Holder may be removed and replaced following the giving of 30-days' prior written notice to Pledge Holder by the other parties hereto. In either event, the duties of Pledge Holder shall terminate 30 days after receipt of such notice (or as of such earlier date as may be mutually agreeable), and Pledge Holder shall then deliver the Share and any other related materials then in its possession to a successor pledge holder as shall be appointed by the other parties hereto as evidenced by a written notice filed with Pledge Holder. If the other parties hereto have failed to appoint a successor prior to the expiration of 30 days following receipt of the notice of resignation or removal, Pledge Holder may appoint a successor or petition any court of competent jurisdiction for the appointment of a successor pledge holder or for other appropriate relief, and any such resulting appointment shall be binding upon all of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Notices.** All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (c) delivered by reputable air courier service with charges prepaid, or (d) transmitted by hand delivery, telegram, e-mail or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (1) upon hand delivery or delivery by e-mail or facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (2) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

If to Lender: Daming Zhang

Room 601, Building 20 Shuiyueyuanan, Daqiao Road

Zhouzhuang Town Kunshan City, Suzhou City JS, China

If to Debtor: Intergen I Limited Partership

1203 K Street NW, Suite 454

Washington, D.C. 20005

If to Pledge Holder: Newlan Law Firm, PLLC, Attention: Eric Newlan

2201 Long Prairie Road

Suite 107-762

Flower Mound, Texas 75022

E-mail: eric@newlanpllc.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Wavier.** No delay or omission by Lender in exercising any right or remedy hereunder shall operate as a waiver thereof or of any right or remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right or remedy. All rights and remedies of Lender hereunder are cumulative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. General.** No modification, rescission, waiver, release or amendment of any provision of this Agreement shall be made except by written agreement subscribed by Debtor and Lender. An executed original of any such agreement shall be delivered to the Pledge Holder upon its execution and if such agreement affects the right, duties or obligations of the Pledge Holder under this Agreement, it must also be executed and agreed to by the Pledge Holder before the same shall have any legal effect. This Agreement shall be governed under the laws of the State of Florida without regard to conflict of law principles; and any action with respect to this Agreement shall be bought in the State of Florida, County of Dade. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Except as required by law, each party to this Agreement shall keep this Agreement, the Closing Note and the transactions contemplated by these agreements strictly confidential.

**[ SIGNATURE PAGE FOLLOWS]**

**[ <u>Signature Page to Pledge Agreement</u> ]**

**IN WITNESS WHEREOF,** the parties have executed and delivered this Pledge Agreement on the date first set forth 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;&nbsp;&nbsp; **DEBTOR:**<br>INTERGEN I LIMITED PARTNERSHIP<br>By: Tres Grados LLC, its General Partner<br>By: *<u>/s/ Janon Costley</u>*<br> Janon Costley<br> Manager<br>By: *<u>/s/ Ryan Dolder</u>*<br> Ryan Dolder<br> Manager<br>| **LENDER:**<br>*<u>/s/ Damin Zhang</u>*<br> Daming Zhang<br>**PLEDGE HOLDER:**<br>NEWLAN LAW FIRM, PLLC<br>By: *<u>/s/ Eric Newlan</u>*<br> Eric Newlan<br> Managing Member |

---

**Attachment 1**

Delivered separately.

**Attachment 2**

**ASSIGNMENT OF SECURITIES**

For good and adequate consideration, the receipt and adequacy of which is acknowledged, the undersigned, Daming Zhang (***"Assignor"***), conveys, transfers and assigns to Intergen I Limited Partnership, a Wyoming limited partnership (***"Assignee"***), all of Assignor's right, title and interest in and to the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **9,995,000,000 Shares of Common Stock of SETO Holdings, Inc., a Nevada corporation; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **One (1) Share of Special 2022 Series A Preferred Stock of SETO Holdings, Inc., a Nevada corporation.** 

Assignee accepts such conveyance, transfer and assignment.

This Assignment of Securities is made and received to be effective on the 27th day of May, 2025.

**ASSIGNOR:**

*<u>/s/ Daming Zhang</u>*

Daming Zhang

**ASSIGNEE:**

INTERGEN I LP

By: Tres Grados LLC, its General Partner

By: *<u>/s/ Janon Costley</u>*

Janon Costley

Manager

By: *<u>/s/ Ryan Dolder</u>*

Ryan Dolder

Manager

## Ex1A-12

**Exhibit 12.1**

**NEWLAN LAW FIRM, PLLC**

**2201 Long Prairie Road – Suite 107-762**

**Flower Mound, Texas 75022**

**940-367-6154**

September 8, 2025

SETO Holdings, Inc.

6231 Columbia Park Road

Hyattsville, Maryland 20785

Re: <u>Offering Statement on Form 1-A</u>

Gentlemen:

We have been requested by SETO Holdings, Inc., a Nevada corporation (the ***"Company"***), to furnish you with our opinion as to the matters hereinafter set forth in connection with its offering statement on Form 1-A (the ***"Offering Statement"***) relating to the qualification of shares of the Company's common stock under Regulation A promulgated under the Securities Act of 1933, as amended. Specifically, this opinion relates to (a) 200,000,000 shares of the Company's $.001 par value common stock (the ***"Company Shares"***) to be offered by the Company and (b) up to 26,000,000 shares of the Company's $.001 par value common stock (the ***"Selling Shareholder Shares"***) to be offered by the following selling shareholders:

---

| | | |
|:---|:---|:---|
| David Ulrich | 2000000 | shares |
| Jay Kopischke | 1000000 | shares |
| Nigel Allan | 2000000 | shares |
| LaVert Phillips | 500000 | shares |
| Patrick Moore | 2000000 | shares |
| Kyle Dolder | 1000000 | shares |
| Melvin Costley | 1000000 | shares |
| Marc Brooks | 500000 | shares |
| Clyde Davis | 500000 | shares |
| Benjamin Cukierman | 500000 | shares |
| 1129 Designs, LLC | 250000 | shares |
| Robert Montgomery | 750000 | shares |
| Steel Sporran, LLC | 5000000 | shares |
| Newlan Law Firm, PLLC | 1350000 | shares |
| Marbletown Advisors, LLC | 7650000 | shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 26000000 | shares |

---

In connection with this opinion, we have examined the Offering Statement, the Company's Articles of Incorporation and Bylaws (each as amended to date), copies of the records of corporate proceedings of the Company and such other documents as we have deemed necessary to enable us to render the opinion hereinafter expressed.

For purposes of this opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. We have also assumed the legal capacity of all natural persons, the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered, the authority of such persons signing on behalf of the parties thereto other than the Company and the due authorization, execution and delivery of all documents by the parties thereto other than the Company. We have not independently established or verified any facts relevant to the opinions expressed herein, but have relied upon statements and representations of officers and other representatives of the Company and others.

Based upon and subject to the foregoing qualifications, assumptions and limitations and the further limitations set forth below, we are of the opinion that the 200,000,000 Company Shares being offered by the Company will, when issued in accordance with the terms set forth in the Offering Statement, be legally issued, fully paid and non-assessable shares of common stock of the Company. We are of the further opinion that the up to 26,000,000 Selling Shareholder Shares have been duly authorized and are or, upon issuance, will be, validly issued, fully paid and non-assessable shares of common stock of the Company.

Our opinions expressed above are subject to the qualification that we express no opinion as to the applicability of, compliance with, or effect of any laws except the Nevada Revised Statutes (including the statutory provisions and reported judicial decisions interpreting the foregoing).

We hereby consent to the use of this opinion as an exhibit to the Offering Statement and to the reference to our name under the caption "Legal Matters" in the Offering Statement and in the offering circular included in the Offering Statement.

As of the date hereof, this firm is the holder of a $4,515.00 principal amount convertible note issued in repayment of certain costs advanced on behalf of the Company by this firm.

Sincerely,

*/s/ Newlan Law Firm, PLLC*

NEWLAN LAW FIRM, PLLC

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** SETO HOLDINGS INC

**Jurisdiction of Incorporation/Organization:** NV

**Year of Incorporation:** 1985

**CIK:** 0000794998

**I.R.S. Employer Identification Number:** 77-0082545

**Primary Standard Industrial Classification Code:** 2080

**Total number of full-time employees:** 2

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 6231 Columbia Park Road, —, Hyattsville, MD 20785

**Company Phone:** 940-367-6154

**Person to contact:** Eric Newlan

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount      |
|:---|:---|
| Cash and Cash Equivalents                | $73964.00   |
| Investment Securities                    | $0.00       |
| Accounts and Notes Receivable            | $215135.00  |
| Property, Plant and Equipment (PP&E)     | $0.00       |
| Total Assets                             | $3789099.00 |
| Accounts Payable and Accrued Liabilities | $29827.00   |
| Long-Term Debt                           | $195573.00  |
| Total Liabilities                        | $236142.00  |
| Total Stockholders' Equity               | $3552957.00 |
| Total Liabilities and Equity             | $3789099.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount      |
|:---|:---|
| Total Revenues                            | $54590.00   |
| Costs and Expenses Applicable to Revenues | $80340.00   |
| Depreciation and Amortization             | $0.00       |
| Net Income                                | $-317770.00 |
| Earnings Per Share - Basic                | 0.00        |
| Earnings Per Share - Diluted              | 0.00        |

**Auditor Information**

| Metric          | Amount   |
|:---|:---|
| Name of Auditor |  |

### Outstanding Securities

| Class                    |   Outstanding | CUSIP     | Publicly Traded   |
|:---|---:|:---|:---|
| Common Stock             |     118471600 | 817813108 | OTCID             |
| Series A Preferred Stock |             1 | 000000N/A | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier1

**Financial Statement Status:** Unaudited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** No

**Was or is the offering to commence within two days after qualification?** Yes

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount      |
|:---|:---|
| Number of securities offered                                    | 226000000   |
| Number of securities outstanding                                | 118471600   |
| Price per security                                              | $0.03       |
| Issuer's aggregate offering price                               | $6000000.00 |
| Aggregate offering price of securities held by security holders | $780000.00  |
| Aggregate price of securities offered concurrently              | $0.00       |
| Total aggregate offering price                                  | $6780000.00 |

**Anticipated Fees**

| Service Provider   | Name                  | Fees      |
|:---|:---|:---|
| Auditor            |  |  |
| Legal              | Newlan Law Firm, PLLC | $12500.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $6135000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC, PR

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** SETO Holdings, Inc.

**Title of Securities Issued:** Series B Voting Preferred Stock

**Total Amount of Securities Issued:** 75000

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** $3,500,000; acquisition; Board of Directors determination

**Basis for aggregate consideration:** —

**Securities Act Exemption:** Sec. 4(a)(2) of the Securities Act of 1933 Act, as amended