# EDGAR Filing Document

**Accession Number:** 0001756064
**File Stem:** 0001493152-25-021730
**Filing Date:** 2025-11
**Character Count:** 1669520
**Document Hash:** a38f570214aed08241d6153ff1602211
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-021730.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001493152-25-021730

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 112

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TG-17, Inc.
- **CENTRAL INDEX KEY:** 0001756064
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 831751618
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290750
- **FILM NUMBER:** 251468982

**BUSINESS ADDRESS:**
- **STREET 1:** 292 NEWBURY STREET, NO. 485
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02115
- **BUSINESS PHONE:** 617-648-9100

**MAIL ADDRESS:**
- **STREET 1:** 85 BROAD
- **STREET 2:** 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

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

**As filed with the Securities and Exchange Commission on November 12, 2025.**

**Registration No. 333-290750**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**Amendment No. 1**

**REGISTRATION STATEMENT**

**Under**

**The Securities Act of 1933**

![](logo_001.jpg)

**TG-17, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Nevada** | &nbsp;&nbsp;**4899** | &nbsp;&nbsp;**83-1751618** |
| &nbsp;&nbsp;(State or other jurisdiction of | &nbsp;&nbsp;(Primary Standard Industrial | &nbsp;&nbsp;(I.R.S. Employer |
| &nbsp;&nbsp;incorporation or organization) | &nbsp;&nbsp;Classification Code Number) | &nbsp;&nbsp;Identification Number*)* |

---

**85 Broad Street** 

**New York, New York 10004**

**1-888-567-6234**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**VCorp Services, LLC**

**701 S Carson St, Ste 200**

**Carson City, Nevada, 89701**

**1-888-528-2677**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 ****

***Copies to:***

---

| | |
|:---|:---|
| **Mark Crone, Esq.**<br> **Joe Laxague, Esq.**<br> **Tammara Fort, Esq.**<br> **Aditya Wadhwa, Esq.**<br> **The Crone Law Group, P.C.<br> 420 Lexington Avenue, Suite 2446<br> New York, NY 10170**<br> **Telephone: (775) 234-5221** | **Doron Kempel<br> Chief Executive Officer<br> TG-17, Inc.<br> 85 Broad Street** <br> **New York, New York 10004<br> 1-888-567-6234** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**This registration statement shall hereafter become effective in accordance with the provisions of Section 8(a) of the Securities Act of 1933.**

**The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

---

| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION**  | **DATED November 12, 2025** |

---

![](logo_002.jpg)

TG-17, Inc.

**Up to 34,074,177 Shares of Common Stock to be Sold by Registered Stockholders**

This prospectus relates to the registration of the resale of up to 34,074,177 shares of common stock, par value $0.0001 per share (the "***Common Stock***") of TG-17, Inc., dba Bond ("***Bond***," "***we***," "***us***," "***our***" or the "***Company***") consisting of 180,241 shares of Common Stock, 3,580,499 shares of non-voting common stock, par value $0.0001 per share, which will automatically convert to Common Stock upon effectiveness of the registration statement of which this prospectus is a part (the "***Non-Voting Common Stock***"), 87,681 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the Series CF-2 Preferred Stock offering, 1,626,800 shares of Common Stock issuable upon conversion of 329,671 shares of Series C Preferred Stock, par value $0.0001 per share (the "***Series C Preferred Stock***"), 1,333,335 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the Series C Preferred Stock offering, 1,820,720 shares of Common Stock issuable upon conversion of 682,770 shares of Series E Preferred Stock, par value $0.0001 per share (the "***Series E Preferred Stock***"), 444,901 shares of Common Stock issuable upon conversion of 549,451 shares of Series D Preferred Stock, par value $0.0001 per share (the "***Series D Preferred Stock***"), and 25,000,000 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the Series D Preferred Stock offering, by our stockholders identified in this prospectus (the "***Registered Stockholders***"), in connection with our direct listing (the "***Direct Listing***"), on the Nasdaq Global Market ("***Nasdaq***"). As of the date of this prospectus, the shares offered for sale by the Registered Stockholders will constitute approximately 55.03% of our restricted Common Stock on a fully-diluted basis, including all shares of our Common Stock issued and outstanding and all shares of Common Stock immediately issuable upon the conversion or exercise of outstanding shares of preferred stock or warrants. A total of 27,842,844 shares, consisting of outstanding shares of our common stock and shares immediately issuable upon conversion of outstanding shares of preferred stock or exercise of outstanding warrants, are not being registered under the Registration Statement of which this prospectus is a part. The shares not included in the Registration Statement consist of: (i) 10,100,879 outstanding shares of Common Stock; (ii) 8,204,944 shares of Common Stock issuable upon conversion of 8,204,944 outstanding shares of Series B-1 Preferred Stock; (iii) 2,128,737 shares of Common Stock issuable upon conversion of 2,128,737 outstanding shares of Series B-2 Preferred Stock; (iv) 7,151,139 shares of Common Stock issuable upon conversion of 7,151,139 outstanding shares of Series B-3 Preferred Stock; (v) 247,145 shares of Common Stock issuable upon exercise of Series B-1 warrants; and (vi) 10,000 shares of Common Stock issuable upon conversion of 10,000 shares of Series F Preferred Stock. Upon effectiveness of this registration statement, a total of 27,536,621 shares of Common Stock not being registered may be freely sold pursuant to Rule 144. These shares consist of: (i) 10,051,171 outstanding shares of Common Stock; (ii) 8,204,944 shares of Common Stock issuable upon conversion of 8,204,944 outstanding shares of Series B-1 Preferred Stock; (iii) 2,128,737 shares of Common Stock issuable upon conversion of 2,128,737 outstanding shares of Series B-2 Preferred Stock; and (iv) 7,151,139 shares of Common Stock issuable upon conversion of 7,151,139 outstanding shares of Series B-3 Preferred Stock.

We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale by the Registered Stockholders.

Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten on a firm-commitment basis by any investment bank. The Registered Stockholders may sell or otherwise dispose of the Common Stock covered by this prospectus in a number of different ways and at varying prices. We provide more information about how the Registered Stockholders may sell or otherwise dispose of the Common Stock covered by this prospectus in the section entitled "*<u>Plan of Distribution</u>*" beginning on page 131. We will pay all expenses (other than discounts, concessions, commissions and similar selling expenses) relating to the registration of the Common Stock with the Securities and Exchange Commission (the "***SEC***"). We have engaged Maxim Group LLC, as our financial advisor (the "***Advisor***"), to advise and assist us with respect to certain matters relating to the Direct Listing.

We have two (2) classes of common stock, Common Stock and Non-Voting Common Stock. On October 15, 2025, we received the Requisite Holder's consent (as defined under the Certificate of Designations of the Series CF-1 Preferred Stock, par value $0.0001 per share (the "***Series CF-1 Preferred Stock***") and Series CF-2 Preferred Stock, par value $0.0001 per share (the "***Series CF-2 Preferred Stock***") (collectively, the "***Series CF Preferred Stock***")) to convert our Series CF-1 Preferred Stock and Series CF-2 Preferred Stock into Non-Voting Common Stock (the "***CF to Non-Voting Conversion***"). Pursuant to the Company's Articles of Incorporation all Non-Voting Common Stock will automatically convert into Common Stock, which is entitled to one vote per share, concurrently with the initial listing of Common Stock on Nasdaq.

No public market for our Common Stock currently exists, and our shares of Common Stock have a limited history of trading in private transactions. From inception through November 12, 2025, we raised an aggregate of $116,428,473 in gross proceeds from the sales of our stock, including shares issued for the cancellation of indebtedness in the amount of approximately $16,270,000. The weighted average price paid per share by investors in these offering (excluding the cancelled indebtedness) was $1.062 per share under the exemptions from registration provided by Regulation D under the Securities Act of 1933, as amended (the "***Securities Act***") and Regulation Crowdfunding under the Securities Act ("***Regulation CF***").

Recent purchase prices of our Common Stock in private transactions may have little or no relation to the opening public price of our shares of Common Stock on Nasdaq or the subsequent trading price of our shares of Common Stock on Nasdaq. For more information, see "*<u>Sale Price History of Our Capital Stock</u>*" beginning on page 124. Further, the listing of our Common Stock on Nasdaq, without a firm-commitment underwritten offering, is a novel method for commencing public trading in shares of our Common Stock and, consequently, the trading volume and price of shares of our Common Stock may be more volatile than if shares of our Common Stock were initially listed in connection with an initial public offering underwritten on a firm-commitment basis.

On the day that our shares of Common Stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price (as defined below) on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which our Advisor, in its capacity as our financial advisor to perform the functions under Nasdaq Rule 4120(c)(8), must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our shares of Common Stock are ready to trade, Nasdaq will calculate the Current Reference Price for our shares of Common Stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, Nasdaq will conduct a price validation test in accordance with Nasdaq Rule 4120(c)(8). As part of conducting such price validation test, Nasdaq may consult with the Advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will be executed at such price and regular trading of our shares of Common Stock on Nasdaq will commence. Under Nasdaq rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (*i.e.* minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (*i.e.* the specified price entered in an order by a customer to buy or sell) at which our shares of Common Stock will remain unmatched (*i.e.* will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder. Neither we nor the Registered Stockholders will be involved in Nasdaq's price-setting mechanism, including any decision to delay or proceed with trading, nor will we or they control or influence the Advisor in carrying out its role as a financial adviser. The Advisor will determine when our shares of Common Stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. For more information, see "*<u>Plan of Distribution</u>*" beginning on page 131 of this prospectus.

We have applied to list our Common Stock on the Nasdaq Global Market under the symbol "OBAI*.*" We expect our Common Stock to begin trading on Nasdaq on or about [●], 2025.

If our Nasdaq application is not approved or we otherwise determine that we will not be able to secure the listing of our Common Stock on Nasdaq, we will not complete this Direct Listing. This listing is a condition to the offering. No assurance can be given that our Nasdaq application will be approved and that our Common Stock will ever be listed on Nasdaq. If our listing application is not approved by Nasdaq, we will not be able to consummate the offering and we will terminate this Direct Listing.

**Upon completion of this offering, our founder and Chief Executive Officer, Doron Kempel, will beneficially own approximately 98.16% of the voting power of our outstanding voting securities and we will be a "controlled company" within the meaning of the listing rules of The Nasdaq Stock Market LLC. We may rely on the exemptions from the corporate governance requirements that are available to controlled companies.**

**We are an "emerging growth company" and a "smaller reporting company" as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to do so in future filings. See "*Prospectus Summary—Implications of Being an Emerging Growth Company and a Smaller Reporting Company*."**

**Investing in our Common Stock involves a high degree of risk. See the "*<u>Risk Factors</u>*" beginning on page 6 of this prospectus for the risks and uncertainties you should consider before investing in our Common Stock.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**Prospectus dated November 12, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Cautionary Note Regarding Forward-Looking Statements](#a_001) | 1 |
| [Trademarks](#a_002) | 1 |
| [About This Prospectus](#a_003) | 2 |
| [Prospectus Summary](#a_004) | 3 |
| [Summary Financial and Other Data](#a_005) | 6 |
| [Risk Factors](#a_006) | 6 |
| [Market and Industry Data](#a_007) | 30 |
| [Shares Offered for Resale](#a_008) | 31 |
| [Use of Proceeds](#a_009) | 32 |
| [Registered Stockholders](#a_010) | 32 |
| [Dividend Policy](#a_011) | 73 |
| [Capitalization](#a_012) | 73 |
| [Management's Discussion & Analysis of Financial Condition and Results of Operations](#a_013) | 74 |
| [Business](#me_001) | 86 |
| [Management](#me_002) | 99 |
| [Executive and Director Compensation](#me_003) | 103 |
| [Security Ownership of Certain Beneficial Owners and Management](#me_004) | 108 |
| [Certain Relationships and Related Person Transactions](#me_005) | 112 |
| [Description of Capital Stock](#me_006) | 113 |
| [Shares Eligible for Future Sale](#me_007) | 123 |
| [Sale Price History of Our Capital Stock](#me_008) | 124 |
| [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders of Our Common Stock](#me_009) | 127 |
| [Plan of Distribution](#me_010) | 131 |
| [Legal Matters](#me_011) | 135 |
| [Experts](#me_012) | 135 |
| [Where You Can Find Additional Information](#me_013) | 135 |
| [Index to Consolidated Financial Statements](#me_014) | F-1 |

---

i

You should rely only on the information provided in this prospectus, including any documents incorporated by reference. We have not authorized anyone to provide you with any other information and we take no responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you. The information contained in this prospectus speaks only as of the date set forth on the cover page and may not reflect subsequent changes in our business, financial condition, results of operations and prospects.

We are not, and the Registered Stockholders are not, making offers to sell these securities in any jurisdiction in which an offer or solicitation is not authorized or permitted or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such an offer or solicitation.

We have not undertaken any efforts to qualify this offering for offers to individual investors in any jurisdiction outside the U.S.; therefore, individual investors located outside the U.S. should not expect to be eligible to participate in this offering.

**Through and including [●], 2025 (the 25th day after the listing date of our Common Stock), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.**

ii

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." All statements other than statements of historical facts contained in this prospectus may be forward-looking statements. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "continues," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "will," "would" or "should" or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this prospectus, and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, future acquisitions and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in the "*<u>Risk Factors</u>*" section of this prospectus. These factors should not be construed as exhaustive and should be read with the other cautionary statements in this prospectus. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this prospectus. The matters summarized under "*<u>Prospectus Summary</u>*<u>,</u>" "*<u>Risk Factors</u>*," "*<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>*," "*<u>Business</u>*" and elsewhere in this prospectus could cause our actual results to differ significantly from those contained in our forward-looking statements. In addition, even if our results of operations, financial condition and liquidity, and industry developments are consistent with the forward-looking statements contained in this prospectus, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statement that we make in this prospectus speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments, except as required by applicable law. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in "*<u>Risk Factors</u>*" and elsewhere in this prospectus. Moreover, we operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or circumstances after the date of this prospectus or to reflect latest information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

**TRADEMARKS**

We own or have rights to various trademarks, service marks and trade names that we use in connection with the operation of our business. This prospectus may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks and trade names or products in this prospectus is not intended to, and does not imply a relationship with, or endorsement or sponsorship by us. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus may appear without the®, TM or SM symbols, but the omission of such references is not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable owner of these trademarks, service marks and trade names.

**ABOUT THIS PROSPECTUS**

This prospectus is a part of a registration statement on Form S-1 that we filed with the SEC, using a continuous offering process. Under this process, the Registered Stockholders may, from time to time, sell the Common Stock covered by this prospectus in the manner described in the section titled "*<u>Plan of Distribution</u>*." Additionally, we may provide a prospectus supplement to add information to, or update or change information contained in, this prospectus, including the section titled "*<u>Plan of Distribution</u>*". You may obtain this information without charge by following the instructions under the "*<u>Where You Can Find Additional Information</u>*" section of this prospectus. You should read this prospectus and any prospectus supplement before deciding to invest in our Common Stock.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed or will be filed as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described under "*<u>Where You Can Find Additional</u> In<u>formation</u>*."

**PROSPECTUS SUMMARY**

 

*This summary highlights select* information *contained elsewhere in this prospectus and does not contain all the information you should consider before making an investment decision. You should read the entire prospectus carefully, including the sections entitled "<u>Risk Factors</u>," "<u>Cautionary Note Re</u>g<u>ardin</u>g <u>Forward-Lookin</u>g <u>Statements</u>," "<u>Mana</u>g<u>ements' Discussion and Ana</u>l<u>ysis</u> o<u>f Financial Condition and Results of Operations</u>" and our financial statements and the accompanying notes included elsewhere in this prospectus before making an investment decision. Unless otherwise indicated or the context otherwise requires, all references all references to "we," "us," "our," the "Company," "Bond" and similar terms refer to TG-17, Inc.*

 

***Overview***

TG-17, Inc., dba Bond ("***Bond***," "***we***," "***us***," "***our***" or the "***Company***") was formed under the laws of the State of Delaware on April 11, 2017 as a Delaware limited liability company, converted to a Delaware corporation on June 29, 2018 and submitted the necessary filings to re-domicile as a Nevada corporation on August 27, 2025. We provide a new tier of preventative personal security platform enabled by artificial intelligence combined with security personnel agents who are available 24/7 through the Bond Personal Security phone application. Since its inception, we have dedicated resources to research and development activities that support its current projects and future development efforts.

***Summary of Risk Factors***

Our business is subject to numerous risks and uncertainties that you should be aware of before making an investment decision, including those highlighted in the section entitled "*<u>Risk Factors</u>*" in this prospectus. These risks include, but are not limited to, the following:

 

*Risks Related to Our Business*

● Our
 technology continues to be developed, and it is unlikely that we will ever develop our technology
 to a point at which no further development is required. In addition, our technology requires
 constant updates and maintenance which implies that even if we do not develop additional
 functionality, we will need to maintain and update the code in relation to the numerous ecosystem
 technologies on which the technology runs (Apple and Google phone operating systems, Amazon
 AWS, etc.). Maintaining the technology requires a multidisciplinary team of engineers.

● If
 our security measures are breached or unauthorized access to individually identifiable biometric
 or other personally identifiable information is otherwise obtained, our reputation may be
 harmed, and we may incur significant liabilities.

● Our
 collection, processing, use and disclosure of individually identifiable biometric or other
 personally identifiable information is subject to evolving and expanding privacy and security
 regulations.

● Our
 success is highly dependent on our ability to attract and retain highly skilled executive
 officers and employees globally.

● Privacy
 and data security laws and regulations could require us to make changes to our business,
 impose additional costs on us and reduce the demand for our products and services.

● Our
 efforts to minimize the likelihood and impact of adverse cybersecurity incidents and to protect
 data and intellectual property may not be successful, and our business, operations, and reputation
 could be negatively affected by a cyberattack, security incident, or other operational disruption.

● We
 rely on Amazon Web Services ("  ***AWS***") to deliver our offerings to
 users on our platform, and any disruption of or interference with our use of AWS could adversely
 affect our business, financial condition, results of operations and prospects.

● Our
 technology platform utilizes numerous third-party technologies, systems and subsystems (like
 Twilio, Bandwidth, etc.). Any disruption to such systems and subsystems could interrupt our
 business, impact our ability to provide service, harm our reputation, cause us to lose customers
 and end-users, cause end-users harm (at the hands of perpetrators) that we would hypothetically
 not be able to detect and address in a timely manner, which could materially and adversely
 affect our business, financial condition and results of operations.

● Cost
 of insurance is a significant part of our expenses and it is subject to market fluctuations,
 as well as to fluctuations due to our track record. This price can therefore increase unexpectedly
 and our insurance may not adequately cover our future operating risk.

● We
 will incur increased costs as a result of operating as a public company, and our management
 will be required to devote substantial time to new compliance initiatives.

● Recent
 and potential tariffs imposed by the U.S. government or a global trade war could increase
 the cost of our services, which could have a material adverse effect on our business, financial
 condition and results of operations.

● Intellectual
 property rights do not necessarily address all potential threats to our competitive advantage.

● If
 our efforts to build a strong brand identity and maintain a high level of user satisfaction
 and loyalty are unsuccessful, we may not be able to attract or retain users, and our operating
 results may be adversely affected.

● Competitors
 may decide to enter our space, which may have a material adverse effect on our product sales,
 as well as on our margins.

*Risks Related to This Offering*

● Although
 we have filed a registration statement with the SEC for this offering, the SEC has not completed its review. During the ongoing government
 shutdown, the SEC will not review any registration statement or declare any registration statement effective. This registration statement
 will automatically become effective in accordance with Section 8(a) of the Securities Act. While we believe we have satisfactorily
 addressed all SEC comments on the registration statement that we received before the shutdown, we could receive comments from the
 SEC after completion of this offering, and those comments could obligate us to modify, reformulate, add to or exclude certain information
 presented in this prospectus.

● This
 is not an underwritten initial public offering of Common Stock. This listing of our Common Stock on Nasdaq differs from an underwritten
 initial public offering in several significant ways. Prior to the opening of trading on Nasdaq, there will be no traditional book
 building process and no price at which underwriters initially sold shares to the public to help inform efficient and sufficient price
 discovery with respect to the opening trades on Nasdaq. There is not a fixed number of shares of Common Stock available for sale.
 Therefore, there can be no assurance that any Registered Stockholders or other existing stockholders will sell any or all of their
 Common Stock and there may initially be a lack of supply of, or demand for, our Common Stock on Nasdaq. Alternatively, we may have
 a large number of Registered Stockholders or other existing stockholders who choose to sell their Common Stock in the near term resulting
 in an oversupply of our Common Stock, which could adversely impact the public price of our Common Stock once listed on Nasdaq and
 thereafter. These and other differences from a firm-commitment underwritten initial public offering could result in a volatile trading
 price for our Common Stock and uncertain trading volume, which may adversely affect your ability to sell any Common Stock that you
 may purchase.

*Risks Related to our Management and Control Persons*

● We
 will be a "controlled company" within the meaning of the Nasdaq Stock Market
 Rules upon the Direct Listing because our insiders will beneficially own more than 50% of
 the voting power of our outstanding voting securities. Our largest shareholder, officer and
 director, Doron Kempel holds substantial control over the Company and is able to influence
 all corporate matters.

*Risks Related to Our Financial Condition and Capital Requirements*

 

● We
 will require substantial additional capital to finance our operations, and this capital may
 not be available on favorable terms, if at all.

● We
 have a limited operating history, which may make it difficult for you to evaluate our current
 business and predict our future success and viability.

● We
 have historically operated at a loss, which has resulted in an accumulated deficit.

● We
 anticipate sustaining operating losses for the foreseeable future.

● Raising
 additional capital may cause dilution to our existing stockholders.

● The
 direct listing process differs from an initial public offering underwritten on a firm-commitment
 basis.

● Our
 Common Stock currently has no public market. An active trading market may not develop or
 continue to be liquid and the market price of Common Stock may be volatile.

● Future
 sales of Common Stock by our Registered Stockholders and other existing stockholders
 could cause our share price to decline.

● Reports
 published by analysts, including projections in those reports that differ from our actual
 results, could adversely affect the price and trading volume of our Common Stock.

● Our
 Command Centers and engineering staff are fixed costs that are required to maintain operations
 and we may be unable to limit our losses if we fail to achieve our forecasted revenue.

● Our
 internal computer systems, or those of any of our contractors, consultants, collaborators
 or potential future collaborators, may fail or suffer security or data privacy breaches or
 other unauthorized or improper access to, use of, or destruction of our proprietary or confidential
 data, employee data or personal data, which could result in additional costs, loss of revenue,
 significant liabilities, harm to our brand and material disruption of our operations

● We
 have a substantial customer concentration, with a limited number of customers accounting
 for a substantial portion of our revenue.

● Defects
 in our products or failures in quality control could impair our ability to sell our products
 and services or could result in product liability claims, litigation and other significant
 events involving substantial costs.

● A
 similar risk applies to our inability to protect our end-users when they face threats. This
 may give risk to litigation against Bond if/when an end-user is hurt.

● We
 are subject to ongoing litigation and may be subject to more, including securities litigation,
 class action and derivative lawsuits which could result in substantial costs and could divert
 management attention.

● Failures
 in internet infrastructure or interference with internet or Wi-Fi access could cause prospective
 users to believe that our systems are unreliable, potentially causing our future customers
 to decline to renew their subscriptions.

● The
 adoption, use, and commercialization of AI technology, and the continued rapid pace of developments
 in the AI field, are inherently uncertain. Using open-source AI carries additional risks
 such as potential security vulnerabilities, lack of formal support and code quality and maintenance
 issues.

● Our
 operations are vulnerable to interruption by fire, severe weather conditions, power loss,
 telecommunications failure, terrorist activity and other events beyond our control, which
 could harm our business.

 ****

***The Conversion***

We have two (2) classes of common stock, Common Stock and Non-Voting Common Stock. On October 15, 2025, we received the Requisite Holder's consent to convert our Series CF-1 Preferred Stock and Series CF-2 Preferred Stock into Non-Voting Common Stock. Pursuant to the Company's Articles of Incorporation, all Non-Voting Common Stock will automatically convert into Common Stock, which is entitled to one vote per share, concurrently with the initial listing of Common Stock on Nasdaq. All share and per share information in this prospectus are presented after giving effect to the Conversion retrospectively for all periods presented, unless otherwise stated or the context otherwise requires.

***Reverse Stock Split***

 ****

On September 19, 2025, the Company effected a reverse stock split of the Company's Common Stock at a ratio of 1-for-3 effective that day. Each share of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock, and Series CF-2 Preferred Stock, each of which converts on a 1:1 basis into Common Stock, has been proportionally adjusted to reflect the 1-for-3 reverse stock split, such that the 1:1 conversion ratio with Common Stock is maintained. Accordingly, all share and per-share amounts in this Registration Statement are presented on a post-split basis.

***Implications of being a Controlled Company***

Upon completion of the Direct Listing, our founder and Chief Executive Officer, Doron Kempel, will beneficially own approximately 98.16% of the voting power of our outstanding voting securities and we will be a "controlled company" within the meaning of the listing rules of The Nasdaq Stock Market LLC. Due to this significant concentration of voting control, our CEO may able to unilaterally determine the outcome of most stockholder votes. As a result, the influence of other stockholders over such matters may be limited. However, as an officer and director of the Company, our CEO is subject to fiduciary duties and has consistently demonstrated a commitment to the long-term success of the Company and the creation of stockholder value.

As long as our principal shareholder owns at least 50% of the voting power of our Company, we will be a "controlled company" as defined under Nasdaq Listing Rules. As a controlled company, we are permitted to rely on certain exemptions from Nasdaq's corporate governance rules, including:

● an
 exemption from the rule that a majority of our board of directors must be independent directors;

● an
 exemption from the rule that the compensation of our chief executive officer must be determined
 or recommended solely by independent directors; and

● an
 exemption from the rule that our director nominees must be selected or recommended solely
 by independent directors.

Although we currently do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. As a result, you may not in the future have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

***Implications of being an emerging growth company and a smaller reporting company***

We are an "emerging growth company" as defined in the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "***JOBS Act***"). As such, we are eligible to take, and intend to take, advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as we continue to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act, (ii) the exemptions from say-on-pay, say-on-frequency and say-on-golden parachute voting requirements and (iii) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year following the fifth anniversary of this offering, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), which would occur if the market value of our Common Stock held by non-affiliates was $700.0 million or more as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we may adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies instead of the dates required for other public companies.

We are also a "smaller reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until the fiscal year following the determination that our voting and non-voting Common Stock held by non-affiliates is $250 million or more measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently completed fiscal year and our voting and non-voting Common Stock held by non-affiliates is $700 million or more measured on the last business day of our second fiscal quarter.

***Corporate Information***

We were incorporated under the laws of the State of Delaware on April 11, 2017 as a Delaware limited liability company, converted to a Delaware corporation on June 29, 2018 under the name TG-17, Inc. dba Bond and subsequently, submitted the necessary filings to re-domicile as a Nevada corporation on August 27, 2025 under the name TG-17, Inc. dba Bond. Our principal executive offices are located at 85 Broad Street New York, New York 10004. Our telephone number is 1-888-567-6234 and our website address is https://www.ourbond.com/. Information contained on or that can be accessed through our website is neither a part of, nor incorporated by reference into, this prospectus, and you should not consider information on our website to be part of this prospectus. Our website address is included in this prospectus as an inactive textual reference only.

**SUMMARY FINANCIAL AND OTHER DATA**

The summary financial and other data set forth in this prospectus should be read together with our financial statements and the related notes to those statements, as well as the "*<u>Mana</u>g<u>ements' Discussion and Analysis of Financial Condition and Results o</u>f O<u>perations</u>*" section of this prospectus.

The statements of operations data for the years ended December 31, 2024 and 2023, and the statements of cash flows data for the years ended December 31, 2024 and 2023, have been derived from our audited financial statements included elsewhere in this prospectus. The unaudited interim financial statements were prepared on a basis consistent with our audited financial statements and include in management's opinion, all adjustments, consisting of normal recurring adjustments, that we consider necessary for a fair presentation of the financial information set forth in those statements. Our historical results are not necessarily indicative of the results that may be expected in any future period, and our interim results are not necessarily indicative of our expected results for the nine-month period ending September 30, 2025.

**RISK FACTORS**

*An investment in our Common Stock involves a high degree of risk. You should carefully consider the following risks and uncertainties, together with all of the other information contained in this prospectus, including our financial statements and related notes appearing elsewhere in this prospectus, before deciding whether to invest in our Common Stock. The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have a material adverse effect on our business, reputation, revenue, financial condition, results of operations and future prospects, in which event you could lose all or part of your investment. The risks and uncertainties described below are not intended to be exhaustive and are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. This prospectus also contains forward-looking statements that involve risks and uncertainties. See "<u>Cautionary Note Re</u>g<u>ardin</u>g <u>Forward-Lookin</u>g <u>Statements</u>." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors, including those described below.*

**Risks Related to Our Business**

 ****

***Our technology continues to be developed, and it is unlikely that we will ever develop our technology to a point at which no further development is required. In addition, our technology requires constant updates and maintenance which implies that, even if we do not develop additional functionality, we will need to maintain and update the code in relation to the numerous ecosystem technologies on which the technology runs (Apple and Google phone operating systems, Amazon AWS, etc.). Maintaining the technology requires a multidisciplinary team of engineers.***

We operate and maintain complex technology that requires significant technical and regulatory expertise to develop, commercialize and update to meet evolving market and regulatory requirements. Our technology also requires constant updates and maintenance which implies that, even if we do not develop additional functionality, we will need to maintain and update the code in relation to the numerous ecosystem technologies on which the technology runs (Apple and Google phone operating systems, Amazon AWS, etc.). Maintaining our technology requires a multidisciplinary team of engineers and is a costly, complex and time-consuming process. We might face difficulties or delays in the update, development and maintenance processes that will result in our inability to timely offer products that satisfy the market. We anticipate making significant investments in to both research and development relating to our products and services and updates to/ maintenance of our current technology, but such investments are inherently speculative and require substantial capital expenditures. Any unforeseen technical obstacles and challenges that we encounter in our research and development process or maintenance of our technology could result in delays in or the abandonment of product commercialization, which may substantially increase development costs to be able to provide products and services which would be competitive and sustainable for our potential customers, and these potential costs may negatively affect our results of operations.

***If our security measures are breached or unauthorized access to individually identifiable biometric or other personally identifiable information is otherwise obtained, our reputation may be harmed, and we may incur significant liabilities.***

In the ordinary course of our business, we may collect and store sensitive data, including personally identifiable information ("***PII***"), owned or controlled by ourselves or our customers, and other parties. We communicate sensitive data electronically, and through relationships with multiple third-party vendors and their subcontractors. These applications and data encompass a wide variety of business-critical information, including commercial information, and business and financial information. We face a number of risks relative to protecting this critical information, including loss of access risk, inappropriate use or disclosure, inappropriate modification, and the risk of our being unable to adequately monitor, audit, and modify our controls over our critical information. This risk extends to the third-party vendors and subcontractors we use to manage this sensitive data. As a custodian of this data, we therefore inherit responsibilities related to this data, exposing the Company to potential threats. Data breaches occur at all levels of corporate sophistication (including at companies with significantly greater resources and security measures than our own) and the resulting fallout stemming from these breaches can be costly, time-consuming, and damaging to a company's reputation. Further, data breaches need not occur from malicious attacks or phishing only. Often, employee carelessness can result in sharing PII with a much wider audience than intended. The consequences of such data breaches could result in fines, litigation expenses, costs of implementing better systems, and the damage of negative publicity, all of which could have a material adverse effect on our business operations and financial condition.

***Our collection, processing, use and disclosure of individually identifiable biometric or other personally identifiable information is subject to evolving and expanding privacy and security regulations both in the U.S. and internationally.***

Data privacy remains an evolving landscape, with new regulations coming into effect at both the domestic and international level. For example, various states, such as California, Massachusetts, and others, have implemented similar privacy laws and regulations, such as the California Consumer Privacy Act, which took effect January 1, 2020 (the "***CCPA***"), and creates new data privacy rights for users. The CCPA requires covered businesses that process personal information of California residents to disclose their data collection, use and sharing practices. Further, the CCPA provides California residents with new data privacy rights (including the ability to opt out of certain disclosures of personal data), imposes new operational requirements for covered businesses, provides for civil penalties for violations as well as a private right of action for data breaches and statutory damages (which is expected to increase data breach class action litigation and result in significant exposure to costly legal judgements and settlements). Aspects of the CCPA and its interpretation and enforcement remain uncertain. In addition, the California Privacy Rights Act of 2020 (the "***CPRA***"), which took effect January 1, 2023, expanded the CCPA. The CPRA, among other things, gives California residents the ability to limit use of certain sensitive personal information, further restricts the use of cross-contextual advertising, establishes restrictions on the retention of personal information, expands the types of data breaches subject to the CCPA's private right of action, provides for increased penalties for CPRA violations concerning California residents under the age of 16, and establishes a new California Privacy Protection Agency to implement and enforce the CPRA. The CCPA and other similar laws could impact our business activities depending on how they are interpreted. New legislation proposed or enacted in various other states will continue to shape the data privacy environment nationally. For example, Virginia recently passed its Consumer Data Protection Act, and Colorado recently passed the Colorado Privacy Act, both of which differ from the CPRA and became effective in 2023. Additional states have since also passed comprehensive privacy laws with additional obligations and requirements on businesses. Certain state laws may be more stringent or broader in scope, or offer greater individual rights, with respect to confidential, sensitive and personal information than federal, international or other state laws, and such laws may differ from each other, which may complicate compliance efforts.

Additionally, all U.S. states and the District of Columbia have enacted breach notification laws that may require that we notify customers, employees or regulators in the event of unauthorized access to or disclosure of personal or confidential information experienced by us or our service providers. These laws are not consistent, and compliance in the event of a widespread data breach is difficult and may be costly. Moreover, states have been frequently amending existing laws, requiring attention to changing regulatory requirements. We also may be contractually required to notify customers of a security breach. Although we may have contractual protections with our service providers, any actual or perceived security breach could harm our reputation and brand, expose us to potential liability or require us to expend significant resources on data security and in responding to any such actual or perceived breach. Any contractual protections we may have from our service providers may not be sufficient to adequately protect us from any such liabilities and losses, and we may be unable to enforce any such contractual protections. In addition to government regulation, privacy advocates and industry groups have and may in the future propose self-regulatory standards from time to time. These and other industry standards may legally or contractually apply to us, or we may elect to comply with such standards.

In the European Union, the General Data Protection Regulation of 2018 (the "***GDPR***") significantly expanded the rules on using personal data and increased the risks of processing personal data. Some of the new requirements include:

● accountability and transparency requirements, which require those who control data to demonstrate and record compliance and provide certain detailed information to users regarding the ways in which data is used and processed;

● enhanced data consent requirements, which includes "explicit" consent with regard to information the regulation classifies as sensitive data;

● obligations to consider data privacy as new products, services and systems are developed, including ways to limit accessibility of data as well as the amount of information collected, processed, and stored;

● constraints on using data to profile users;

● obligations to provide users with personal data in a usable format on request and to erase personal data in certain circumstances; and

● reporting to data protection authorities of potential breaches without undue delay (72 hours, where feasible).

Other foreign jurisdictions in which the Company operates, or in which it has it services available, have implemented, or are considering implementing, data privacy laws and regulations, many of which are similar to the GDPR. Although we attempt to stay current with such developments in the jurisdictions in which we or our subsidiaries operate, our policies and procedures for compliance with data privacy laws and regulations, may not be up-to-date or implemented correctly or our management, employees or agents. thereby not complying with current procedures. Moreover, our third-party agents in foreign jurisdictions may likewise not implement policies and procedures that are the most current for their jurisdiction, thereby creating a risk factor for us. Failure to comply with data privacy laws and regulations may have serious financial consequences. We could face significant sanctions, statutory damages, and damage to our reputation resulting in a material adverse effect on our results of operations, business, or financial condition.

***We are subject to government regulation related to security agencies, and our failure or inability to comply with these regulations could materially restrict our operations and subject us to substantial penalties.***

We are subject to a number of state occupational licensing laws that apply to private security officers and security agencies. Most states have laws requiring qualification, training and registration of security officers. Any liability we may have from our failure to comply with these regulations may materially affect our business by restricting our operations and subjecting us to substantial penalties. In addition, our current and future operations may be subject to additional regulation as a result of, among other factors, new statutes and regulations and changes in the manner in which existing statutes and regulations are or may be interpreted.

***Our success is highly dependent on our ability to attract and retain highly skilled executive officers and employees globally.***

To succeed, we must recruit, retain, manage and motivate qualified technical and management personnel, and we face significant competition for experienced personnel. We are highly dependent on the principal members of our management. If we do not succeed in attracting and retaining qualified personnel, particularly at the management level, it could adversely affect our ability to execute our business plan and harm our operating results. In particular, the loss of one or more of our executive officers could be detrimental to us if we cannot recruit suitable replacements in a timely manner. We could in the future have difficulty attracting experienced personnel to our company and may be required to expend significant financial resources in our employee recruitment and retention efforts.

Many of the other technology companies that we compete against for qualified personnel have greater financial and other resources, different risk profiles and a longer operating history than we do. They also may provide more diverse opportunities and better prospects for career advancement. Some of these characteristics may be more appealing to high-quality candidates than what we have to offer. If we are unable to continue to attract and retain high-quality personnel, the rate and success at which we develop and commercialize our products and services could be limited and our potential for successfully growing our business could be harmed.

Additionally, we hire various employees, contractors and advisors outside of the United States which presents several risks for our operations. These include compliance challenges with foreign labor and tax laws, potential misclassification of workers and complications around data privacy and international IP ownership. Differences in employment regulations and enforcement across jurisdictions can expose the company to legal and financial liabilities. Moreover, cross-border communication and management can create operational inefficiencies or delays.

***Privacy and data security laws and regulations could require us to make changes to our business, impose additional costs on us and reduce the demand for our software solutions.***

Our business model contemplates that we will transmit a significant amount of PII through our platform*.* Privacy and data security have become significant issues in the United States and in other jurisdictions where we may offer our video surveillance solutions. The regulatory framework relating to privacy and data security issues worldwide is evolving rapidly and is likely to remain uncertain for the foreseeable future. Federal, state and foreign government bodies and agencies have in the past adopted, or may in the future adopt, laws and regulations regarding the collection, use, processing, storage and disclosure of personal or identifying information obtained from customers and other individuals. In addition to government regulation, privacy advocates and industry groups may propose various self-regulatory standards that may legally or contractually apply to our business. Because the interpretation and application of many privacy and data security laws, regulations and applicable industry standards are uncertain, it is possible that these laws, regulations and standards may be interpreted and applied in a manner inconsistent with our existing privacy and data management practices. As we expand into new jurisdictions or verticals, we will need to understand and comply with various new requirements applicable in those jurisdictions or verticals.

To the extent applicable to our business or the businesses of our customers, these laws, regulations and industry standards could have negative effects on our business, including by increasing our costs and operating expenses, and delaying or impeding our deployment of new core products or services. Compliance with these laws, regulations and industry standards requires significant management time and attention, and failure to comply could result in negative publicity, subject us to fines or penalties or result in demands that we modify or cease existing business practices. In addition, the costs of compliance with, and other burdens imposed by, such laws, regulations and industry standards may adversely affect our customers' ability or desire to collect, use, process and store PII using our products and services, which could reduce overall demand for them. Even the perception of privacy and data security concerns, whether or not valid, may inhibit market acceptance of our products and services in certain verticals. In particular, some regulatory bodies have recently become more interested in technologies that we employ including artificial intelligence and face recognition. Any of these outcomes could adversely affect our business and operating results.

If our products and services do not achieve broad acceptance both domestically and internationally, we will not be able to achieve our anticipated level of growth. Our revenues are primarily derived from a cloud-based services model for our products and technology. We also receive services revenue from offering physical world services such as drone services, security guard services, Executive Protection (bodyguard) services, security assessments, cyber threat evaluations and similar services. We cannot accurately predict the future growth rate or the size of the market for our products and services. The expansion of the market for our solutions depends on a number of factors, such as:

● the cost, performance and reliability of our products and services and the solutions offered by our competitors;

● customers' perceptions regarding the benefits of cloud-based video surveillance solutions;

● public perceptions regarding the intrusiveness of Bond's Preventative Personal Security services.

● public perceptions regarding the confidentiality of private information;

● proposed or enacted legislation related to privacy of information;

● customers' satisfaction regarding our services; and

● marketing efforts and publicity regarding our solutions.

Even if our products and services gain wide market acceptance, our solutions may not adequately address market requirements and may not continue to gain market acceptance. If cloud-based personal security solutions generally or our solutions specifically do not gain wide market acceptance, we may not be able to achieve our anticipated level of growth and our revenues and results of operations would suffer.

***We rely on other companies to provide certain hardware and software solutions for our products.***

We depend on certain third-party suppliers and subcontractors to meet our contractual obligations to our customers and conduct our business. While we are not dependent on any one supplier for any of our hardware or software solutions, our ability to meet our obligations to our customers may be adversely affected if one or more suppliers or subcontractors does not provide the agreed-upon supplies or perform the agreed-upon services in compliance with customer requirements and in a timely and cost-effective manner. Likewise, the quality of our products and services may be adversely impacted if companies to whom we delegate manufacture of major components or subsystems for our products, or from whom we acquire such items, do not provide major components and subsystems which meet required specifications and perform to our and our customers' expectations. If we encounter problems with one or more of these parties and they fail to perform to expectations, it could have a material adverse effect on our business operations and financial condition.

***We depend on AWS servers to operate our Bond Preventative Personal Security Platform with online features and our online services. If we were to lose server functionality for any reason, our business may be negatively impacted.***

Our business relies on the continuous operation of servers, most of which are owned and operated by AWS and other third parties. Although we strive to maintain more than sufficient server capacity, and provide for active redundancy in the event of limited hardware failure, any broad-based catastrophic server malfunction, a significant service-disrupting attack or intrusion by hackers that circumvents security measures, a failure of disaster recovery service or the failure of a company on which we are relying for server capacity to provide that capacity for whatever reason could degrade or interrupt the functionality of our platform, and could prevent the operation of our platform for both in-person and online experiences.

We also rely on networks operated by third parties to support content on our Bond Preventative Personal Security Platform, including networks owned and operated by other software publishers. An extended interruption to any of these services could adversely affect the use of our platform, which would have a negative impact on our business.

Further, insufficient server capacity could also negatively impact our business. Conversely, if we overestimate the amount of server capacity required by our business, we may incur additional operating costs.

***Our technology platform utilizes numerous third-party technologies, systems and subsystems (like Twilio, Bandwidth, ChatGPT etc.). Any disruption to such systems and subsystems could interrupt our business, impact our ability to provide service, harm our reputation, cause us to lose customers and end-users, cause end-users harm (at the hands of perpetrators) that we would hypothetically not be able to detect and address in a timely manner, which could materially and adversely affect our business, financial condition and results of operations***.

Our business partially depends on services provided by, and relationships with, various third parties, including Twilio, Bandwidth, cloud hosting, app stores provided by Google Play and Apple, and broadband providers, among others. To this end, when our service providers, cloud hosts and other vendors experience outages, our services will be negatively impacted and alternative resources will not be immediately available. In addition, certain third-party software we use in our operations is currently publicly available free of charge. If the owner of any such software decides to charge users or no longer makes the software publicly available, we may need to incur significant costs to obtain licensing, find replacement software or develop it on our own. If we are unable to obtain licensing, find or develop replacement software at a reasonable cost, or at all, our business and operations may be adversely affected.

We exercise no control over the third-party vendors that we rely upon for our overall technology platform operations, cloud hosting, broadband and software services. If such third parties increase their prices, fail to provide their services effectively, terminate their service or agreements or discontinue their relationships with us, we could suffer service interruptions, reduced revenues or increased costs, any of which may have a material adverse effect on our business, financial condition and results of operations.

Additionally, we use open-source AI products and services such as ChatGPT that carry several risks that require careful management. Security vulnerabilities may be introduced if the code is not regularly updated or properly reviewed. Since open-source projects are often community-maintained, there may be limited or no formal support when issues arise. Licensing terms can also be unclear or restrictive, potentially leading to legal exposure if not properly understood or followed. Additionally, there may be challenges in ensuring compliance with data protection regulations, especially if the AI models are trained on publicly sourced or unverified datasets. Quality, reliability, and long-term maintenance can also vary significantly across different open-source projects.

***Cost of insurance is a significant part of our expenses and it is subject to market fluctuations, as well as to fluctuations due to our track record. This price can therefore increase unexpectedly and our insurance may not adequately cover our future operating risk.***

 ****

We have insurance to protect our assets, future operations and employees. While we believe our insurance coverage addresses all material risks to which we may be exposed and is adequate and customary according to our current projections for our future operations, such insurance is subject to coverage limits and exclusions and may not be available for the risks and hazards to which we may be exposed. In addition, no assurance can be given that such insurance will be adequate to cover our liabilities or will be generally available in the future or, if available, that premiums will be commercially justifiable. If we were to incur substantial liability and such damages were not covered by insurance or were in excess of policy limits, or if we were to incur such liability at a time when we are not able to obtain liability insurance, our business, results of operations and financial condition could be materially adversely affected. Additionally, the cost of insurance coverage may increase upon the commencement of our operations, such increase may have a negative impact on our business and financial position. Our lack of commercial operating history in an emerging area may make it difficult to obtain insurance policies at competitive rates. Insurance that is otherwise readily available, such as workers' compensation, general liability, title insurance and directors' and officers' insurance, is more difficult for us to find and more expensive because of our involvement in emerging areas. There are no guarantees that we will be able to find insurance coverage at otherwise competitive, or even economically viable terms.

 ****

***Our online Bond Preventative Personal Security Platform and services offered through our platform may contain defects.***

Our online Bond Preventative Personal Security Platform and the services offered through our platform are extremely complex and are difficult to develop and distribute. We have quality controls in place to detect defects in our platform before updates are released. Nonetheless, these quality controls are subject to human error, overriding, and reasonable resource or technical constraints. Further, we have undertaken independent third-party testing, verification or analysis of our data security and privacy controls. Therefore, our platform and quality controls and preventative measures we have implemented may not be effective in detecting all defects in our platform. In the event a significant defect in our platform and associated systems and controls is realized, we could be required to offer refunds, suspend the availability of our services, or expend significant resources to cure the defect, each of which could significantly harm our business and operating results.

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***We rely on AWS to deliver our offerings to users on our platform, and any disruption of or interference with our use of AWS could adversely affect our business, financial condition, results of operations and prospects.***

We currently host our Bond Preventative Personal Security Platform and support our operations using Amazon Web Services, or AWS, a third-party provider of cloud infrastructure services, along with other service providers traditionally used by AWS. We do not, and will not, have control over the operations of the facilities or infrastructure of the third-party service providers that we use. Such third parties' facilities are vulnerable to damage or interruption from natural disasters, cybersecurity attacks, terrorist attacks, power outages and similar events or acts of misconduct. Our platform's continuing and uninterrupted performance will be critical to our success. We have experienced, and we expect that in the future we will experience interruptions, delays, and outages in service and availability from these third-party service providers from time to time due to a variety of factors, including infrastructure changes, human or software errors, website hosting disruptions and capacity constraints. In addition, any changes in these third parties' service levels may adversely affect our ability to meet the requirements of our users. Since our platform's continuing and uninterrupted performance is critical to our success, sustained or repeated system failures would reduce the attractiveness of our offerings. It may become increasingly difficult to maintain and improve our performance, especially during peak usage times, as we expand and the usage of our offerings increases. Any negative publicity arising from these disruptions could harm our reputation and brand and may adversely affect the usage of our offerings.

Our commercial agreement with AWS will remain in effect until terminated by AWS or us. Either party may terminate this Agreement for cause if the other party is in material breach of this Agreement and the material breach remains uncured for a period of 30 days from receipt of notice by the other party. No later than the Termination Date, we must close our account. AWS may also terminate this Agreement immediately upon notice (A) for cause if AWS has the right to suspend under certain circumstances as set forth in the AWS customer agreement, (B) if AWS' relationship with a third-party partner who provides software or other technology AWS uses to provide the Service Offerings expires, terminates or requires us to change the way AWS provides the software or other technology as part of the Services, or (C) in order to comply with the law or requests of governmental entities. In the event that our agreement with AWS is terminated or we add additional cloud infrastructure service providers, we may experience significant costs or downtime in connection with the transfer to, or the addition of, new cloud infrastructure service providers. Although alternative providers could host our platform on a substantially similar basis to AWS, transitioning the cloud infrastructure currently hosted by AWS to alternative providers could potentially be disruptive and we could incur significant one-time costs.

Any of the above circumstances or events may harm our reputation and brand, reduce the availability or usage of our platform, lead to a significant loss of revenue, increase our costs and impair our ability to attract new users, any of which could adversely affect our business, financial condition and results of operations.

***Certain acquisitions could adversely affect our financial results.***

We may pursue strategic acquisitions as part of our business strategy. There is no assurance that we will be able to find suitable acquisition candidates or be able to complete acquisitions on favorable terms, if at all. We may also discover liabilities or deficiencies associated with any companies acquired that were not identified in advance, which may result in unanticipated costs. The effectiveness of our due diligence review and ability to evaluate the results of such due diligence may depend upon the accuracy and completeness of statements and disclosures made or actions taken by the target companies or their representatives. As a result, we may not be able to accurately forecast the financial impact of an acquisition transaction, including tax and accounting charges. In addition, we may not be able to successfully integrate acquired businesses and may incur significant costs to integrate and support acquired companies. Any of these factors could adversely affect our financial results.

***Our business may be adversely impacted by additional leverage in connection with acquisitions.***

As stated above, we may pursue strategic acquisitions as part of our business strategy. If we are able to identify acquisition candidates, such acquisitions may be financed with a substantial amount of additional indebtedness. Although the use of leverage presents opportunities to increase our profitability, it has the effect of potentially increasing losses as well. If income and appreciation from acquisitions acquired through debt are less than the cost of the debt, the total return will decrease. Accordingly, any event which adversely affects the value of an acquisition will be magnified to the extent we are leveraged and we could experience losses substantially greater than if we did not use leverage.

Increased indebtedness could also make it more difficult for us to satisfy our obligations with respect to any other debt agreements, increase our vulnerability to general adverse economic and industry conditions and require that a greater portion of our cash flow be used to pay indebtedness, which would reduce the availability of cash available for other purposes, and limit our flexibility in planning for, or reacting to, changes in our business and our industry. Our failure to comply with any covenants under such indebtedness could result in an event of default that, if not cured or waived, could result in an acceleration of repayment of other existing indebtedness, which in turn could materially and adversely affect our business and results of operations.

***We will incur increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives. We will be subject to financial reporting and other requirements for which our accounting and other management systems and resources may not be adequately prepared.***

As a public company, and particularly after we are no longer an emerging growth company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the federal securities laws, including the Sarbanes-Oxley Act of 2002 (the "***Sarbanes-Oxley Act***"), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and rules and regulations subsequently implemented by the SEC and Nasdaq have imposed various requirements on public companies, including requirements to file annual, quarterly, and event driven reports with respect to their business and financial condition, and to establish and maintain effective disclosure and financial controls and corporate governance practices. These rules and regulations will increase our legal and financial compliance costs, make certain activities more time-consuming and costly, and require our management and other personnel to devote a substantial amount of time to compliance initiatives. We also expect that these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance.

Pursuant to Section 404 of the Sarbanes-Oxley Act, we will be required to furnish a report by our management on our internal control over financial reporting, including an attestation report on internal control over financial reporting issued by our independent registered public accounting firm, beginning with the first full year after we become a public company. However, while we remain an emerging growth company, we will not be required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm. To achieve compliance with Section 404 of the Sarbanes-Oxley Act, we will be engaged in a process to document and evaluate our internal control over financial reporting, which is both costly and challenging. We will need to continue to dedicate internal resources, potentially engage outside consultants, adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that neither we, nor our independent registered public accounting firm will be able to conclude within the prescribed time frame that our internal control over financial reporting is effective as required by Section 404 of the Sarbanes-Oxley Act. This could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our financial statements. We could also become subject to investigations by the SEC or other regulatory authorities, which could require additional financial and management resources.

As a public company, we will also be required to maintain disclosure controls and procedures. Disclosure controls and procedures means our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC. We do not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. We believe a control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and any design may not succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.

***Recent and potential tariffs imposed by the U.S. government or a global trade war could increase the cost of our services, which could have a material adverse effect on our business, financial condition and results of operations.***

The U.S. government has and continues to make significant changes in U.S. trade policy and has taken certain actions that could negatively impact U.S. trade, including imposing tariffs on certain goods imported into the United States. There is also a concern that the imposition of additional tariffs by the United States could result in the adoption of tariffs by other countries as well, leading to a global trade war, which may adversely affect the global economy and businesses of our clients, which, in turn, would also adversely affect demand for our services. A downturn in the global economy or the economies of countries in which we or our clients operate as a result of any trade dispute could adversely affect our business, financial condition and results of operations. Although we do not directly engage in international trade business, our customers may be affected by the imposition of barriers to trade or escalation of trade disputes.

If we fail to manage these dynamics successfully, gross margins and profitability could be adversely affected. As of the date of this prospectus, tariffs have not had a material impact on our business, but increased tariffs or trade restrictions implemented by the United States or other countries in connection with a global trade war could have a material adverse effect on our business, financial condition and results of operations. We cannot predict what actions may ultimately be taken with respect to tariffs or trade relations between the United States and other countries, which of our customers may be subject to such actions, or what actions may be taken by the other countries in retaliation.

***Intellectual property rights do not necessarily address all potential threats to our competitive advantage.***

The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations and may not adequately protect our business or permit us to maintain our competitive advantage. For example:

● others may be able to develop products and services that are similar to our product candidates but that are not covered by the claims of the patents that we own or license;

● we or our licensors or future collaborators might not have been the first to make the inventions covered by the issued patents or pending patent applications that we own or license;

● we or our licensors or future collaborators might not have been the first to file patent applications covering certain of our inventions;

● others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our intellectual property rights;

● it is possible that our licensors' pending patent applications will not lead to issued patents;

● issued patents that we own or license may be held invalid or unenforceable, as a result of legal challenges by our competitors;

● our competitors might conduct research and development activities in countries where we do not have patent rights and then use the information learned from such activities to develop competitive products for sale in our major commercial markets;

● we may not develop additional proprietary technologies that are patentable;

● we cannot predict the scope of protection of any patent issuing based on our patent applications, including whether the patent applications that we own or in-license will result in issued patents with claims that cover our product candidates or uses thereof in the United States or in other foreign countries;

● the claims of any patent issuing based on our patent applications may not provide protection against competitors or any competitive advantages, or may be challenged by third parties;

● if enforced, a court may not hold that our patents are valid, enforceable and infringed;

● we may need to initiate litigation or administrative proceedings to enforce and/or defend our patent rights which will be costly whether we win or lose;

● we may choose not to file a patent application in order to maintain certain trade secrets or know-how, and a third party may subsequently file a patent application and obtain an issued patent covering such intellectual property;

● we may fail to adequately protect and police our trademarks and trade secrets; and

● the patents of others may have an adverse effect on our business, including if others obtain patents claiming subject matter similar to or improving that covered by our patents and patent applications.

Should any of these events occur, they could significantly harm our business, results of operations and prospects.

***Intellectual property litigation may lead to unfavorable publicity that harms our reputation and causes the market price of our common shares to decline.***

During the course of any intellectual property litigation, there could be public announcements of the initiation of the litigation as well as results of hearings, rulings on motions, and other interim proceedings in the litigation. If securities analysts or investors regard these announcements as negative, the perceived value of our existing product candidates, programs or intellectual property could be diminished. Such announcements could also harm our reputation or the market for our future product candidates, which could have a material adverse effect on our business.

***If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.***

In addition to the protection afforded by other types of intellectual property, we rely on the protection of our trade secrets, including unpatented know-how, technology and other proprietary information to maintain our competitive position. Although we have taken steps to protect our trade secrets and unpatented know-how, including entering into confidentiality agreements with third parties (including, but not limited to, contractors, collaborators, and outside scientific advisors), and confidential information and inventions agreements with employees, consultants, licensors and advisors, we cannot provide any assurances that all such agreements have been duly executed, and any of these parties may breach the agreements and disclose our proprietary information, including our trade secrets, and we may not be able to obtain adequate remedies for such breaches. We require our employees to enter into written confidentiality agreements that assign to us any inventions, developments, creative works and useful ideas of any description that are conceived of, reduced to practice or developed in the course of their employment. In addition, we require our third-party contractors to enter into a written non-disclosure agreement that requires the third party to not disclose certain of our confidential information in any manner or for any purpose other than as necessary and/or appropriate in connection with their obligations for a defined period of time, subject to certain exclusions. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive and time-consuming, and the outcome is unpredictable. In addition, some courts inside and outside the United States are less willing or unwilling to protect trade secrets. We may need to share our proprietary information, including trade secrets, with our current and future business partners, collaborators, contractors and others located in countries at heightened risk of theft of trade secrets, including through direct intrusion by private parties or foreign actors, and those affiliated with or controlled by state actors.

Moreover, third parties may still obtain this information or may come upon this or similar information independently, and we would have no right to prevent them from using that technology or information to compete with us. If any of these events occurs or if we otherwise lose protection for our trade secrets, the value of this information may be greatly reduced and our competitive position would be harmed. If we or our licensors do not apply for patent protection prior to such publication or if we cannot otherwise maintain the confidentiality of our proprietary technology and other confidential information, then our ability to obtain patent protection or to protect our trade secret information may be jeopardized.

We may be subject to claims that our employees have wrongfully used or disclosed alleged confidential information or trade secrets of their former employers.

***If our efforts to build a strong brand identity and maintain a high level of user satisfaction and loyalty are unsuccessful, we may not be able to attract or retain users, and our operating results may be adversely affected.***

We must continue to build and maintain a strong brand identity. User awareness of, and the perceived value of, our brand will depend largely on the success of our marketing efforts and our ability to provide consistent, high-quality user experience. Failure to provide our users with high-quality reservation and experiences for any reason could substantially harm our reputation and adversely affect our efforts to develop as a trusted brand. To promote our brand, we have incurred and expect to continue to incur substantial expense related to advertising and other marketing efforts, but we cannot be sure that this investment will be profitable.

From time to time, our users express dissatisfaction with our service levels. To the extent dissatisfaction with our service is widespread or not adequately addressed, our reputation could be harmed, and our efforts to develop the company's name as a trusted brand would be adversely impacted. If our efforts to promote and maintain our brand are unsuccessful, our operating results and our ability to attract and retain users may be adversely affected.

**Risks Related to our Management and Control Persons**

***We will be a "controlled company" within the meaning of the Nasdaq Stock Market Rules upon the Direct Listing because our insiders will beneficially own more than 50% of the voting power of our outstanding voting securities.***

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Upon completion of this offering, our founder and Chief Executive Officer, Doron Kempel, together with certain management officers will collectively beneficially own approximately 98.16% of the voting power of our outstanding voting securities and we will be a "controlled company" within the meaning of the listing rules of The Nasdaq Stock Market LLC. We may rely on certain exemptions from corporate governance rules, including an exemption from the rule that a majority of our board of directors must be independent directors. Although we currently do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. In the event that we elected to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors, and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Our status as a controlled company could cause our shares of common stock to be less attractive to certain investors or otherwise harm our trading price. As a result, you would not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Additionally, investors may be prevented from effecting matters involving our Company, including:

● the composition of our Board and, through it, any determination with respect to our business direction and policies, including the appointment and removal of officers;

● any determination with respect to mergers or other business combinations;

● our acquisition or disposition of assets; and

● our corporate financing activities.

Furthermore, this concentration of voting power could have the effect of delaying, deterring, or preventing a change of control or other business combination that might otherwise be beneficial to our stockholders. This significant concentration of share ownership may also adversely affect the trading price of our common stock because investors may perceive disadvantages in owning stock in a Company that is controlled by a small number of stockholders. Although our Company does not intend to utilize the controlled company exemptions to the Nasdaq corporate governance listing standards, if we are eligible to utilize the controlled company exemptions in the future, we may choose to do so. In such instance we would be exempted from, among other things, the requirements to have a board with a majority of independent members and the requirement that we have a nominating and governance committee and compensation committee that are composed entirely of independent directors and have written charters addressing the respective committee's purpose and responsibilities.

**Risks Related to Our Financial Condition and Capital Requirements**

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***We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce and/or eliminate one or more of our research and drug development programs or future commercialization efforts.***

Our operations have consumed substantial amounts of cash since inception, and we expect our expenses to increase in connection with our ongoing activities. The Company will continue to invest in building out its sales and marketing teams as well as maintain a robust engineering and development team. General and administrative expenses will increase as the cost of maintaining a public company is significantly higher than maintaining a privately held company. Accordingly, we will need to obtain substantial additional funding in order to maintain our continuing operations.

As of September 30, 2025, we had approximately $925 thousand of cash on hand and a working capital deficit of approximately $3,513 thousand, and our anticipated operating requirements for the next twelve months, assuming the maintenance of our current operations, exceed our available capital resources. Our estimate as to how long we expect our existing capital to be able to continue to fund our operations is based on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect. Changing circumstances, some of which may be beyond our control, could cause us to consume capital significantly faster than we currently anticipate, and we may need to seek additional funds sooner than planned.

Our future funding requirements will depend on many factors, including, but not limited to:

● the initiation, progress, timeline, cost and results of our products;

● the cost and timing of manufacturing activities;

● the effect of competing technological and market developments;

● the payment of licensing fees, potential royalty payments and potential milestone payments;

● the cost of general operating expenses; and

● the costs of operating as a public company.

Advancing the development of our product will require a significant amount of capital. In order to fund all of the activities that are necessary to complete the development of our product, we will be required to obtain further funding through equity offerings, debt financings, collaborations and licensing arrangements or other sources, which may dilute our stockholders or restrict our operating activities. Adequate additional funding may not be available to us on acceptable terms, or at all.

Our failure to raise capital as and when needed or on acceptable terms would have a negative impact on our financial condition and our ability to pursue our business strategy, and we may have to delay, reduce the scope of, suspend or eliminate one or more of our research-stage programs, clinical trials or future commercialization efforts, grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves, obtain funds through arrangement with collaborators on terms unfavorable to us or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of our stockholders.

***We have a limited operating history, which may make it difficult for you to evaluate our current business and predict our future success and viability.***

Our Company was incorporated under the laws of the State of Delaware on April 11, 2017 as a Delaware limited liability company, converted to a Delaware corporation on June 29, 2018 as TG-17, Inc and subsequently, submitted the necessary filings to re-domicile as a Nevada corporation on August 27, 2025 under the name TG-17, Inc. dba Bond. The likelihood of our creation of a successful business must be considered in light of the problems, expenses, difficulties, complications, and delays frequently encountered in connection with the growth of a business, operation in a competitive industry, and the continued development of our technology and products. We anticipate that our operating expenses will increase for the near future, and there is no assurance that we will be profitable in the near future. You should consider our business, operations, and prospects in light of the risks, expenses and challenges faced as an emerging growth company.

***We have historically operated at a loss, which has resulted in an accumulated deficit.***

For the fiscal years ended December 31, 2024 and December 31, 2023, we incurred losses of approximately $11,017 and approximately $12,257 thousand, respectively. For the nine-month period ended September 30, 2025, we incurred losses of approximately $7,831 thousand. There can be no assurance that we will ever achieve profitability. Even if we do, there can be no assurance that we will be able to maintain or increase profitability on a quarterly or annual basis. Failure to do so would continue to have a material adverse effect on our accumulated deficit, would affect our cash flows, would affect our efforts to raise capital and is likely to result in a decline in the value of your investment in our Company.

***We anticipate sustaining operating losses for the foreseeable future.***

It is anticipated that we will sustain operating losses for the foreseeable future as we expand our team, continue with research and development, and strive to gain customers and gain market share in our industry. Our ability to become profitable depends on our ability to expand our customer base. There can be no assurance that this will occur. Unanticipated problems and expenses are often encountered in offering new products which may impact whether the Company is successful. Furthermore, we may encounter substantial delays and unexpected expenses related to development, technological changes, marketing, regulatory requirements and changes to such requirements or other unforeseen difficulties. There can be no assurance that we will ever become profitable. If the Company sustains losses over an extended period of time, it may be unable to continue in business.

***Raising additional capital may cause dilution to our existing stockholders.***

We may seek additional capital through a variety of means, including through equity, debt financings, or other sources. We may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences and anti-dilution protections that adversely affect your rights as a stockholder.

Such financing may also result in the imposition of debt covenants, increased fixed payment obligations or other restrictions that may adversely affect our ability to conduct our business. If we raise additional funds through collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates, or grant licenses on terms that are not favorable to us.

***We may not be able to continue as a going concern without additional financing, and if such financing is not available to us or is not available to us on acceptable terms, we may be forced to cease operations.***

We have a limited operating history and have incurred recurring losses from operations. For the fiscal years ended December 31, 2024 and 2023, we incurred a net loss of approximately $11,017 thousand and approximately $12,257 thousand, respectively. For the nine-month period ending September 30, 2025, we incurred losses of approximately $7,831 thousand. Our failure to generate sufficient revenues, effectively manage expenses or raise additional capital could adversely affect our ability to achieve our intended business objectives. These matters, among others, raise substantial doubt about our ability to continue as a going concern.

The Company has primarily funded its operations through a combination of equity financing, venture debt, five series of convertible notes and internal cash flows, depending on the stage of its development and strategic goals. In its early stages, the Company relied on seed capital from its founder, followed by capital rounds and venture debt to support its growth and expansion. More recently, operational cash flows have become a more significant source of funding, reducing reliance on external financing.

***We have a substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenue.***

We derive a significant portion of our revenues from a few major customers. For the year ended December 31, 2024, one customer (customer A - one of the top three (3) private equity firms in the world) accounted for 63.6% of our total revenue. For the nine-month period ending September 30, 2025, the same customer accounted for 51.93% of our total revenue. There are inherent risks whenever a large percentage of total revenue is derived from a limited number of customers. It is not possible for us to predict the future level of demand for our products and services that will be generated by these customers. If we experience declining or delayed sales from these customers due to market, economic or competitive conditions, we could be pressured to reduce our prices or our customers could decrease the purchase quantity of our products and services, which could have an adverse effect on our margins and financial position and could negatively affect our revenues and results of operations. If any one of our largest customers terminates the purchase of our products and services, such termination would materially negatively affect our revenues, results of operations and financial condition. Moreover, our reliance on a limited number of customers may limit our bargaining power and ability to negotiate favorable terms in future contracts. If we are unable to diversify our customer base and reduce our dependence on a small number of customers, our business, operating results, and financial condition could be adversely affected by any negative developments involving these key customers. To mitigate these risks, we are actively seeking to expand our customer base and reduce our reliance on a few significant customers. However, there can be no assurance that we will be successful in these efforts, and our financial performance may continue to be significantly influenced by our key customers.

***Because many of our expenses are fixed, we may be unable to limit our losses if we fail to achieve our forecasted revenue.***

We must invest significantly in Command Centers and engineering staff and personal security agents to continue our operations. This build-up before actual reservations exposes us to significant up-front fixed costs. If market demand for our services does not increase as quickly as we have anticipated, or if there is a rapid and unexpected decline in demand for our services, we may be unable to offset these fixed costs and to achieve economies of scale, and our operating results may be adversely affected because of high operating expenses, reduced margins, underutilization of capacity and asset impairment charges.

**Risks Related to This Offering and Ownership of Our Common Stock**

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***Because of the ongoing government shutdown, the SEC did not complete its review of the registration statement for this offering*.**

We have filed a registration statement with the SEC for this offering, but the SEC has not completed its review. During the ongoing government shutdown, the SEC will not review any registration statement or declare any registration statement effective. Our registration statement will automatically become effective on December [ ], 2025 in accordance with Section 8(a) of the Securities Act. While we believe we have satisfactorily addressed all SEC comments on the registration statement that we received before the shutdown, we could receive comments from the SEC after completion of this offering, and those comments could obligate us to modify, reformulate, add to or exclude certain information presented in this prospectus. Any such modification, reformulation, addition or exclusion could be significant. Whether or not we receive comments from the SEC, neither the SEC nor any state securities commission has approved or disapproved of these securities or determined whether this prospectus is truthful or complete.

***The direct listing process differs from an initial public offering underwritten on a firm-commitment basis.***

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This is not an underwritten initial public offering of Common Stock. This listing of our Common Stock on Nasdaq differs from an underwritten initial public offering in several significant ways, which include, but are not limited to, the following:

● There are no underwriters engaged on a firm-commitment basis. Consequently, prior to the opening of trading on Nasdaq, there will be no traditional book building process and no price at which underwriters initially sold shares to the public to help inform efficient and sufficient price discovery with respect to the opening trades on Nasdaq. Therefore, buy and sell orders submitted prior to and at the opening of trading of our Common Stock on Nasdaq will not have the benefit of being informed by a published price range or a price at which the underwriters initially sold shares to the public, as would be the case in an initial public offering underwritten on a firm-commitment basis. Moreover, there will be no underwriters engaged on a firm-commitment underwritten basis assuming risk in connection with the initial resale of shares of our Common Stock. In an initial public offering underwritten on a firm-commitment basis, the underwriters may engage in "covered" short sales in an amount of shares representing the underwriters' option to purchase additional shares. To close a covered short position, the underwriters purchase shares in the open market or exercise the underwriters' option to purchase additional shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriters' option to purchase additional shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts, may have the effect of preventing a decline in the market price of shares. Given that there will be no underwriters' option to purchase additional shares and no underwriters engaging in stabilizing transactions, there could be greater volatility in the public price of our Common Stock during the period immediately following the listing. See also "— *Our shares of Common Stock have no prior public market. An active trading market may not develop or continue to be liquid and the market price of our shares of Common Stock may be volatile*."

● There is not a fixed number of shares of Common Stock available for sale. Therefore, there can be no assurance that any Registered Stockholders or other existing stockholders will sell any or all of their Common Stock and there may initially be a lack of supply of, or demand for, our Common Stock on Nasdaq. Alternatively, we may have a large number of Registered Stockholders or other existing stockholders who choose to sell their Common Stock in the near term resulting in an oversupply of our Common Stock, which could adversely impact the public price of our Common Stock once listed on Nasdaq and thereafter.

● None of our Registered Stockholders or other existing stockholders have entered into contractual lock-up agreements or other contractual restrictions on transfer. In a firm-commitment underwritten initial public offering, it is customary for an issuer's officers, directors, and most of its other stockholders to enter into a 180-day contractual lock-up arrangement with the underwriters to help promote orderly trading immediately after such initial public offering. Consequently, any of our stockholders, including our directors and officers who own our Common Stock and other significant stockholders, may sell any or all of their Common Stock at any time (subject to any restrictions under applicable law), including immediately upon listing. If such sales were to occur in a significant volume in a short period of time following our listing, it may result in an oversupply of our Common Stock in the market, which could adversely impact the public price of our Common Stock.

● We will not conduct a traditional "roadshow" with underwriters prior to the opening of trading on Nasdaq. Instead, we intend to host an investor day, as well as engage in certain other investor education meetings. In advance of the investor day, we will announce the date for such day over financial news outlets in a manner consistent with typical corporate outreach to investors. We will prepare an electronic presentation for this investor day, which will have content similar to a traditional roadshow presentation, and make one version of the presentation publicly available, without restriction, on a website. There can be no guarantees that the investor day and other investor education meetings will have the same impact on investor education as a traditional "roadshow" conducted in connection with a firm-commitment underwritten initial public offering. As a result, there may not be efficient price discovery with respect to our Common Stock or sufficient demand among investors immediately after our listing, which could result in a more volatile public price of our Common Stock.

Such differences from a firm-commitment underwritten initial public offering could result in a volatile trading price for our Common Stock and uncertain trading volume, which may adversely affect your ability to sell any Common Stock that you may purchase.

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***Our Common Stock currently has no public market. An active trading market may not develop or continue to be liquid and the market price of shares of our Common Stock may be volatile.***

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We expect our Common Stock to be listed and traded on Nasdaq. Prior to the listing on Nasdaq, there has not been a public market for any of our securities, and an active market for our Common Stock may not develop or be sustained after the listing, which could depress the market price of shares of our Common Stock and could affect the ability of our stockholders to sell our Common Stock. In the absence of an active public trading market, investors may not be able to liquidate their investments in our Common Stock. An inactive market may also impair our ability to raise capital by selling shares of our Common Stock, our ability to motivate our employees through equity incentive awards and our ability to acquire other companies, products or technologies by using shares of our Common Stock as consideration.

In addition, we cannot predict the prices at which our Common Stock may trade on Nasdaq following the listing of our Common Stock, and the market price of our Common Stock may fluctuate significantly in response to various factors, some of which are beyond our control. In particular, as this listing is taking place through a novel process that is not a firm-commitment underwritten initial public offering, there will be no traditional book building process and no price at which traditional underwriters initially sold shares to the public to help inform efficient price discovery with respect to the opening trades on Nasdaq. On the day that our shares of Common Stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor to perform the functions under Nasdaq Rule 4120(c)(8), must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our shares of Common Stock are ready to trade, Nasdaq will calculate the Current Reference Price for our shares of Common Stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, Nasdaq will conduct a price validation test in accordance with Nasdaq Rule 4120(c)(8). As part of conducting such price validation test, Nasdaq may consult with the Advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will be executed at such price and regular trading of shares of our Common Stock on Nasdaq will commence. The Advisor will determine when our shares of Common Stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the Advisor will request that Nasdaq delay the open until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. For more information, see "*<u>Plan of Distribution</u>*." We have engaged a third party firm to conduct a valuation pursuant to Nasdaq's listing qualification rules and requirements.

Additionally, prior to the opening trade, there will not be a price at which underwriters initially sold shares of Common Stock to the public as there would be in a firm-commitment underwritten initial public offering. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, upon listing on Nasdaq, the public price of our Common Stock may be more volatile than in a firm-commitment underwritten initial public offering and could decline significantly and rapidly.

Furthermore, because of our novel listing process on Nasdaq, Nasdaq's rules for ensuring compliance with its initial listing standards, such as those requiring a valuation or other compelling evidence of value, are untested. In the absence of a prior active public trading market for our Common Stock, if the price of our Common Stock or our market capitalization falls below those required by Nasdaq's eligibility standards, we may not be able to satisfy the ongoing listing criteria and may be required to delist.

The Company anticipates proceeding with the proposed direct listing if the initial bid price of its Common Stock is at least $8.00 per share, as supported by the independent third-party valuation.

In addition, because of our novel listing process and the potential consumer awareness and brand recognition of Bond, individual investors, retail or otherwise, may have greater influence in setting the opening public price and subsequent public prices of our Common Stock on Nasdaq and may participate more in our initial trading than is typical for a firm-commitment underwritten initial public offering. These factors could result in a public price of our Common Stock that is higher than other investors (such as institutional investors) are willing to pay, which could cause volatility in the trading price of our Common Stock and an unsustainable trading price if the price of our Common Stock significantly rises upon listing and institutional investors believe our Common Stock is worth less than retail investors, in which case the price of our Common Stock may decline over time. Further, if the public price of our Common Stock is above the level that investors determine is reasonable for our Common Stock, some investors may attempt to short our Common Stock after trading begins, which would create additional downward pressure on the public price of our Common Stock. To the extent that there is a lack of consumer awareness among retail investors, such a lack of consumer awareness could reduce the value of our Common Stock and cause volatility in the trading price of our Common Stock.

The public price of our Common Stock following the listing also could be subject to wide fluctuations in response to the risk factors described in this prospectus and others beyond our control, including:

● changes in the industries in which we operate;

● actual or anticipated fluctuations in our quarterly or annual operating results;

● publication of research reports by securities analysts about us or our competitors or our industry;

● the public's reaction to our press releases, our other public announcements and our filings with the SEC;

● our failure or the failure of our potential competitors to meet analysts' projections or guidance that we or our potential competitors may give to the market;

● additions and departures of key personnel;

● changes in laws and regulations affecting our business;

● commencement of, or involvement in, litigation involving us;

● changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;

● the volume of shares of our Common Stock available for public sale; and

● general economic and political conditions such as recessions, interest rates, fuel prices, foreign currency fluctuations, international tariffs, social, political and economic risks and acts of war or terrorism.

In addition, securities exchanges have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner often unrelated to the operating performance of those companies. These fluctuations may be even more pronounced in the trading market for our Common Stock shortly following the listing of our Common Stock on Nasdaq as a result of the supply and demand forces described above. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and harm our business, results of operations and financial condition.

 ****

***We may not be able to meet each of the quantitative requirements of the Nasdaq Global Market's Market Value Standard for Direct Listings.***

We have applied to have our common stock listed on Nasdaq Global Market. We expect that our common stock will be listed on Nasdaq Global Market on or promptly after the date of this prospectus. In order for Nasdaq Global Market to approve our listing application, we will need to meet the quantitative requirements of the Nasdaq Global Market's Market Value Standard for Direct Listings, as provided in Nasdaq Listing Rules 5405(a) and 5405(b)(3). We expect to meet all those requirements but in the event that we are unable to meet such requirements, we will not be approved to list our common stock on Nasdaq Global Market and our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:

● a
 limited availability of market quotations for our securities;

● reduced
 liquidity for our securities;

● a
 determination that our common stock is "penny stock" which will require brokers
 trading in our common stock to adhere to more stringent rules and possibly result in a reduced
 level of trading activity in the secondary trading market for our securities;

● a
 limited amount of news and analyst coverage; and

● a
 decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our common stock will be listed on Nasdaq Global Market, our common stock will qualify as covered securities under the statute. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. If we cannot be listed on Nasdaq Global Market or any other national securities exchange, our securities would not qualify as covered securities under the statute and we would be subject to regulation in each state in which we offer our securities.

***If we cannot meet the continued listing requirements of Nasdaq, Nasdaq may delist our securities.***

 ****

As a public company, we will be subject to the reporting requirements and the rules and regulations of the applicable listing standards of Nasdaq. If we fail to maintain compliance with the continued listing standards of Nasdaq, our securities may be delisted, which could negatively affect the market price and liquidity of our securities. In such a case, we may seek to regain compliance by implementing a number of available options. If in the future our securities are delisted from Nasdaq, we could face significant material adverse consequences, including: limited availability of market quotations for our securities; reduced liquidity for our shares; a determination that our shares are "penny stock," which will require brokers trading in our shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our shares; a limited amount of news and analyst coverage; and decreased ability to issue additional securities or obtain additional financing in the future. In addition, as long as our shares are listed on Nasdaq, U.S. federal law prevents or preempts the states from regulating their sale, although the law does allow the states to investigate companies if there is a suspicion of fraud and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. If we were no longer listed on Nasdaq, we would be subject to regulations in each state in which we offer our shares.

***Recent judicial decisions, including Pirani v. Slack Technologies, Inc., have created legal uncertainty regarding potential liability under the federal securities laws in connection with direct listings like ours, and we may be subject to securities litigation despite the unique nature of our listing.***

 ****

Unlike a traditional underwritten initial public offering, our Common Stock is being listed through a direct listing in which no new shares are being issued, and no underwriters are engaged. As a result, both shares registered under this registration statement and shares that are exempt from registration may become available for resale and public trading simultaneously. This structure may complicate or impair investors' ability to trace the shares they purchase back to the registration statement.

In *Pirani v. Slack Technologies, Inc.*, the U.S. Court of Appeals for the Ninth Circuit initially permitted a plaintiff to pursue claims under Sections 11 (civil liability for misstatements or omissions contained in registration statement) and 12(a)(2) (civil liability for misstatements or omissions in prospectuses or "oral communications") of the Securities Act without proving that the shares purchased were issued under the allegedly misleading registration statement, due to the commingling of registered and unregistered shares in a direct listing. In 2023, the U.S. Supreme Court reversed that decision, holding that Section 11 liability requires strict "tracing" of the purchased shares to the allegedly defective registration statement. On remand in 2025, the Ninth Circuit extended this tracing requirement to claims brought under Section 12(a)(2) of the Securities Act.

Although these rulings may reduce our exposure to certain Securities Act claims due to the difficulty investors may face in tracing their shares to this registration statement, the legal standards for direct listings remain unsettled in some respects. Plaintiffs may still attempt to bring claims under alternative theories, or the legal environment could shift further as courts or regulators address new or related issues. Moreover, we may face litigation risk under other provisions of the federal securities laws, including claims based on our disclosures or forward-looking statements, regardless of the tracing requirement.

Any such litigation, even if ultimately unsuccessful, could result in substantial legal expenses, divert management's attention from our operations, damage our reputation, and adversely affect our business, financial condition, and results of operations.

 ****

***Future sales of Common Stock by our Registered Stockholders and other existing stockholders could cause our share price to decline.***

We currently expect our Common Stock to be listed and traded on Nasdaq. Prior to listing on Nasdaq, there has been no public market for our Common Stock and there has not been a sustained history of trading in our Common Stock in "over-the-counter" markets. While our Common Stock may be sold after our listing on Nasdaq by the Registered Stockholders pursuant to this prospectus or by our other existing stockholders in accordance with Rule 144 under the Securities Act, unlike a firm-commitment underwritten initial public offering, there can be no assurance that any Registered Stockholders or other existing stockholders will sell any of their shares of Common Stock and there may initially be a lack of supply of, or demand for, Common Stock on Nasdaq. As described herein, certain shares of our Common Stock outstanding as of the date hereof will be registered under this registration statement. There can be no assurance that the Registered Stockholders and other existing stockholders will not sell all of their shares of Common Stock, resulting in an oversupply of our Common Stock on Nasdaq. In the case of a lack of supply of our Common Stock, the trading price of our Common Stock may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our Common Stock if they are unable to purchase a block of our Common Stock in the open market due to a potential unwillingness of our existing stockholders to sell a sufficient amount of Common Stock at the price offered by such institutional investors and the greater influence individual investors have in setting the trading price. If institutional investors are unable to purchase our Common Stock, the market for our Common Stock may be more volatile without the influence of long-term institutional investors holding significant amounts of our Common Stock. In the case of a lack of market demand for our Common Stock, the trading price of our Common Stock could decline significantly and rapidly after our listing. Therefore, an active, liquid and orderly trading market for our Common Stock may not initially develop or be sustained, which could significantly depress the public price of our Common Stock and/or result in significant volatility, which could affect your ability to sell your shares of Common Stock.

***You may be diluted by future issuances of preferred stock or additional Common Stock in connection with our incentive plans, acquisitions or otherwise; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.***

Prior to the effectiveness of the registration statement of which this prospectus forms a part, we adopted articles of incorporation which authorize us to issue shares of Common Stock, preferred stock, and options, rights, warrants and appreciation rights relating to our Common Stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion. We could issue a significant number of shares of Common Stock in the future in connection with investments or acquisitions. Any of these issuances could dilute our existing stockholders, and such dilution could be significant. Moreover, such dilution could have a material adverse effect on the market price for the shares of our Common Stock.

The future issuance of shares of preferred stock with voting rights may adversely affect the voting power of the holders of shares of our Common Stock, either by diluting the voting power of our Common Stock if the preferred stock votes together with the Common Stock as a single class, or by giving the holders of any such preferred stock the right to block an action on which they have a separate class vote, even if the action were approved by the holders of our shares of our Common Stock.

The future issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our Common Stock by making an investment in the Common Stock less attractive. For example, investors in the Common Stock may not wish to purchase Common Stock at a price above the conversion price of a series of convertible preferred stock because the holders of the preferred stock would effectively be entitled to purchase Common Stock at the lower conversion price, causing economic dilution to the holders of Common Stock.

***Because we have no current plans to pay cash dividends on our Common Stock, you may not receive any return on investment unless you sell your Common Stock for a price greater than that which you paid for it.***

We currently intend to retain all available funds and any future earnings to fund the development, commercialization and growth of our business, and therefore we do not anticipate declaring or paying any cash dividends on our Common Stock in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Our future ability to pay cash dividends on our Common Stock may also be limited by the terms of any future debt securities or credit facility. As a result, capital appreciation, if any, of the Common Stock you purchase in this offering will be your sole source of gain for the foreseeable future.

***We are an emerging growth company and a smaller reporting company, and the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies may make our Common Stock less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of certain exemptions and relief from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including (i) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (ii) having the option of delaying the adoption of certain new or revised financial accounting standards, (iii) reduced disclosure obligations regarding executive compensation in this prospectus and our periodic reports and proxy statements and (iv) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions until such time that we are no longer an emerging growth company. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock. Further, pursuant to Section 107 of the JOBS Act, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year following the fifth anniversary of this offering, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our Common Stock held by non-affiliates was $700.0 million or more as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

We are also a "smaller reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until the fiscal year following the determination that our voting and non-voting Common Stock held by non-affiliates is $250 million or more measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently completed fiscal year and our voting and non-voting Common Stock held by non-affiliates is $700 million or more measured on the last business day of our second fiscal quarter.

It is possible that some investors will find our Common Stock less attractive as a result of the foregoing, which may result in a less active trading market for our Common Stock and higher volatility in our stock price.

Our articles of incorporation provide for an exclusive forum in a state court located within the State of Nevada for certain disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.

***Our articles of incorporation provides that, unless we consent in writing to the selection of an alternative forum, a state court located within the State of Nevada and, to the extent enforceable, the federal district courts of the United States of America will be the exclusive forums for certain disputes between us and our stockholders, which could limit our stockholders' ability to choose the judicial forum for disputes with us or our directors, officers or employees.***

Furthermore, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all Securities Act actions. Accordingly, both state and federal courts have jurisdiction to entertain such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our articles of incorporation provide that the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act and the Exchange Act. While the Nevada courts have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions. In such instance, we would expect to vigorously assert the validity and enforceability of the exclusive forum provisions of our articles of incorporation, but there can be no assurance that the provisions will be enforced by a court in those other jurisdictions.

Any person or entity purchasing or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented to these provisions. These exclusive-forum provisions may limit a stockholder's ability to bring a claim in a judicial forum of its choosing for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees. If a court were to find either exclusive-forum provision in our articles of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could harm our results of operations.

***The public price of our shares of Common Stock, upon listing on Nasdaq, may have little or no relationship to the historical sales prices of our shares of Common Stock in private transactions.***

Prior to listing on Nasdaq, there has been no public market for our shares of Common Stock. Our Common Stock has a limited history of trading in private transactions. Up to September 30, 2025, the Company raised an aggregate of $116,428,473 in gross proceeds from the sales of our stock, including shares issued for the cancellation of indebtedness in the amount of approximately $16,270,000. The weighted average price paid per share by investors in these offering was $1.07 per share under the exemptions from registration provided by Regulation D under the Securities Act and Regulation CF. However, this information may have little or no relation to broader market demand for our shares of Common Stock and thus the initial public price of our shares of Common Stock on Nasdaq once trading begins. As a result, you should not place undue reliance on these historical sales prices as they may differ materially from the opening public prices and subsequent public prices of our shares of Common Stock on Nasdaq. For additional details about how the initial listing price on Nasdaq will be determined, see "*<u>Plan of Distribution</u>*<u>.</u>"

***The uncertainty associated with the fact that few companies have undertaken direct listings to date may lead to increased volatility and pricing challenges for our Common Stock.***

Few companies have conducted direct listings, and the process by which shares of our Common Stock will be listed on Nasdaq is a novel process. The absence of a traditional underwritten offering may result in a less orderly market for our Common Stock, increased volatility in the trading price, and potential difficulties in achieving a stable market price. Unlike an initial public offering, there is no firm-commitment underwritten offering to help inform efficient and sufficient price discovery. Consequently, the public price of our Common Stock may be more volatile than it would be if shares were initially listed in connection with a firm-commitment underwritten initial public offering. In addition, the trading volume and price of shares of our Common Stock may be more volatile and subject to greater fluctuations due to the direct listing method.

***Risks Related to the Direct Listing Process and the Potential Delay or Failure to Open Trading on Nasdaq.***

Under Nasdaq's direct listing rules, our Advisor, in its capacity as our financial advisor pursuant to Nasdaq Rule 4120(c)(8), has the authority to affirmatively direct or request Nasdaq to delay the opening of trading in our Common Stock until the Advisor determines that there is sufficient trading volume and price discovery to support an orderly opening. The Advisor may, based on its assessment of pre-opening buy and sell orders, determine that a reasonable amount of volume will not cross on the opening trade, and may therefore request that Nasdaq continue to delay the opening until such conditions are met. There is a risk that, if sufficient trading interest does not develop, the Advisor may continue to delay the opening for an extended period, or, in rare circumstances, the shares may not open for trading at all on the scheduled listing date. If our Common Stock does not open for trading on Nasdaq as anticipated, investors may experience uncertainty regarding the liquidity and value of their investment, and the Company may be unable to access the public capital markets as intended. In addition, any extended delay or failure to open trading could adversely affect our reputation, our ability to raise additional capital, and the market price of our Common Stock, and could result in increased volatility or a lack of an active trading market for our shares. There can be no assurance that our Common Stock will commence trading on Nasdaq as expected, or at all, or that an active and liquid trading market will develop or be sustained.

***The direct listing process differs from an initial public offering underwritten on a firm-commitment basis and the impact of awareness of our brand and investor recognition of our Company on the demand for our Common Stock is unpredictable and our marketing and brand development efforts may not be successful.***

We will not conduct a traditional "roadshow" with underwriters prior to the opening of trading of our Common Stock on Nasdaq. Instead, we may engage in certain investor presentations and educational meetings to enhance our brand awareness and investor recognition of our Company. In advance of any investor presentation or educational meeting, we will announce the date for such presentation or meeting through financial news outlets in a manner consistent with typical corporate outreach to investors. We will prepare an electronic presentation for any investor presentation or educational meeting that we hold, and will make the presentation publicly available, without restriction, on a website.

There can be no assurance that any investor presentations or other educational meetings that we hold will have the same impact on awareness of our brand and investor recognition of our Company as a traditional "roadshow" conducted in connection with a firm-commitment underwritten initial public offering. As a result, there may not be efficient price discovery with respect to our Common Stock or sufficient demand among investors immediately following our listing, which could result in a more volatile public price of our Common Stock.

***We have not agreed to indemnify the Registered Stockholders for claims arising in connection with sales of our Common Stock in this offering, however, claims for indemnification by our directors and officers may reduce the amount of money available to us.***

We have not agreed to indemnify the Registered Stockholders for claims arising in connection with sales of our Common Stock under this prospectus. However, our articles of incorporation provide that our directors and officers will be indemnified by us to the fullest extent permitted by Nevada law. In addition, as permitted by NRS 78.7502 and NRS 78.751, our articles of incorporation and any indemnification agreements that we enter into with our directors and officers following the effectiveness of the registration statement of which this prospectus forms a part:

● we will indemnify our directors and officers for serving us in those capacities or for serving other business enterprises at our request, to the fullest extent permitted by Nevada law;

● Nevada law provides that a corporation may indemnify such person if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal proceeding, had no reasonable cause to believe such person's conduct was unlawful;

● we may, in our discretion, indemnify employees and agents in those circumstances where indemnification is permitted by applicable law;

● we are required to advance expenses, as incurred, to our directors and officers in connection with defending a proceeding, except that such directors or officers shall undertake to repay such advances if it is ultimately determined that such person is not entitled to indemnification;

● we are authorized to enter into indemnification agreements with our directors, officers, employees, and agents and to obtain insurance to indemnify such persons; and

● we may not retroactively amend our articles of incorporation provisions to reduce our indemnification obligations to directors, officers, employees, and agents.

While we have procured directors' and officers' liability insurance policies, such insurance policies may not be available to us in the future at a reasonable rate, may not cover all potential claims for indemnification, and may not be adequate to indemnify us for all liability. Large indemnity payments to our directors and officers in excess of any available insurance would materially adversely affect our business, financial condition, and results of operations.

**General Risks**

 ****

***Reports published by analysts, including projections in those reports that differ from our actual results, could adversely affect the price and trading volume of our Common Stock.***

Securities research analysts may establish and publish their own periodic projections for our Company. These projections may vary widely and may not accurately predict the results we actually achieve. The price of our Common Stock may decline if our actual results do not match the projections of these securities research analysts. Similarly, if one or more of the analysts who write reports on us downgrades our stock or publishes inaccurate or unfavorable research about our business, our stock price could decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, our stock price or trading volume could decline.

***Our internal computer systems, or those of any of our manufacturers, contractors, consultants, collaborators or potential future collaborators, may fail or suffer security or data privacy breaches or other unauthorized or improper access to, use of, or destruction of our proprietary or confidential data, employee data or personal data, which could result in additional costs, loss of revenue, significant liabilities, harm to our brand and material disruption of our operations.***

Despite the implementation of security measures, our internal computer systems and those of our current and any future manufacturers, contractors, consultants, collaborators and third-party service providers, are vulnerable to damage from computer viruses, cybersecurity threats, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failure. Because the techniques used to obtain unauthorized access to, or to sabotage, systems change frequently and often are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. We may also experience security breaches that may remain undetected for an extended period. Some of the federal, state and foreign government requirements include obligations of companies to notify individuals of security breaches involving particular personally identifiable information, which could result from breaches experienced by us or by our vendors, contractors or organizations with which we have formed strategic relationships. Notifications and follow-up actions related to a security breach could impact our reputation, cause us to incur significant costs, including legal expenses and remediation costs. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data, or inappropriate disclosure of confidential or proprietary information, we could be exposed to litigation and governmental investigations, the further development and commercialization of our product candidates could be delayed, and we could be subject to significant fines or penalties for any noncompliance with certain state, federal and/or international privacy and security laws.

In the ordinary course of our business, we may process, collect, store, and transmit proprietary, confidential, and sensitive data, including de-identified personal data, intellectual property, proprietary business information and trade secrets (collectively, sensitive information). We may rely upon third-party service providers and technologies to operate critical business systems to process sensitive information in a variety of contexts, including, without limitation, third-party providers of information technology infrastructure, cloud-based infrastructure, encryption and authentication technology, employee email, content delivery to customers, and other functions. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate information security measures in place. We may share or receive sensitive information with or from third parties.

Cyber-attacks, malicious internet-based activity, and online and offline fraud are prevalent and continue to increase. These threats are becoming increasingly difficult to detect. These threats come from a variety of sources, including traditional computer "hackers," "hacktivists," threat actors, personnel (such as through theft or misuse), sophisticated nation states, and nation-state-supported actors. Some actors now engage and are expected to continue to engage in cyber-attacks, including without limitation nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties upon which we rely may be vulnerable to a heightened risk of these attacks, including retaliatory cyber-attacks, that could materially disrupt our systems and operations, supply chain, and ability to produce, sell and distribute our goods and services. We and the third parties upon which we rely may be subject to a variety of evolving threats, including but not limited to social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), personnel misconduct or error, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, earthquakes, fires, floods, and other similar threats. Ransomware attacks, including by organized criminal threat actors, nation-states, and nation-state-supported actors, are becoming increasingly prevalent and severe and can lead to significant interruptions in our operations, disruption of clinical trials, loss of data (including data related to clinical trials), and income, reputational harm, and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Similarly, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties and infrastructure in our supply chain or our third-party partners' supply chains have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems or the third-party information technology systems that support us and our services.

Remote work has become more common and has increased risks to our information technology systems and data, as more of our employees utilize network connections, computers, and devices outside our premises or network, including working at home, while in transit and in public locations.

Future or past business transactions (such as acquisitions or integrations) could expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities' systems and technologies.

We may expend significant resources or modify our business activities to try to protect against security incidents. Certain data privacy and security obligations may require us to implement and maintain specific security measures, industry-standard or reasonable security measures to protect our information technology systems and sensitive information.

While we have established physical, electronic and organizational security measures to safeguard and secure our systems against security incidents, and rely on commercially-available systems, software, tools, and monitoring to provide security for our information technology systems and the processing, transmission and storage of digital information, there can be no assurance that these measures will be effective. We may be unable in the future to detect vulnerabilities in our information technology systems because such threats and techniques change frequently, are often sophisticated in nature, and may not be detected until after a security incident has occurred. Despite our efforts to identify and address vulnerabilities, if any, in our information technology systems, our efforts may not be successful. Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities.

Applicable data privacy and security obligations may require us to notify relevant stakeholders of security incidents. Such disclosures are costly, and the disclosure or the failure to comply with such requirements could lead to adverse consequences. If we (or a third party upon whom we rely) experience a security incident or are perceived to have experienced a security incident, we may experience adverse consequences. These consequences may include: government enforcement actions (for example, investigations, fines, penalties, audits, and inspections); additional reporting requirements and/or oversight; restrictions on processing sensitive information (including personal data); litigation (including class claims); indemnification obligations; negative publicity; reputational harm; monetary fund diversions; interruptions in our operations (including availability of data); financial loss; and other similar harms. Security incidents and attendant consequences may cause customers to stop using our products, deter new customers from using our products, and negatively impact our ability to grow and operate our business.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy and security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims.

Our insurance policies may not be adequate to compensate us for the potential losses arising from any such disruption, failure or security breach. In addition, such insurance may not be available to us in the future on economically reasonable terms, or at all. Further, our insurance may not cover all claims made against us and could have high deductibles in any event, and defending a suit, regardless of its merit, could be costly and divert management attention.

***Our operations are vulnerable to interruption by fire, severe weather conditions, power loss, telecommunications failure, terrorist activity and other events beyond our control, which could harm our business.***

Our Command Centers may be located in regions which experience severe weather from time to time. We have not undertaken a systematic analysis of the potential consequences to our business and financial results from a major tornado, flood, fire, earthquake, power loss, terrorist activity or other disasters and do not have a recovery plan for such disasters. In addition, we do not carry sufficient insurance to compensate us for actual losses from interruption of our business that may occur, and any losses or damages incurred by us could harm our business. The occurrence of any of these business disruptions could seriously harm our operations and financial condition and increase our costs and expenses.

**MARKET AND INDUSTRY DATA**

This prospectus includes estimates regarding market and industry data. Unless otherwise indicated, information concerning our industry and the markets in which we operate, including our general expectations, market position, market opportunity, and market size, are based on our management's knowledge and experience in the markets in which we operate, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, our customers, trade and business organizations, and other contacts in the markets in which we operate. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research.

In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While we believe the estimated market and industry data included in this prospectus is generally reliable, such information is inherently uncertain and imprecise. Market and industry data is subject to change and may be limited by the availability of raw data, the voluntary nature of the data gathering process, and other limitations inherent in any statistical survey of such data. In addition, projections, assumptions, and estimates of the future performance of the markets in which we operate are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "*Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements*." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us.

The source of certain statistical data, estimates, and forecasts contained in this prospectus are the following independent industry publications or reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Fortune Business Insights, *Private Security Market to Worth USD 338.23 Billion by 2030 With a 5.3% CAGR*, (September 2023) https://www.globenewswire.com/news-release/2023/09/07/2739132/0/en/Private-Security-Market-to-Worth-USD-338-23-Billion-by-2030-With-a-5-3-CAGR.html

In Bond's view it is creating a new segment of preventative personal security that is effective and accessible via the smart phones and smart watches of the end-users. Hence, the total available market is a factor of people with smart phones (and even smart watches). The ability of Bond to capture market share will depend on the competitive landscape and Bond's ability to efficiently influence institutions and end-users to adopt the services.

Bond's services are applicable for any individual with a smartphone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Priori Data, *How Many People Own Smartphones in the World? (2024-2029)* (January 2025), https://prioridata.com/data/smartphone-stats/

Bond's current route to market is B2B, implying selling to corporations who buy the service on behalf of their employees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Statista, *Monthly employment level of the United States from October 2022 to October 2024* (in millions, seasonally adjusted) (November 2024) https://www.statista.com/statistics/209123/seasonally-adjusted-monthly-number-of-employees-in-the-us/

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Statista, *Number of employees worldwide from 1991 to 2023, by gender* (in billions, with a forecast until 2025) (May 2025) https://www.statista.com/statistics/1258668/global-employment-figures-by-gender/

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Department of Labor, Occupational Safety and Health Administration, *Business Case for Safety and Health* (https://www.osha.gov/businesscase)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other publicly available reports

The content of the above sources, except to the extent specifically set forth in this prospectus, does not constitute a portion of this prospectus and is not incorporated herein.

**SHARES OFFERED FOR RESALE**

On April 30, 2025, the Company completed an offering of our Series CF-1 Preferred Stock in private placements pursuant to Regulation CF and Regulation D of the Securities Act. Under these private placements, the Company sold 3,368,466 shares of its Series CF-1 Preferred Stock, resulting in net proceeds to the Company of approximately $7.15 million. On July 9, 2025, the Company initiated two offerings of our Series CF-2 Preferred Stock in private placements pursuant to Regulation CF and Regulation D of the Securities Act. Under these private placements, the Company sold 212,033 shares of its Series CF-2 Preferred Stock, resulting in net proceeds to the Company of approximately $818,789. In addition, as part of the offering of Series CF-2 Preferred Stock, the Company issued warrants to purchase a total of 87,681 shares of common stock, exercisable for two (2) years.

On October 15, 2025, all outstanding shares of our Series CF-1 Preferred Stock and Series CF-2 Preferred Stock converted into Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion. Pursuant to, and subject to amending the Company's Articles of Incorporation, all Non-Voting Common Stock will automatically convert into Common Stock (the "***Conversion***"). Accordingly, 3,580,499 shares of Common Stock will be issued to the Registered Stockholders who currently hold 3,580,499 shares of Non-Voting Common Stock, which were converted from the outstanding shares of Series CF-1 Preferred Stock and Series CF-1 Preferred Stock, and which will be registered for resale pursuant to this prospectus upon the Conversion.

On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock with par value of $0.0001, together with warrants to purchase 1,333,335 shares of Common Stock, for an aggregate consideration of $3,000,000 to Ascent Partners Fund LLC ("***Ascent***") resulting in an average price of $2.0265 per share. The warrants are exercisable at a price of $3.2475 per share, with expiration dates as follows: 333,334 warrants have an expiration date of eight (8) months, 333,334 warrants have an expiration date of sixteen (16) months, and 666,667 warrants have an expiration date of two (2) years from the issuance date. Series C Preferred Stock, which has a stated value of $10.00 per share, is convertible to shares of Common Stock at a price of $3.2475 per share, subject to adjustment as provided in the certificate of designation for Series C Preferred Stock. A total of 1,626,800 shares of Common Stock are issuable upon the conversion of all shares of Series C Preferred Stock. For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series C Preferred Stock</u>*."

On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001 by converting an outstanding amount of approximately $6,827,698 to Eastward Fund Management, LLC ("***Eastward***") resulting in an average price of $4.620 per share. Series E Preferred Stock, which has a stated value of $10.00 per share, is convertible to shares of Common Stock at a price of $4.62 per share prior to a required minimum recovery by Ascent and is convertible at a price of $3.75 per share thereafter, subject to adjustment as provided in the certificate of designation for Series E Preferred Stock. A total of 1,820,720 shares of Common Stock are issuable upon conversion of all shares of Series E Preferred Stock, assuming conversion at the lower price of $3.75 per share. For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series E Preferred Stock</u>*."

On October 27, 2025, we issued an aggregate of 109,891 shares of Series D Preferred Stock, together with warrants to purchase 25,000,000 shares of Common Stock, for an aggregate consideration of $1,000,000 to Ascent. The warrants are exercisable at a price of $12.35 per share, with expiration dates as follows: 16,000,000 warrants have an expiration date of nine (9) months, 3,000,000 warrants have an expiration date of sixteen (16) months, and 6,000,000 warrants have an expiration date of two (2) years from the issuance date. Pursuant to the terms of the purchase agreement with Ascent, effective immediately upon the listing of our common stock on Nasdaq, Ascent will purchase an additional 439,561 shares of Series D Preferred Stock for aggregate consideration of $4,000,000, resulting in a total of 549,451 total outstanding shares of Series D Preferred Stock. Series D Preferred Stock, which has a stated value of $10.00 per share, is convertible to common stock at a price of $12.35 per share, subject to adjustment as provided in the certificate of designation for the Series D Preferred Stock. A total of 444,901 shares of Common Stock are issuable upon conversion of all shares of Series D Preferred Stock expected to be outstanding on the date our common stock is listed on Nasdaq.

For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series D Preferred Stock</u>*."

**USE OF PROCEEDS**

The Registered Stockholders may, or may not, elect to sell shares of our Common Stock covered by this prospectus. To the extent any Registered Stockholder chooses to sell shares of our Common Stock covered by this prospectus, we will not receive any proceeds from any such sales of our Common Stock. See "*<u>Registered Stockholders</u>.*"

**REGISTERED STOCKHOLDERS**

This prospectus relates to the resale by the Registered Stockholders from time to time of up to 34,074,177 shares of our Common Stock, consisting of (A) 180,241 shares of Common Stock, (B) 3,580,499 shares of Non-Voting Common Stock, (C) 1,626,800 shares of common stock issuable upon conversion of 329,671 shares of Series C Preferred Stock, (D) 1,333,335 shares of common stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the Series C Preferred Stock offering, (E) 1,820,720 shares of Common Stock issuable upon conversion of 682,770 shares of Series E Preferred Stock, (F) 444,901shares of common stock issuable upon conversion of 549,451 shares of Series D Preferred Stock, (G) 25,000,000 shares of common stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the Series D Preferred Stock offering; and 87,861 shares of common stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the offering of Series CF-2 Preferred Stock. The Registered Stockholders may from time to time offer and sell any or all of the Common Stock set forth below pursuant to this prospectus. When we refer to the "Registered Stockholders" in this prospectus, we mean the persons listed in the table below, and the pledgees, donees, transferees, assignees, successors, designees and others who later come to hold any of the Registered Stockholders' interest in the common stock other than through a public sale.

The following table sets forth, as of November 12, 2025, the names of the Registered Stockholders, the aggregate number of shares of Common Stock held by each Registered Stockholder immediately prior to the sale of the Common Stock in this offering, the number of shares of Common Stock that may be sold by each Registered Stockholder under this prospectus and the number of shares of Common Stock that each Registered Stockholder will beneficially own after this offering, assuming the sale of all shares offered under this Prospectus.

We cannot advise you as to whether the Registered Stockholders will in fact sell any or all of such Common Stock. In addition, the Registered Stockholders may sell, transfer or otherwise dispose of, at any time and from time to time, the Common Stock in transactions exempt from the registration requirements of the Securities Act.

Beneficial ownership is determined in accordance with the rules of the SEC. Under applicable SEC rules, a person is deemed to beneficially own securities which the person has the right to acquire within sixty (60) days through the exercise of options or warrants or conversion of preferred stock or convertible debt. Also under applicable SEC rules, a person is deemed to be the "beneficial owner" of a security with regard to which the person directly or indirectly, has or shares (a) voting power, which includes the power to vote or direct the voting of the security, or (b) investment power, which includes the power to dispose, or direct the disposition, of the security, in each case, irrespective of the person's economic interest in the security. To our knowledge, subject to community property laws where applicable, each person named in the table has sole voting and investment power with respect to the shares of common stock shown as beneficially owned by such Registered Stockholder, except as otherwise indicated in the footnotes to the table.

The Registered Stockholders have had no material relationship with us within the past three (3) years other than as described in the footnotes to the table below or as a result of their acquisition of our shares or other securities.

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| | | | |
|:---|:---|:---|:---|
| **Name of Selling Holder** | **Number of Shares of Common Stock Beneficially Owned Prior to Offering** | **Number of Shares Registered for Sale** | **Number of Shares of Common Stock Beneficially Owned After Offering** |
| KingsCrowd Capital (Fund I) (1)p | 9419 | 9419 | 0 |
| Radek Sousek (2) | 95530 | 95530 | 0 |
| Christopher Scott Fedewa (3) | 11774 | 11774 | 0 |
| DSEA 88 Texas III LP (4) | 475079 | 475079 | 0 |
| Barry Coffman Trust (5) | 11774 | 11774 | 0 |
| Peter Mawn (6) | 47094 | 47094 | 0 |
| David Klaskin (7) | 47094 | 47094 | 0 |
| Therese Hendricks (8) | 11774 | 11774 | 0 |
| Yelnats, LLC (9) | 94188 | 94188 | 0 |
| John B. Diamond Trust (10) | 70641 | 70641 | 0 |
| Schwartz Consolidated, LLC (11) | 164828 | 164828 | 0 |
| Marilyn R. Diamond 2021 Gift Trust (12) | 47094 | 47094 | 0 |
| Renaissance Charitable Foundation Inc. (13) | 47094 | 47094 | 0 |
| David Lowe (14) | 24242 | 24242 | 0 |
| Chuck Piluso (15) | 47094 | 47094 | 0 |
| Ascent Partners Fund LLC (16) | 28405036 | 28405036 | 0 |
| Eastward Fund Management, LLC (17) | 1820720 | 1820720 | 0 |
| Maxim (18) | 180241 | 180241 | 0 |
| Al Dobron (19) | 6264 | 6264 | 0 |
| Boris Levin (20) | 53356 | 53356 | 0 |
| Giampiero Mazza (21) | 316203 | 316203 | 0 |
| Steven Voorhis (22) | 844841 | 844841 | 0 |
| TAM Capital Partners, LL (23) | 106271 | 106271 | 0 |
| Lutea Trust (24) | 39358 | 39358 | 0 |
| Paul Morin (25) | 37676 | 37676 | 0 |
| Bill Heitin (26) | 23548 | 23548 | 0 |
| John Haase (27) | 14693 | 14693 | 0 |
| ACL Group Limited (28) | 4882 | 4882 | 0 |
| Bill Teuber (29) | 23548 | 23548 | 0 |
| Stan Shuman (30) | 119647 | 119647 | 0 |
| Tom Patterson (31) | 829 | 829 | 0 |
| David Moffit IRA (32) | 1376 | 1376 | 0 |
| VFTG II LLC (33) | 9419 | 9419 | 0 |
| The following persons hold shares of Non-Voting Common Stock that was converted from shares of Series CF Preferred Stock on October 15, 2025. Previously, the respective shares of such persons were held by Our Bond I and Our Bond III, series of Wefunder SPV, LLC (34) on behalf of the holders specified below: |  |  | 0 |
| 2KI LLC (35) | 130 | 130 | 0 |
| 30sec Sport Sportswear & (36) | 118 | 118 | 0 |
| 3K Brothers, LLC (37) | 95 | 95 | 0 |
| A Kimberley Bennett | 471 | 471 | 0 |
| A.S.L Innovations LLC (38) | 236 | 236 | 0 |
| Aaron Czysz (39) | 4943 | 4943 | 0 |
| Aaron G Cherry | 167 | 167 | 0 |
| Aaron King | 118 | 118 | 0 |
| Aaron S Drabkin | 236 | 236 | 0 |
| Aaron Tracy | 130 | 130 | 0 |
| Aaron Webb | 118 | 118 | 0 |
| Abbas Chothia | 4591 | 4591 | 0 |
| Abdul Shukoor | 142 | 142 | 0 |
| Abdullah Albawardy | 942 | 942 | 0 |
| Abdulmalik Almasoud | 118 | 118 | 0 |
| Abhijeet Mukkawar | 942 | 942 | 0 |
| Abhilash Reddy | 236 | 236 | 0 |
| Abigail Savopoulos | 95 | 95 | 0 |
| Aboagye Ventures (40) | 236 | 236 | 0 |
| Abraham Toporek | 118 | 118 | 0 |
| Abu Bakarr Conteh | 118 | 118 | 0 |
| Adam Draizin (41) | 4943 | 4943 | 0 |
| Adam Forster (42) | 10171 | 10171 | 0 |
| Adam Perry | 118 | 118 | 0 |
| Adam Roth | 471 | 471 | 0 |
| Adam Sampson | 236 | 236 | 0 |
| Adam Sternberg | 236 | 236 | 0 |
| Ade Ajayi | 236 | 236 | 0 |
| Adel Ali Al-Malki | 236 | 236 | 0 |

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| | | |
|:---|:---|:---|
| Adithan Sundaram (43) | 1294 | 0 |
| Agent C (44) | 2588 | 0 |
| Aggie Mast | 471 | 0 |
| Ahmed Osman | 95 | 0 |
| Ahza Kilma | 283 | 0 |
| Ajay Upadhyaya | 118 | 0 |
| Akash Singhal | 942 | 0 |
| Al Klug | 101 | 0 |
| Alan Aspera | 236 | 0 |
| Alan Cookle | 1131 | 0 |
| Alan Douglas | 142 | 0 |
| Alan Jacobson | 2355 | 0 |
| Albert Fusco | 942 | 0 |
| Alberto Legoute | 471 | 0 |
| Alejandro Garcia | 471 | 0 |
| Aleric Heck | 118 | 0 |
| Alex Russakovsky | 259 | 0 |
| Alexander Clarence McIntosh (45) | 636 | 0 |
| Alexander Jentsch | 2826 | 0 |
| Alexander Kahn | 95 | 0 |
| Alexander Kyle Bseiso | 78 | 0 |
| Alexander Seery (46) | 648 | 0 |
| Alexis Wright | 95 | 0 |
| Alfonso Aduna | 95 | 0 |
| Alfreda Ward | 48 | 0 |
| Ali Abboud | 236 | 0 |
| Ali Abdulla Rashed Aldhaheri | 476 | 0 |
| Alisa Kempel | 62 | 0 |
| Alister Walker | 236 | 0 |
| Allen Barth | 65 | 0 |
| Allen Bernier (47) | 6946 | 0 |
| Allen Fulmer | 2826 | 0 |
| Allison Patton | 236 | 0 |
| Alyssa Forde | 65 | 0 |
| Amarkanth Ranganamayna | 236 | 0 |
| Amber Blake | 104 | 0 |
| Amber Harberts | 118 | 0 |
| Amber Weiss | 130 | 0 |
| Amy Kirby | 471 | 0 |
| Amy Maher (48) | 496 | 0 |
| Amy Walia | 65 | 0 |
| Amy Wittner | 118 | 0 |
| Anand Wuppuluri | 1178 | 0 |
| Anastasio Perez | 1178 | 0 |
| Andeance Rupert | 212 | 0 |
| Andisiwe Piyose | 118 | 0 |
| Andre Christopher Robinson II | 95 | 0 |
| Andre Harrell | 95 | 0 |
| Andre Nel (49) | 130 | 0 |
| Andrea Vaziri | 118 | 0 |
| Andrés B. Capriles | 471 | 0 |
| Andrew Cassidy | 471 | 0 |
| Andrew Guziec (50) | 156 | 0 |
| Andrew John Clinch | 130 | 0 |
| Andrew Lucking | 118 | 0 |
| Andy Burkholder | 236 | 0 |
| Angela Coleman | 95 | 0 |
| Anise Khan | 866 | 0 |
| Anita Andradies Limbrick | 118 | 0 |
| Anita Rebecca Lewis | 101 | 0 |
| Anitha Ravala | 95 | 0 |
| Ann Cancello | 95 | 0 |
| Ann L. Morin | 113 | 0 |
| Ann Mutinda | 95 | 0 |
| Anthony Esposito | 236 | 0 |
| Anthony Jackson | 236 | 0 |
| Anthony Ndungu | 95 | 0 |
| Anthony O'Neal Jr. | 118 | 0 |
| Anthony Smith | 519 | 0 |
| Antoine Chamaa | 65 | 0 |
| Antonio Faria | 471 | 0 |
| Antonio Molina | 471 | 0 |
| Anup Bhulabhai | 118 | 0 |

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| | | |
|:---|:---|:---|
| Aravind Babu KADIYALA | 236 | 0 |
| Arjav Ezekiel | 259 | 0 |
| Aron Roberts | 354 | 0 |
| Artan Kristo | 236 | 0 |
| Artem Rabovsky | 236 | 0 |
| Arthur Trollinger | 95 | 0 |
| Arturo Villagomez | 236 | 0 |
| Arun Senapati | 65 | 0 |
| Arunkumar Chellappa | 236 | 0 |
| Ashish Sharma | 259 | 0 |
| Ashok Bajaj | 471 | 0 |
| Ashwin Suthrave | 366 | 0 |
| Asra Horton (51) | 130 | 0 |
| AURION CAPITAL VENTURES (52) | 95 | 0 |
| Austin CORNELIUS | 65 | 0 |
| Austin Elswick | 95 | 0 |
| B J Touma | 471 | 0 |
| B. Immo | 236 | 0 |
| Babatunde Binuyo | 471 | 0 |
| Badr Naif Alotaibi (53) | 496 | 0 |
| Barbara Fatina | 1294 | 0 |
| Barber Family Trust 10232023 (54) | 23547 | 0 |
| Barry Morin (55) | 308 | 0 |
| Bassam J. Sarrouj | 471 | 0 |
| Basudev Adhikari | 471 | 0 |
| Ben Bradley | 130 | 0 |
| Ben Meir | 283 | 0 |
| Ben Zion Levy | 942 | 0 |
| Benjamin Brooks | 130 | 0 |
| Benjamin Ferriman | 236 | 0 |
| Bennett Technologies Pvt Ltd (56) | 48 | 0 |
| Bentzion Gancz | 330 | 0 |
| Bernard R Chowdhury | 2355 | 0 |
| Berni K. Trosic | 471 | 0 |
| Betzalel Perlow | 283 | 0 |
| Bibhu Mahapatra | 848 | 0 |
| Bing Pang | 118 | 0 |
| Black Pillar Investment Group LLC (57) | 389 | 0 |
| Blackhurst Family Trust (58) | 848 | 0 |
| Blake Hafferkamp | 236 | 0 |
| Blake Newman | 647 | 0 |
| Bob Hughes | 1294 | 0 |
| Bobby Guttikonda (59) | 664 | 0 |
| Bobby Silaphet | 1201 | 0 |
| Boulkoroum FARID | 118 | 0 |
| Brad Herman | 118 | 0 |
| Braden Karrigan | 236 | 0 |
| Bradley C. Thaemert | 2355 | 0 |
| Bradley Ross | 942 | 0 |
| Brandon Wade | 118 | 0 |
| Brandt Robison | 730 | 0 |
| Brandt Wimer | 366 | 0 |
| Brenda Burton | 471 | 0 |
| Brenda M | 118 | 0 |
| Brent Fykes | 14362 | 0 |
| Brent Goers | 65 | 0 |
| Brent Tolbert | 471 | 0 |
| Brian Andrews | 2826 | 0 |
| Brian Bonsell | 142 | 0 |
| Brian Enden | 65 | 0 |
| Brian Ouellette | 118 | 0 |
| Brian Remas | 65 | 0 |
| Brian S Rueckert | 2355 | 0 |
| Brian Samway | 236 | 0 |
| Brian Sawyer | 471 | 0 |
| Brian Wells | 647 | 0 |
| Bridget Gray | 236 | 0 |
| Britt L Hammond | 236 | 0 |
| Bruce Havel | 647 | 0 |
| Bryan "Dillon" Boscia | 130 | 0 |

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| | | |
|:---|:---|:---|
| Bryan and Rhonda Whitlock | 471 | 0 |
| Bryan Powell | 471 | 0 |
| Bryan Schell | 3533 | 0 |
| Bryan Wolf | 236 | 0 |
| Brynda Fowler | 65 | 0 |
| Cade Joiner | 207 | 0 |
| Caleb Naysmith | 707 | 0 |
| Cameron Brown | 118 | 0 |
| Camilla Narciso Santa Paula | 236 | 0 |
| Carlos A Gomez-Rosa | 48 | 0 |
| Carlota Aluja | 471 | 0 |
| Carol Rachelle Roach | 95 | 0 |
| Caroland Wiggs Forde | 65 | 0 |
| Carolyn Drought | 942 | 0 |
| Carolyn J Maresca | 471 | 0 |
| Carson Biber | 236 | 0 |
| Cathy Atela | 118 | 0 |
| Cecilia Wessinger | 95 | 0 |
| Cedrick L Reese | 142 | 0 |
| Cesar Valencia | 283 | 0 |
| CFS Investment Trust FBO Charles Sullivan (60) | 730 | 0 |
| Chad Clark | 471 | 0 |
| Chad Long | 471 | 0 |
| Chaitanya Jani | 118 | 0 |
| Chandra Paladugu | 785 | 0 |
| Chandra Vadamodula | 236 | 0 |
| Chang-Woo Lee | 471 | 0 |
| Charity Coleman | 95 | 0 |
| Charlene Colton | 236 | 0 |
| Charlene Knoetze | 95 | 0 |
| Charles Albert (61) | 260 | 0 |
| Charles Allen Gomes | 471 | 0 |
| Charles Burgamy | 236 | 0 |
| Charles Daniel Varnado, Jr. | 95 | 0 |
| Charles E Gould | 95 | 0 |
| Charles Keith Paxton | 518 | 0 |
| Charles LaRue (62) | 1294 | 0 |
| Charles Lee (63) | 260 | 0 |
| Charles Sellman | 118 | 0 |
| Charoen Thamawatanakul | 118 | 0 |
| Chauntel Greaves | 95 | 0 |
| Chelsie Banton | 118 | 0 |
| Cherry Moriones | 95 | 0 |
| Cheryl Ingram | 118 | 0 |
| Chi Pang Jackson YIU | 236 | 0 |
| Chinedu Ogbonna | 118 | 0 |
| Chris Aiken | 5181 | 0 |
| Chris Garner Adams | 118 | 0 |
| Chris Kibbe | 142 | 0 |
| Chris Mackey | 118 | 0 |
| Chris O'Brien | 471 | 0 |
| Chris Schoenherr | 130 | 0 |
| Chris Thomme | 471 | 0 |
| Chrisdon Hall | 248 | 0 |
| Christian B Young | 601 | 0 |
| Christina Nguyen | 118 | 0 |
| Christine M Makori (64) | 3965 | 0 |
| Christoffer Knudsen | 471 | 0 |
| Christoph Heuermann | 9419 | 0 |
| Christopher Antonelli | 4710 | 0 |
| Christopher Carvin | 65 | 0 |
| Christopher Clayton | 236 | 0 |
| Christopher Horn | 834 | 0 |
| Christopher John Rotante | 236 | 0 |
| Christopher M Selmer | 471 | 0 |
| Christopher McLay | 1178 | 0 |
| Christopher Murrin | 118 | 0 |
| Christopher Plummer | 118 | 0 |
| Christos Vatalidis | 65 | 0 |
| Chun Yang | 471 | 0 |

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| | | |
|:---|:---|:---|
| Chut Sombutmai (65) | 2824 | 0 |
| Cindy Mendoza | 65 | 0 |
| Clarence Foster III | 95 | 0 |
| Clayton C Gorton (66) | 496 | 0 |
| Cliff Ritz | 471 | 0 |
| Codjo Abraham Charlemagne Akpovo | 508 | 0 |
| Cody Shotkoski | 236 | 0 |
| Colin Campbell | 118 | 0 |
| Collins Offor | 301 | 0 |
| Constance Minkoff | 118 | 0 |
| Cory Lea | 48 | 0 |
| Craig Lederman | 471 | 0 |
| Craig Peterman | 471 | 0 |
| Crystal Paris | 1884 | 0 |
| Curtis Brown | 118 | 0 |
| Curtis Jacobson | 471 | 0 |
| Cynthia Crooks | 168 | 0 |
| Cynthia Kay Cowden | 236 | 0 |
| Cynthia Nocon | 330 | 0 |
| Cyprus Cove LLC (67) | 989 | 0 |
| Dale L Pittman | 471 | 0 |
| Dale McMillen | 95 | 0 |
| Damon Rhys | 354 | 0 |
| Dan McIvor | 236 | 0 |
| Dan Reyes DC | 236 | 0 |
| Dana Tache (68) | 172 | 0 |
| Dane Kuratsu | 2355 | 0 |
| Daniel A Grey | 260 | 0 |
| Daniel Baig | 65 | 0 |
| Daniel DeCastro | 236 | 0 |
| Daniel Degrasse | 118 | 0 |
| Daniel Devlin | 471 | 0 |
| Daniel Giuliani | 4945 | 0 |
| Daniel Hoffman | 65 | 0 |
| Daniel Lindsay | 130 | 0 |
| Daniel Morin | 248 | 0 |
| Daniel O'Leary | 236 | 0 |
| Daniel Poor | 647 | 0 |
| Daniel Rehmsmeyer | 942 | 0 |
| Daniel Rukundo Mugenga | 212 | 0 |
| Daniel Settanni | 118 | 0 |
| Daniel W Smith | 236 | 0 |
| Daniel Witt | 118 | 0 |
| Danny Wilson (69) | 260 | 0 |
| Darren Holmes | 471 | 0 |
| Dave Johnson | 259 | 0 |
| Dave Ure | 471 | 0 |
| David Addesse Molina | 236 | 0 |
| david amos | 471 | 0 |
| David Anderson | 471 | 0 |
| David Botsford | 942 | 0 |
| David Chamberlain | 160 | 0 |
| David Denemark | 1649 | 0 |
| David Drewes | 942 | 0 |

---

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| | | |
|:---|:---|:---|
| David Gavin FRANCIS | 471 | 0 |
| David Grim | 484 | 0 |
| David Higgins (70) | 518 | 0 |
| David J Muyres | 1178 | 0 |
| David Knight | 130 | 0 |
| David L Johnston | 142 | 0 |
| David M Sellet | 1178 | 0 |
| David Mogford | 236 | 0 |
| David Noble | 1294 | 0 |
| David Olsen | 259 | 0 |
| David Oprondek | 118 | 0 |
| David Phillips | 471 | 0 |
| David Rapp | 566 | 0 |
| David Revill | 707 | 0 |
| David Rosenfeld | 76 | 0 |
| David SHETSIRULI | 236 | 0 |
| David Stahlman | 118 | 0 |
| David Van Osdol | 118 | 0 |
| David Warshowsky | 65 | 0 |
| Davorka Mališa | 95 | 0 |
| Dawn Jeffra Sedgley | 1294 | 0 |
| Dawood Sindi | 165 | 0 |
| DD Holding AS (71) | 1553 | 0 |
| Dean Decker | 4663 | 0 |
| Deana Smith | 118 | 0 |
| Deanna Allen | 189 | 0 |
| Debbie Anderson | 942 | 0 |
| Debbie Pryse | 66 | 0 |
| Dee Bond | 259 | 0 |
| Demarley Holder | 118 | 0 |
| Demetrius Price | 212 | 0 |
| Demoriya James | 259 | 0 |
| Dencil Smith | 259 | 0 |
| Dennis Barter | 118 | 0 |
| Dennis Billings | 95 | 0 |
| Dennis Lortie | 118 | 0 |
| Derek Sajbel | 942 | 0 |
| Deron Campbell | 118 | 0 |
| Derrek Grunfelder-McCrank | 236 | 0 |
| Deryl Zimmerer | 377 | 0 |
| Diana Cote Guerrero | 95 | 0 |
| Diana Knight | 118 | 0 |
| Diego Tiziani | 130 | 0 |
| Dillon Kirit Halai | 519 | 0 |
| Dimitri Galani (72) | 754 | 0 |
| Dipendra Tiwari | 236 | 0 |
| Dolores Silooy | 236 | 0 |
| Dominic Viola | 118 | 0 |
| Dominick Dragone | 118 | 0 |
| Don Schima | 259 | 0 |
| Donald Bowden | 65 | 0 |
| Donald C Finger | 118 | 0 |
| Donald Dempsey | 1178 | 0 |
| Donald J Wright Jr | 471 | 0 |

---

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| | | |
|:---|:---|:---|
| Donald Johnson (73) | 10023 | 0 |
| Donald Kroener | 236 | 0 |
| Donna Sebastian | 2588 | 0 |
| Dor Tache (74) | 2412 | 0 |
| Dov Green | 189 | 0 |
| Doyle Haverfield | 236 | 0 |
| Dr. Rodney B. Woods | 236 | 0 |
| Duncan Hill | 146 | 0 |
| Dustin Fox | 118 | 0 |
| Dustin Kean | 471 | 0 |
| Dylan Smith | 2588 | 0 |
| Earl F. Brown | 1060 | 0 |
| Earl Stewart | 236 | 0 |
| Edgar Garcia | 236 | 0 |
| Eduardo Ramirez | 471 | 0 |
| Edward B Cloues II | 4710 | 0 |
| Edward Gardner | 259 | 0 |
| Edward Hernandez | 377 | 0 |
| Edward Kelly Medlock | 1484 | 0 |
| Edward Owens | 471 | 0 |
| Edward Petersen | 471 | 0 |
| Ehab Rezk | 524 | 0 |
| Eliakim Thorpe | 1201 | 0 |
| Elisbeth Tolison | 236 | 0 |
| Elizabeth Barrett Pappas | 2355 | 0 |
| Elizabeth Bina Ritter | 236 | 0 |
| Elizabeth Greaves | 471 | 0 |
| Elizabeth Hayslip | 118 | 0 |
| Elizabeth Kafel | 236 | 0 |
| Elizabeth Karic | 118 | 0 |
| Elizabeth Karish | 95 | 0 |
| Emanuelis Norbutas | 118 | 0 |
| Emma Archibald | 95 | 0 |
| Emma Perry | 118 | 0 |
| Emrah Ozturk (75) | 130 | 0 |
| English Walker | 122 | 0 |
| Eric Baum | 9419 | 0 |
| Eric DiStasi | 118 | 0 |
| Eric Jackson | 236 | 0 |
| Eric Larrier-Simasiku | 2355 | 0 |
| Eric Raun | 2156 | 0 |
| Eric Seager | 236 | 0 |
| Eric Tjaden | 95 | 0 |
| Eric Toone | 65 | 0 |
| Erica Emmanuel | 65 | 0 |
| Erich Hontchar-Plank | 165 | 0 |
| Ernest Hou | 471 | 0 |
| Ernest J King | 236 | 0 |
| Ernest Philip Petersen | 2355 | 0 |
| Ernestine Gay Williams | 130 | 0 |
| Eugene Mc Elroy | 65 | 0 |

---

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| | | |
|:---|:---|:---|
| Eva Green Horizons LLC (76) | 65 | 0 |
| Eve Pugh | 471 | 0 |
| Eve Storm | 130 | 0 |
| Everything IsFree | 65 | 0 |
| Fadhl Bafadhl | 354 | 0 |
| Fakheruddin M Mustafa | 118 | 0 |
| Farhan Simon | 118 | 0 |
| FAST HOUSE BUYERS LLC (77) | 118 | 0 |
| Fatima Abdulla | 95 | 0 |
| Felipe Barreto | 65 | 0 |
| Ferenc Lusztig | 464 | 0 |
| Fernando Omar Inigo | 48 | 0 |
| Francisco Abraham Velasquez | 118 | 0 |
| Francisco Javier Ceballos Jr | 65 | 0 |
| Francisco Pedro | 65 | 0 |
| Frank Michel | 236 | 0 |
| Franklin Flowers | 118 | 0 |
| Frantz Jacques | 118 | 0 |
| Fred Fletcher | 707 | 0 |
| Fred George | 118 | 0 |
| Fred Hawkins III (78) | 520 | 0 |
| Fred Simanek | 14129 | 0 |
| Frederic Gerald McCurdy | 236 | 0 |
| Frederick Cooper | 95 | 0 |
| Fredrick C Guluma | 95 | 0 |
| Friedrich M Beuerle | 334 | 0 |
| Frostbyte Investments, LLC (79) | 942 | 0 |
| Gabriel LEPADATU | 1649 | 0 |
| Gaige Powers (80) | 248 | 0 |
| Galina Medeiros | 471 | 0 |
| Garcia Milord | 118 | 0 |
| Gary Brose | 118 | 0 |
| Gary Ginn | 95 | 0 |
| Gary J Pawelko | 78 | 0 |
| Gary Katelansky | 471 | 0 |
| Gary Tallant | 942 | 0 |
| Gaurav Sharma | 118 | 0 |
| Gaury Banton | 495 | 0 |
| GDPR PLUS d.o.o. (81) | 118 | 0 |
| Gemechu Getachew | 277 | 0 |
| GEOFF ZHANG (82) | 2004 | 0 |
| George A Fidacaro Jr | 130 | 0 |
| George Andrew Simons | 301 | 0 |
| George Anna Mock | 118 | 0 |
| George CZajkowski | 236 | 0 |
| George L Schmidt | 471 | 0 |
| George Ndongai Limen | 259 | 0 |
| George Woodhull | 471 | 0 |
| Georges Pires | 471 | 0 |
| Gerald Gunderson | 65 | 0 |
| Gerald Van Buren | 95 | 0 |
| Gerard Armstrong | 707 | 0 |

---

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| | | |
|:---|:---|:---|
| Gerard Griffin (83) | 260 | 0 |
| Gevoyd Little III | 1432 | 0 |
| Ghanshyam Ratanpara | 524 | 0 |
| Giles Walger | 236 | 0 |
| Gillian Berman | 65 | 0 |
| Glenn A Rossman | 1178 | 0 |
| Glenn Burney (84) | 1166 | 0 |
| Glennetta Johnson | 118 | 0 |
| Gnanavel Sambandam | 259 | 0 |
| GO-Jac, LLC (85) | 118 | 0 |
| Godfred Adusei Gyasi | 165 | 0 |
| Goitom Grmatsion | 236 | 0 |
| Gomez Iker | 118 | 0 |
| Gopal Pagrut | 95 | 0 |
| Gordon and Irene Calvert Family Trust (86) | 3768 | 0 |
| Gordon Williford | 1294 | 0 |
| Greg Blair | 354 | 0 |
| Greg Eichman | 471 | 0 |
| Greg Krisher | 366 | 0 |
| Greg S Johnson | 236 | 0 |
| Greg Smith | 707 | 0 |
| Gregg Eric Russell | 942 | 0 |
| Gregory Cabral | 95 | 0 |
| Gregory Imbrie | 647 | 0 |
| Gregory Lang | 118 | 0 |
| Gregory Martin | 48 | 0 |
| Gregory Sainnoval | 5176 | 0 |
| Grigore B. Hreniuc | 471 | 0 |
| Gunjan Sinha | 23547 | 0 |
| Habib Shaghoury | 236 | 0 |
| Hamedah Chan | 236 | 0 |
| HAO PHAM | 236 | 0 |
| Harika Kandru | 118 | 0 |
| Harlon Feferbaum | 1413 | 0 |
| Harold G. Schenker | 471 | 0 |
| Harold Warner | 707 | 0 |
| Harry Jameson | 118 | 0 |
| Heather Huotari | 95 | 0 |
| Heidi Frost | 95 | 0 |
| Hendrik Compaan | 130 | 0 |
| Henrietta Yanni | 183 | 0 |
| Herbert Gonzalez | 95 | 0 |
| Herman Reumers | 589 | 0 |
| Hiren Prajapati | 471 | 0 |
| Howard Kohn (87) | 130 | 0 |
| Howard Steinberg | 471 | 0 |
| Hrvoje Galic | 118 | 0 |
| Hugh G Ifill | 264 | 0 |
| Hymon M Williams | 236 | 0 |
| Ian Krochek | 1884 | 0 |
| Ibriham Alassaf | 95 | 0 |
| IDIL TURKMENOGLU | 95 | 0 |
| Ignacio Rivero | 95 | 0 |
| Igor Vaysbaum | 942 | 0 |
| Iman Suleman | 95 | 0 |

---

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| | | |
|:---|:---|:---|
| Ingenium Capital LLC (88) | 118 | 0 |
| Isleifur Thorhallsson | 95 | 0 |
| Ivano Laudonia | 95 | 0 |
| J Jameson Julyen | 65 | 0 |
| Jackie McCutchen | 259 | 0 |
| Jacqueline Robinson | 95 | 0 |
| Jakub R Walko | 471 | 0 |
| James A. Gray III | 118 | 0 |
| James Bailey | 118 | 0 |
| James Berkel | 236 | 0 |
| James Carter | 195 | 0 |
| James Cave | 130 | 0 |
| James Drago | 236 | 0 |
| James Dreibelbis | 259 | 0 |
| James E Russ Retirement Fund, LLC (89) | 236 | 0 |
| James F Davis | 471 | 0 |
| James Kinney | 236 | 0 |
| James Lowe | 95 | 0 |
| James McGraw | 118 | 0 |
| James Michael Barth | 259 | 0 |
| James Mullenix | 72 | 0 |
| James R. Caraway | 118 | 0 |
| James Ramos | 118 | 0 |
| James Rolie Watts Jr | 301 | 0 |
| James Sperr | 471 | 0 |
| James Tune | 118 | 0 |
| James Wozniak | 259 | 0 |
| Jamison Gulden | 1413 | 0 |
| Janet Kay Herring | 189 | 0 |
| Jannette D. Street | 95 | 0 |
| Jared Scott Crawford | 95 | 0 |
| Jared Werts | 118 | 0 |
| Jared Wiggin | 65 | 0 |
| Jarret L Chaney | 118 | 0 |
| Jasiel Moreno | 95 | 0 |
| Jason A. Morris | 259 | 0 |
| Jason Baumann | 236 | 0 |
| Jason Davis | 65 | 0 |
| Jason J LaQua | 118 | 0 |
| Jason Keller | 123 | 0 |
| Jason Kulas | 518 | 0 |
| Jason NIELSEN | 236 | 0 |
| Jason Nix | 942 | 0 |
| Jason Sudmann (90) | 2191 | 0 |
| Jatinkumar Shah | 118 | 0 |
| Javier Cote Sierra | 259 | 0 |
| Javier Cote-Sierra | 471 | 0 |
| JAY COBB and LISA COBB, Co-Trustees of the COBB FAMILY TRUST (91) | 2355 | 0 |
| Jay Perez | 118 | 0 |

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| | | |
|:---|:---|:---|
| Jay Skabo | 518 | 0 |
| Jayash Kumar | 1294 | 0 |
| Jd Kincaid | 1543 | 0 |
| Jed Karpinski | 118 | 0 |
| Jee-Eun Byun | 106 | 0 |
| Jeff Savage | 142 | 0 |
| Jeff Su | 65 | 0 |
| Jeffrey Adams | 942 | 0 |
| Jeffrey Bostic Bostic | 259 | 0 |
| Jeffrey C Walker | 707 | 0 |
| Jeffrey Sean Bush | 118 | 0 |
| Jeffrey Trotier | 130 | 0 |
| Jeffry and Diane Bernstein Family Trust (92) | 1941 | 0 |
| Jefrin Easow | 65 | 0 |
| Jennie Martel | 1178 | 0 |
| Jennifer Achord (93) | 260 | 0 |
| Jennifer Macedo | 118 | 0 |
| Jennifer Swapceinski | 118 | 0 |
| Jens Niemann | 259 | 0 |
| Jeremy Cohen | 301 | 0 |
| Jeremy Greiner | 471 | 0 |
| Jeremy Zucherman | 118 | 0 |
| Jerry Eisenband | 118 | 0 |
| Jerry irwin | 65 | 0 |
| Jerry Lefevre (94) | 130 | 0 |
| Jerry Marshak | 118 | 0 |
| Jess Forgione | 118 | 0 |
| Jesse Bifulco | 95 | 0 |
| Jesse Harlan | 65 | 0 |
| Jesse Thompson (95) | 130 | 0 |
| Jesudas Chinnathampi (96) | 130 | 0 |
| Jim Butler | 471 | 0 |
| Jim Jackson (97) | 248 | 0 |
| Jim Johnson | 118 | 0 |
| Jim Von Eiff | 471 | 0 |
| Jins George | 471 | 0 |
| Joseph J Anthony (98) | 366 | 0 |
| JOANNE PANTALEO | 130 | 0 |
| Joao Filipe Fernandes | 95 | 0 |
| Joe benza | 118 | 0 |
| Joe DeBonis | 118 | 0 |
| Joe Librizzi | 65 | 0 |
| Joe Rotondo | 65 | 0 |
| Joel Foreman | 95 | 0 |
| Joel Frigon | 78 | 0 |
| Joel J Lacoste | 236 | 0 |
| Joel Kantor | 942 | 0 |
| Johann Riviere | 95 | 0 |
| John Acree | 95 | 0 |
| John Allison | 324 | 0 |

---

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| | | |
|:---|:---|:---|
| John BierwaCZonek | 236 | 0 |
| John BRUDERLIN | 2589 | 0 |
| John Carioto | 118 | 0 |
| John Christian | 471 | 0 |
| John Doster | 471 | 0 |
| John Frederick Adderholdt | 283 | 0 |
| John Hall | 65 | 0 |
| John Jones | 259 | 0 |
| John Jubelt | 65 | 0 |
| John Loebach | 118 | 0 |
| John McKeagney (99) | 849 | 0 |
| John Michael Fay III | 118 | 0 |
| John Morris | 236 | 0 |
| John Peck | 1413 | 0 |
| John Polack | 236 | 0 |
| John R Szymanski (100) | 7298 | 0 |
| John Reid | 48 | 0 |
| John Richardson | 471 | 0 |
| John Rose | 471 | 0 |
| John Swapceinski | 130 | 0 |
| John Thomas | 118 | 0 |
| John Tresp | 471 | 0 |
| John Zelenski | 419 | 0 |
| Johnny David Jr | 118 | 0 |
| Johnson Hor | 118 | 0 |
| Jojo K Abraham | 65 | 0 |
| Jonathan Foreman | 95 | 0 |
| Jonathan Kempel | 113 | 0 |
| Jonathan Lee | 95 | 0 |
| Jonathan Mannings | 471 | 0 |
| Jonathan Pachulski | 236 | 0 |
| Joni Hermansen | 65 | 0 |
| Jordan Bekenstein | 95 | 0 |
| Jordana Gresen | 182 | 0 |
| Joris Strypens | 471 | 0 |
| Jose Alfredo Munoz | 65 | 0 |
| Jose B PAREDES | 95 | 0 |
| Jose Gonzalez | 259 | 0 |
| Jose Martinez | 95 | 0 |
| Josef Schramm-Ennen | 236 | 0 |
| Joseph Agster | 377 | 0 |
| Joseph and Christina Weeks | 1413 | 0 |
| Joseph Duarte | 471 | 0 |
| Joseph Ferraro | 118 | 0 |
| Joseph Francis | 471 | 0 |
| Joseph G. Denison | 236 | 0 |
| Joseph Garzone | 65 | 0 |
| Joseph Gerlach | 236 | 0 |
| Joseph Marshall Touma | 236 | 0 |
| Joseph Scales | 354 | 0 |
| joseph sebo | 471 | 0 |
| Joseph William Vogels | 118 | 0 |
| Joshua Everett | 118 | 0 |
| Joshua Gupta (101) | 248 | 0 |
| Joshua McGrath | 183 | 0 |
| Joy Pollard | 95 | 0 |
| Joyce Kantola Dave Jackson | 236 | 0 |
| Joyce Kendall | 377 | 0 |
| Juan Carlos Heredia | 4710 | 0 |
| Juan Tabuyo Castell | 118 | 0 |
| Juberta | 471 | 0 |
| Juerg Dennler | 471 | 0 |

---

---

| | | |
|:---|:---|:---|
| Juliana Esteve Gómez | 777 | 0 |
| Julie Urrunaga | 130 | 0 |
| Julio Ugarte | 95 | 0 |
| Junaid Husain | 236 | 0 |
| Justin Brad Gregory | 259 | 0 |
| Justin Groller | 259 | 0 |
| Justina Acquah | 189 | 0 |
| Jyothish Nair | 118 | 0 |
| Kai Leung Huen | 236 | 0 |
| Kaleb Belcher | 95 | 0 |
| Kalyan Chakravarthy (102) | 130 | 0 |
| Kamal Kant | 4623 | 0 |
| Kamil Holub | 95 | 0 |
| Kamil Regent | 236 | 0 |
| Kaomeng Saechao | 942 | 0 |
| Kap Cung | 65 | 0 |
| Kapil Thacker | 236 | 0 |
| Kaprena Wheatman | 65 | 0 |
| Kara Morin | 48 | 0 |
| Karapet Davtyan | 259 | 0 |
| Karen Duggan | 236 | 0 |
| Katherine Queen | 471 | 0 |
| Kathleen Markle | 118 | 0 |
| Kayne Tan | 142 | 0 |
| Kayode Judah Emmanuel | 118 | 0 |
| Keally Keambom | 236 | 0 |
| Keeyan Zimmerman | 165 | 0 |
| Keith A Crenshaw Sr | 118 | 0 |
| Keith Nation | 118 | 0 |
| Keith Stringer | 236 | 0 |
| Kelley Stock | 168 | 0 |
| Kelvin Michael Burgess | 260 | 0 |
| Kelvin Smith | 118 | 0 |
| Ken Carrasco | 65 | 0 |
| Ken Yu (103) | 1555 | 0 |
| Kenneth Davis | 65 | 0 |
| Kenneth E. Thurmond (104) | 156 | 0 |
| Kenneth J Saunders | 1413 | 0 |
| Kenneth P. Thomas | 471 | 0 |
| Kent Hyer | 471 | 0 |
| Kevin Breen | 48 | 0 |
| Kevin Dick | 241 | 0 |
| Kevin Kem | 130 | 0 |
| Kevin Maley | 471 | 0 |

---

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| | | |
|:---|:---|:---|
| Kevin Marion (105) | 1445 | 0 |
| Kevin Parrish | 236 | 0 |
| Kevin Smith | 95 | 0 |
| KGN Holdings, LLC (106) | 118 | 0 |
| Khalid Sadat | 116 | 0 |
| Khiry Abdullah | 707 | 0 |
| Kim G Monroe | 471 | 0 |
| Kirankumar Ambati | 942 | 0 |
| Koby Kempel | 48 | 0 |
| Kofi Ofosu-Aante | 676 | 0 |
| Konstantinos Alymatiris | 236 | 0 |
| Konstantinos Spaliaras | 118 | 0 |
| Krishna Ammini | 130 | 0 |
| Kumar Shantanu | 236 | 0 |
| Kurt Heun | 471 | 0 |
| Kurtis Stauffer | 647 | 0 |
| Kyle John Steinle | 98 | 0 |
| Kyrene BUTTERS | 118 | 0 |
| La Monte Wayne Peters | 118 | 0 |
| Lafayette Compton | 95 | 0 |
| Lamont Bush | 104 | 0 |
| Lance Gregg | 95 | 0 |
| Lance Hoppen | 471 | 0 |
| Larry E Proud | 236 | 0 |
| Larry MCADOO | 118 | 0 |
| Lars Rieger | 95 | 0 |
| Laura Drury | 118 | 0 |
| Laura Suddath | 118 | 0 |
| Lauren Bibby (107) | 518 | 0 |
| Laurence K Gorlick | 942 | 0 |
| Laurence Mann | 2355 | 0 |
| Laurent Bonnet | 118 | 0 |
| Lawrence Blake | 259 | 0 |
| Lawrence Del Gigante | 1178 | 0 |
| Lealand Investment LLC (108) | 2355 | 0 |
| Lee Palmer | 48 | 0 |
| Lemi Gemedi | 95 | 0 |
| Leo Brennan | 2355 | 0 |
| Leonard Ghee | 453 | 0 |
| Leonard R. Pease | 733 | 0 |
| Leticia Aguilar | 118 | 0 |
| Lev Agranovich | 95 | 0 |
| Lim Tien Seng | 667 | 0 |
| Linda Rizzuto | 65 | 0 |
| Liquid Sun | 118 | 0 |
| Lisa Campbell-Johnson | 471 | 0 |
| Lisa Field | 118 | 0 |
| Liusman YAMIN | 471 | 0 |
| Lokesh Allam | 248 | 0 |
| Long K Tu | 236 | 0 |
| Loona Cadely-Jeanty | 118 | 0 |
| Louie Naumovski | 942 | 0 |
| Louis Harvey | 471 | 0 |
| Louis Rivera | 471 | 0 |

---

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| | | |
|:---|:---|:---|
| Lovell Holdings Trust (109) | 3179 | 0 |
| Lu Zhang (110) | 130 | 0 |
| Lucas Hahn | 95 | 0 |
| Luigi Marchiorello Dal Corno | 118 | 0 |
| Marylan C Clark | 118 | 0 |
| Mach 10 Ventures, LLC (111) | 95 | 0 |
| Maciek Ziolkowski | 118 | 0 |
| Madhukar Venkata Tummala | 471 | 0 |
| Mads Georgsen | 471 | 0 |
| Mahfuz G Chowdhury | 236 | 0 |
| Mahmoud Attia | 942 | 0 |
| Malte Lüttenberg | 471 | 0 |
| Mami Veza | 65 | 0 |
| Manmohan Tuli | 647 | 0 |
| Manoj Kumar Barman | 65 | 0 |
| Marama Reichart | 236 | 0 |
| Marc A. Simon (112) | 2443 | 0 |
| Marc Alfarano | 65 | 0 |
| Marc Saddik | 471 | 0 |
| Marcelo Fernandes Pacheco | 118 | 0 |
| Marco Leonardic | 389 | 0 |
| Marcus Ali Davis (113) | 1166 | 0 |
| Marcus Askew | 65 | 0 |
| Marcus Cameron | 118 | 0 |
| Marek Novosad | 236 | 0 |
| Margaret Brown | 95 | 0 |
| Margaret McDonald | 48 | 0 |
| Maria G Horton | 236 | 0 |
| Mariam Garanfilyan | 95 | 0 |
| Mario Gjivoje | 471 | 0 |
| Mario Johnson (114) | 1725 | 0 |
| Marjorie Jaasma | 95 | 0 |
| Marjory E Guentzler | 471 | 0 |
| Mark E Childers | 377 | 0 |
| Mark Ellis | 471 | 0 |
| Mark Gatlin | 2588 | 0 |
| Mark Goodman | 500 | 0 |
| Mark Guion | 471 | 0 |
| Mark Huebner | 118 | 0 |
| Mark Larsen | 354 | 0 |
| Mark Parrett | 283 | 0 |
| Mark Schneider | 142 | 0 |
| Mark Seeger | 118 | 0 |
| Mark Soltz | 471 | 0 |
| Mark Velko | 65 | 0 |
| Mark Worley | 118 | 0 |
| Marlisa Kunkel | 259 | 0 |
| Marsha Somers | 236 | 0 |
| Martin Kay | 471 | 0 |
| Martin Weilhamer | 142 | 0 |
| Martynas Sklizmantas | 95 | 0 |
| Marvin Mathew | 95 | 0 |

---

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| | | |
|:---|:---|:---|
| Marvin J Lancaster II | 236 | 0 |
| Mary Gacek | 1178 | 0 |
| Mary Kay Jaudes | 95 | 0 |
| Mary Ng | 471 | 0 |
| Masika Weeks | 118 | 0 |
| Mathias Blot | 471 | 0 |
| Matloob Siddiqi | 130 | 0 |
| Matt McDonagh | 118 | 0 |
| Matt Reno | 118 | 0 |
| Matt Thoren | 236 | 0 |
| Matthew Astley | 230 | 0 |
| Matthew Clayton Smith | 65 | 0 |
| Matthew E Wilkinson | 48 | 0 |
| Matthew J Kristof | 118 | 0 |
| Matthew King | 667 | 0 |
| Matthew McKnight-Moses | 95 | 0 |
| Matthew Rowland | 259 | 0 |
| Matthew Saurin | 471 | 0 |
| Matthew Setzer | 160 | 0 |
| Maureen Sudbay | 236 | 0 |
| Maurice - Joël Madoc | 142 | 0 |
| Maurice A. Banton | 471 | 0 |
| Max Dufour | 236 | 0 |
| Max Good | 647 | 0 |
| Mbawine Consultant Services, LLC (115) | 1413 | 0 |
| Mehmet Gonullu | 160 | 0 |
| Melissa Breitenfeldt | 259 | 0 |
| Melissa Lawson | 566 | 0 |
| Melody E Bates | 236 | 0 |
| Meredith Webb | 118 | 0 |
| Michael A Leanzo | 471 | 0 |
| Michael Amoroso | 1649 | 0 |
| Michael Balle | 104 | 0 |
| Michael Burke | 236 | 0 |
| Michael C Chang | 130 | 0 |
| Michael Costello | 130 | 0 |
| Michael Fernacz | 236 | 0 |
| Michael Franov | 236 | 0 |
| Michael J Smith | 189 | 0 |
| Michael James | 118 | 0 |
| Michael Johanson | 95 | 0 |
| Michael Joseph Palmaffy, II | 471 | 0 |
| Michael Larkin | 236 | 0 |
| Michael Lee | 236 | 0 |
| Michael Mason | 471 | 0 |
| Michael Soluade | 754 | 0 |
| Michael Stecher | 1295 | 0 |
| Michael Steranka | 471 | 0 |
| Michael Uwakwe | 2355 | 0 |
| Michael Woore (116) | 51692 | 0 |
| Michaela Lingenberg | 647 | 0 |
| Michal Pohanka | 118 | 0 |
| Michel Supp | 95 | 0 |
| Michele Echeverria | 118 | 0 |
| Michele Fischer | 118 | 0 |
| Michelle Berry | 118 | 0 |
| Michelle Cowden | 236 | 0 |
| Michelle Mitcheff (117) | 195 | 0 |
| Michelle Prescott Green | 1178 | 0 |

---

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| | | |
|:---|:---|:---|
| Mickey Christakos (118) | 130 | 0 |
| Midian Jones | 118 | 0 |
| Miguel Ramos | 2355 | 0 |
| Mika Muttonen | 730 | 0 |
| Mike Farris | 95 | 0 |
| Mike Haynes | 471 | 0 |
| Mike Ryan (119) | 130 | 0 |
| Mike Schatz | 471 | 0 |
| Mikhail Gurevich (120) | 1294 | 0 |
| Minh Chau Vo | 236 | 0 |
| Miral Khalil | 95 | 0 |
| Mirko Turrina | 225 | 0 |
| Mirmehdi Hussain | 130 | 0 |
| Miroslav Randa | 259 | 0 |
| Mitchell Womack | 259 | 0 |
| Mitsugu Toyoda | 707 | 0 |
| Mohammed Alsuwaylih | 95 | 0 |
| Mohit Goenka | 942 | 0 |
| Molly Brock | 471 | 0 |
| Moni Mosharaf | 647 | 0 |
| Morris Chow | 236 | 0 |
| Morris Gelman | 118 | 0 |
| Moustafa Nashat | 48 | 0 |
| Muhammed Jibrin Bamalli | 95 | 0 |
| Muhammed Shafeekh | 95 | 0 |
| Murat Aksakalli | 118 | 0 |
| Mustafa Kathawala | 1294 | 0 |
| Na NA | 118 | 0 |
| Nagi Sathi | 189 | 0 |
| Nahiem Hood | 65 | 0 |
| Nainesh Patel | 168 | 0 |
| Narendra Sharma | 236 | 0 |
| NARESHKUMAR VENKATRAJULU | 118 | 0 |
| Nasir Iqbal Amanullah | 236 | 0 |
| Nathan Plank | 1667 | 0 |
| Nathanaelle Desrivieres | 118 | 0 |
| Nathaniel Chapman (121) | 130 | 0 |
| Nathaniel Lemke | 825 | 0 |
| Nathaniel Wilson | 471 | 0 |
| Naveed Hasan | 118 | 0 |
| Nawaf Alotaibi | 95 | 0 |
| Neal Clements | 647 | 0 |
| Neal Hainlin | 118 | 0 |
| Neal Twomey | 236 | 0 |
| Neel Ghetia | 95 | 0 |
| Nicasio Rios | 471 | 0 |
| Nicholas Jusino | 95 | 0 |
| Nick LeBouthillier | 118 | 0 |
| Nick Plutchak | 118 | 0 |
| Nikolas Gernhard | 236 | 0 |
| Nirmal Kumar | 471 | 0 |
| Nitin Patel | 118 | 0 |
| Nobis Sol-Akubude | 118 | 0 |
| Noel Bacquie | 707 | 0 |
| Noel Sunny | 118 | 0 |
| Norris Campbell | 95 | 0 |
| Ofelia Lacayo | 65 | 0 |

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| | | |
|:---|:---|:---|
| Ogechi Iwuanyanwu | 118 | 0 |
| Olina Rule | 118 | 0 |
| Olivia Meiring | 942 | 0 |
| Olivier Wullen | 502 | 0 |
| Omar A Molina | 236 | 0 |
| Orestes Carrazana | 1931 | 0 |
| Oscar Opiyo | 167 | 0 |
| Ownersmeet, LLC (122) | 130 | 0 |
| Paul Kruebbe | 95 | 0 |
| Pablo Anconina | 471 | 0 |
| Pamela Rodriguez | 95 | 0 |
| Pankaj Sharma | 95 | 0 |
| Paradeplatz Holdings, LLC (123) | 1437 | 0 |
| Paris Lockhart | 48 | 0 |
| Parminder Singh | 118 | 0 |
| Passive Investments (124) | 118 | 0 |
| Patrice Rice | 95 | 0 |
| Patricia Morin | 48 | 0 |
| Patrick Brady | 118 | 0 |
| Patrick Daley | 236 | 0 |
| Patrick Daum (125) | 248 | 0 |
| Paul A. Morin (126) | 3154 | 0 |
| Paul Adjei | 3339 | 0 |
| Paul Anslow | 2355 | 0 |
| Paul David Zetterower | 173 | 0 |
| Paul Gogan | 389 | 0 |
| Paul Isenbarger | 236 | 0 |
| Paul M Kessimian | 236 | 0 |
| Paul Montenegro (127) | 731 | 0 |
| Paul Paetz | 471 | 0 |
| Paul Speich | 95 | 0 |
| Pegasus Management Inc (128) | 354613 | 0 |
| Peter Barty | 471 | 0 |
| Peter Costello | 118 | 0 |
| Peter Fitton | 236 | 0 |
| Peter Iancov | 471 | 0 |
| Peter Jorgenson | 95 | 0 |
| Peter Paulin | 471 | 0 |
| Peter Shervanick | 471 | 0 |
| Peter Tseng | 647 | 0 |
| Peter Van Flein | 236 | 0 |
| Petru Seracin | 95 | 0 |
| Philip A Perlberg | 236 | 0 |
| Philip A. Edwards | 65 | 0 |
| Philip Adenekan | 189 | 0 |
| Philip Lutz | 118 | 0 |
| Philip Merriweather | 65 | 0 |
| Phillip Hall | 7065 | 0 |
| Phyllis Grant | 118 | 0 |
| Pierre Dolcine | 95 | 0 |
| Pierre Marie NDADEM | 589 | 0 |
| Pierre Verplaetsen | 118 | 0 |
| Pieter Pettinga | 471 | 0 |
| Piotr Kloda | 519 | 0 |
| Prabhudas Chelumala | 495 | 0 |
| Pradeep Munirathinam | 942 | 0 |
| Pradeep Parihar | 118 | 0 |

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| | | |
|:---|:---|:---|
| Prakash Gurmukhdas Bhambhani | 95 | 0 |
| Prakash Patel | 95 | 0 |
| Pramod Rustagi | 95 | 0 |
| Prashanth Sardesai | 95 | 0 |
| Prathap Chithapuram | 236 | 0 |
| Prathap Jonnadula | 118 | 0 |
| Prince Kumar | 236 | 0 |
| Priscilla Corona | 123 | 0 |
| Puneet Gupta | 4710 | 0 |
| Qing E Li | 566 | 0 |
| Quang Ho | 1413 | 0 |
| Quinton Pipkins | 118 | 0 |
| Radu Hasan | 2355 | 0 |
| Raghavender DUVVA | 236 | 0 |
| Rahi Jones | 471 | 0 |
| Raj Thiyagarajan | 236 | 0 |
| Raj Yakkali | 471 | 0 |
| Raja Kandru | 471 | 0 |
| Rajiv Panta | 236 | 0 |
| Raman Sachidanand | 95 | 0 |
| Ramesh Manian | 471 | 0 |
| Randy Leo Vittetoe | 236 | 0 |
| Ranganatha P Saddala | 78 | 0 |
| Ranu Chahar | 354 | 0 |
| Ravi Vythilingam | 65 | 0 |
| Ravindraraj Ramaraju | 334 | 0 |
| Ray E Foster | 118 | 0 |
| Raymond Luong | 118 | 0 |
| Raymundo Rodriguez | 118 | 0 |
| Rebecca Graziano | 471 | 0 |
| Rebecca Meek Horton | 589 | 0 |
| Reginald Odom | 1294 | 0 |
| Reid Surles | 234 | 0 |
| Remi Dahl Finjord | 259 | 0 |
| Renato Zeko | 118 | 0 |
| Rene Hoferichter | 118 | 0 |
| Reuben Johnson | 65 | 0 |
| Rhea Khanna | 189 | 0 |
| Ricardo Macias | 118 | 0 |
| Ricardo Rodriguez | 142 | 0 |
| Ricardo Silva | 236 | 0 |
| Richard Bentley | 236 | 0 |
| Richard Campbell | 189 | 0 |
| Richard Gordon | 65 | 0 |
| Richard Horan (129) | 1355 | 0 |
| Richard J Thomas Jr | 48 | 0 |
| Richard Kalinowski | 236 | 0 |
| Richard Kinney | 471 | 0 |
| Richard L Nelson | 471 | 0 |
| Richard Moore | 1201 | 0 |
| Richard Negvesky (130) | 453 | 0 |
| Richard Stevens | 471 | 0 |
| Richard Watkins | 65 | 0 |
| Rijkele Woudwijk Trust (131) | 1294 | 0 |
| Rik Woudwijk (132) | 5176 | 0 |

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| | | |
|:---|:---|:---|
| Robert A Ball Revocable Trust dtd Oct 23, 2013 (133) | 259 | 0 |
| Robert Bruce Bretland | 1413 | 0 |
| Robert Fegan | 130 | 0 |
| Robert Friedman | 471 | 0 |
| Robert Goodwin | 95 | 0 |
| Robert J Rose (134) | 5176 | 0 |
| Robert J Weireter | 236 | 0 |
| Robert Martin | 471 | 0 |
| Robert Mc Garvey Jr | 130 | 0 |
| Robert Simpson | 118 | 0 |
| Robert Spohr | 65 | 0 |
| Robert Sutton | 942 | 0 |
| Robert Williams | 182 | 0 |
| Roberta T Rodgers | 95 | 0 |
| Roberto Jiménez | 1884 | 0 |
| Rocky MOREAU | 118 | 0 |
| Rod Kramer | 236 | 0 |
| Rodelio Sugatan | 471 | 0 |
| Roderic Anderson | 471 | 0 |
| Roderick Herron | 471 | 0 |
| rodney cartee | 377 | 0 |
| Rogelio Fussa | 59 | 0 |
| Roger Evans (135) | 989 | 0 |
| Roger Horton | 48 | 0 |
| Roland Chow | 259 | 0 |
| Roland Meitzler | 118 | 0 |
| Romans Muravskis | 156 | 0 |
| Ron Shelton MD | 259 | 0 |
| Ron Umemoto | 236 | 0 |
| Ronald G Graham | 2355 | 0 |
| Ronald Heath | 130 | 0 |
| Ronnie Woodard | 236 | 0 |
| Ronny Brown | 337 | 0 |
| Ross Hanson | 389 | 0 |
| RSURMONT RD LLC (136) | 471 | 0 |
| Ruben Gonzalez Torres | 118 | 0 |
| Rumailah Buenavente | 118 | 0 |
| Russell E Kirshenbaum | 165 | 0 |
| Russell Plaice | 95 | 0 |
| Russell Wyatt | 471 | 0 |
| Russell Xavier | 361 | 0 |
| Ruston Burst | 189 | 0 |
| Ryan Brown | 118 | 0 |
| Ryan Onishi | 259 | 0 |
| Ryan Sullivan | 236 | 0 |

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| | | |
|:---|:---|:---|
| Saddique Chibsah | 118 | 0 |
| Sai Kiran Burra | 118 | 0 |
| Sam Pure | 2355 | 0 |
| Samik Mukherjee | 471 | 0 |
| Samuel Jones | 259 | 0 |
| Samuel K Ameyaw | 501 | 0 |
| Samuel Kakeiye | 91 | 0 |
| Samuel Pacific | 65 | 0 |
| Samuel Schwartz | 2355 | 0 |
| Samuel Stein | 163 | 0 |
| Sandra Capek | 3297 | 0 |
| Sandra Cetina | 130 | 0 |
| Sandra Cole | 236 | 0 |
| Sandro Bacchelli | 471 | 0 |
| Sandy Kuo Thoyer | 2588 | 0 |
| Sarah Johnston | 236 | 0 |
| Saravanababu Murugesan | 549 | 0 |
| Saravanan Subramanian | 259 | 0 |
| Satish Kotamraju (137) | 601 | 0 |
| Satish Kumar Narule | 236 | 0 |
| Saurabh Malhotra | 118 | 0 |
| Scott Allison | 4710 | 0 |
| Scott Borlace | 118 | 0 |
| Scott Como | 236 | 0 |
| Scott Furgerson | 118 | 0 |
| Scott Helfrich | 130 | 0 |
| Scott Mace | 95 | 0 |
| Scott Monto | 118 | 0 |
| Scott Place | 236 | 0 |
| Scott R Maddox Living Trust Dated April 13, 2017 (138) | 1178 | 0 |
| Scott Theiring | 471 | 0 |
| Scott Tilgner | 236 | 0 |
| Sean Brandel | 142 | 0 |
| Sean Gibson | 118 | 0 |
| Sean S Armin | 2588 | 0 |
| Sean Schubert | 389 | 0 |
| Sean Smith | 118 | 0 |
| Sean Winner | 118 | 0 |
| Seema Kurup (139) | 614 | 0 |
| Senthamizhan Panneer Selvam | 212 | 0 |
| Senthil Kumar Palaniswamy (140) | 1036 | 0 |
| Sergei Kriveshko | 259 | 0 |
| Sergey Bogdan | 354 | 0 |
| Seth McBeath | 118 | 0 |
| Shakil Aslam | 118 | 0 |
| Shakil Khan | 471 | 0 |

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| | | |
|:---|:---|:---|
| Shane da Silva (141) | 5176 | 0 |
| Shanker Dev | 65 | 0 |
| Sharon D. Locke | 2355 | 0 |
| Sharon LeSage | 118 | 0 |
| Shashinkumar Patel | 1672 | 0 |
| Shaun McDuffee | 5176 | 0 |
| Shaun Weaver | 471 | 0 |
| Shawn Myers | 95 | 0 |
| Shawn Teo | 236 | 0 |
| SHE. EVENT INDY CO. (142) | 354 | 0 |
| Shelby Thuruthumalil | 65 | 0 |
| Shelley FRANKLIN (143) | 482 | 0 |
| Shiny Liu | 95 | 0 |
| Shirish Agarwal | 471 | 0 |
| Shree Krishna Subedi | 1178 | 0 |
| Shu Ming Peter Kuo | 335 | 0 |
| Silvia Greeno | 95 | 0 |
| Siva Kumar | 4710 | 0 |
| Soyome Getachew | 95 | 0 |
| Sreeja Poduri | 236 | 0 |
| Sreenath Nampally | 902 | 0 |
| Srikant Venkatesh | 1294 | 0 |
| Srinivas ADUSUMILLI | 942 | 0 |
| Srinivasa Kalyan Reddy | 65 | 0 |
| SRIPATHY PRAKASH REVOCABLE TRUST Dated 06/27/2013 (144) | 471 | 0 |
| Stanford Wong | 1178 | 0 |
| Stanley Forwand | 95 | 0 |
| Stanly Philipose | 183 | 0 |
| Stanton Collins | 118 | 0 |
| Starlight Dreamers Group | 118 | 0 |
| Steeve Davis | 48 | 0 |
| Stefan Penkov (145) | 759 | 0 |
| Stefanos Voskaridis | 236 | 0 |
| Stephan Böhmig | 942 | 0 |
| Stephan Tornier | 118 | 0 |
| Stephen Fortin | 95 | 0 |
| Stephen Kravitz | 283 | 0 |
| Stephen Paul NORWICK | 1294 | 0 |
| Stephen Yang | 118 | 0 |
| Steve and Teri Grundstedt Trust dtd 3/1/2006 (146) | 471 | 0 |
| Steve Curtis | 118 | 0 |
| Steve Hanes | 1649 | 0 |
| Steve LaPorta | 942 | 0 |
| Steve Robison (147) | 8004 | 0 |
| Steve Wistner | 668 | 0 |
| Steven "Chase" Smith | 471 | 0 |
| Steven Karlin | 942 | 0 |
| Steven Kusmin | 65 | 0 |
| Steven M Cook | 65 | 0 |
| Steven Powrozek | 95 | 0 |
| Stewart Weaver | 259 | 0 |
| Sumant Vidwans | 118 | 0 |
| Sumith Jain | 118 | 0 |
| Suncera Johnson | 1178 | 0 |
| Sunil Kurup | 471 | 0 |
| Sunil Vallamkonda | 259 | 0 |
| Sunniva Kelly | 48 | 0 |
| Suraj Sasidharan | 48 | 0 |
| SurfRogue, LLC (148) | 707 | 0 |
| Suriyaa Rocky Sundararuban | 118 | 0 |

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| | | |
|:---|:---|:---|
| Surya Bahumanyam (149) | 378 | 0 |
| Susan K Marshall | 942 | 0 |
| Susmitha Chowdary Kakkera (150) | 130 | 0 |
| Syed Khan | 259 | 0 |
| Taha Kazmie (151) | 225 | 0 |
| Taj Alexander | 130 | 0 |
| Tam Kemabonta (152) | 260 | 0 |
| Tambi Saffran | 118 | 0 |
| Tanya A Croxton | 65 | 0 |
| Tanzall Walton | 118 | 0 |
| Tariq Aldriwish | 95 | 0 |
| Taylor Rodger & Lisa Allen | 118 | 0 |
| Ted Lipman | 165 | 0 |
| Teddy Lyons | 118 | 0 |
| Temucin ADIGUZEL | 471 | 0 |
| Terri L Butler | 471 | 0 |
| Terri Mickey | 65 | 0 |
| Terry A. Suggs | 130 | 0 |
| Terry Forde | 277 | 0 |
| Terry R Sellers (153) | 248 | 0 |
| Terry Teruo Mayeda | 466 | 0 |
| Tevis Smothers | 259 | 0 |
| The Dean William Decker Trust (154) | 5176 | 0 |
| The Knox Family Trust, dated December 28th, 2022 (155) | 95 | 0 |
| THE KRISHNA SHARIKA TRUST (156) | 5435 | 0 |
| The MAP Funds III LLC (157) | 130 | 0 |
| The Parmar Family Trust Dated, June 1 2017 (158) | 118 | 0 |
| The Sriram and Anjana Revocable Trust (159) | 471 | 0 |
| Theresa Beach | 236 | 0 |
| Thian Poh Chong | 471 | 0 |
| Thomas Buti Shirinda | 118 | 0 |
| Thomas Carroll | 471 | 0 |
| Thomas Ciaffaglione | 707 | 0 |
| Thomas Cusick (160) | 5176 | 0 |
| Thomas Goska | 419 | 0 |
| Thomas Johnson | 259 | 0 |
| Thomas Kupsco | 1649 | 0 |
| Thomas Punnamattathil | 1072 | 0 |
| Thomas W Merritt Jr | 236 | 0 |
| Tiffany Kang | 1294 | 0 |
| Tim Horton | 65 | 0 |
| Tim Novak | 118 | 0 |
| Tim Trung Nguyen | 707 | 0 |
| Tímea Tancsa | 236 | 0 |
| Timo Kipp | 11774 | 0 |
| Timothy Dick | 236 | 0 |
| Timothy Laugh | 236 | 0 |
| Timothy Lee | 236 | 0 |
| Timothy Michael Barney | 471 | 0 |
| Tirupala Jakka | 1670 | 0 |
| Toby Autry | 48 | 0 |
| Todd G Abraham | 259 | 0 |
| Todd Gilbert | 1178 | 0 |
| Todd Jordan | 212 | 0 |
| Todd Soard | 118 | 0 |
| Todd Warapius | 471 | 0 |

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| | | |
|:---|:---|:---|
| Tom Henderson (161) | 1014 | 0 |
| Tom J Wright | 236 | 0 |
| Tommy Groves | 471 | 0 |
| Tommysue Deem | 259 | 0 |
| Tonja Ohnemus | 95 | 0 |
| Tony Yu | 272 | 0 |
| Totao Yigo (162) | 366 | 0 |
| Tracey Sullivan | 65 | 0 |
| Tracy Benson | 118 | 0 |
| Tracy Evans | 589 | 0 |
| Trent Schoenhals | 262 | 0 |
| Tristan Rommel | 236 | 0 |
| Tuyen Doan | 118 | 0 |
| Tyler Pinson | 95 | 0 |
| Tyler Samuels | 95 | 0 |
| Tyler Shanholtz | 118 | 0 |
| U Y Weissman | 118 | 0 |
| Valinda Valcich | 942 | 0 |
| Valory Moore | 236 | 0 |
| Valtetsiotis Sotirios (163) | 737 | 0 |
| VALTO VENTURES INC (164) | 647 | 0 |
| Vamshi Krishna Nalla | 65 | 0 |
| Varun Gupta | 118 | 0 |
| Veronica Sanchez | 259 | 0 |
| Viaenet LLC (165) | 4710 | 0 |
| Vic Bozzo | 104 | 0 |
| Victor Gonzalez | 65 | 0 |
| Victor Grijalva | 236 | 0 |
| Victor Tabaac | 118 | 0 |
| Vidit B William | 236 | 0 |
| Vijayabhaskar Allam (166) | 5109 | 0 |
| Vijayakumar Aluru | 471 | 0 |
| Vikas Jain | 118 | 0 |
| Vikash Gupta | 142 | 0 |
| Vimal Desai (167) | 518 | 0 |
| Vimalkumar Bhakta | 2588 | 0 |
| Vinay Sachdev | 118 | 0 |
| Vincent Fong | 118 | 0 |
| Vincent Huebner | 248 | 0 |
| Vincent Mach | 330 | 0 |
| Virgil Jones | 118 | 0 |
| Vitor Oliveira | 65 | 0 |
| Vivek Khandelwal | 259 | 0 |
| Vivian Crafa | 118 | 0 |
| Vladimir Calugaru | 118 | 0 |
| Kim Colich (168) | 385 | 0 |
| Watina Alexander | 95 | 0 |
| Wei Chih Tseng | 236 | 0 |
| Wendy Carson | 236 | 0 |
| Wendy Heppell | 966 | 0 |
| Wes Hurley | 471 | 0 |
| Whoopi Goldberg | 236 | 0 |
| Will Beyers | 95 | 0 |
| William Gray III (169) | 225 | 0 |
| William Heckeroth | 65 | 0 |

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| | | |
|:---|:---|:---|
| William Heitin (170) | 2588 | 0 |
| William Hughes | 647 | 0 |
| William J Warford | 330 | 0 |
| William Mcandrews | 118 | 0 |
| William Miller | 471 | 0 |
| William Pettit | 471 | 0 |
| William Plauth | 942 | 0 |
| William Stuart Cook | 95 | 0 |
| William Teuber (171) | 2588 | 0 |
| Willie Abraham | 95 | 0 |
| Xufei Li | 471 | 0 |
| Xuong T Nguyen | 942 | 0 |
| Yaacov Sakowitz | 236 | 0 |
| Yash Khanchandani | 65 | 0 |
| Yash Raj Arab | 236 | 0 |
| Yegor Zadorozhnyi | 2143 | 0 |
| Yehoshua Starrett (172) | 130 | 0 |
| Yi Jiao | 118 | 0 |
| Yiannis Bessiris | 264 | 0 |
| Yogendre Kumar Patel | 48 | 0 |
| Yolanda Osornio | 142 | 0 |
| York Huang | 65 | 0 |
| Youssef Barbour (173) | 225 | 0 |
| Yubing Sun | 1294 | 0 |
| Yunus Shah | 118 | 0 |
| Yureve Govind | 2420 | 0 |
| Yuval Bar Gil | 48 | 0 |
| Zachary Hansen | 95 | 0 |
| Zahed Hossain | 354 | 0 |
| Zahra Curtin | 118 | 0 |
| Zain Ul Abedin Khan | 95 | 0 |
| Zak Ruffin | 519 | 0 |
| Ziv Carthy | 48 | 0 |
| ZIVORI, LLC (174) | 236 | 0 |
| Zovinar Seferian | 118 | 0 |
| Zubin Zaveri | 354 | 0 |

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(1) 9,419 shares of Non-Voting Common Stock are owned by KingsCrowd Capital (Fund I), over which Mr. Joshua Cowdin has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(2) 95,530 shares of Non-Voting Common Stock are owned by Radek Sousek. 94,188 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement, 1,342 shares of Series CF Preferred Stock and 1,342 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(3) 11,774 shares of Non-Voting Common Stock are owned by Christopher Scott Fedewa. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(4) 475,079 shares of Non-Voting Common Stock are owned by DSEA 88 Texas III LP, over which Mr. Dennis Wong has sole voting and investment control. 470,937 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement, 2,071 shares of Series CF Preferred Stock and 2,071 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(5) 11,774 shares of Non-Voting Common Stock are owned by Barry Coffman Trust, over which Mr. [] has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(6) 47,094 shares of Non-Voting Common Stock are owned by Peter Mawn. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(7) 47,094 shares of Non-Voting Common Stock are owned by David Klaskin. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(8) 11,774 shares of Non-Voting Common Stock are owned by Therese Hendricks. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(9) 94,188 shares of Non-Voting Common Stock are owned by Yelnats, LLC, over which Mr. Martin J. Gross has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(10) 70,641 shares of Non-Voting Common Stock are owned by John B. Diamond Trust, over which Mr. John Diamond has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(11) 164,828 shares of Non-Voting Common Stock are owned by Schwartz Consolidated, LLC, over which Mr. David Schwartz has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(12) 47,094 shares of Non-Voting Common Stock are owned by Marilyn R. Diamond 2021 Gift Trust, over which Mr. Terry Diamond has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(13) 47,094 shares of Non-Voting Common Stock are owned by Renaissance Charitable Foundation Inc., over which Mr. Gregory W. Baker has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(14) 24,242 shares of Non-Voting Common Stock are owned by David Lowe. 23,547 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement, 695 shares of Series CF Preferred Stock and 695 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(15) 47,094 shares of Non-Voting Common Stock are owned by Chuck Piluso. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(16) On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock, which are convertible into a total of 1,626,800 shares of Common Stock, and warrants to purchase 1,333,335 shares of Common Stock to Ascent Partners Fund LLC, a Delaware limited liability company ("***Ascent***"). On October 27, 2025, we issued an aggregate of 109,891 shares of Series D Preferred Stock, which are convertible into a total of 88,981 shares of Common Stock, and warrants to purchase 25,000,000 shares of Common Stock to Ascent. Pursuant to the terms of the purchase agreement with Ascent, effective immediately upon the listing of our common stock on Nasdaq, Ascent will purchase an additional 439,561 shares of Series D Preferred Stock for aggregate consideration of $4,000,000, resulting in a total of 549,452 total outstanding shares of Series D Preferred Stock. Series D Preferred Stock, which has a stated value of $10.00 per share, is convertible to common stock at a price of $12.35 per share, subject to adjustment as provided in the certificate of designation for the Series D Preferred Stock. A total of 444,901 shares of Common Stock are issuable upon conversion of all shares of Series D Preferred Stock expected to be outstanding on the date our common stock is listed on Nasdaq. Ascent beneficially owns the shares listed on this table. Each of Mikhail Gurevich and Gennadiy Gurevich manages Dominion Capital Holdings LLC ("***DCH***") and Dominion Capital GP LLC ("***Dominion GP***"), each a Delaware limited liability company, Dominion Capital LLC ("***DC***"), a Connecticut limited liability company, Ascent Partners LLC ("***AP***"), a Delaware limited liability company and Ascent. DCH manages DC, Dominion GP, AP and Ascent. Dominion GP manages DC, AP and Ascent. DC manages AP and Ascent. Alon Brenner manages Masada Group Holdings LLC ("***Masada***"), a Florida limited liability company, AP and Ascent. Masada manages AP and Ascent. AP manages Ascent. Ascent has the power to dispose of and the power to vote the shares beneficially owned by it. Each of Mikhail Gurevich, Gennadiy Gurevich, DCH, Dominion GP, DC, Alon Brenner, Masada and AP may be deemed to beneficially own, and have the power to vote, the shares beneficially owned by Ascent and the other companies they are listed above as managing. However, due to a limitation on conversion specified in the certificate of designation of Series C Preferred Stock and Series D Preferred Stock, Ascent cannot convert shares if such conversion would result in Ascent beneficially owning more than 9.99% of the total outstanding shares of Common Stock following the conversion.

(17) On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001, which are convertible into a total of 1,820,720 shares of Common Stock to Eastward Fund Management, LLC, over which Mr. Dennis Cameron has sole voting and investment control. However, due to a limitation on conversion specified in the certificate of designation of Series E Preferred Stock, Eastward cannot convert shares if such conversion would result in Eastward beneficially owning more than 9.99% of the total outstanding shares of Common Stock following the conversion.

(18) 180,241 shares of Common Stock are owned by Maxim Partners LLC ("***Maxim***"), over which Mr. Cliff Teller has sole voting and investment control. Mr. Teller disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These were issued pursuant to a services agreement between the Company and Maxim by way of private placement.

(19) 5,487 shares of Non-Voting Common Stock are owned by Al Dobron. 3,651 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 1,836 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. Additionally, he owns 777 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(20) 51,544 shares of Non-Voting Common Stock are owned by Boris Levin. 38,556 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 12,988 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. Additionally, he owns 1,812 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(21) 316,203 shares of Non-Voting Common Stock are owned by Giampiero Mazza. 237,319 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 78,884 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(22) 844,841 shares of Non-Voting Common Stock are owned by Steven Voorhis. 638,934 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 205,907 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. Additionally, he owns 10,351 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(23) 106,271 shares of Non-Voting Common Stock are owned by TAM Capital Partners, LL, over which Mr. Tom Cusick has sole voting and investment control. 82,389 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 23,882 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(24) 39,358 shares of Non-Voting Common Stock are owned by Lutea Trust, over which Mr. Mark Kelly has sole voting and investment control. 30,513 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 8,845 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(25) 37,676 shares of Non-Voting Common Stock are owned by Paul Morin. 29,209 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 8,467 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(26) 23,548 shares of Non-Voting Common Stock are owned by Bill Heitin. 29,209 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 8,467 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(27) 14,175 shares of Non-Voting Common Stock are owned by John Haase. 10,588 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 3,587 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. Additionally, he owns 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(28) 4,882 shares of Non-Voting Common Stock are owned by ACL Group Limited, over which Mr. Ali Amiri has sole voting and investment control. 3,785 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 1,097 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(29) 23,548 shares of Non-Voting Common Stock are owned by Bill Teuber. 18,256 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 5,292 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(30) 119,647 shares of Non-Voting Common Stock are owned by Stan Shuman. 92,759 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 26,888 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(31) 570 shares of Non-Voting Common Stock are owned by Tom Patterson. 241 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 329 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. Additionally, he owns 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(32) 1,376 shares of Non-Voting Common Stock are owned by David Moffit IRA. 1,067 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 309 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(33) 9,419 shares of Non-Voting Common Stock are owned by VFTG II LLC, over which Mr. Doron Kempel has sole voting and investment control. 7,302 shares of Series CF-1 Preferred Stock were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement and 2,117 shares of Series CF Preferred Stock were issued pursuant to our Regulation Crowdfunding offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(34) Pursuant to Regulation CF, the Company engaged Wefunder and created two new series of Wefunder SPV, LLC, namely Our Bond I and Our Bond III, for the private placement of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock. On October 7, 2025, Wefunder SPV, LLC was dissolved and each Series CF-1 Preferred Stock and Series CF-2 Preferred Stock investor received their respective shares of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock, which was equal to their interest in Our Bond I and Our Bond III and proportional to the size of their investment. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(35) 130 shares are owned by 2KI LLC, over which Ms. Kristine Meek has sole voting and investment control.

(36) 118 shares are owned by 30sec Sport Sportswear & Equipment LLC Beddingfield Founder, over which Mr. Rufus T Beddingfield has sole voting and investment control.

(37) 95 shares are owned by 3K Brothers, LLC, over which Mr. Adrian Najar has sole voting and investment control.

(38) 236 shares are owned by A.S.L Innovations LLC, over which Mr. Troy Gilmore has sole voting and investment control.

(39) Aaron Czysz owns 3,649 shares of Non-Voting Common Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(40) 236 shares are owned by Aboagye Ventures, over which Mr. Kwame Kyei has sole voting and investment control.

(41) Adam Draizin owns 3,649 shares of Non-Voting Common Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(42) Adam Forster owns 8,618 shares of Non-Voting Common Stock and 1,553 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(43) Adithan Sundaram owns 647 shares of Non-Voting Common Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(44) 2,588 shares are owned by Agent C, over which Mr. Takashi Cheng has sole voting and investment control.

(45) Alexander Clarence McIntosh owns 377 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(46) Alexander Seery owns 324 shares of Non-Voting Common Stock and 324 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(47) Allen Bernier owns 6,299 shares of Non-Voting Common Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(48) Amy Maher owns 366 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(49) Andre Nel owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(50) Andrew Guziec owns 78 shares of Non-Voting Common Stock and 78 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(51) Asra Horton owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(52) 95 shares are owned by AURION CAPITAL VENTURES, over which Mr. Ali Diallo has sole voting and investment control.

(53) Badr Naif Alotaibi owns 366 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(54) 23,547 shares are owned by Barber Family Trust 10232023, over which Mr. Robert Houchin has sole voting and investment control.

(55) Barry Morin owns 178 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(56) 48 shares are owned by Bennett Technologies Pvt Ltd, over which Mr. Ranjan Soni has sole voting and investment control.

(57) 389 shares are owned by Black Pillar Investment Group LLC, over which Mr. Eric Chapman has sole voting and investment control.

(58) 848 shares are owned by Blackhurst Family Trust, over which Mr. Don Blackhurst has sole voting and investment control.

(59) Bobby Guttikonda owns 332 shares of Non-Voting Common Stock and 332 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(60) 471 shares are owned by CFS Investment Trust FBO Charles Sullivan, over which Mr. Charles Sullivan has sole voting and investment control.

(61) Charles Albert owns 130 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(62) Charles LaRue owns 647 shares of Non-Voting Common Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(63) Charles Lee owns 130 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(64) Christine M Makori owns 2,218 shares of Non-Voting Common Stock and 1,747 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(65) Chut Sombutmai owns 2,694 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(66) Clayton C Gorton owns 366 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(67) 989 shares are owned by Cyprus Cove LLC, over which Mr. [] has sole voting and investment control.

(68) Dana Tache owns 86 shares of Non-Voting Common Stock and 86 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(69) Danny Wilson owns 130 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(70) David Higgins owns 259 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(71) 1,553 shares are owned by DD Holding AS., over which Mr. Damir Dunderovic has sole voting and investment control.

(72) Dimitri Galani owns 495 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(73) Donald Johnson owns 9,505 shares of Non-Voting Common Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(74) Dor Tache owns 1,583 shares of Non-Voting Common Stock and 829 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(75) Emrah Ozturk owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(76) 65 shares are owned by Eva Green Horizons LLC, over which Mr. [] has sole voting and investment control.

(77) 118 shares are owned by FAST HOUSE BUYERS LLC, over which Ms. Rosa E. Tejado Otalora has sole voting and investment control.

(78) Fred Hawkins III owns 260 shares of Non-Voting Common Stock and 260 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(79) 942 shares are owned by Frostbyte Investments, LLC, over which Mr. Denzil Frost has sole voting and investment control.

(80) Gaige Powers owns 183 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(81) 118 shares are owned by GDPR PLUS d.o.o., over which Mr. Klemen Misic has sole voting and investment control.

(82) Geoff ZHANG owns 1,474 shares of Non-Voting Common Stock and 530 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(83) Gerard Griffin owns 130 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(84) Glenn Burney owns 1,001 shares of Non-Voting Common Stock and 165 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(85) 118 shares are owned by GO-Jac, LLC, over which Mr. Herman Allred has sole voting and investment control.

(86) 3,768 shares are owned by Gordon and Irene Calvert Family Trust, over which Mr. Gordon R. Calvert has sole voting and investment control.

(87) Howard Kohn owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(88) 118 shares are owned by Ingenium Capital LLC, over which Mr. Andre Dillenseger has sole voting and investment control.

(89) 236 shares are owned by James E Russ Retirement Fund, LLC, over which Mr. [] has sole voting and investment control.

(90) Jason Sudmann owns 1,802 shares of Series CF-2 Preferred Stock and 389 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(91) 2,355 shares are owned by JAY COBB and LISA COBB, Co-Trustees of the COBB FAMILY TRUST, over which Mr. Jay Cobb has sole voting and investment control.

(92) 1,941 shares are owned by Jeffry and Diane Bernstein Family Trust, over which Mr. Jeffry Bernstein has sole voting and investment control.

(93) Jennifer Achord owns 130 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(94) Jerry Lefevre owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(95) Jesse Thompson owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(96) Jesudas Chinnathampi owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(97) Jim Jackson owns 183 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(98) Joseph J Anthony owns 301 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(99) John McKeagney owns 719 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(100) John Szymanski owns 6,004 shares of Non-Voting Common Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(101) Joshua Gupta owns 183 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(102) Kalyan Chakravarthy owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(103) Ken Yu owns 1,296 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(104) Kenneth E. Thurmond owns 78 shares of Non-Voting Common Stock and 78 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(105) Kevin Marion owns 1,069 shares of Non-Voting Common Stock and 376 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(106) 118 shares are owned by KGN Holdings, LLC, over which Mr. Eric Kagan has sole voting and investment control.

(107) Lauren Bibby owns 259 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(108) 2,355 shares are owned by Lealand Investment LLC, over which Mr. Che Butler has sole voting and investment control.

(109) 2,143 shares are owned by Lovell Holdings Trust, over which Mr. Matt Lovell has sole voting and investment control. Lovell Holdings Trust owns 518 shares of Non-Voting Common Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(110) Lu Zhang owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(111) 95 shares are owned by Mach 10 Ventures, LLC, over which Mr. Joshua Chodniewicz has sole voting and investment control.

(112) Marc A. Simon owns 2,182 shares of Non-Voting Common Stock and 261 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(113) Marcus Davis owns 1,101 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(114) Mario Johnson owns 1,569 shares of Non-Voting Common Stock and 156 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(115) 1,413 shares are owned by Mbawine Consultant Services, LLC, over which Mr. Mba- Akuribila has sole voting and investment control.

(116) Michael Woore owns 25,846 shares of Non-Voting Common Stock and 25,846 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(117) Michelle Mitcheff owns 130 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(118) Mickey Christakos owns 130 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(119) Mike Ryan owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(120) Mikhail Gurevich owns 647 shares of Non-Voting Common Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(121) Nathaniel Chapman owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(122) 130 shares are owned by Ownersmeet, LLC, over which Mr. Marc Broidy has sole voting and investment control.

(123) 1,437 shares are owned by Paradeplatz Holdings, LLC, over which Mr. Marc Broidy has sole voting and investment control.

(124) 118 shares are owned by Passive Investments, over which Mr. Carson Jones has sole voting and investment control.

(125) Patrick Daum owns 183 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(126) Paul A. Morin owns 1,601 shares of Non-Voting Common Stock and 1,553 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(127) Paul Montenegro owns 601 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(128) 352,025 shares are owned by Pegasus Management Inc, over which Mr. Doron Kempel has sole voting and investment control. Pegasus Management Inc owns 1,294 shares of Non-Voting Common Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(129) Richard Horan owns 1,096 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(130) Richard Negvesky owns 362 shares of Non-Voting Common Stock and 91 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(131) 1,294 shares are owned by Rijkele Woudwijk Trust, over which Mr. [] has sole voting and investment control.

(132) Rik Woudwijk owns 2,588 shares of Non-Voting Common Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(133) 518 shares are owned by Robert A Ball Revocable Trust dtd Oct 23, 2013, over which Mr. Robert Ball has sole voting and investment control. Robert A Ball Revocable Trust dtd Oct 23, 2013 owns 259 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(134) Robert J Rose owns 2,588 shares of Non-Voting Common Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(135) Roger Evans owns 730 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(136) 471 shares are owned by RSURMONT RD LLC, over which Mr. Richard Surmont has sole voting and investment control.

(137) Satish Kotamraju owns 523 shares of Non-Voting Common Stock and 78 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(138) 1,178 shares are owned by Scott R Maddox Living Trust Dated April 13, 2017, over which Mr. Scott M. has sole voting and investment control.

(139) Seema Kurup owns 484 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(140) Senthil Kumar Palaniswamy owns 518 shares of Non-Voting Common Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(141) Shane Da Silva owns 2,588 shares of Non-Voting Common Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(142) 354 shares are owned by SHE. EVENT INDY CO., over which Ms. Katina Washington has sole voting and investment control.

(143) Shelley FRANKLIN owns 300 shares of Non-Voting Common Stock and 182 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(144) 471 shares are owned by SRIPATHY PRAKASH REVOCABLE TRUST Dated 06/27/2013, over which Mr. Prakash Sripathy has sole voting and investment control.

(145) Stefan Penkov owns 674 shares of Non-Voting Common Stock and 85 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(146) 471 shares are owned by Steve and Teri Grundstedt Trust dtd 3/1/2006, over which Mr. Steven H. Grundstedt has sole voting and investment control.

(147) Steve Robison owns 6,710 shares of Non-Voting Common Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(148) 707 shares are owned by SurfRogue, LLC, over which Ms. Jill Jaton has sole voting and investment control.

(149) Surya Bahumanyam owns 248 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(150) Susmitha Chowdary Kakkera owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(151) Taha Kazmie owns 160 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(152) Tam Kemabonta owns 130 shares of Non-Voting Common Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(153) Terry R Sellers owns 183 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(154) 5,176 shares are owned by The Dean William Decker Trust, over which Mr. The Dean William Decker Trust has sole voting and investment control. The Dean William Decker Trust owns 2,588 shares of Series CF-2 Preferred Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(155) 95 shares are owned by The Knox Family Trust, dated December 28th, 2022, over which Mr. Angelo Knox has sole voting and investment control.

(156) 5,435 shares are owned by THE KRISHNA SHARIKA TRUST, over which Ms. Archana Bhan has sole voting and investment control.

(157) 130 shares are owned by The MAP Funds III LLC, over which Mr. Mark Peck has sole voting and investment control.

(158) 118 shares are owned by The Parmar Family Trust Dated, June 1 2017, over which Mr. Alpesh Parmar has sole voting and investment control.

(159) 471 shares are owned by The Sriram and Anjana Revocable Trust, over which Mr. Sriram Sundararajan has sole voting and investment control.

(160) Thomas Cusick owns 2,588 shares of Non-Voting Common Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(161) Tom Henderson owns 625 shares of Non-Voting Common Stock and 389 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(162) Totao Yigo owns 301 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(163) Valtetsiotis Sotirios owns 604 shares of Non-Voting Common Stock and 133 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(164) 647 shares are owned by VALTO VENTURES INC., over which Mr. Jesus Toledo has sole voting and investment control.

(165) 4,710 shares are owned by Viaenet LLC, over which Mr. Akram Hosain has sole voting and investment control.

(166) Vijayabhaskar Allam owns 3,426 shares of Non-Voting Common Stock and 1,683 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(167) Vimal Desai owns 259 shares of Non-Voting Common Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(168) Kim Colich owns 318 shares of Non-Voting Common Stock and 67 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(169) William Gray III owns 160 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(170) William Heitin owns 1,294 shares of Non-Voting Common Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(171) William Teuber owns 1,294 shares of Non-Voting Common Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(172) Yehoshua Starrett owns 65 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(173) Youssef Barbour owns 160 shares of Non-Voting Common Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering. On October 15, 2025, all outstanding shares of Series CF-2 Preferred Stock were converted into shares of Non-Voting Common Stock pursuant to the CF to Non-Voting Conversion on a 1:1 basis.

(174) 236 shares are owned by ZIVORI, LLC, over which Mr. Thomas Rochefort has sole voting and investment control.

The following table represents the security ownership of certain beneficial owners and management pertaining to our Common Stock:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of beneficial owner** | **Common Stock beneficially owned prior to offering** | **Percentage of Beneficial Ownership** | **Percentage of Voting Power** | **Shares of Common Stock being registered** | **Shares of Common Stock beneficially owned after offering** |
| **Executive Officers and Directors** |  |  |  |  |  |
| Doron Kempel (1) | 9045457 | 54.30% | 98.16% |  |  |
| Amit Hod (2) | 210462 | 2.01% | 0% |  |  |
| Joseph DeSalvo (3) | 251707 | 2.39% | 0% |  |  |
| Michael Lambert (4) | 113922 | 1.10% | 0% | 4943 | 108979 |
| Adam Draizin |  |  |  |  |  |
| Paul Morin (5) | 66707 |  |  | 37676 | 29031 |
| Randy Boutin |  |  |  |  |  |
| **Executive Officers and Directors as a Group (8 persons) (6)** | 9688255 | 56.01% | 98.16% |  |  |
| **5% Stockholders** |  |  |  |  |  |
| Doron Kempel (1) | 9045457 | 54.30% | 98.16% |  |  |
| ProdActive II LLC (7) | 8063796 | 59.64% | 59.64% |  |  |
| Radek Sousek (8) | 2164417 | 17.45% | 17.45% | 95530 |  |
| JVP VIII, L.P. (9) | 1365433 | 12.15% | 12.15% |  |  |
| JVP VII Opportunity, L.P. (10) | 727330 | 6.74% | 6.74% |  |  |
| A Participations Ltd. (11) | 608530 | 5.70% | 5.70% |  |  |
| Ascent Partners Fund LLC (12) | 1141047 | 9.99% | 0% | 28405036 |  |
| Eastward Fund Management, LLC (13) | 1134491 | 9.99% | 9.99% | 1820720 |  |
| DK 2025 Florida Irrevocable Trust (14) | 1000000 | 9.73% | 9.73% |  |  |

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\* Less than 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Doron Kempel beneficially owns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 2,669,211 shares of our Common Stock, which includes the following: (i) 165,780 shares which he owns himself and over which he has sole voting and investment control; and (ii) 2,503,431 shares owned by VFTG, L.P., over which Mr. Kempel has sole voting and investment control. The address of VFTG, L.P. is 292 Newbury Street, #485 Boston, MA 02115;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 3,114,460 shares of our shares of Common Stock, issuable upon conversion of 3,114,460 shares of Series B-1 Preferred Stock, owned by VFTG, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 418,421 shares of our shares of Common Stock, issuable upon conversion of 418,421 shares of Series B-3 Preferred Stock, which includes (i) 389,457 shares owned by VFTG, L.P.; and (ii) 28,964 which he owns himself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) 10,000 shares of our shares of Common Stock, issuable upon conversion of 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes, which he owns himself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) 2,833,365 shares of our Common Stock issuable upon the exercise of 2,833,365 outstanding options, with an exercise cost of $1,190,013, within 60 days of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amit Hod beneficially owns 210,462 shares of our Common Stock issuable upon the exercise of 210,462 outstanding options, with an exercise cost of $438,810, within 60 days of this prospectus. Mr. Hod has sole voting and investment control over such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Joseph DeSalvo beneficially owns 251,707 shares of our Common Stock issuable upon the exercise of 251,707 outstanding options, with an exercise cost of $105,717, within 60 days of this prospectus. Mr. DeSalvo has sole voting and investment control over such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Michael Lambert beneficially owns 113,922 shares of our Common Stock issuable upon the exercise of 13,922 outstanding options, with an exercise cost of $57,222, within 60 days of this prospectus. Mr. Lambert has sole voting and investment control over such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Paul Morin beneficially owns 66,707 shares of our Common Stock which includes (A) 1,915 shares of Common Stock which he owns himself; and (B) 64,792 shares of Common Stock issuable upon conversion of 64,792 shares of Series B-3 Preferred Stock. Mr. Morin has sole voting and investment control over stocks beneficially owned by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Includes (A) 2,671,126 shares of Common Stock, (B) 3,114,460 shares of Series B-1 Preferred Stock, (C) 483,213 shares of Series B-3 Preferred Stock; (D) 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes and (E) 3,409,456 shares of Common Stock issuable upon the exercise of 3,409,456 outstanding options within 60 days of this prospectus, all amounts mentioned herein held by the directors and executive officers as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ProdActive II LLC, beneficially owns 8,063,796 shares of Common Stock which includes (A) 4,824,405 shares of Common Stock; and (B) 3,239,391 shares of Common Stock issuable upon conversion of (i) 133,330 shares of Series B-1 Preferred Stock; and (ii) 3,106,061 shares of Series B-3 Preferred Stock. DK 2019 Irrevocable Trust has sole voting and investment control over stocks beneficially owned by ProdActive II LLC. DK 2019 Irrevocable Trust is governed by unanimous consent of a distribution committee, namely: Koby Kempel, Jay Hachigian, Susan Aharonian and Paul Morin. The address of ProdActive II LLC is 292 Newbury Street, #485 Boston, MA 02115.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Radek Sousek beneficially owns 2,164,417 shares of Common Stock which includes (A) 41,862 shares of Common Stock; and (B) 2,122,555 shares of Common Stock issuable upon conversion of (i) 683,746 shares of Series B-1 Preferred Stock; (ii) 1,332,552 shares of Series B-2 Preferred Stock; and (iii) 106,257 shares of Series B-3 Preferred Stock. Radek Sousek has sole voting and investment control over stocks beneficially owned by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. JVP VIII, L.P. beneficially owns 1,365,433 shares of Common Stock which includes (A) 410,531 shares of Common Stock; and (B) 954,902 shares of Common Stock issuable upon conversion of 954,902 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VIII, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. JVP VII Opportunity, L.P. beneficially owns 727,330 shares of Common Stock which includes (A) 218,679 shares of Common Stock; and (B) 508,651 shares of Common Stock issuable upon conversion of 508,651 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VII Opportunity, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. A Participations Ltd. beneficially owns 608,530 shares of Common Stock which includes (A) 209,309 shares of Common Stock; and (B) 399,221 shares of Common Stock issuable upon conversion of 399,221 shares of Series B-3 Preferred Stock. Mr. Stefano Pessina has sole voting and investment control over stocks beneficially owned by A Participations Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Ascent Partners Fund LLC (the "***Ascent***"), a Delaware limited liability company, beneficially owns 1,141,047 shares of Common Stock issuable upon conversion of 231,233 shares of Series C Preferred Stock. Each of Mikhail Gurevich and Gennadiy Gurevich manages Dominion Capital Holdings LLC ("***DCH***") and Dominion Capital GP LLC ("***Dominion GP***"), each a Delaware limited liability company, Dominion Capital LLC ("***DC***"), a Connecticut limited liability company, Ascent Partners LLC ("***AP***"), a Delaware limited liability company and Ascent. DCH manages DC, Dominion GP, AP and Ascent. Dominion GP manages DC, AP and Ascent. DC manages AP and Ascent. Alon Brenner manages Masada Group Holdings LLC ("***Masada***"), a Florida limited liability company, AP and Ascent. Masada manages AP and Ascent. AP manages Ascent. Ascent has the power to dispose of and the power to vote the shares beneficially owned by it. Each of Mikhail Gurevich, Gennadiy Gurevich, DCH, Dominion GP, DC, Alon Brenner, Masada and AP may be deemed to beneficially own, and have the power to vote, the shares beneficially owned by Ascent and the other companies they are listed above as managing. For the avoidance of doubt, Ascent beneficially owns 28,405,036 shares of Common Stock which includes (A) 1,626,800 shares of Common Stock issuable upon conversion of 329,671 shares of Series C Preferred Stock; (B) 1,333,335 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series C Preferred Stock offering; (C) 444,901 shares of Common Stock issuable upon conversion of 549,451 shares of Series D Preferred Stock; and (D) 25,000,000 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series D Preferred Stock offering. However, the Certificate of Designation for the Series C Preferred Stock and Series D Preferred Stock contain a beneficial ownership limitation on conversion of the Series C Preferred Stock and Series D Preferred Stock in excess of 9.99% of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Eastward Fund Management, LLC beneficially owns (A) 64,567 shares of Common Stock; and (B) 1,069,924 shares of Common Stock issuable upon conversion of 1,069,924 shares of Series B-1 Preferred Stock. Mr. Dennis Cameron has sole voting and investment control over stocks beneficially owned by Eastward Fund Management, LLC. The address of Eastward Fund Management, LLC is 432 Cherry Street West Newton, MA 02465. For the avoidance of doubt, Eastward Fund Management, LLC beneficially owns (A) 64,567 shares of Common Stock; (B) 4,102,472 shares of Common Stock issuable upon conversion of 4,102,472 shares of Series B-1 Preferred Stock; (C) 247,145 shares of Common Stock issuable upon conversion of 247,145 warrants issued pursuant to the Series B-1 Preferred Stock offering; and (D) 682,770 shares of Series E Preferred Stock which are convertible into 1,820,720 shares of Common Stock. However, the Certificate of Designation for the Series B-1 Preferred Stock and Series E Preferred Stock contain a beneficial ownership limitation on conversion of the Series B-1 Preferred Stock and the Series E Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock. Additionally, Eastward Fund Management, LLC owns 64,567 shares of Common Stock, issued as dividend pursuant to the Certificate of Designation of Series E Preferred Stock as of November 12, 2025 which are not being registered for resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. DK 2025 Florida Irrevocable Trust beneficially owns 1,000,000 shares of Common Stock. Mr. Jonathan Kempel has sole voting and investment control over stocks beneficially owned by DK 2025 Florida Irrevocable Trust.

The following table represents the security ownership of certain beneficial owners and management pertaining to our Preferred Stock entitled to vote, on an as converted to Common Stock basis:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | | | | | |
| **Name of beneficial**<br>**owner** | **B-1** | **B-2** | **B-3** | **F** | **C** | **E** | **D** | **Voting preferred stock beneficially owned prior to**<br>**offering** | **Percentage of beneficial**<br>**ownership** | **Percentage of voting**<br>**power** | **Shares of common stock being**<br>**registered** | **Shares of common stock beneficially owned after**<br>**offering** |
| **Executive Officers and Directors** |  |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 |  | 418421 | 10000 |  |  |  | 3542881 | 22.58% | 97.37% |  |  |
| Amit Hod |  |  |  |  |  |  |  |  |  |  |  |  |
| Joseph DeSalvo |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael Lambert |  |  |  |  |  |  |  |  |  |  |  |  |
| Adam Draizin |  |  |  |  |  |  |  |  |  |  |  |  |
| Paul Morin (2) |  |  | 64792 |  |  |  |  | 64792 | \* | \* |  |  |
| Randy Boutin |  |  |  |  |  |  |  |  |  |  |  |  |
| **Executive Officers and Directors as a Group (4 persons) (3)** | 3114460 |  | 483213 | 10000 |  |  |  | 3607673 | 22.99% | 97.38% |  |  |
| **5% Stockholders** |  |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 |  | 418421 | 10000 |  |  |  | 3542881 | 22.58% | 97.37% |  |  |
| ProdActive II LLC (4) | 133330 |  | 3106061 |  |  |  |  | 3239391 | 20.64% | \* |  |  |
| Radek Sousek (5) | 683746 | 1332552 | 106257 |  |  |  |  | 2122555 | 13.53% | \* |  |  |
| JVP VIII, L.P. (6) |  |  | 954902 |  |  |  |  | 954902 | 6.09% | \* |  |  |
| Eastward Fund Management, LLC (7) | 1069924 |  |  |  |  |  |  | 1069924 | 6.82% | \* |  |  |
| Ascent Partners Fund LLC (8) |  |  |  |  | 1141047 |  |  | 1141047 | 7.27% | 0% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Doron Kempel beneficially owns 3,542,881 shares of our Common Stock issuable upon conversion of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 3,114,460 shares of Series B-1 Preferred Stock, owned by VFTG, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 418,421 shares of Series B-3 Preferred Stock, which includes (i) 389,457 shares owned by VFTG, L.P.; and (ii) 28,964 which he owns himself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 10,000 shares of Series F Preferred Stock, which he owns himself and each share is entitled to cast 40,000 votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Paul Morin beneficially owns 64,792 shares of our Common Stock issuable upon conversion of 64,792 shares of Series B-3 Preferred Stock. Mr. Morin has sole voting and investment control over stocks beneficially owned by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Includes (i) 3,607,673 shares of Common Stock issuable upon conversion of the Preferred Stock entitled to vote held by the Directors and Executive Officers as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ProdActive II LLC beneficially owns 3,239,391 shares of Common Stock issuable upon conversion of (A) 133,330 shares of Series B-1 Preferred Stock; and (B) 3,106,061 shares of Series B-3 Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Radek Sousek beneficially owns 2,122,555 shares of Common Stock issuable upon conversion of (A) 683,746 shares of Series B-1 Preferred Stock; (B) 1,332,552 shares of Series B-2 Preferred Stock and (C) 106,257 shares of Series B-3 Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. JVP VIII, L.P. beneficially owns 954,902 shares of Common Stock issuable upon conversion of 954,902 shares of Series B-3 Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Eastward Fund Management, LLC beneficially owns 1,069,924 shares of Common Stock issuable upon conversion of 1,069,924 shares of Series B-1 Preferred Stock. For the avoidance of doubt, Eastward Fund Management, LLC beneficially owns (A) 4,102,472 shares of Common Stock issuable upon conversion of 4,102,472 shares of Series B-1 Preferred Stock; (B) 247,145 shares of Common Stock issuable upon conversion of 247,145 warrants issued pursuant to the Series B-1 Preferred Stock offering; and (C) 682,770 shares of Series E Preferred Stock which are convertible into 1,820,720 shares of Common Stock. However, the Certificate of Designation for the Series B-1 Preferred Stock and Series E Preferred Stock contain a beneficial ownership limitation on conversion of the Series B-1 Preferred Stock and the Series E Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Ascent beneficially owns 1,141,047 shares of Common Stock issuable upon conversion of 231,233 shares of Series C Preferred Stock. For the avoidance of doubt, Ascent beneficially owns 28,405,036 shares of Common Stock which includes (A) 1,626,800 shares of Common Stock issuable upon conversion of 329,671 shares of Series C Preferred Stock; (B) 1,333,335 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series C Preferred Stock offering; (C) 444,901 shares of Common Stock issuable upon conversion of 109,891 shares of Series D Preferred Stock; and (D) 25,000,000 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series D Preferred Stock offering. However, the Certificate of Designation for the Series C Preferred Stock and Series D Preferred Stock contain a beneficial ownership limitation on conversion of the Series C Preferred Stock and Series D Preferred Stock in excess of 9.99% of the Common Stock.

**DIVIDEND POLICY**

We have never declared or paid dividends on our Common Stock. We currently intend to retain all available funds and any future earnings to fund the development, commercialization and growth of our business, and therefore we do not anticipate declaring or paying any dividends on our Common Stock in the foreseeable future. Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors. Any such determination will also depend upon our business prospects, operating results, financial condition, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Our future ability to pay dividends on our Common Stock may also be limited by the terms of any future debt securities or credit facility*.***

**CAPITALIZATION**

The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2025.

This table should be read in conjunction with, and is qualified in its entirety by reference to, our financial statements and related notes, and the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" appearing elsewhere in this prospectus.

---

| | |
|:---|:---|
|  | As of <br> September 30, 2025 |
|  | Actual |
| *(in thousands, except per share numbers)* | *(in thousands, except per share numbers)* |
| Debt: |  |
| &nbsp;&nbsp;&nbsp;Loan | 6973 |
| &nbsp;&nbsp;&nbsp;Convertible Revolving Promissory Note (Related Party) | 1148 |
| Total indebtedness | 8121 |
| Mezzanine Equity |  |
| &nbsp;&nbsp;&nbsp;Series C convertible Preferred Stock | 2746 |
| &nbsp;&nbsp;&nbsp;Series E convertible Preferred Stock | 6828 |
| Stockholders' deficit: |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock, $0.0001 par value per share; 148,987,559 shares authorized; 28,100,970 shares issued and outstanding | 3 |
| &nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value per share; 200,000,000 shares authorized; 3,228,240 shares issued and outstanding | 1 |
| &nbsp;&nbsp;&nbsp;Non-Voting Common Stock, $0.0001 par value per share; 50,000,000 shares authorized; 0 shares issued and outstanding | 0 |
| Additional paid-in capital | 116195 |
| Accumulated other comprehensive income | (61) |
| Accumulated deficit | (136112) |
| Total stockholders' deficit | (19974) |
| Total Capitalization | (2279) |

---

The number of shares of our Common Stock reflected in our actual information set forth in the table above excludes:

● 27,618,462 shares of Common Stock issuable upon exercise of the Preferred Stock outstanding as of September 30, 2025; and

● 22,220,855 shares of Common Stock reserved for issuance under our TG-17, Inc. Amended and Restated 2017 Equity Plan, as amended from time to time (the "  ***Amended and Restated Equity Plan*** ").

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

*You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes and other financial information appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and* uncertainties*. As a result of many factors, including those factors set forth in the "Risk Factors" section of this prospectus, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

 

**Overview**

We use third party AI tools like ChatGPT internally across the spectrum of our operations. Additionally, we have developed and continue to develop Bond AI capabilities. Bond's AI (which is currently in production) consists largely of proprietary rule-based systems that assist us in identification of potential anomalies for further review by our agents.

Bond's vision is to leverage AI to enable personal security services to be more scalable, effective and ultimately affordable for more people. The Bond Preventative Personal Security Platform is designed with that vision, allowing us to incorporate increasing amounts of AI over time as technology advances. The chart below shows some of the key areas where we have incorporated AI, their current state and future plans:

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| | | |
|:---|:---|:---|
| **Task** | **AI currently in use by Bond** | **AI in R&D** |
| Anomaly detection | Bond-developed rule-based systems based on past data and expert input | Bond-developed machine learning models trained on past anomaly data |
| Supporting agent decision-making | Third-party AI tools for agent decision support | Implementing a RAG incorporating Bond processes and content with third-party data |
| Automated translation | Third-party AI tools for translation of services and content | Third-party tools for automated live translation of calls |
| Automating quality assurance | Automated test suites for code | Automated assessment of live agent performance |
| AI interviewing, hiring, and training agents | Video interviews and third-party AI assessment to accelerate hiring funnel | Increased use of automation and virtual agents in agent training and onboarding processes |
| Creation of content that facilitates informing end users about the Bond service and platform | Third-party AI tools for generating and optimizing marketing content, including videos and images |  |
| Automating of agent administrative tasks |  | Automated transcription, translation, and summarization of cases |
| Automatically triaging active calls to identify "hot" cases |  | Automated analysis of active calls to flag high-risk cases for supervisor attention |
| Automatically triaging incoming calls in overload situations |  | Virtual agents that gather information about situations and prioritize cases for human agents |
| Facial recognition for "bad actors" |  | Integrating third-party facial recognition technology with Bond's platform |
| Automating and optimizing customer messaging |  | Automated CRM suites that use AI to customize messaging for each customer |
| Automating drone response to reported incidents |  | Patented techniques for autonomous drone navigation and collision avoidance |

---

We offer 14 distinct services through our phone app (the "***Bond App***") and fully automated Bond Command Centers located around the world, that allow Bond members to choose when and how Bond will keep them secure while preserving their privacy.

The Bond Preventative Personal Security Platform is a multilayered, multifaceted technology platform that incorporates numerous technologies, inputs and outputs to other systems, and third-party information. It allows us to perform a large number of multi-functional activities relative to a large number of end-users/members, with a high level of precision, speed and reliability, as well as affordably, in a manner that is automated. The core functionality includes: (1) "look after" a massively scalable number of members/end-users simultaneously; at their or their guardians request, monitor them, collect data from multiple sources – on the phone of the member, from what Bond historically knows about the member; from what Bond knows about the area/location of the member, from what the member has shared with Bond – in order to detect anomalies in real time; (2) communicate with the member in order to verify their status, potentially engage Bond Personal Security Agents in order to calm, guide, deter or orchestrate help for the member; (3) record and analyze all activities in the Bond sphere, which included on the phones of the end-users, in the Command Centers and through our technology.

Corporate Organization

We conduct our operations through six wholly-owned subsidiaries, organized as follows:

![](chart_001.jpg)

● TG- 17 (Israel) Ltd. was incorporated in 2017 and provides R&D services to TG-17, Inc. Since 2023 the subsidiary operates also as Command Center for Israel and global users (members).

● Bond Bodyguard New York, Inc., a New York corporation, was incorporated in 2020 for the sole purpose of obtaining bodyguard licenses in the US. Services are given under TG-17, Inc. Currently, we are licensed in 11 states and submitted application for additional states.

● TG-17 (UK) Ltd. was incorporated in 2023 to provide services to UK citizens and global members.

● TG-17 France, was incorporated in 2024 to provide services to French citizens and global members.

● TG-17 Belgium, a société à responsabilité limitée, was incorporated in 2025 to provide services to Belgium citizens and global members.

● TG-17 (Canada) Inc., a corporation subject to the Business Corporations Act (Ontario), was incorporated in 2025 to provide services to Belgium citizens and global members.

All subsidiaries are 100% controlled/owned by TG-17, Inc.

**Components of Results of Operations** 

*Net Revenues.*

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, which provides a five-step framework through which revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that the Company concludes are within the scope of ASC 606, management performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract(s); (iii) determines the transaction price, including whether there are any constraints on variable consideration; (iv) allocates the transaction price to the performance obligations; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation.

The Company provides comprehensive security solutions. The company's flagship offering is a cloud-based Software-as-a-Service ("***SaaS***") that delivers a preventative personal security solution platform. Additionally, the Company offers comprehensive and customized services designed to protect its clients. These services include, but are not limited to, on/off premise guards, assets protection, threat assessment and monitoring and other tailored-made security services. Revenue is recognized either over time or at a point in time, depending on the nature of each customer's agreement. For its subscription-based SaaS solution delivered through the Company's platform, revenue is typically recognized over time as services are made available on an on-going basis. In contrast, for performance obligations of services described above other than the SaaS solution, we generally satisfy our obligations *vis-à-vis* each deliverable as it occurs and is provided to the customer. The customers simultaneously receives and avails the benefits of our services, at which point these performance obligations are deemed to be satisfied.

We group the above services offerings into one broad category which generates all of Company's revenue through, primarily, the following sales:

● B2B (or B2G): selling to private or public institutions who use the services in order to protect their people (employees, students, residents, etc.).

● B2B2C: selling to or through corporations so they can sell/subsidize/gift Bond services to their own consumers.

● DTC: selling directly to consumers.

The Company combines and accounts for multiple contracts as a single contract when they are negotiated together with the same customer at or near the same time in order to achieve a single commercial objective, or when the contracts are related in other ways.

Transaction price may be comprised of fixed consideration and variable consideration. The Company's contracts are typically for fixed consideration.

For all contracts with customers that have more than one performance obligation, the Company allocates the transaction price to each separate performance obligation based on the relative SSP of each performance obligation. The SSP is typically the price at which the Company sells service separately to a customer. The best evidence of an SSP, if available, is the observable price charged in similar circumstances and to similar customers. If an SSP is not directly observable, the Company estimates SSP using various observable inputs including historical internal pricing data and cost-plus expected margin analysis due to the limited standalone sales history.

For the nine-month period ended September 30, 2025, the company demonstrated annual recurring revenue ("***ARR***") of $9.6 million and total bookings reaching $10.5 million. As of December 31, 2024, the company demonstrated ARR of $9.7 million and total bookings reaching $10.3 million. The Company's use of ARR as a metric to measure customer demand and growth, and the use of booking values act as an indicator of customer engagement, including new sales and renewals. These figures highlight consistent growth and increasing customer demand.

Total bookings represent the aggregate dollar value of all customer contracts executed during a given period, inclusive of both recurring subscription and service commitments and any associated one-time fees (e.g., implementation, setup or training). Bookings are expressed based on the total committed contract value, regardless of the timing of invoicing or revenue recognition under U.S. GAAP. We calculate ARR using a trailing actuals method to provide a conservative measure of recurring revenue. Specifically, we determine average Monthly Recurring Revenue ("***MRR***") based on actual recurring revenue recognized over the prior 12 months and multiply that amount by 12 to derive ARR. This method smooths short-term fluctuations and reflects actual earned recurring revenue rather than forward-looking projections. ARR excludes one-time fees, usage-based overages, and non-recurring revenues. No adjustments are made for potential future churn, upgrades, or downgrades beyond the actual results in the trailing period.

*Cost of Services Sold.*

Cost of Services sold primarily consists of our Command Center operations and other rendered services that we outsource to third-party for particular security services offering. As a subscription-based business, our model emphasizes scalability so that most costs do not increase linearly with revenue growth.

*Operating Expenses*.

Operating expenses consist of general and administrative expenses, which are primarily salaries, professional fees, and expenses related to the administrative functions of the Company, research and development expenses, which consist primarily of product development costs and salaries, and sales and marketing expenses, which represent advertising and direct marketing costs, as well as the associated personnel costs.

**Results of Operations**

***Comparison of the nine-month period ended September 30, 2025 to the nine-month period ended September 30, 2024***

*Net Revenues*

The majority of our net revenues for the nine-month period ended September 30, 2025 and 2024, were generated from our B2B services. In nine-month period ended September 30, 2025, 15.02% of our revenue was generated from cloud-based SaaS services, while 85% came from our physical service offerings. This compares to 15.23% and 84.98%, respectively, in the nine-month period ended September 30, 2024.

Total revenue increased by $58, or approximately 1% to $7,254 for the nine-month period ended September 30, 2025, compared to approximately $7,196 for the nine-month period ended September 30, 2024. This increase is due to expansion of our customer base and higher demand for our security services during the nine-month period ended September 30, 2025 compared to the same period in 2024.

*Cost of Services Sold.*

Our cost of services sold increased slightly by $170, or approximately 2.5% to $6,738 for the nine-month period ended September 30, 2025 compared to $6,568 for the nine-month period ended September 30, 2024. This modest change is not considered significant and primarily reflects the Company's continued global expansion and the use of outsourced services to support its growth initiatives.

---

| | | |
|:---|:---|:---|
|  | **Nine-Month Period Ended <br> September 30,** | **Nine-Month Period Ended <br> September 30,** |
|  | **2025** | **2024** |
| Command Center Operations | $1587 | $1531 |
| Security Services | $5151 | $5037 |
|  | $6738 | $6568 |

---

 

*Operating Expenses.*

Our operating expenses for the nine-month period ended September 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Nine-Month Period Ended <br> September 30,** | **Nine-Month Period Ended <br> September 30,** |
|  | **2025** | **2024** |
| General and Administrative | $3802 | $3952 |
| Research and Development | $1851 | $1729 |
| Sales and Marketing | $1663 | $1764 |
|  | $7316 | $7445 |

---

Our operating expenses for the nine-month period ended September 30, 2025, were approximately $7,316 compared to approximately $7,445 for the nine-month period ended September 30, 2024, an decrease of approximately $129 or approximately 1.7%.

The largest component of our operating expenses were general and administrative expenses, which were approximately $3,802 for the nine-month period ended September 30, 2025 compared to approximately $3,952 for the nine-month period ended September 30, 2024, a decrease of approximately $150 or approximately 3.8%. This decrease in general and administrative expenses was primarily due to (a) decrease in stock option expenses of approximately $242 and (b) increase in other general operating expenses of approximately $92

The second largest component of our operating expenses were research and development ("***R&D***"). R&D expenses were approximately $1,851 for nine-month period ended September 30, 2025 compared to approximately $1,729 for the nine-month period ended September 30, 2024, an increase of approximately $122 or approximately 7%. This increase in R&D expenses was primarily due to (a) appreciation of the Israeli Shekel, which strengthened by approximately 5.7% equivalent to approximately $100 and (b) increase in other R&D expenses of approximately $22

The remainder of our operating expenses were primarily comprised of sales and marketing expenses, which were approximately $1,663 for nine-month period ended September 30, 2025 compared to approximately $1,764 for nine-month period ended September 30, 2024, a decrease of approximately $101 or approximately 5.7%. This decrease in sales and marketing expenses was primarily due to (a) decrease in salaried staff of approximately $208, (b) increase in insurance of approximately $100 and (c) increase in other sales and marketing expenses of approximately $7.

*Net Profit/Loss*

As a result of the foregoing, the Company suffered a net loss of $7,831 for the nine-month period ended September 30, 2025, compared to a net loss of $7,969 for the nine-month period ended September 30, 2024, a difference of approximately 1.7%.

**Off-Balance Sheet Arrangements**

As of the date of this prospectus we have no off-balance sheet arrangements that are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

***Comparison of the year ended December 31, 2024 to the year ended December 31, 2023***

*Net Revenues*

The majority of our net revenues for the year ended December 31, 2024 were generated from our B2B services. In 2024, 14.7% of our revenue was generated from cloud-based SaaS services, while 85.3% came from our physical service offerings. This compares to 18.5% and 81.5%, respectively, in 2023.

Total revenue increased by $2,544, or approximately 35% to $9,736 for the year ended December 31, 2024 compared to approximately $7,192 for the year ended December 31, 2023. This increase is due to expansion of our customer base and higher demand for our security services during the year ended December 31, 2024 compared to the same period in 2023.

*Cost of Services Sold.*

Our cost of services sold increased by $2,941, or approximately 48% to $9,027 for the year ended December 31, 2024 compared to $6,086 for the year ended December 31, 2023. This increase was the result of company's global expansion and other outsourced services to support the higher to directly support the higher demand for security services in the year ended December 31, 2024 compared to the same period in 2023.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| Command Center Operations | $2103 | $1387 |
| Security Services | $6924 | $4699 |
|  | $9027 | $6086 |

---

 

*Operating Expenses.*

Our operating expenses for the years ended December 31, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2024** | **2023** |
| General and Administrative | $6162 | $5787 |
| Research and Development | $2713 | $2980 |
| Sales and Marketing | $1417 | $885 |
|  | $10292 | $9652 |

---

Our operating expenses for the year ended December 31, 2024, were approximately $10,292 compared to approximately $9,652 for the year ended December 31, 2023, an increase of approximately $640 or approximately 6.6%.

The largest component of our operating expenses were general and administrative expenses, which were approximately $6,162 for the year ended December 31, 2024 compared to approximately $5,787 for the year ended December 31, 2023, an increase of approximately $375 or approximately 6.5%. This increase in general and administrative expenses was primarily due to (a) increases in stock option expenses, salaried staff, commissions, and insurance. Stock options expenses of approximately $488, salaried staff of approximately $250, commissions of approximately $149, insurance of approximately $100; (b) decrease of approximately $759 related to a legal claim filed against the Company which were recorded in 2023 (see below under *legal proceedings*').

The second largest component of our operating expenses were research and development ("***R&D***"). R&D expenses were approximately $2,713 for the year ended December 31, 2024 compared to approximately $2,980 for the year ended December 31, 2023, a decrease of approximately $267 or approximately 9%. This decrease in R&D was primarily due to decreases in payroll of approximately $100, consulting fees of approximately $90, and other R&D expenses of approximately $77.

The remainder of our operating expenses were primarily comprised of sales and marketing expenses, which were approximately $1,417 for the year ended December 31, 2024 compared to approximately $885 for the year ended December 31, 2023, an increase of approximately $532 or approximately 60%. This increase in sales and marketing expenses was due to an increase in advertising and professional fees of approximately $314, payroll & commissions of approximately $138, stock options expenses of approximately $48, and other sales and marketing expenses of approximately $32.

*Net Profit/Loss*

As a result of the foregoing, the Company suffered a net loss of $11,017 for the year ended December 31, 2024, compared to a net loss of $12,257 for the year ended December 31, 2023, a difference of approximately 10%.

**Off-Balance Sheet Arrangements**

As of the date of this prospectus we have no off-balance sheet arrangements that are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Liquidity and Capital Resources** 

 

*Overview*

From inception we have funded our operations principally through the net proceeds from sales of our capital stock and to a lesser extent from cash flows generated from operating activities. The Company estimates a capital requirement of approximately $5 million to fund operations over the next 12 months. If sales projections are met, including anticipated growth within the existing customer base, total capital needs are expected to range between $3 million and $8 million. Using currently available capital resources and revenue generation, the Company should be able to conduct its operations for a duration of twelve (12) months.

*Summary of Cash Flows*

 

The following table summarizes our cash flows for the nine-month period ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| (*in thousands*) | **Nine-Month** **Period Ended September 30,** | **Nine-Month** **Period Ended September 30,** |
|  | **2025** | **2024** |
| Net cash (used in) operating activities | $(5110) | $(5674) |
| Net cash (used in) investing activities | (18) | (46) |
| Net cash provided by financing activities | 5434 | 4704 |
| Effect of exchange rate changes on cash | (105) |  |
| Cash and cash equivalents at end of period | $925 | $421 |

---

The following table summarizes our cash flows for the years ended December 31, 2024 and 2023.

 

---

| | | |
|:---|:---|:---|
| (*in thousands*) | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| Net cash (used in) operating activities | $(8157) | $(6995) |
| Net cash (used in) investing activities | (62) | (86) |
| Net cash provided by financing activities | 7540 | 6780 |
| Effect of exchange rate changes on cash | (32) | (4) |
| Cash and cash equivalents at end of period | $726 | $1437 |

---

*Operating Activities.*

We continue to experience negative cash flows from operations as we expand our business. Our cash flows from operating activities are significantly affected by our cash investments to support the growth of our business in areas such as product and service development, such as engineering resources needed to maintain and refresh the technology platform, the Command Center operations, and selling, general and administrative. Our operating cash flows are also affected by our working capital needs to support growth and fluctuations in personnel-related expenditures, accounts payable and other current assets and liabilities.

Net cash used in operating activities for the year ended December 31, 2024 was approximately $8,157 which reflects our net loss of $11,017. Net cash used in operating activities for the nine-month period ended September 30, 2025 was approximately $5,110 which reflects our net loss of $7,831.

*Investing Activities*

Our investing activities have consisted primarily of the purchases of assets and equipment. We have invested in assets and equipment to support our Command Center growth.

Net cash used in investing activities for the year ended December 31, 2024 was approximately $62 which was entirely attributable to purchases of IT and other Electronic equipment. Net cash used in investing activities for the nine-month period ended September 30, 2025 was approximately $18 which was entirely attributable to purchases of IT and other Electronic equipment.

 

*Financing Activities*

In June 2019 the Company entered into Loan and Security agreement (the "***Loan Facility***") in the amount of $9,999,000. The principal amount outstanding under each Advance shall accrue at the following rate per annum rate equal to the greater of six and one-half percentage points (6.50%) above the Prime Rate of 12.00%, which interest shall be payable monthly. Immediately upon the occurrence and during the continuance of an event of default as defined in the contract, the Obligations shall bear interest at a rate per annum which is four percentage points (4.0%) above the rate that is otherwise applicable thereto.

In January 2021 the Loan Facility was amended ("***First Amendment***") to restructure the payments due on February 2021 to be deferred until May 1, 2021, at which time such deferred payments shall be due in full. In June 2021 the Loan Facility agreement and First Amendment (collectively, the "***Loan Agreement***") were further amended ("***Second Amendment***") to restructure the payments due in May 2021 to January 2022 (collectively, the "***Deferred Payments***"). The Company shall repay Deferred Payments including principal amount in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance. In 2022 and 2023 the Loan Facility agreement was further amended to restructure the payments due on January 2022 to December 2023. The forbearance period was extended until September 2024 where all Deferred Payments including principal were to be repaid in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance.

In November 2023, a total of $3,152,000 from the loan were converted into equity as part of Series B Preferred Stock Offering (defined below).

Between July 2020 and November 2022, the Company entered into a series of Convertible Promissory Notes (the "***Convertible Promissory Notes***") with its existing investors in an aggregate amount of $35,831,000. The principal amount bear 7% interest per annum. According to the terms of the Convertible Promissory Note, the entire amount of the outstanding principal and any unpaid accrued interest shall automatically convert in whole without any further action by the holder into Common Stock of the Company, at a conversion price equal to the cash price paid per share for the equity securities by the investors in the qualified financing at a conversion price equal to the lesser of (i) the cash price paid per share for equity securities by the Investors in the Qualified Financing multiplied by 0.75, and (ii) $0.2803. If the Convertible Promissory Note remains outstanding at the maturity date, then, effective upon the maturity date (January 21, 2022), the majority noteholders may elect to convert the outstanding principal amount of the Convertible Promissory Notes and any unpaid accrued interest, into shares of the Company's Series A Preferred Stock at a conversion price equal to the Series A Price Per Share.

In December 2021, the Convertible Promissory Note dated July 2020 was amended to extend the maturity date of the notes to January 2, 2023 and later was extend further to January 2024.

In November 2023, all Convertible Promissory Notes (principal and interest) were converted to Series B Preferred Stock in connection with the issuance of an aggregate of 22,702,513 shares of Series B Preferred Stock in a private placement under Rule 506(c) of Regulation D to accredited investors for gross proceeds of 44,977,011 (including the amount of indebtedness converted which was outstanding under convertible notes) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● (i) 2,051,575 shares of Series B-1 Preferred Stock were issued for total consideration of $3,006,000 at $1.462533 per share as part of the initial closing, (ii) 2,155,398 shares of Series B-1 Preferred Stock were issued upon the conversion of debt amounting to $3,152,340 into equity, at a price per stock of $1.462533, and (iii) 1,947,074 shares of Series B-1 Preferred Stock were issued upon the conversion of Convertible Promissory Notes amounting to $2,847,659, at a price per stock of $1.462533.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 9,154,383 shares of Series B-2 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.31628, which were issued upon the conversion of approximately $12,049,732 (comprising of $11,362,500 as the principal outstanding amount and $687,232 as interest) in Convertible Notes to a group of eleven (11) persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 7,394,085 shares of Series B-3 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.462533, which were issued upon the conversion of approximately $10,809,146 in Convertible Notes to thirty-two (32) persons. On December 29, 2023, we repurchased 242,955 shares of Series B-3 Preferred Stock from Omidyar Technology Ventures, LLC for $1 resulting in an aggregate of 7,151,130 shares of Series B-3 Preferred Stock issued and outstanding.

As part of this issuance, all previous Series Seed and Series A Preferred Stock were converted into Common Stock. Additionally, in early 2024, 2,050,895 shares of Series B-1 Preferred Stock were issued for a total consideration of $3,000,000 at $1.462533 per share by way of five (5) additional closings to four (4) persons.

On November 17, 2023, we also issued an aggregate of 247,145 shares of Series B-1 Warrants with par value of $0.0001, in connection with the Series B Preferred Stock. The Series B-1 Warrants have an exercise price of $1.462533 per share.

**Issuance of Series CF-1 Preferred Stock** 

On June 21, 2024, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agrees to sell securities to eligible investors through the funding portal through special purpose vehicle. The offering was closed on April 30, 2025, and the Company had raised a total of $2,032,000 and issued 957,102 shares of Series CF-1 Preferred Stock with par value of $0.0001 each, at a price per stock of $2.12343. The total fees recorded as of September 30, 2025 were $143.

On September 2024, in parallel to Reg CF and under the same terms, the Company started to offer and sell securities under rule 506(c) of regulation D to accredited investors. The offering was closed on June 17, 2025, we issued an aggregate of 2,411,364 shares of Series CF-1 Preferred Stock for gross proceeds of $5,120,342.

**Issuance of Series F Preferred Stock**

On June 19, 2025, we issued an aggregate of 10,000 shares of Series F Preferred Stock with par value of $0.0001 to Doron Kempel in exchange for his surrender of 3,334 shares of Common Stock.

**Issuance of Series C Preferred Stock**

On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock with par value of $0.0001, together with warrants to purchase 1,333,335 shares of Common Stock, for an aggregate consideration of $3,000,000 to Ascent Partners Fund LLC. The warrants are exercisable at a price of $3.2475 per share, with expiration dates as follows: 333,334 warrants have an expiration date of eight (8) months, 333,334 warrants have an expiration date of sixteen (16) months, and 666,667 warrants have an expiration date of two (2) years from the issuance date.

**Issuance of Series CF-2 Preferred Stock** 

On July, 2025, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agreed to sell securities to eligible investors through the funding portal through special purpose vehicle. The offering was closed on September 5, 2025, and the Company had raised a total of $819,000 and issued 212,033 shares of Series CF-2 Preferred Stock with par value of $0.0001 each, at a price per share of $2.12343. The total fees recorded as of September 30, 2025 were $56.

Our net cash provided by financing activities for the year ended December 31, 2024 was approximately $7,540 compared to approximately $6,780 for the year ended December 31, 2023, an increase of approximately $760 or 11%. This increase in cash provided by financing activities is principally the result of the Reg CF and Reg D506(c).

Our net cash provided by financing activities for the nine-month period ended September 30, 2025 was approximately $5,432 compared to approximately $4,704 for the nine-month period ended September 30, 2024, an increase of approximately $728 or 15%. This increase in cash provided by financing activities is principally the result of the Reg CF, Reg D / Rule 506(c), and Series C Preferred Stock financings.

The following table summarizes our financing activities for the nine-month period ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Nine-Month Period Ended September 30,** | **Nine-Month Period Ended September 30,** |
|  | **2025** | **2024** |
| Proceeds from Related Party Loans, net | $(764) | $200 |
| Issuance of Series B-1 Preferred Stock | $- | $3000 |
| Issuance of Series CF-1 Preferred Stock | $2799 | 1564 |
| Issuance of Series CF-1 Preferred Stock fundraising fees | (46) | (60) |
| Issuance of Series C Preferred Stock | 3000 |  |
| Issuance of Series C Preferred Stock fundraising fees | (254) |  |
| Issuance of Series CF-2 Preferred Stock | 819 |  |
| Issuance of Series CF-2 Preferred Stock fundraising fees | (56) |  |
| Cash dividends paid | (66) | - |
|  | $5432 | $4704 |

---

The following table summarizes our financing activities for the years ended December 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| Proceeds from Related Party Loans, net | $285 | $1385 |
| Proceeds from Convertible Promissory Notes, net |  | $2395 |
| Issuance of Series B-1 Preferred Stock | $3000 | $3000 |
| Issuance of Series CF-1 Preferred Stock | $4352 |  |
| Issuance of Series CF-1 Preferred Stock fundraising fees | (97) |  |
|  | $7540 | $6780 |

---

**Financing Activities Subsequent to September 30, 2025 and Upon Listing of Our Common Stock**

Series D Preferred Stock Issuances

On October 27, 2025, we issued an aggregate of 109,891 shares of Series D Preferred Stock, together with warrants to purchase 25,000,000 additional shares of Common Stock, for an aggregate consideration of $1,000,000, to Ascent. The warrants are exercisable at a price of $12.35 per share, with expiration dates as follows: 16,000,000 warrants have an expiration date of nine (9) months, 3,000,000 warrants have an expiration date of sixteen (16) months, and 6,000,000 warrants have an expiration date of two (2) years from the issuance date. Pursuant to the terms of the purchase agreement with Ascent, effective immediately upon the listing of our common stock on Nasdaq, Ascent will purchase an additional 439,561 shares of Series D Preferred Stock for aggregate consideration of $4,000,000, resulting in a total of 549,451 total outstanding shares of Series D Preferred Stock. Series D Preferred Stock, which has a stated value of $10.00 per share, is convertible to common stock at a price of $12.35 per share, subject to adjustment as provided in the certificate of designation for the Series D Preferred Stock. A total of 444,901 shares of Common Stock will be issuable upon conversion of all shares of Series D Preferred Stock expected to be outstanding on the date our common stock is listed on Nasdaq.

Equity Line Financing Agreement

Also on October 27, 2025, we entered into a Securities Purchase Agreement with Ascent that provides for the sale to Ascent of up to $300,000,000 worth of our common stock (the "Equity Line SPA"). Under the terms of the Equity Line SPA, we will have the right, but not the obligation, to require Ascent to purchase shares of our common stock in one or more tranches subject to the limits and conditions set forth in the agreement. The Equity Line SPA provides for both "Regular Closings" and "Expanded Closings."

For each Regular Closing:

● The total purchase price shall not exceed the lower of (a) $500,000 and (b) 100% of the average daily traded value of our common stock over the ten (10) trading days immediately preceding the closing date;

● The purchase price per share shall be equal to 96% of the lowest volume weighted average price ("VWAP") for our common stock in the ten (10) trading days immediately prior to the closing date (the "Regular Purchase Price"); however,

● If 96% of the lowest VWAP for our common stock (the **"** Adjusted Price") in the ten (10) trading days immediately following the Closing Date (the **"** Adjustment Period **"**) is lower than the Regular Purchase Price, then on the trading day immediately following the end of the Adjustment Period, we will be required to issue additional shares of common stock so that the total purchase price per share for the Regular Closing will be equal to the Adjusted Price.

For each Expanded Closing:

● The total purchase price may be up to a maximum of $5,000,000; and

● The purchase price per share shall be equal to the lower of (x) the average of the daily VWAP on the trading day immediately preceding the closing date and the daily VWAP on such Expanded Closing Date and (y) 96% of the lowest VWAP for all trading days in the period beginning immediately following the closing date and ending on the earlier of (i) ten (10) trading days after and (ii) the date when the purchaser shall have entered into committed, binding trades to sell all of the shares purchased at the Expanded Closing.

All share purchases under the Equity Line SPA are subject to a Floor Price equal to 20% of the opening reference price for our common stock at the initial opening of trading following our approval for a direct listing on Nasdaq.

The Equity Line SPA will be effective upon the listing of our common stock on Nasdaq and will have a term of three years. On the effective date, as additional consideration to Ascent, we are required to issue 970,874 shares of Common Stock. All Regular Closings and Expanded Closings under the Equity Line SPA will be subject to numerous conditions, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) A
 registration statement covering Ascent's resale of the shares to be sold at each closing
 must be filed and effective;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Our
 common stock must be listed for trading and trading must not be suspended;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) We
 must be current in all required filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) We
 must not have consummated a change of control or other Fundamental Transaction (as defined
 in the agreement);

&nbsp;&nbsp;&nbsp;&nbsp;(v) We
 must not be in default under any agreement with Ascent or in default under any indebtedness
 in excess of a cumulative total of amount of $150,000.

Each closing under the Equity Line SPA will be limited such that, immediately after giving effect to the issuance of the shares of Common Stock for the closing, Ascent may not beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding.

The Equity Line SPA, which is filed as Exhibit 10.14 to this Registration Statement, contains additional terms, conditions, and covenants and should be reviewed in its entirety for additional information.

**Contractual Obligations and Commitments**

In addition to ongoing capital expenditures and working capital needs to fund operations over the next twelve (12) months, our contractual obligations to make future payments primarily relate to our operating lease obligations and insurance obligations, all of which are governed by agreements with month-to-month terms, and which are generally terminable after a notice period at any time. We purchase equipment, software and inventory necessary to conduct our operations on an as-needed basis.

**Critical Accounting Estimates**

Below is a discussion of the accounting policies that management believes are critical. We consider these policies critical because they involve significant judgments and assumptions and require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results. Our accounting policies have been established to conform with generally accepted accounting principles in the United States of America ("***U.S. GAAP***").]

*Emerging Growth Company Status*

 ****

We are an "emerging growth company," as defined in the JOBS Act. Under Section 107 of the JOBS Act, emerging growth companies are permitted to use an extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards that have different effective dates for public and private companies. We have elected to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company, or (ii) affirmatively and irrevocably opt out of the extended transition period provided in Section 7(a)(2)(B). By electing to extend the transition period for complying with new or revised accounting standards, our financial statements may not be comparable to the financial statements of companies that comply with public company effective dates.

**Cash and Cash Equivalents**

Cash equivalents include short-term highly liquid investments that are readily convertible to cash when originally purchased with maturities of three months or less.

**Fair Value of Financial Instruments**

The carrying value of cash and cash equivalents, restricted cash and short-term deposit, other accounts receivable, trade payables, other accounts payable and accrued expenses approximate their fair values due to the short-term maturities of such instruments. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820, "Fair Value Measurements and Disclosures" establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

● Level 1 inputs are quoted prices in active markets for identical assets and liabilities;

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

● Level 3 unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

**Accounts Receivable**

We have trade receivables which are recorded at the invoiced amount and do not bear interest. We evaluate the collectability of accounts receivable on a regular basis based on economic assessment of market conditions and review of customer financial history.

**Property and Equipment, Net**

Property and equipment are recorded at cost, net of accumulated depreciation. Expenditures for major additions and improvements to property and equipment are capitalized and repairs and maintenance costs are expensed as incurred. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss are included in loss from operations in the period of disposal.

Property and equipment are depreciated using the straight-line method over the estimated useful lives of the property and equipment:

**Leases**

We determine if an arrangement is or contains a lease at inception. Operating leases with lease terms of more than 12 months are included in operating lease assets, accrued and other current liabilities, and long-term operating lease liabilities on our consolidated balance sheet. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments over the lease term.

Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using our incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

**Impairment of Long-Lived Assets**

The Company assesses the recoverability of its long-lived assets, including property and equipment and right-of-use assets, for indicators of impairment. If events or changes in circumstances indicate impairment, the Company measures recoverability by a comparison of the asset's carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. When quoted market prices are not available, the Company uses the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset as an estimate of fair value.

**Research and Development Costs**

Research and development costs are expensed in the period incurred. Research and development expenses primarily consist of costs incurred in performing research and development activities and include salaries, stock-based compensation, employee benefits, system qualification and testing incurred before releasing new system designs into production, depreciation and amortization, professional services fees, and facilities expenses.

**Severance Pay**

All the Israeli Company's employees elected to be included under Section 14 of the Israeli Severance Compensation Act, 1963 ("***Section 14***"). According to Section 14, these employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments (under the above Israeli Severance Compensation Law) in respect of those employees. These deposits are not recorded as an asset in the Company's balance sheet.

**Income Taxes**

We apply the provisions set forth in FASB ASC Topic 740, Income Taxes, to account for the uncertainty in income taxes. In the preparation of income tax returns in federal and state jurisdictions, we assert certain tax positions based on its understanding and interpretation of income tax laws. The taxing authorities may challenge these positions, and the resolution of the matters could result in recognition of income tax expense in our consolidated financial statements. Management believes it has used reasonable judgments and conclusions in the preparation of its income tax returns.

The Company uses the "more likely than not" criterion for recognizing the income tax benefit of uncertain income tax positions and to establish measurement criteria for income tax benefits. The Company has evaluated the impact of its tax positions and believes its income tax filing positions and deductions will be sustained upon examination.

**Stock-Based Compensation**

We adopted the fair value recognition provisions of Accounting Standards Codification No. 718, "Share-Based Payment" ("***ASC 718***"). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's consolidated statement of operations.

We estimate the fair value of stock options granted using the Black-Scholes options pricing model. The option-pricing model requires a number of assumptions, of which the most significant are expected stock price volatility and the expected option term. For employees, the expected term is calculated using the plain vanilla formula as there is not sufficient historical information to provide a clear basis for a different calculation. Expected volatility was calculated based on similar publicly traded companies which operate in the same industry.

The risk-free interest rate is based on the yield from U.S. treasury zero-coupon bonds with an equivalent term.

**Net Income per Share**

Basic net income per share is computed using the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method. Any anti-dilutive effect of equity awards outstanding is not included in the computation of diluted net income per share.

**Foreign Currency Translation and Transaction Gains and Losses**

The functional currency of our wholly owned subsidiaries in Isreal, U.K. and France are the New Israeli Shekel, Pound Sterling and Euro, respectively. Accordingly, asset and liability accounts of the subsidiaries are translated into U.S. dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into U.S. dollars using historical rates. The revenues and expenses are translated using the average exchange rates in effect during the period, and gains and losses from foreign currency translation adjustments are included as a component of accumulated other comprehensive income in the consolidated balance sheet.

**Comprehensive Loss**

We are required to report all components of comprehensive loss, including net loss, in the financial statements in the period in which they are recognized. Comprehensive gain or loss is defined as a change in equity of a business enterprise during a period, resulting from transactions and other events and circumstances from non-owner sources. Our currency translation adjustment is the components of other comprehensive income (loss) that is excluded from the reported net income (loss) for all periods presented.

**The JOBS Act**

We are an "emerging growth company," as defined in the Jump Start Our Business Startups Act of 2012 ("***JOBS Act***"). As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies, and we intend to take advantage of those exemptions. For so long as we remain an emerging growth company, we will not be required to:

● have an auditor attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

● submit certain executive compensation matters to stockholder advisory votes pursuant to the "say on frequency" and "say on pay" provisions (requiring a non-binding stockholder vote to approve compensation of certain executive officers) and the "say on golden parachute" provisions (requiring a non-binding stockholder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; or

● disclose certain executive compensation related items, such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. This means that an emerging growth company can delay adopting certain accounting standards until such standards are otherwise applicable to private companies. We intend to take advantage of the extended transition period. Since we will not be required to comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies, our financial statements may not be comparable to the financial statements of companies that comply with public company effective dates. If we were to subsequently elect to comply with these public company effective dates, such election would be irrevocable pursuant to Section 107 of the JOBS Act.

We will remain an emerging growth company for up to five years, or until the earliest of: (i) the last date of the fiscal year during which we had total annual gross revenues of $1.07 billion or more; (ii) the date on which we have, during the previous three-year period, issued more than $1.07 billion in non-convertible debt; or (iii) the date on which we are deemed to be a "large accelerated filer" as defined under Rule 12b-2 under the Exchange Act.

We do not believe that being an emerging growth company will have a significant impact on our business. Also, even once we are no longer an emerging growth company, we still may not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act unless we meet the definition of a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act.

**BUSINESS**

**Overview**

The Bond Preventative Personal Security Platform is a multilayered, multifaceted technology platform that incorporates numerous technologies, inputs and outputs to other systems, and third-party information. It allows us to perform a large number of multi-functional activities relative to a large number of end-users/members, with a high level of precision, speed and reliability, as well as affordably, in a manner that is automated. The core functionality includes: (1) "look after" a massively scalable number of members/end-users simultaneously; at their or their guardians request, monitor them, collect data from multiple sources – on the phone of the member, from what Bond historically knows about the member; from what Bond knows about the area/location of the member, from what the member has shared with Bond – in order to detect anomalies in real time; (2) communicate with the member in order to verify their status, potentially engage Bond Personal Security Agents in order to calm, guide, deter or orchestrate help for the member; (3) record and analyze all activities in the Bond sphere, which included on the phones of the end-users, in the Command Centers and through our technology.

In 2017, Doron Kempel founded Bond and engaged an engineering and product team to begin developing Bond's technology platform. By early 2019, we had raised approximately $42 million under Regulation D of the Securities Act. With these funds we quickly completed creating our technology platform and established fully automated command centers where our personal security agents can provide 24/7 support to our members (the "***Bond Command Centers***") in the United States. We also established a comprehensive training and development program for our personal security agents ("***Personal Security Agents***") and prepared the marketing and sales channels to sell our products to corporations (B2B) and to direct to consumers (DTC). By 2020, we had executed a full year of service operations on behalf of thousands of end-users (members).

During the COVID outbreak and the associated lockdowns, we scaled down our operations and focused on maintaining Bond Command Center operations to service our few thousand members who were onboarded in 2019. During the pandemic, our founder, Mr. Kempel, and a group of dedicated investors provided funding for the business as needed, and we were able to continue developing and improving our Bond Preventative Personal Security Platform. As of the date of this prospectus, we have over a few thousand DTC end-users (members), and over 40 B2B customers who have chosen Bond as a solution for their employees. Based on our current B2B customer base, we believe that Bond is well positioned to becoming the standard of personal security the corporations will provide for their employees.

Our versatile Bond Preventative Personal Security Platform makes it possible – effectively, affordably and privately – to enhance the personal security and peace of mind of all people by combining:

● Threat and anomaly detection integrating multiple signals and patterns that are monitored in real time.

● Location accuracy.

● Automation of multifaceted mission-critical response protocols well beyond what human response time and precision allow.

● Rapid activation, guidance, and quality controls of human response by Bond Personal Security Agents in Bond Command Centers, as well as first responders and other forces in the vicinity of the event.

● Integrated versatile communication modalities and redundancies among all parties involved in real time: member, Bond, first responders, and other public and private sector resources in the area. For example, military forces in some parts of the world, private sector patrol or similar resources, transportation, roadside assistance and even telemedicine.

● Personal Security Agents who are on various levels of alert, and who are able to fill anticipated or emerging coverage needs or gaps. This is an economical way to deliver high quality in seconds, without suffering high fixed costs and the low utilization rates that old fashioned call centers suffer from. Clearly, data analytics and Al are at the heart of this innovation. However, this also involves innovative employment schemes.

● Innovative data privacy and data security technologies and processes.

Metaphorically, Bond democratizes personal security by offering a 24/7 "bodyguard for the rest of us" services. While 911/police handles emergencies and offers "zone defense", Bond offers preventative, pre-911/emergency security 1x1 "man defense".

At the time of publishing this prospectus, Bond has handled over 1.28 million security service requests, including upwards of 10,000 emergencies and lifesaving situations. We believe that our services work as advertised, increase personal security, save lives and enhance peace of mind. Customer satisfaction is high among corporate decision makers and members. Our business model creates favorable economics with a low cost of sales and high profit margin. Our known competitors (although not direct competitors as they do not address the personal security gap of preventative security) consist of entities that offer panic button solutions to corporate employees such as Noonlight, Silent Beacon, Centeix Crisis Alert, ROAR FOR Good and Motorola Solutions Panic Button. Due to our services and business model, Bond is currently in hyper-growth mode, growing as fast as we invest in marketing and sales resources to create market awareness.

**Our Mission**

Everyone has experienced a time when they or someone they love were in a situation that made them feel uncomfortable, unsafe or even scared. One of the most common examples of this is walking alone at night - according to a Gallup poll, 40% of Americans - that's approximately 140 million Americans - say that they do not feel safe when they walk alone at night. If each one of them feels this way once per week, that equates to 7.28 billion cases whereby Americans – we or our loved ones - feel unsafe. Even though people often feel unsafe, it can be too early to dial 911; but by the time it becomes dangerous for them, they will frequently not be able to complete a 911 call nor activate a panic button. This is a personal security and peace of mind gap that troubles billions of people globally: they are in situations that cause them fear, but don't justify a 911 call. A painful minority of those situations will result in traumatic or terminal outcomes whereby the individual is unable to complete a 911 call.

Bond was created with the goal of enhancing personal security and peace of mind for all. Our vision is to become a globally recognized leader in the field of personal security and peace of mind serving millions of individual members globally. In all these pre-911 situations, what humans instinctively want is somebody professional to look after them. Yet, no company that we are aware of offers such pre-emergency 911 preventative security service. Further, United States regulators estimate as many as 10,000 lives could be saved each year if the 911 emergency dispatching system were able to get to callers one minute faster. Better technology would be especially helpful, regulators say, when a caller cannot speak or identify his or her location.

**Our Solution**

Our solution to this pre-911 problem was to establish a novel paradigm and create a new tier of preventative pre-emergency personal security: Unlike traditional apps, the Bond Preventative Personal Security Platform allows Bond to look after its members preventatively before an emergency, detect a threat and intervene preemptively, thus enhancing the likelihood of positive outcomes.

Based on our versatile AI program, our Bond Preventative Personal Security Platform allows members to use their smartphones to select from 14 service, eight of which are preventative in nature.

Once a member activates one of the services, we are able to look after them remotely using video, chat and certain sensory technology and/or Personal Security Agents. Our preventative services include video monitoring, monitoring your route, scheduling security checks for you and your loved ones, putting security agents on standby and emergency response coordination, giving you multiple layers of security and peace of mind in 28 countries and growing. Our members can also contact live, trained Personal Security Agents 24/7 via chat, phone, or video, which gives them a sense that they are not alone - effectively acting as a personal security companion. Our Personal Security Agents respond in seconds and can detect anomalies and risks, de-escalate situations, offer guidance, deter unwanted company or perpetrators using video, and coordinate help with first responders and other security and non-security resources of the public or private sector.

Bond is advised by the foremost security experts globally, including former heads of United States Secret Service, the Federal Bureau of Investigation, major metropolitan police chiefs around the world, and heads of military special operations units. They continue to help us identify the trends and missing links within personal security and define our solution to meet it. Our cloud-based AI program also allows our B2B customers and DTC members to scale their services geographically over multiple locations.

***Our Bond Preventative Personal Security Platform Products and Services***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;1. *The Bond – Personal Security Smartphone Application* 

The Bond - Personal Security application (the Bond App), uses our Bond Preventative Personal Security Platform to combine cutting-edge technologies and Personal Security Agents to provide preventative and other services to our members.

![](chart_002.jpg)

![](chart_003.jpg)

The Bond- Personal Security application was designed to be intuitive to understand and use, and to offer our members the freedom to choose how and when they wish to be looked after by Bond.

The end-user journey allows them to get oriented regarding the unique properties of the platform, starting with a video that they must watch <u>https://vimeo.com/1033573414/f710ed7ca8?share=copy</u>, then the journey through the app orientation allows for short videos for each service that explain the why, when and how to activate each service. Practice Mode allows the end-user to get comfortable with the service, and Bond's Bond For Safety program implies that we'll reach out to them and encourage them to use the service.

Set forth in the table below is a summary of the existing services Bond provides through our Bond – Personal Security application, their key features and the current target markets that they serve.

---

| | |
|:---|:---|
| Video Monitor Me | Ability for a member to connect to a Personal Security Agent on video call, who can calm the member, guide the process, deter and/or orchestrate help. |
| Track Me On The Go | Ability for Bond to track a member in transit and detect anomalies that pertain to route, speed, and other patterns. |
| Ready An Agent | An ability for the member to rest their fingers on the Bond app screen and have a Personal Security Agent look after them from a Command Center. Upon release of the screen Bond doesn't just connect the end-user to the near 911 center. Rather, a Personal Security Agent will enter the screen of the member's phone via Video in order to check on the member and potentially deter or orchestrate help. |
| Run a Security Check on me | Schedule a Security Check at a time of the member's choosing. |
| Chat | Ability to use a Chat function to dialog with a Personal Security Agent and technologically/operationally deep set of services to look after the member and detect anomalies |
| Audio call | Ability for a member to connect to a Personal Security Agent on an audio call, who can calm the member, guide the process, deter and/or orchestrate help. |
| Video call | Ability for the member to reach out and communicate with a Personal Security Agent via video call, who can calm the member, guide the process, deter and/or orchestrate help |
| Activate Siren | This feature allows the member to activate a sharp sound of a siren through their phone, coupled with flashing lights. This is intended to draw attention to the member and potentially deter a potential assailant who will assume that bystanders are now watching. The Bond Command Center will get notification regarding the activation of the siren and will reach out to the member via video. |

---

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| | |
|:---|:---|
| Activate the SOS | This acts as a panic button and connects the member to the local emergency (911 in the US) center. This will also notify the Bond Command Center and an agent will look into the situation and try to help. |
| Location Services | This allows the member to establish a group (for example, including family members) and set alerts that inform the member when others in the group arrive/depart chosen locations. With the member's permission, others in the group can also see where s/he is. |
| Bodyguard | This service allows members to reserve a bodyguard. They reach out to the Bond Command Center vis this button and need to explain the circumstances under which they want to use the bodyguard. Bond qualifies that the user and the context comply with Bond protocols and will reserve a bodyguard for the member |
| Send Car | The member pushes the button and a Bond agent will respond via video and arrange transportation (a taxi, Uber or similar) for the member. The Bond agent will continue to monitor the member until s/he arrives at the destination |
| Roadside assistance | Bond will arrange roadside assistance for the member and continue to monitor the situation until the member is safe at their destination |
| Telemedicine | The Bond agent will organize a connection between the member and a doctor of a Bond partner. Once the connection is made, the Bond agent will get off the line in order to ensure privacy for the member. |

---

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *The Bond Command Center* 

 

Bond developed the Bond Command Center technology to work in conjunction with the Bond – Personal Security application on members' phones. This allows the Bond Command Center and the Personal Security Agents in the Command Centers to look after any member how and when they wish to be looked after.

Whenever a Bond member wishes to be looked after, they indicate such desire by activating a service among the 14 services on the Bond – Personal Security application. The application will then monitor various dimensions of the current surroundings of the member via the phone: location, motion, route, pace, sound, imagery, manner in which the phone is held by the member, battery, connectivity and other inputs. These "sensors" present a situation to the Command Center and can pattern recognize anomalous indicators. Depending on the service requested, the Command Center can check on the member in various ways through technology or Personal Security Agents, including by way of an audio or video call or chat message.

Some of the capabilities are realized without a need for Personal Security Agent to engage. For example, Ready An Agent, Track Me On The Go and Security Check are all services that allow Command Center technology and the Bond-Personal Security application technology to fulfill the service requests and only activate Personal Security Agents if there is a perceived risk.

The Command Centers allow the Personal Security Agents to quickly and effectively connect to local first responders who are then coordinated and briefed by Bond about the member's situation in order to elevate the likelihood of positive outcomes. Local first responders are typically pre-briefed about us and our services by Bond's advisors in the countries and states in which Bond is active.

Personal Security Agents, first responders, third parties and our members can all collaborate effectively and efficiently with the orchestration of the Command Center. For example, a few Personal Security Agents can work together on a member's situation: the primary Personal Security Agent will be on a call with the member instructing them; secondary Personal Security Agents may be coordinating first responders, military, transportation, medical assistance, may add translators to the "group session", may speak with the family of the member and more. Typically, a Bond shift supervisor or manager will help orchestrate complex cases. When required, information is passed efficiently from the Command Center to any of the field resources who are aiding the member.

The Command Center can connect to the right first responder 911 PSAP (Public Service Answering Point) in the vicinity of the Bond member, in the United States and in 28 countries in which we currently offer our Bond Preventative Personal Security Platform services.

All activities and cases are fully recorded (both audio and video) including, the sensory data collected on the member's phone, all actions in the Command Center (all Personal Security Agents are under video monitoring and recording through their shifts). The information is available to first responders in real time and to a court of law.

Both the Bond – Personal Security application and the Command Centers rely on the cloud-based Bond Preventative Personal Security Platform for operation. All data is stored and most processing that does not occur on the phone application is handled by our cloud-based platform.

The Bond technology platform is realized through the Bond App, in the Command Centers and in a cloud storage service offered by Amazon. All of our technologies and the data reside in our Amazon cloud storage. These technologies "drive" the operations in the Command Centers and on the Bond App.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *The Bond Personal Security Agents* 

 

An important aspect of the Bond Preventative Personal Security Platform is the Personal Security Agent. We recruit and train all of our Personal Security Agents, each of which has undergone a rigorous background check. Each Personal Security Agent is trained on local 911 protocols as well as on all our services and internal protocols.

Our Personal Security Agents are trained to interact with our AI-based technology which handles most of the detection of anomalies, guides the Personal Security Agents' workflows that apply to each situation and member, facilitates communication between the Personal Security Agents, first responders and others. This automation of function and interaction with technologies facilitates our Personal Security Agents' precision and speed of action.

Much of Bond's innovation is associated with the efficiencies of recruiting, training, staffing and quality control measures of all Command Center and Personal Security Agent activities. We apply sophisticated data analytics in order to determine how many Personal Security Agents to staff during each shift in order to ensure that our Personal Security Agents' response time is in seconds. Personal Security Agent staffing is organized such that members are most likely to connect with local Personal Security Agents. Personal Security Agents can appear on the screen of the members via video, observe the situation, guide and even deter would-be aggressors. This is based upon a growing body of evidence regarding the fact that perpetrators almost categorically wish to avoid witness and cameras and that security cameras reduce crime rates.

Bond is continuously developing additional technologies and capabilities that enhance security, enhance the ability to efficiently sell and onboard members, as well as capabilities that enhance the efficiency of the Bond operations. Such technologies and capabilities reside mainly on the Bond app, in the Bond Command Center software and on the cloud. In parallel to the services that are offered to end-users via the Bond app, Bond is developing its physical world services that include a Drone First Responder (DFR) solution (meant to assist Bond members by dispatching a Bond drone to their location); security guards as well as bodyguards. The long-term vision is that all such services will eventually be automated and "robotic", orchestrated via the Bond Command Center. Bond's relationship with its customers often allows it to offer multiple solutions and services.

***Other Services***

 ****

While Bond's Preventative Personal Security Platform is the core of Bond's services, Bond's growth includes these three synergistic services that have incremental potential.

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Air Guardian First Responder Drone Service* 

 

Bond has developed an innovative service that is intended to expedite a response to our members. Our specialty drone (with megaphone, spotlight, night/day camera, parachute and redundant telecommunications capabilities) is operated by Bond personnel and can be activated to reach a location where a member requires assistance. Bond can activate the drone on behalf of its members (to look after them, to deter unwanted company and to help point arriving first responders to the exact location of the individual in need). Another mode of operation is to operate the drone on behalf of local first responders. The service has already been operational for two years in Coral Gables, FL.

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Executive Protection & Guarding* 

 

Bond is addressing a perceived quality gap in the personal security market whereby guarding services lack adequate quality controls. We strive to balance decorum and diligence by utilizing our technologies and Command Centers in order to monitor security guards 24/7. Bond handles Executive Protection (bodyguards) and security guard requirements for both corporations and some of the most affluent families in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Bond Consulting & Special Services* 

 

Our consulting services are offered to corporations, families and individuals. We leverage our in-house know-how and network of top-performing solution partners in order to orchestrate the assessment, design, deployment and day-to-day management of various security solutions and projects: threat detection, alarm systems, investigations, Executive Protection both abroad and in the United States, guarding, security assessments and training of personnel.

**Our Business Model**

Bond offers a subscription-based service. Members can pay for the service monthly but primarily choose to pay annually. Our Preventative Personal Security services operate on a cloud services delivery model.

We currently sell Bond services to corporations for their employees as an annual subscription. We also partner with consumer brands with the intention of having such corporations gift, sell or subsidize the Bond service on behalf of its customers. Our DTC sales are primarily accomplished by subscriptions through the Bond – Personal Security application available through the Apple and Google Play app stores.

**Our Market**

The personal security market is set to explode, reaching $338.23 billion by 2030 according to an Allied Market Research report. People increasingly seek proactive solutions to stay safe, creating an opportunity for Bond's approach to personal security.

Hypothetically, any adult with a smartphone can become a Bond member by subscribing to the Bond Preventative Personal Security Platform services through the Bond App. According to Backlinko, there are 7.34 billion smartphone users worldwide, which is 91% of the global population. While it is technically possible for Bond to service such a larger market in terms of the technological scalability and human resources (mainly Personal Security Agent) over the course of the next 20 years, it is likely not practical that all these phone users will be interested in using Bond and/or that there will not be competitors that address some of that market. The degree of relevance that Bond services offer each individual also differs, since risks are not evenly distributed across genders, age groups, locations, professions, marital status and family dynamics. Further, people differ in terms of their perception of risk and their interest in having a service such as Bond.

We are currently focused on engaging B2B and business to government (B2G) through corporations, universities, municipalities, government agencies and states as these institutions have access to most households around the world. Our engagement with consumer brands can also reach this audience, especially, if insurance companies decide that Bond reduces their risk and financial exposure, they can create incentives or obligations for their clients (consumers and corporations) to use Bond or Bond-like services. Our DTC route to market allows Bond to reach out to consumers via multiple marketing channels.

In summary, Bond is addressing a very large market that can be addressed via multipole Go-to-Market routes. If Bond is able to grow organically, generate high positive cashflow stream and raise capital at a favorable valuation, we believe that it can grow and within 10 years potentially get to 100 million end users, who – at a hypothetically low $50/user/year, implies $5 billion in annual revenues.

**Our Competition**

We believe that Bond is the first and only company offering pre-emergency, preventative 24/7 personal security and peace of mind service that's effective, affordable and preserves privacy. As of the date of this prospectus, we are not aware of any company that offers all primary capabilities that Bond offers:

● Pre-emergency/911 service and concept of operation- in other words, a service that by design allows you to be looked after before a situation is an emergency.

● A set of services that allows the member to choose how to be looked after in various situations.

● The technological depth of the services, which allows for massive scalability (in most services the technology and not the Personal Security Agents do the "monitoring" and detection, before activating the Personal Security Agents.

● Importantly, the Command Center and the Personal Security Agents who act as "Personal Security Companions" use Bond technologies and innovative operational approach to connect any Bond member to a Personal Security Agent in seconds, and allow the Personal Security Agents to handle difficult situations and emergencies, including orchestration of first responders and other security forces and third parties in the area.

There are numerous companies that offer some variation of a panic button. A panic button is meant to be activated only in an emergency and assumes that the end-user will actually be able to activate the panic button if an emergency occurs. At that point, the operating center of the panic button vendor typically simply notifies the local first responders. Typically, they have no situational awareness regarding what is going on with the end-user since they are rarely on video or audio. We believe that they have no ability to deter since they are not on video with the end-user. Typically these services are not staffed with ample number of security professionals to be able to address all pre-911/emergency "look after me" situations since they are not staffed accordingly and are not conceptually oriented/designed for the very much larger volume of not-yet-emergencies that Bond is designed to handle. Unlike these services, we offer pre-emergency/911 services is based on a collection of capabilities that are inseparable: (1) the orientation and the promise to the end-users that they are allowed and encouraged to use the service in such pre-emergency situations (this is a promise/invitation that emergency 911-like service are making); (2) it requires technologies that can "look after people" in such situations of pre-emergency concerns, which is much more frequent that actual emergencies.

Bond invested more than 350 engineering years in designing, developing and testing the Bond Preventative Personal Security Platform that includes the Bond Personal Security application, the corresponding Bond Command Center and our technologies that reside in our Cloud storage. This equates to approximately $70 million in investment for the creation and testing our services.

While a competitor that wishes to emulate Bond would simply have to copy some of the visible aspects of the AI-based platform, much more work would be required to properly design a platform that it is scalable, reliable, and efficient with regard to the operation of the Personal Security Agents, including the reasonable level of the cognitive burden on them due to leveraging automation and sophisticated workflows that were developed by security experts that guide the handling of various situations. Then, a would-be competitor will need to properly test the overall platform in order to ensure that the overall operation is reliable and effective, since handling the security of people sets a high bar in terms of responsibility of the service provider.

That all said, Bond believes that companies like Amazon, that possess competencies around developing novel technologies and competencies to operate a large workforce in the physical world (drivers, distribution centers, etc.) can develop and operate a platform like Bond. This statement, however, is likely true about any technology or service that a company with the resources and competencies of Amazon decides to pursue.

**Our Customer Base**

As of the date of this prospectus, Bond's B2B customers include 2 of the 3 largest corporations in the world (one (1) of the top three (3) largest smartphone vendors in the world, and one (1) of the three (3) largest corporations in the world); and about 10 additional corporations that generate greater than $20 billion in annual revenues. The following are some of our principal customers and the revenue generated by each:

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| | | |
|:---|:---|:---|
| **Customer** | **Revenue generated in 2024 ($)** | **Revenue generated in 2023 ($)** |
| Customer A: One (1) of the top three (3) private equity firms in the world | 6262083 | 3878746 |
| Customer B: Family office of one (1) of the top ten (10) most affluent families in USA | 875035 | 1388160 |
| Customer C: One (1) of the top three (3) largest smartphone vendors in the world | 389294 | 251925 |
| Customer D: One (1) of the top three (3) largest corporations in the world (1) | 45000 |  |
| Customer E: One (1) of the top three (3) largest sporting goods companies in the world | 266375 | 400830 |
| Customer F: One (1) of the top ten (10) largest pharmaceutical manufacturers in the world (2) |  |  |
| Customer G: One (1) of the top three (3) mobile carriers in USA (3) |  |  |
| Customer H: One (1) of the top three (3) largest media and entertainment companies in the world | 5580 |  |
| Customer I: One (1) of the top three (3) largest credit card companies in the world |  |  |
| Customer J: One (1) of the top ten (10) insurance companies in USA | 101266 |  |
| Customer K: One (1) of the top ten (10) retailers in USA | 6400 |  |
| Customer L: One (1) of the top five (5) largest venture capital firms in the world (4) |  |  |
| Customer M: One (1) of the top ten (10) largest healthcare providers in USA | 41058 | 42480 |
| Customer N: A large international city (5) |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) There
 is approximately $300,000 in unrecognized revenue from customer D for the 2024–2025
 fiscal year.

(2) There
 is approximately $230,000 in unrecognized revenue from customer F for the 2024–2025
 fiscal year.

(3) There
 is approximately $27,075 in unrecognized revenue from customer G for the 2024–2025
 fiscal year.

(4) There
 is approximately $22,575 in unrecognized revenue from customer L for the 2024–2025
 fiscal year.

(5) This
 agreement with customer N is still under negotiation and we estimate an agreement to be finalized
 by the fourth quarter of the 2025 fiscal year.

This list of leading institutions, who have all chosen Bond on behalf of their thousands of people are adopting and setting Bond as a new standard of care for employees, residents, students and family members.

As a general practice, we have entered into agreements with our customers based on terms that are typical for commercial arrangements. These terms include provisions relating to (a) availing services using statement of work and order forms, (b) fee and invoicing, (c) modes, timing and frequency of payment, (d) payment of taxes, (e) term and termination, (f) warranties, (g) confidentiality and information security, (h) privacy and data protection, and (i) insurance.

On November 16, 2023, we entered into a master agreement with one of our top customers to provide our professional services availed using specific statement of work / order forms. Under the agreement, the customer agrees to pay the fee as described in the order form within 45 days of receipt of invoice. In case of renewal of any order, the fee may not be increased more than the lesser of (a) 2% of the fee, and (b) increase in the most recently published and relevant consumer price index entries. The agreement is valid unless terminated by the parties, and either party is entitled to terminate upon a material breach for cause, and by a 30 days' written notice without cause. The agreement contains standard clause pertaining to party representations and warranties in addition to specific clauses pertaining to insurance policies to be maintained by Bond and information security. The foregoing description of a certain master agreement with one of our top customers is qualified in its entirety by reference to the form of master agreement with the customer, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

None of these customers represents more than 5% of the total annual revenues of Bond or more than 10% of the net cash collections annually. However, these customers are generally in expansion mode and it is possible that one or a few of them will increase their revenues and represent a larger percentage of the annual revenues or net cash collections.

Bond entered a B2B to customers (B2B2C) agreement with Mastercard that has the potential to become a very large percentage of Bond's current revenue and cash collection annually. At this time, however, this relationship does not yet yield a significant percentage of annual revenues or cash collections.

One of Bonds private equity firm customers is projected to represent approximately 50% of our annual 2025 revenues, and 30% and declining percentage of our bookings, but only approximately 20% of the annual net cash collections, and likely declining by 50% per year in 2026 and beyond.

Bond is also in the midst of negotiations and pilot projects with various cities, communities and universities that each have the potential to become 10-15% of Bond's annual reoccurring revenue (ARR) in 2025 and 20-30% of our net cash collections in 2025.

As our company matures and grows, it is anticipated that within two to three years no single customer or partner will represent more than 20% of total revenues, ARR or net cash collections.

**Our Employees**

Bond's ability to deliver Command Center response in seconds globally depends on our ability to, economically and efficiently, have enough Security Professionals on shift. This depends on data analytics that informs Bond how many Bond Personal Security Agents need to be staffed at different times of the day around the world (countries in which Bond provides its services), and in which languages. To satisfy those staffing requirements, Bond employs three (3) subcategories of Command Center Personal Security Agents (as provided in the tabular representation below).

&nbsp;&nbsp;&nbsp;&nbsp;· Full time (column
 B)

&nbsp;&nbsp;&nbsp;&nbsp;· Hourly
 workers with direct agreement with Bond (column C). This includes both employees and independent
 contractors. Some of the workers work part-time. Practically, some of those work full-time,
 despite being on an hourly agreement with Bond.

&nbsp;&nbsp;&nbsp;&nbsp;· Hourly workers who
 are employed by partners of Bond but are trained by Bond and monitored for performance by
 Bond.

The same concept (three subcategories of professionals) applies to Security Operations (rows 7-9) and to Business, Technical and Administrative personnel (rows 3-5):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ROW** |  | | **Flex Capacity (On Demand)** | **Flex Capacity (On Demand)** | |
| **1** | **Category** | **Full-time** | **Part-Time<br> under agreement with Bond - hourly<br> rate**  | **Part-Time<br> Hourly workers through Partners of Bond** | **Grand Total** |
| **2** | **Business & Technical Professionals** | **17** | **98** | **300** | **415** |
| **3** | &nbsp;&nbsp;&nbsp;**Americas (1)** | 7 | 78 |  | 85 |
| **4** | &nbsp;&nbsp;&nbsp;**EMEA (2)** | 10 | 19 |  | 29 |
| **5** | &nbsp;&nbsp;&nbsp;**APJ (3)** | 0 | 1 |  | 1 |
| **6** | **Security Professionals** | **35** | **225** | **10000** | **10260** |
| **7** | &nbsp;&nbsp;&nbsp;**Americas** | 15 | 196 |  | 211 |
| **8** | &nbsp;&nbsp;&nbsp;**EMEA** | 20 | 1 |  | 21 |
| **9** | &nbsp;&nbsp;&nbsp;**APJ** | 0 | 28 |  | 28 |
| **10** | **Total:** | **52** | **323** | **10300** | **10675** |
| **11** | &nbsp;&nbsp;&nbsp;**Americas** | 22 | 274 |  | 296 |
| **12** | &nbsp;&nbsp;&nbsp;**EMEA** | 30 | 20 |  | 50 |
| **13** | &nbsp;&nbsp;&nbsp;**APJ** | 0 | 29 |  | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Comprises
 of the region of North and South America.

(2) Comprises
 of the region of Europe, the Middle East and Africa.

(3) Comprises
 of the region of Asia, Pacific and Japan.

None of our employees are represented by labor unions or covered by collective bargaining agreements. We consider the relationship with our employees to be good. We generally enter into agreements with our employees that contain confidentiality provisions to control access to, and invention or work product assignment provisions to clarify ownership of, our proprietary information.

**Outsourcing**

We currently outsource a number of our key functions to third parties, including some software development, legal and payroll.

In addition, we host our Bond Preventative Personal Security Platform on cloud platforms provided by Amazon Web Services (AWS) Amazon.com, Inc.

An additional investment is associated with the various ecosystem relationships and partnerships in 28 countries, enabling Bond to work harmoniously with local first responders, and other service providers (roadside assistance, transportation, bodyguards on demand and access to doctors). We estimate this investment as $2M.

In parallel to the services that are offered to end-users via the Bond App, we are developing its physical world services that include a Drone First Responder (DFR) solution (meant to assist Bond members by dispatching a Bond drone to their location) and security guards as well as bodyguards. The long-term vision is that all such services will eventually be automated and "robotic", orchestrated via the Bond Command Center. Bond's relationship with its customers often allows it to offer multiple solutions and services.

**Plan for Development and Expansion**

Plans & Strategies

Bond plans to continue expanding into new markets through the provision of its Bond App services to both travelers and residents. Bond currently intends to invest approximately $1,000,000 over the next two years into developing partnerships with governments and local service providers in additional countries, which will enable Bond to provide its services to residents of those countries as well as visitors.

Bond is also investing approximately $5,000,000 into product development, including the development of physical services that include a Drone First Responder (DFR) solution (meant to assist Bond members by dispatching a Bond drone to their location) and security guards as well as bodyguards. The long-term vision is that all such services will eventually be automated and "robotic", orchestrated via the Bond Command Center.

Bond intends to raise the funds needed for these investments through a combination of bridge financing and equity lines of credit.

**Regulatory Environment**

We are subject to a number of U.S. federal and state and non-U.S. laws and regulations that involve matters central to our business. These laws and regulations involve security services, privacy, data protection, intellectual property, other subjects. We are subject to a number of U.S. state occupational licensing laws that apply to security agencies and private security officers, as well as similar regulations in France regarding the license to practice physical protection of persons. Any liability we may have from our failure to comply with these regulations may materially affect our business by restricting our operations and subjecting us to substantial penalties. In addition, our current and future operations may be subject to additional regulation as a result of, among other factors, new statutes and regulations and changes in the manner in which existing statutes and regulations are or may be interpreted. In addition, any new licensing requirements, if introduced, could be burdensome and expensive or even impose requirements that we are unable to meet. In the ordinary course of business we and customers using our solutions access, collect, store, analyze, transmit and otherwise process certain types of data, including personal information, which subjects us and our customers to certain privacy and information security laws in the United States and internationally, including, for example, the California Consumer Privacy Act (the "***CCPA***"), which took effect January 1, 2020, and the California Privacy Rights Act (the "***CPRA***") which took effect January 1, 2023, and which significantly amended the CCPA, and imposes additional data protection obligations on companies doing business in California, including additional consumer rights processes and opt outs for certain uses of sensitive data and imposes significant data privacy and potential statutory damages related to data protection for the data of California residents.

The CPRA also created a new California data protection agency specifically tasked to enforce the law, which will likely result in increased regulatory scrutiny of California businesses in the areas of data protection and security and may increase our compliance costs and potential liability. In addition to the CCPA, numerous other states' legislatures have passed or are considering similar laws that will require ongoing compliance efforts and investment. For example, Virginia passed the Virginia Consumer Data Protection Act, and Colorado passed the Colorado Privacy Act, both of which differ from the CPRA and became effective in 2023. Similar laws have been proposed in other states as well and at the federal level. Other international laws are also in place or pending, and such laws may have potentially conflicting requirements that would make compliance challenging.

In the European Union, the General Data Protection Regulation of 2018 (the "***GDPR***") significantly expanded the rules on using personal data and increased the risks of processing personal data. Some of the new requirements include:

● accountability and transparency requirements, which require those who control data to demonstrate and record compliance and provide certain detailed information to users regarding the ways in which data is used and processed;

● enhanced data consent requirements, which includes "explicit" consent with regard to information the regulation classifies as sensitive data;

● obligations to consider data privacy as new products, services and systems are developed, including ways to limit accessibility of data as well as the amount of information collected, processed, and stored;

● constraints on using data to profile users;

● obligations to provide users with personal data in a usable format on request and to erase personal data in certain circumstances; and

● reporting to data protection authorities of potential breaches without undue delay (72 hours, where feasible).

Other foreign jurisdictions in which the Company operates, or in which it has its services available, have implemented, or are considering implementing, data privacy laws and regulations, many of which are similar to the GDPR.

Under these data protection and privacy laws, we and our customers are required to maintain appropriate technical and organizational measures to ensure the security and protection of personal data and information, and we must comply (either directly or indirectly in support of our customers' compliance efforts, as may be provided for the agreements we enter into with our customers) with a number of requirements with respect to individuals whose personal data or information we collect and process. Many of these laws and regulations are still evolving and being tested in courts and could be interpreted in ways that could harm our business. In addition, the application and interpretation of these laws and regulations are often uncertain, particularly in the new and rapidly evolving industry in which we operate.

**Intellectual Property**

Similar to other companies (like e-Bay, Uber or Facebook) that developed a platform for service delivery, much of Bond's technology stack is not patented. Frequently, while the platform design and the technology require great skill and talent to create and develop, it is not eligible for a patent. For Bond, some of our technologies and solutions are purposefully not patented as filing a patent allows would-be competitors to learn about the manner in which a technology is designed and find a method to deliver the same function in a different process. In such cases, Bond preferred to maintain such capabilities as trade secrets, not even publishing that such functionality exists, rather than explaining that it exists and how Bond developed it.

That said, Bond does have patents and pending patents and applications around some of the areas of its technology stack.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Case Number** | **Billing**<br> **Number** | **App**<br> **Client**<br> **Ref** | **Country** | **Case Type** | **Application**<br> **Status** | **App Title** | **App**<br> **Number** | **Filing**<br> **Date** | **Patent**<br> **Number** | **Issue**<br> **Date** |
| 092418-593660 | 092418-593660 | T017-7000US1 | US | ORD | Granted | System and method for threat monitoring, detection, and response | 15/956,456 | April 18, 2018 | 10600295 | March 24, 2020 |
| 092418-597726 | 092418-597726 | T017-7001US1 | US | ORD | Granted | System and method for real-time decoding and monitoring for encrypted instant messaging and other information exchange applications | 16/002,820 | June 7, 2018 | 10637674 | April 28, 2020 |
| 092418-618715 | 092418-618715 | T017-7004US0 | US | CIP | Granted | Systems and methods for real-time adjustment of neural networks for autonomous tracking and localization of moving subject | 16/416,887 | May 20, 2019 | 11216954 | January 4, 2022 |
| 092418-630858 | 092418-630858 | T017-7003US1 | US | ORD | Granted | Systems and methods for autonomous machine tracking and localization of mobile objects | 16/519,996 | July 23, 2019 | 11125563 | September 21, 2021 |
| 092418-639739 | 092418-639739 | T017-7000CA | CA | PCT | TBA-In Process | System and method for threat monitoring, detection, and response | 3062459 | November 4, 2019 |  |  |
| 092418-639741 | 092418-639741 | T017-7000IL0 | IL | PCT | Granted | System and method for threat monitoring, detection, and response | 270310 | October 30, 2019 | 270310 | September 1, 2020 |
| 092418-679510 | 092418-679510 | T017-7003CA0 | CA | PCT | Granted | Systems and methods for autonomous machine tracking and localization of mobile objects | 3107374 | January 21, 2021 | 3107374 | September 27, 2022 |
| 092418-679526 | 092418-679526 | T017-7003IL0 | IL | PCT | Granted | Systems and methods for autonomous machine tracking and localization of mobile objects | 280328 | January 21, 2021 | 280328 | December 1, 2021 |
| 092418-706033 | 092418-706033 | T017-7006US1 | US | ORD | Granted | Systems and methods for generating emergency response | 17/512,952 | October 28, 2021 | 11653192 | May 16, 2023 |
| 092418-722181 | 092418-722181 | T017-7007US1 | US | ORD | Granted | System and method to register improved accuracy geofences | 17/704,489 | March 25, 2022 | 12200564 | January 14, 2025 |

---

We also rely on confidentiality procedures, contractual commitments, and other legal rights to establish and protect our intellectual property. We generally enter into agreements with our employees and consultants that contain confidentiality provisions to control access to, and invention or work product assignment provisions to clarify ownership of, our proprietary information.

**Property**

Our mailing address is 85 Broad St. New-York, NY 10004, which is at a private office space. The space serves as the location of our corporate headquarters. We also lease spaces at NJ, Israel, UK and France on a month-to-month basis or a 12-month lease period for a total of $20 per month, which serves as our local Command Centers and development offices.

We believe that our facilities are adequate for our current and anticipated near-term needs and that suitable additional or substitute space would be available if needed.

**Legal Proceedings**

In July 2022, the Israeli Subsidiary gave the lessor advanced notice of its intention to exercise the exit point on December 31, 2022, while negotiating the fifth-year terms. The parties were unable to reach agreements and in July 2023 the subsidiary vacated the leased premises. In February 2025 a lawsuit was filed against the Company for a total of $1,600. Given the preliminary stage in which the lawsuit is at, the Israeli Subsidiary's lawyers cannot reasonably assess the likelihood of the claims to be accepted by court. Given that Company's plan to litigate the case, and given the dynamics of such trials in Israel, a decision by a court is not anticipated until 2027.

From time to time, we may be party to litigation arising in the ordinary course of business. Except as described above, as of the date of this prospectus, we are not subject to any material legal proceedings nor, to the best of our knowledge, are any material legal proceedings pending or threatened against us.

**MANAGEMENT**

**Executive Officers and Directors**

The following table sets forth certain information, as of the date of this prospectus, concerning our executive officers:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Doron Kempel | 61 | Chief Executive Officer and Director |
| Amit Hod | 41 | Chief Financial Officer, Head of Corporate Operations and Director |
| Joseph DeSalvo | 59 | Head of Global Security |
| Michael Lambert | 52 | Head of Commercial Operations |
| Adam Draizin | 55 | Independent Director Nominee |
| Paul Morin | 80 | Independent Director Nominee |
| Randy Boutin | 56 | Independent Director Nominee |

---

The following is a biographical summary of the experience of our executive officers.

**Doron Kempel**

Doron Kempel is Chairman, CEO and a non-independent director at Bond. Prior to founding Bond in 2017, Doron was Founder and CEO of SimpliVity Corporation, which pioneered hyper converged IT infrastructure, a novel cloud architecture that radically simplified IT infrastructure and was eventually acquired by HPE. Previously, was co-founder, Chairman and CEO at Diligent Technologies, which was eventually acquired by IBM. Doron holds an MBA from Harvard Business School, as well as Law and Philosophy degrees from Tel-Aviv University. Additionally, he served for approximately ten (10) years in the Israeli Defense Forces.

**Amit Hod**

Amit Hod is Chief Financial Officer, Head of Corporate Operations and will be a non-independent director at Bond. In this role, he leads the company's daily activities across functions such as finance, IT, and regulatory compliance. Prior to Bond, Amit was the Chief Financial Officer at BCM where he led the company's acquisition. Before, he was a senior auditor at PwC, managing financial audits of start-ups in the high-tech and online arenas, private and listed companies. Amit holds a B.A in accounting and information technologies and M.A in law. Additionally, he served for eight (8) years in the ministry of defense.

**Joseph DeSalvo**

Joseph DeSalvo was most recently Chief Security Officer of Blackstone and has more than twenty (20) years of experience in corporate security and investigations. Based in New York, he oversaw security for Blackstone's facilities, employees and assets, business continuity, crisis management, duty of care and executive protection for all offices globally. A former FBI Special Agent and United States Army veteran, Mr. DeSalvo has held similar roles at Charles Schwab & Co., Bankers Trust Company and Iron Mountain. Mr. DeSalvo earned his MBA from the University of Hartford, and he holds executive leadership certifications from Georgetown University and the Kellogg School of Management at Northwestern University.

**Michael Lambert**

Michael Lambert is Head of Commercial Operations at Bond. A multilingual enterprise sales leader with an unbroken string of organizational success stories, Michael is a board-facing executive who joined Bond most recently from Vectra AI, a pre-IPO cybersecurity market disruptor, where he established and grew the top-performing regional sales team globally. Prior to this, Michael was the VP/GM of the Americas at MSC Software, leading a cross-functional team through a turnaround success that enabled the company to exit private equity with an attractive multiple. Formative sales experiences at PTC and IBM prepared him to step into the MSC role. Michael spent five (5) years active duty in the US Marine Corps after he graduated with honors from the US Naval Academy. He speaks, reads and writes Japanese and Spanish.

**Adam Draizin**

Adam Draizin has been nominated to serve as an independent director at Bond and the Audit Committee Chair upon the Company's listing on Nasdaq. In this role, he will oversee the integrity of financial reporting, effectiveness of internal controls and the performance of internal and external auditors. He is a private equity investor and advisor wherein he manages a diverse investment portfolio across multiple sectors and has served on boards of both, private and public companies, offering governance oversight and growth-focused advisory. Before, he was the Co-Founder and an executive officer at Verra Mobility (formerly American Traffic Solutions), managing the fleet services division and building the leading toll and violation management platform. Additionally, he served for six (6) years as the CFO of Verra Mobility. Adam holds an M.B.A from Harvard Business School, as well as a History degree from Washington University in St. Louis.

**Paul Morin**

Paul Morin has been nominated to serve as an independent director at Bond and the Compensation Committee Chair upon the Company's listing on Nasdaq. In this role, he will lead the oversight of executive compensation policies, ensuring alignment with company performance and shareholder interests. Prior to Bond, he was the owner of Cardinal Program Management Services wherein he provided business operations consulting to two high-tech startups and acted as the Operations VP and managed the HR, IT, facilities, legal, planning, and financial departments in the U.S. and Israel. Before, he was the VP Global Business Operations at Diligent Technologies Corporation, managing the global business operations of a tech start-up from founding to acquisition by IBM. Additionally, he served as the Director of Operations at EMC Corporation for two (2) years. Paul holds an executive business degree from Carnegie Mellon University, as well as a Bachelor of Science degree from Northeastern University.

**Randy Boutin**

Randy Boutin has been nominated to serve as an independent director at Bond and the Nominating and Corporate Governance Committee Chair upon the Company's listing on Nasdaq. In this role, he will lead the selection of board candidates and oversee corporate governance practices to ensure effective board functioning. Currently, he is the General Manager at Amazon Web Services, wherein is responsible for the AWS Edge Data Services exceeding $300 million ARR and optimizing data management to help customers accelerate workflows and projects. Before, he was the Co-Founder and CEO of Tuono, a public cloud infrastructure automation platform, developing and managing the platform to help enterprise customers adopt and manage public cloud computing and accelerating productivity. Additionally, he served for five (5) years as the VP of Cloud Services & Customer Success at SimpliVity. Randy holds an M.B.A from Columbia Business School, as well as a Bachelor of Science degree from Rensselaer Polytechnic Institute.

**Family Relationships**

There are no family relationships among any of our directors or executive officers.

**Board of Directors**

Our board of directors currently consists of one (1) director and will expand to five (5) directors upon our anticipated listing on Nasdaq. Our bylaws provide that, subject to the rights of holders of any series of our preferred stock to elect directors, the number of directors on our board of directors shall be fixed from time to time solely by resolution of the board of directors.

Pursuant to our bylaws, subject to the preferential rights of holders of any series of our preferred stock, any newly created directorship that results from an increase in the number of directors or any vacancy on our board of directors can only be filled by the affirmative vote of a majority of the total number of directors then in office, even if less than a quorum, or by a sole remaining director. Further, any member of our board of directors or our entire board of directors may be removed by the stockholders holding a majority of the shares then entitled to vote at an election of directors with or without cause.

When considering whether directors have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business.

**Director Independence**

Our board of directors has determined that all members of our board of directors and nominees for our board of directors, except Doron Kempel and Amit Hod, are independent directors for purposes of the rules of Nasdaq and the SEC. In making this determination, our board of directors considered the relationships that each non-employee director has with us and all other facts and circumstances that our board of directors deemed relevant, including the beneficial ownership of our Common Stock by each non-employee director. Upon the effectiveness of the registration of which this prospectus forms a part, we expect that the composition and functioning of our board of directors and each of our committees will comply with all applicable requirements of Nasdaq and the rules and regulations of the SEC, subject to applicable phase-in periods for committees.

**Board Leadership Structure**

Our board of directors is currently chaired by Doron Kempel. Our corporate governance guidelines further provide the flexibility for our board of directors to modify our leadership structure in the future as it deems appropriate.

**Committees of our Board of Directors**

Our board of directors has established an audit committee, a compensation committee and a nominating and corporate governance committee, each of which operates pursuant to a charter adopted by our board of directors. Our board of directors may also establish other committees from time to time to assist the board of directors. Upon the effectiveness of the registration of which this prospectus forms a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act, Nasdaq and SEC rules and regulations. Upon our listing on Nasdaq, each committee's charter will be available on our website.

**Audit Committee**

Effective upon our listing on the Nasdaq, the members of our Audit Committee will be Adam Draizin, Paul Morin and Randy Boutin. Adam Draizin will serve as the chairperson of the committee. Each of the audit committee members satisfy the independence requirements of Rule 5605(a)(2) of the NASDAQ Stock Market listing rules and SEC Rule 10A-3 nominees. Our board has affirmatively determined that Adam Draizin will be designated as the "audit committee financial expert." The designation shall not impose on Adam Draizin any duties, obligations or liabilities that are greater than those generally imposed on members of our Audit Committee and the board members. The audit committee's responsibilities include:

● appointing, approving the compensation of and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns;

● recommending based upon the audit committee's review and discussions with management and our independent registered public accounting firm whether our audited financial statements shall be included in our annual report on Form 10-K;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing quarterly earnings releases.

**Compensation Committee**

Effective upon our listing on the Nasdaq, the members of the compensation committee will be Paul Morin, Adam Draizin and Randy Boutin. Paul Morin will serve as the chairperson of the committee. Our board of directors has determined that each member of the compensation committee is "independent" as that term is defined in Nasdaq rules and is a "non-employee director" under Rule 16b-3 under the Exchange Act. In addition, our board of directors has determined that each member of the compensation committee meets the heightened independence requirements for compensation committee purposes under Section 10C of the Exchange Act and related SEC and Nasdaq rules. The compensation committee's responsibilities include:

● reviewing and approving our philosophy, policies and plans with respect to the compensation of our chief executive officer;

● making recommendations to our board of directors with respect to the compensation of our chief executive officer and our other executive officers;

● reviewing and assessing the independence of compensation advisors;

● overseeing and administering our equity incentive plans;

● reviewing and making recommendations to our board of directors with respect to director compensation; and

● preparing the compensation committee reports required by the SEC, including our "compensation discussion and analysis" disclosure.

**Nominating and Corporate Governance Committee**

Effective upon our listing on the Nasdaq, the members of our nominating and corporate governance committee will be Randy Boutin, Adam Draizin and Paul Morin. Randy Boutin will serve as the chairperson of the committee. Our board of directors has determined that each member of the nominating and corporate governance committee is "independent" as defined in Nasdaq rules. The nominating and corporate governance committee's responsibilities include:

● developing and recommending to the board of directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating board of director candidates, including nominees recommended by shareholders;

● reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us;

● identifying and screening individuals qualified to become members of the board of directors;

● recommending to the board of directors the persons to be nominated for election as directors and to each of the board's committees;

● developing and recommending to the board of directors a code of business conduct and ethics and a set of corporate governance guidelines; and

● overseeing the evaluation of our board of directors and management.

**Code of Conduct**

We have adopted a written code of ethics and business conduct, that applies to our directors, officers and employees, including our chief executive officer, head of finance, head of global security or persons performing similar functions. In connection with the effectiveness of the registration statement of which this prospectus forms a part, a current copy of the code will be posted on our website. If we make any substantive amendments to, or grant any waivers from, the code of ethics and business conduct for any officer or director, we will disclose the nature of such amendment or waiver on our website or in a Current Report on Form 8-K.

**EXECUTIVE AND DIRECTOR COMPENSATION**

**Executive Compensation**

This section discusses the material components of the executive compensation program for our executive officers who are named in the "*2024 Summary Compensation Table*" below. For the fiscal year ended December 31, 2024, our "named executive officers" and their positions were as follows:

● Doron Kempel, Chief Executive Officer and Director;

● Amit Hod, Head of Corporate Operations and Finance;

● Joseph DeSalvo, Head of Global Security; and

● Michael Lambert, Head of Commercial Operations.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt following the completion of this offering may differ materially from the currently planned programs summarized in this discussion. As an "emerging growth company" and a "smaller reporting company," each as defined under SEC rules, we are not required to include a compensation discussion and analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies and smaller reporting companies.

**2024 Summary Compensation Table**

The following table represents information regarding the total compensation awarded to, earned by or paid to our named executive officers during the fiscal years ended December 31, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary ($)** | **Bonus ($)** | **Option Awards (1) ($)** |  | **Total ($)** |
| Doron Kempel | 2024 | 31200 |  | 1298195 |  | 1329395 |
| Chief Executive Officer and Director | 2023 | 31200 |  |  |  | 31200 |
| Amit Hod | 2024 | 153000 |  | 427257 | (2) | 580257 |
| Head of Corporate Operations and Finance | 2023 | 153000 |  |  |  | 153000 |
| Joseph DeSalvo | 2024 | 315000 | 337500 | 761842 |  | 1414342 |
| Head of Global Security | 2023 | 283500 |  |  |  | 283000 |
| Michael Lambert | 2024 | 225000 | 250000 | 97364 |  | 572364 |
| Head of Commercial Operations | 2023 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In accordance with SEC rules, amounts in this column reflect the aggregate grant date fair value of stock options for shares of Common Stock granted computed in accordance with ASC 718, rather than the amounts paid or realized by the named individual. We provide information regarding the assumptions used to calculate the value of the stock options granted in Note 4 to our audited financial statements included elsewhere in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The exercise price for the option awards awarded to our named executive officers was modified pursuant to a reverse stock split on November 11, 2023 and September 19, 2025 except in relation to the exercise price for the option awards awarded to Mr. Hod.

**2024 Salaries**

In 2024, our named executive officers received an annual base salary to compensate them for services rendered to us. The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role, and responsibilities.

For the fiscal year ended December 31, 2024, the annual base salary of the following executive officers remained consistent with salaries paid in the fiscal year ended December 31, 2023: Mr. Kempel at $31,200 and Mr. Hod at $153,000.

Mr. Lambert joined the Company in the fiscal year ended December 31, 2024 with an annual base salary of $225,000.

**2023 Salaries**

In 2023, our named executive officers received an annual base salary to compensate them for services rendered to us. The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role, and responsibilities.

**2024 Bonuses**

For the fiscal year ended December 31, 2024, Mr. DeSalvo and Mr. Lambert were eligible to earn a bonus based on the achievement of goals and milestones, as determined by the Company in its sole discretion. For the fiscal year ended December 31, 2024, both Mr. DeSalvo and Mr. Lambert received bonuses amounting to $385,000 and $215,000 respectively.

**2023 Bonuses**

For the fiscal year ended December 31, 2023, none of the executive officers were eligible for or earned a bonus based on the achievement of goals and milestones, as determined by the Company in its sole discretion.

**Equity Compensation**

Our named executive officers received stock options to purchase shares of Common Stock that were granted in 2024 pursuant to the Company's Amended and Restated Equity Plan. No stock options were granted in 2023.

In 2024, the named executive officers were awarded stock options to purchase the following number of shares of Common Stock: Mr. Kempel - 3,090,943, Mr. Hod - 192,559, Mr. DeSalvo - 251,707 and Mr. Lambert - 231,821.

In 2023, the named executive officers were awarded stock options to purchase the following number of shares of Common Stock: Mr. Hod - 20,189 and Mr. DeSalvo - 35,801. In 2023, no stock options were awarded to Mr. Kempel.

Many of the stock options granted to our named executive officers in 2024 vest over four (4) years, with a 1/4 on the first anniversary date of the vesting commencement date and 1/48<sup>th</sup> each month thereafter until fully vested, subject to continued service. All of the stock options granted vest over a period of time not to exceed ten (10) years from the grant date

For additional information about the Amended and Restated Equity Plan, please see the section titled "—*Equity Compensation Plans*" below.

**Other Elements of Compensation**

**Retirement Plans**

We participate in the TG-17, Inc. 401(k) Plan, which is available to all of our employees, including our named executive officers. Our named executive officers are eligible to participate in the TG-17, Inc. 401(k) Plan on the same terms as other full-time employees. As per the TG-17, Inc. 401(k) Plan, the Company may, in its sole discretion, provide matching funds to any employee.

**Employee Benefits and Perquisites**

*Health/Welfare Plans.* All of our full-time employees, including our named executive officers, are eligible to participate in the Company's health and welfare plans, including:

 

● medical, dental and vision benefits;

● health and dependent care flexible spending accounts;

● short-term and long-term disability insurance;

● life and accidental death and dismemberment coverage;

● voluntary employee paid life insurance; and

● employee paid specified disease.

We believe that the employee benefits described above are necessary and appropriate to provide a competitive compensation package to our named executive officers and employees.

**Employment Agreements with our Named Executive Officers**

**Doron Kempel Employment Agreement**

We entered into an employment agreement with Mr. Kempel, dated August 15, 2018, pursuant to which Mr. Kempel serves as our Chief Executive Officer. Mr. Kempel's employment pursuant to the agreement is "at-will" and is terminable by either party for any reason and with or without notice.

Pursuant to his agreement, Mr. Kempel was entitled to receive an initial base salary of $25,000 per year, which was increased to $31,200 in 2023. In addition, the agreement provides that Mr. Kempel is eligible to participate in Company sponsored benefit plans, as and when established. All reasonable business expenses that were documented by Mr. Kempel and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

**Amit Hod Employment Agreement**

We, through our TG- 17 (Israel) Ltd. subsidiary, entered into an employment agreement with Mr. Hod, dated May 25, 2017, pursuant to which Mr. Hod serves as our Chief Financial Officer and Head of Corporate Operations. Mr. Hod's employment pursuant to the agreement is "at-will" and is terminable by either party for any reason and with a prior written notice of 30 days.

Pursuant to his agreement, Mr. Hod was entitled to receive an initial base salary of $7,820 per month and an overtime payment of $1,955 per month, which was increased to a monthly base salary of $11,290 and an overtime payment of $2,820 per month in 2022. In addition, the agreement provides that Mr. Hod shall receive (i) eligibility to participate in Company sponsored benefit plans, as and when established, including the continuous excellence and alignment objectives ("***CEAO***") bonus program, (ii) pension insurance, and (iii) 616 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated Sub-Plan: Israel. Under the CEAO bonus program, Mr. Hod was entitled to receive an initial gross payout of $6,200, awarded in four (4) equal quarterly payments based on subjective and objective criteria as determined by the Chief Executive Officer and Vice-President of the employee's department of the Company. In 2022, the gross payout under the CEAO bonus program was increased to $31,200 and Mr. Hod was awarded (i) a one-time cash bonus of one (1) month's salary and (ii) an additional 868 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated Sub-Plan: Israel. All reasonable business expenses that were documented by Mr. Hod and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

**Joseph DeSalvo Employment Agreement**

We entered into an employment agreement with Mr. DeSalvo, dated July 19, 2021, pursuant to which Mr. DeSalvo serves as our Head of Global Security. Mr. DeSalvo's employment pursuant to the agreement is "at-will" and is terminable by either party for any reason and with or without notice.

Pursuant to his agreement, Mr. DeSalvo was entitled to receive an initial base salary of $285,000 per year. In addition, the agreement provides that Mr. DeSalvo shall receive (i) eligibility to participate in Company sponsored benefit plans, as and when established, including the CEAO bonus program, (ii) commission incentives and bookings bonus for the first twelve (12) months of employment as per the agreement, and subsequently as determined by the Company, (iii) 35,801 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated 2017 Equity Plan, and (iv) three (3) months' severance benefits in the event of termination other than for cause or for a good reason as defined under the agreement. Under the CEAO bonus program, Mr. DeSalvo was entitled to receive an initial gross payout of $15,000, awarded in four (4) equal quarterly payments based on subjective and objective criteria as determined by the Chief Executive Officer of the Company. All reasonable business expenses that were documented by Mr. DeSalvo and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

**Michael Lambert Employment Agreement**

We entered into an employment agreement with Mr. Lambert, dated January 2, 2024, pursuant to which Mr. Lambert serves as our Head of Commercial Operations. Mr. Lambert's employment pursuant to the agreement was "at-will" and was terminable by either party for any reason and with or without notice.

Pursuant to his agreement, Mr. Lambert was entitled to receive an initial base salary of $240,000 per year, which was decreased to $225,000 in 2024. In addition, the agreement provides that Mr. Lambert shall receive (i) eligibility to participate in Company sponsored benefit plans, as and when established, including the CEAO bonus program, (ii) commission incentives of up to $250,000, (iii) 2,31,821 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated 2017 Equity Plan, and (iv) three (3) months' severance benefits in the event of termination other than for cause. Under the CEAO bonus program, Mr. Lambert was entitled to receive an initial gross payout of $10,000, awarded in four (4) equal quarterly payments based on subjective and objective criteria as determined by the Chief Executive Officer of the Company. In 2024, the gross payout under the CEAO bonus program was reduced to $0. All reasonable business expenses that were documented by Mr. Lambert and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

The foregoing description of the employment agreements with our named executive officers are qualified in their entirety by reference to the individual employment agreements, copies of which are filed as Exhibits 10.5, 10.6, 10.7 and 10.8 hereto and incorporated by reference herein.

**Equity Compensation Plans**

The following summarizes the material terms of the Amended and Restated Equity Plan.

**Stock Option Plan**

On May 26, 2017, our board of directors adopted, and our stockholders approved, our Amended and Restated Equity Plan. On June 29, 2018, this plan was amended to reflect the Company's conversion from a Delaware limited liability company to a Delaware corporation. On June 19, 2025, this plan was further amended to increase the number of shares authorized for issuance under the plan by reserving an additional 5,866,923 shares of the Common Stock resulting in an aggregate of 22,220,855 shares of the Common Stock reserved for issuance.

On May 26, 2017, our board of directors adopted, and our stockholders approved, our TG-17, Inc. Amended and Restated Sub-Plan: Israel applicable only for residents of the State of Israel or those who are deemed to be residents of the State of Israel for the payment of tax. This sub-plan is to be read as a continuation of the Amended and Restated Equity Plan and only modifies those options that are governed by the sub-plan to ensure compliance with the requirements of the applicable Israeli laws.

The Amended and Restated Equity Plan provides for the grant of incentive stock options and non-statutory stock options. The Amended and Restated Equity Plan, through the grant of stock awards, is intended to help us secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for our success. Through December 31, 2024, we have issued the equivalent of 5,032,974 options at the strike price and as per the vesting schedule specified in the corresponding award agreement to employees and directors under Amended and Restated Equity Plan.

As of December 31, 2024, there were the equivalent of 216,058 shares available for future issuance under the Amended and Restated Equity Plan.

The foregoing description of the TG-17, Inc. Amended and Restated 2017 Equity Plan and the TG-17, Inc. Amended and Restated Sub-Plan: Israel are qualified in its entirety by reference to the TG-17, Inc. Amended and Restated 2017 Equity Plan and the TG-17, Inc. Amended and Restated Sub-Plan: Israel, copies of which are filed as Exhibits 10.2 and 10.3 hereto and incorporated by reference herein.

**Outstanding Equity Awards at December 31, 2024**

The following table presents information regarding outstanding equity awards held by our named executive officers as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Number of Securities Underlying Unexercised Options Exercisable** | **Number of Securities Underlying Unexercised Options Unexercisable** | **Weighted Average Option Exercise Price** |  | **Option Expiration Date** |
| Doron Kempel | 24469967 | 6439467 | $0.14 |  | 2034 |
| Amit Hod | 1293367 | 632223 | $0.74 | (1) | 2027-2034 |
| Joseph DeSalvo | 161023 | 906834 | $0.14 |  | 2031-2034 |
| Michael Lambert | 0 | 231821 | $0.14 |  | 2034 |

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(1) The exercise price for the option awards awarded to our named executive officers was modified pursuant to a reverse stock split on November 11, 2023 except in relation to the exercise price for the option awards awarded to Mr. Hod.

**Director Compensation**

**Non-employee Director Compensation Table**

We did not have any non-employee members on our board of directors during the fiscal year ended December 31, 2024 and therefore, we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any non-employee members of our board of directors in 2024.

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

The following table lists, as of the date of this prospectus, the number of shares of common stock beneficially owned by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each person, entity or group (as that term is used in Section 13(d)(3) of the Exchange Act) known to the Company to be the beneficial owner of more than 5% of the outstanding common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each of our Named Executive Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all executive officers and directors as a group.

Information relating to beneficial ownership of Common Stock by our principal stockholders and management is based upon information furnished by each person using "beneficial ownership" concepts under the rules of the Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person directly or indirectly has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to dispose or direct the disposition of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary interest.

We have based percentage of beneficial ownership for the following table on 10,281,120 shares of Common Stock and 17,494,820 shares in the aggregate of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock and Series F Preferred Stock on an as converted to Common Stock basis, which cast a total of 417,484,820 on an as converted to Common Stock basis, for a total of 427,765,940 shares entitled to vote, and does not include 3,580,499 shares of Non-Voting Common Stock, 329,671 shares of Series C Preferred Stock, 682,770 shares of Series E Preferred Stock and 109,891 shares of Series D Preferred Stock, which are non-voting, outstanding as of November 12, 2025. In addition, in accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities issuable within 60 days of November 12, 2025. As such, shares of Common Stock issuable pursuant to options and warrants that may be exercised or settled within 60 days of November 12, 2025 are deemed to be outstanding for purposes of computing the percentage of the class beneficially owned by the person holding such securities but are not deemed to be outstanding for purposes of computing the percentage of the class beneficially owned by any other person.

Each share of our Common Stock is entitled to one vote per share on all matters submitted to a vote of the stockholders, including the election of directors.

Unless otherwise indicated, the business address of each of the individuals and entities named below is c/o TG-17, Inc., 85 Broad Street, New York, NY 10004.

The following table represents the security ownership of certain beneficial owners and management pertaining to our Common Stock:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of beneficial owner** | **Common Stock beneficially owned prior to offering** | **Percentage of Beneficial Ownership** | **Percentage of Voting Power** | **Shares of Common Stock being registered** | **Shares of Common Stock beneficially owned after offering** |
| **Executive Officers and Directors** |  |  |  |  |  |
| Doron Kempel (1) | 9045457 | 54.30% | 98.16% |  |  |
| Amit Hod (2) | 210462 | 2.01% | 0% |  |  |
| Joseph DeSalvo (3) | 251707 | 2.39% | 0% |  |  |
| Michael Lambert (4) | 113922 | 1.10% | 0% |  |  |
| Adam Draizin |  |  |  |  |  |
| Paul Morin (5) | 66707 | \* | \* |  |  |
| Randy Boutin |  |  |  |  |  |
| **Executive Officers and Directors as a Group (8 persons) (6)** | 9688255 | 56.01% | 98.16% |  |  |
| **5% Stockholders** |  |  |  |  |  |
| Doron Kempel (1) | 9045457 | 54.30% | 98.16% |  |  |
| ProdActive II LLC (7) | 8063796 | 59.64% | 59.64% |  |  |
| Radek Sousek (8) | 2164417 | 17.45% | 17.45% |  |  |
| JVP VIII, L.P. (9) | 1365433 | 12.15% | 12.15% |  |  |
| JVP VII Opportunity, L.P. (10) | 727330 | 6.74% | 6.74% |  |  |
| A Participations Ltd. (11) | 608530 | 5.70% | 5.70% |  |  |
| Ascent Partners Fund LLC (12) | 1141047 | 9.99% | 0% |  |  |
| Eastward Fund Management, LLC (13) | 1134491 | 9.99% | 9.99% |  |  |
| DK 2025 Florida Irrevocable Trust (14) | 1000000 | 9.73% | 9.73% |  |  |

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\* Less than 1%

1. Doron Kempel beneficially owns:

(A) 2,669,211 shares of our Common Stock, which includes the following: (i) 165,780 shares which he owns himself and over which he has sole voting and investment control; and (ii) 2,503,431 shares owned by VFTG, L.P., over which Mr. Kempel has sole voting and investment control. The address of VFTG, L.P. is 292 Newbury Street, #485 Boston, MA 02115;

(B) 3,114,460 shares of our shares of Common Stock, issuable upon conversion of 3,114,460 shares of Series B-1 Preferred Stock, owned by VFTG, L.P.;

(C) 418,421 shares of our shares of Common Stock, issuable upon conversion of 418,421 shares of Series B-3 Preferred Stock, which includes (i) 389,457 shares owned by VFTG, L.P.; and (ii) 28,964 which he owns himself;

(D) 10,000 shares of our shares of Common Stock, issuable upon conversion of 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes, which he owns himself; and

(E) 2,833,365 shares of our Common Stock issuable upon the exercise of 2,833,365 outstanding options, with an exercise cost of $1,190,013, within 60 days of this prospectus.

2. Amit Hod beneficially owns 210,462 shares of our Common Stock issuable upon the exercise of 210,462 outstanding options, with an exercise cost of $438,810, within 60 days of this prospectus. Mr. Hod has sole voting and investment control over such shares.

3. Joseph DeSalvo beneficially owns 251,707 shares of our Common Stock issuable upon the exercise of 251,707 outstanding options, with an exercise cost of $105,717, within 60 days of this prospectus. Mr. DeSalvo has sole voting and investment control over such shares.

4. Michael Lambert beneficially owns 113,922 shares of our Common Stock issuable upon the exercise of 13,922 outstanding options, with an exercise cost of $57,222, within 60 days of this prospectus. Mr. Lambert has sole voting and investment control over such shares.

5. Paul Morin beneficially owns 66,707 shares of our Common Stock which includes (A) 1,915 shares of Common Stock which he owns himself; and (B) 64,792 shares of Common Stock issuable upon conversion of 64,792 shares of Series B-3 Preferred Stock. Mr. Morin has sole voting and investment control over stocks beneficially owned by him.

6. Includes (A) 2,671,126 shares of Common Stock, (B) 3,114,460 shares of Series B-1 Preferred Stock, (C) 483,213 shares of Series B-3 Preferred Stock; (D) 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes and (E) 3,409,456 shares of Common Stock issuable upon the exercise of 3,409,456 outstanding options within 60 days of this prospectus, all amounts mentioned herein held by the directors and executive officers as a group.

7. ProdActive II LLC, beneficially owns 8,063,796 shares of Common Stock which includes (A) 4,824,405 shares of Common Stock; and (B) 3,239,391 shares of Common Stock issuable upon conversion of (i) 133,330 shares of Series B-1 Preferred Stock; and (ii) 3,106,061 shares of Series B-3 Preferred Stock. DK 2019 Irrevocable Trust has sole voting and investment control over stocks beneficially owned by ProdActive II LLC. DK 2019 Irrevocable Trust is governed by unanimous consent of a distribution committee, namely: Koby Kempel, Jay Hachigian, Susan Aharonian and Paul Morin. The address of ProdActive II LLC is 292 Newbury Street, #485 Boston, MA 02115.

8. Radek Sousek beneficially owns 2,164,417 shares of Common Stock which includes (A) 41,862 shares of Common Stock; and (B) 2,122,555 shares of Common Stock issuable upon conversion of (i) 683,746 shares of Series B-1 Preferred Stock; (ii) 1,332,552 shares of Series B-2 Preferred Stock; and (iii) 106,257 shares of Series B-3 Preferred Stock. Radek Sousek has sole voting and investment control over stocks beneficially owned by him.

9. JVP VIII, L.P. beneficially owns 1,365,433 shares of Common Stock which includes (A) 410,531 shares of Common Stock; and (B) 954,902 shares of Common Stock issuable upon conversion of 954,902 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VIII, L.P.

10. JVP VII Opportunity, L.P. beneficially owns 727,330 shares of Common Stock which includes (A) 218,679 shares of Common Stock; and (B) 508,651 shares of Common Stock issuable upon conversion of 508,651 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VII Opportunity, L.P.

11. A Participations Ltd. beneficially owns 608,530 shares of Common Stock which includes (A) 209,309 shares of Common Stock; and (B) 399,221 shares of Common Stock issuable upon conversion of 399,221 shares of Series B-3 Preferred Stock. Mr. Stefano Pessina has sole voting and investment control over stocks beneficially owned by A Participations Ltd.

12. Ascent Partners Fund LLC (the "***Ascent***"), a Delaware limited liability company, beneficially owns 1,141,047 shares of Common Stock issuable upon conversion of 231,233 shares of Series C Preferred Stock. Each of Mikhail Gurevich and Gennadiy Gurevich manages Dominion Capital Holdings LLC ("***DCH***") and Dominion Capital GP LLC ("***Dominion GP***"), each a Delaware limited liability company, Dominion Capital LLC ("***DC***"), a Connecticut limited liability company, Ascent Partners LLC ("***AP***"), a Delaware limited liability company and Ascent. DCH manages DC, Dominion GP, AP and Ascent. Dominion GP manages DC, AP and Ascent. DC manages AP and Ascent. Alon Brenner manages Masada Group Holdings LLC ("***Masada***"), a Florida limited liability company, AP and Ascent. Masada manages AP and Ascent. AP manages Ascent. Ascent has the power to dispose of and the power to vote the shares beneficially owned by it. Each of Mikhail Gurevich, Gennadiy Gurevich, DCH, Dominion GP, DC, Alon Brenner, Masada and AP may be deemed to beneficially own, and have the power to vote, the shares beneficially owned by Ascent and the other companies they are listed above as managing. For the avoidance of doubt, Ascent beneficially owns 28,405,036 shares of Common Stock which includes (A) 1,626,800 shares of Common Stock issuable upon conversion of 329,671 shares of Series C Preferred Stock; (B) 1,333,335 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series C Preferred Stock offering; (C) 444,901 shares of Common Stock issuable upon conversion of 549,451 shares of Series D Preferred Stock; and (D) 25,000,000 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series D Preferred Stock offering. However, the Certificate of Designation for the Series C Preferred Stock and Series D Preferred Stock contain a beneficial ownership limitation on conversion of the Series C Preferred Stock and Series D Preferred Stock in excess of 9.99% of the Common Stock.

13. Eastward Fund Management, LLC beneficially owns (A) 64,567 shares of Common Stock; and (B) 1,069,924 shares of Common Stock issuable upon conversion of 1,069,924 shares of Series B-1 Preferred Stock. Mr. Dennis Cameron has sole voting and investment control over stocks beneficially owned by Eastward Fund Management, LLC. The address of Eastward Fund Management, LLC is 432 Cherry Street West Newton, MA 02465. For the avoidance of doubt, Eastward Fund Management, LLC beneficially owns (A) 64,567 shares of Common Stock; (B) 4,102,472 shares of Common Stock issuable upon conversion of 4,102,472 shares of Series B-1 Preferred Stock; (C) 247,145 shares of Common Stock issuable upon conversion of 247,145 warrants issued pursuant to the Series B-1 Preferred Stock offering; and (D) 682,770 shares of Series E Preferred Stock which are convertible into 1,820,720 shares of Common Stock. However, the Certificate of Designation for the Series B-1 Preferred Stock and Series E Preferred Stock contain a beneficial ownership limitation on conversion of the Series B-1 Preferred Stock and the Series E Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock. Additionally, Eastward Fund Management, LLC owns 64,567 shares of Common Stock, issued as dividend pursuant to the Certificate of Designation of Series E Preferred Stock as of November 12, 2025 which are not being registered for resale.

14. DK 2025 Florida Irrevocable Trust beneficially owns 1,000,000 shares of Common Stock. Mr. Jonathan Kempel has sole voting and investment control over stocks beneficially owned by DK 2025 Florida Irrevocable Trust.

The following table represents the security ownership of certain beneficial owners and management pertaining to our Preferred Stock entitled to vote, on an as converted to Common Stock basis:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of beneficial** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Voting preferred stock beneficially owned prior to** | **Percentage of beneficial** | **Percentage of voting** | **Shares of common stock being** | **Shares of common stock beneficially owned after** |
| **owner** | **B-1** | **B-2** | **B-3** | **F** | **C** | **E** | **D** | **offering** | **ownership** | **power** | **registered** | **offering** |
| **Executive Officers and Directors** |  |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 |  | 418421 | 10000 |  |  |  | 3542881 | 22.58% | 97.37% |  |  |
| Amit Hod |  |  |  |  |  |  |  |  |  |  |  |  |
| Joseph DeSalvo |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael Lambert |  |  |  |  |  |  |  |  |  |  |  |  |
| Adam Draizin |  |  |  |  |  |  |  |  |  |  |  |  |
| Paul Morin (2) |  |  | 64792 |  |  |  |  | 64792 | \* | \* |  |  |
| Randy Boutin |  |  |  |  |  |  |  |  |  |  |  |  |
| **Executive Officers and Directors as a Group (4 persons) (3)** | 3114460 |  | 483213 | 10000 |  |  |  | 3607673 | 22.99% | 97.38% |  |  |
| **5% Stockholders** |  |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 |  | 418421 | 10000 |  |  |  | 3542881 | 22.58% | 97.37% |  |  |
| ProdActive II LLC (4) | 133330 |  | 3106061 |  |  |  |  | 3239391 | 20.64% | \* |  |  |
| Radek Sousek (5) | 683746 | 1332552 | 106257 |  |  |  |  | 2122555 | 13.53% | \* |  |  |
| JVP VIII, L.P. (6) |  |  | 954902 |  |  |  |  | 954902 | 6.09% | \* |  |  |
| Eastward Fund Management, LLC (7) | 1069924 |  |  |  |  |  |  | 1069924 | 6.82% | \* |  |  |
| Ascent Partners Fund LLC (8) |  |  |  |  | 1141047 |  |  | 1141047 | 7.27% | 0% |  |  |

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1. Doron Kempel beneficially owns 3,542,881 shares of our Common Stock issuable upon conversion of:

(A) 3,114,460 shares of Series B-1 Preferred Stock, owned by VFTG, L.P.;

(B) 418,421 shares of Series B-3 Preferred Stock, which includes (i) 389,457 shares owned by VFTG, L.P.; and (ii) 28,964 which he owns himself; and

(C) 10,000 shares of Series F Preferred Stock, which he owns himself and each share is entitled to cast 40,000 votes.

2. Paul Morin beneficially owns 64,792 shares of our Common Stock issuable upon conversion of 64,792 shares of Series B-3 Preferred Stock. Mr. Morin has sole voting and investment control over stocks beneficially owned by him.

3. Includes (i) 3,607,673 shares of Common Stock issuable upon conversion of the Preferred Stock entitled to vote held by the Directors and Executive Officers as a group.

4. ProdActive II LLC beneficially owns 3,239,391 shares of Common Stock issuable upon conversion of (A) 133,330 shares of Series B-1 Preferred Stock; and (B) 3,106,061 shares of Series B-3 Preferred Stock.

5. Radek Sousek beneficially owns 2,122,555 shares of Common Stock issuable upon conversion of (A) 683,746 shares of Series B-1 Preferred Stock; (B) 1,332,552 shares of Series B-2 Preferred Stock and (C) 106,257 shares of Series B-3 Preferred Stock.

6. JVP VIII, L.P. beneficially owns 954,902 shares of Common Stock issuable upon conversion of 954,902 shares of Series B-3 Preferred Stock.

7. Eastward Fund Management, LLC beneficially owns 1,069,924 shares of Common Stock issuable upon conversion of 1,069,924 shares of Series B-1 Preferred Stock. For the avoidance of doubt, Eastward Fund Management, LLC beneficially owns (A) 4,102,472 shares of Common Stock issuable upon conversion of 4,102,472 shares of Series B-1 Preferred Stock; (B) 247,145 shares of Common Stock issuable upon conversion of 247,145 warrants issued pursuant to the Series B-1 Preferred Stock offering; and (C) 682,770 shares of Series E Preferred Stock which are convertible into 1,820,720 shares of Common Stock. However, the Certificate of Designation for the Series B-1 Preferred Stock and Series E Preferred Stock contain a beneficial ownership limitation on conversion of the Series B-1 Preferred Stock and the Series E Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock.

8. Ascent beneficially owns 1,141,047 shares of Common Stock issuable upon conversion of 231,233 shares of Series C Preferred Stock. For the avoidance of doubt, Ascent beneficially owns 28,405,036 shares of Common Stock which includes (A) 1,626,800 shares of Common Stock issuable upon conversion of 329,671 shares of Series C Preferred Stock; (B) 1,333,335 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series C Preferred Stock offering; (C) 444,901 shares of Common Stock issuable upon conversion of 109,891 shares of Series D Preferred Stock; and (D) 25,000,000 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Series D Preferred Stock offering. However, the Certificate of Designation for the Series C Preferred Stock and Series D Preferred Stock contain a beneficial ownership limitation on conversion of the Series C Preferred Stock and Series D Preferred Stock in excess of 9.99% of the Common Stock.

**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

The following is a summary of transactions or series of transactions since inception, or currently proposed transactions or series of transactions, to which we were, or will be, a party, in which the amount involved exceeded, or will exceed, $120,000, and in which any of our directors, executive officers, or to our knowledge, beneficial owners of 5% or more of our capital stock, or any member of the immediate family of, or entities affiliated with, any of the foregoing persons, had, or will have, a direct or indirect material interest.

Since the Company's establishment, the Company's founder and CEO has also been the largest investor who participated in all funding rounds and convertible notes in a total amount of approximately $34.2 million.

In December 2021, the Company entered into an Unsecured Grid Note agreement with its main shareholder, who is also the Chief Executive Officer (the "Main Shareholder") in the amount of up to $1,000,000. The Company received three installments of $300,000 each on December 3, 2021, December 10, 2021, and December 13, 2021.

In May 2022, the Company entered into another Unsecured Grid Note agreement with the Main Shareholder in the amount of up to $1,000 under the same terms. The Company received two installments of $400,000 and $350,000 on May 5, 2022, and May 26, 2022.

In June 2022, the Company entered into a third Unsecured Grid Note agreement with the Main Shareholder in the amount of up to $5,000,000 under the same terms. The Company received sixteen installments for a total of $4,625,000.

In October 2022, the Company entered into a fourth Unsecured Grid Note agreement with the Main Shareholder in the amount of up to $5,000,000 under the same terms. The Company received six installments for a total of $1,650,000.

In 2022, the related party loans in the amount of $6,275,000 were reassigned to a Convertible Promissory Note.

In 2023, $1,450,000 were reassigned to the Convertible Promissory Note and $200,000 were reassigned to the Unsecured Convertible Revolving Promissory Note entered into by the Company in July 2023. The Company entered into Unsecured Convertible Revolving Promissory Note with its main shareholder in the amount of up to $2,000,000. The principal amount was increased to $3,000,000 in October 2023.

In 2025, the Company issued an aggregate of 10,000 shares of Series F Preferred Stock with par value of $0.0001 to Doron Kempel in exchange for his surrender of an equal number of shares of Common Stock.

The total interest expenses recorded as of September 30, 2025 was $42,000, December 31, 2024 was $85,000 and December 31, 2023 was $35,000. As of September 30, 2025, December 31, 2024 and 2023, the Revolving Promissory Note outstanding balance was $1,150,000, $1,870,000 and $1,585,000 respectively.

**DESCRIPTION OF CAPITAL STOCK**

**General**

The following description summarizes certain important terms of our capital stock, as they are expected to be in effect in connection with the effectiveness of the registration statement of which this prospectus forms a part. This description summarizes the provisions of our articles of incorporation, bylaws and individual certificates of designation for each series of our Preferred Stock. Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this section titled "*Description of Capital Stock*," you should refer to our articles of incorporation, our bylaws and individual certificates of designation for each series of our Preferred Stock, which are included as exhibits to the registration statement of which this prospectus forms a part, and to the applicable provisions of Nevada law.

We are authorized to issue 400,000,000 shares of capital stock, which will consist of: (i) 200,000,000 shares of Common Stock, par value $0.0001 per share, (ii) 150,000,000 shares of Preferred Stock, par value $0.0001 per share and (iii) 50,000,000 shares of Non-Voting Common Stock, par value $0.0001 per share.

Pursuant to our articles of incorporation, subject to the provisions of any certificate of designation of any series of Preferred Stock, any increase or decrease in the authorized shares of Common Stock requires an affirmative vote of all the holders of a majority in voting power of capital stock that are entitled to vote.

**Common Stock**

Our articles of incorporation provides that**:**

● holders of Common Stock will have the right to participate and vote in the Company's stockholders meeting except with respect to amendments to our articles of incorporation that relate solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled to vote on such an amendment;

● holders of Common Stock will be entitled to one vote per share on matters to be voted on by stockholders and also will be entitled to receive such dividends, if any, as may be declared from time to time out of funds legally available therefor;

● the payment of dividends, if any, on the Common Stock will be subject to rights of the holders of Preferred Stock; and

● upon our liquidation or dissolution, the holders of Common Stock will be entitled to receive pro rata all assets remaining available for distribution, subject to stockholders rights of the holders of Preferred Stock.

**Preferred Stock**

Our certificates of designation for each series of our Preferred Stock categorize Preferred Stock into the following designations: Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock, Series CF-2 Preferred Stock, Series F Preferred Stock, Series C Preferred Stock, Series E Preferred Stock and Series D Preferred Stock (together, the "**Preferred Stock**").

**Ranking**

With respect to the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company,

● All shares of capital stock of the Company except for Series C Preferred Stock, Series E Preferred Stock and Series D Preferred Stock shall be junior in rank to Series C Preferred Stock, Series E Preferred Stock and Series D Preferred Stock, each of which rank equal,

● Series B-3 Preferred Stock shall be junior in rank to Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series CF-1 Preferred Stock, and Series CF-2 Preferred Stock, each of which rank equal,

● Common Stock, Non-Voting Common Stock and Series F Preferred Stock shall be junior in rank to all other shares of capital stock, and

● Common Stock, Non-Voting Common Stock and Series F Preferred Stock shall rank equal.

**Overview of each series of Preferred Stock**:

The following is the summary of our various series of our Preferred Stock:

**Series B Preferred Stock**

**Description**

This consists of shares of Series B-1 Preferred Stock, Series B-2 Preferred Stock and Series B-3 Preferred Stock (together, the "**Series B Preferred Stock**").

**Conversion**

Each share of Series B Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the applicable original issuance price by the applicable conversion price in effect at the time of conversion.

Each share of Series B Preferred Stock shall automatically be converted into Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in our applicable certificate of designation), as such or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the applicable Series B Preferred Stock, the applicable conversion price for the applicable Series B Preferred Stock shall be readjusted to reflect the lower consideration paid for the applicable Series B Preferred Stock as set forth in our applicable certificate of designation.

The certificate of designation of Series B-1 Preferred Stock provides a limitation on conversion in the event the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Common Stock upon such conversion.

**Voting Rights**

The holders of Series B Preferred Stock are entitled to one vote for each share of Common stock on an as-converted basis and shall vote together, along with holders of other Preferred Stock entitled to vote thereon (together, the "**Voting Preferred Stock**"), with the holders of Common Stock as a single class. The holders of the Series B Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

**Preferred Return; Dividends and Distributions**

The holders of Series B Preferred Stock have a right to participate in any dividend paid by the Company of an amount equal to the dividend payable on each share of Common stock on an as-converted basis. Further, the Company is not allowed to pay or set aside any such dividend unless the holders of Series B Preferred Stock are paid, either first or simultaneously, their share of the dividend, subject to rights of other series of Preferred Stock.

**Liquidation Preference**

The Company's Series B Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock (along with holders of Series CF Preferred Stock on a *pari-passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend and subsequently (ii) the holders of Series B-3 Preferred Stock shall be paid before any payment is paid to holders of Common Stock and Series F Preferred Stock, of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

**Redemption Right**

Other than in a deemed liquidation event as provided for under the applicable certificate of designation, the Series B Preferred Stock is not redeemable at the option of the holder or the Corporation.

**Covenants**

For so long as at least 6,187,498 shares of Voting Preferred Stock remain outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock, or increase the authorized number of shares of Series B Preferred Stock, unless the same ranks junior to the Series B Preferred Stock with respect to its rights, preferences and privileges and we will not enter into certain fundamental transactions (including, without limitation, mergers, business combinations or similar transactions) without the prior written consent of the holders of a majority of the holders of Voting Preferred Stock.

**Series B-1 Preferred Stock Protection Covenants**

For so long as at least 2,051,236 shares of Series B-1 Preferred Stock remain outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock unless the same ranks pari passu with or junior to, or increase the authorized number of shares of Series B-1 Preferred Stock unless the same ranks junior to, the Series B-1 Preferred Stock with respect to its rights, preferences and privileges without the prior written consent of the holders of at least 60% of the holders of Series B-1 Preferred Stock.

**Registration Rights**

Pursuant to the terms of the Third Amended and Restated Stockholders' Agreement dated June 24, 2024 (the "**Stockholders' Agreement**"), the holders of our Preferred Stock entitled to vote therein will be entitled to certain demand registration rights. At any time beginning six (6) months after the effectiveness of the Company's first firm commitment underwritten public offering of its securities under the Act, the holders of at least 50% of the shares registrable under the Stockholders Agreement can request that we register the offer and sale of their shares. Such request for registration must cover securities with an anticipated aggregate offering price of at least $30 million. We are obligated to effect only three (3) such registrations. If we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than once in any twelve-month period, for a period of up to 90 days. Additionally, we will not be required to effect a demand registration during the period beginning 60 days prior to the public filing of a registration statement, and ending on a date 180 days following the effectiveness of a registration statement.

**Piggyback Registration Rights**

If we propose to register the offer and sale of any of our Common Stock or any other securities under the Act, then in connection with the public offering of such Common Stock or any other securities solely for cash, we expect that the holders of up to 28,090,905 shares of our Common Stock (issuable upon conversion of our Series B Preferred Stock and Series CF Preferred Stock) will be entitled to certain "piggyback" registration rights allowing the holders to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i) a demand registration, (ii) a registration related to any employee benefit plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act, (iii) a registration on any registration form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the shares registrable under the Stockholders Agreement or (iv) a registration in which the only Common Stock or Non-Voting Common Stock being registered is issuable upon conversion of debt securities that are also being registered, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

**Series CF Preferred Stock**:

**Description**

This consists of shares of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock (together, the "**Series CF Preferred Stock**"). As of the date of this Prospectus, all shares of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock have been converted to Non-Voting Common Stock. Accordingly, we do not have any shares of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock issued and outstanding.

**Conversion**

Each share of Series CF Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Non-Voting Common Stock as is determined by terms of the applicable certificates of designation.

Each share of Series CF Preferred Stock shall automatically be converted into Non-Voting Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in our applicable certificate of designation), as such or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the applicable Series CF Preferred Stock, the applicable conversion price for the applicable Series CF Preferred Stock shall be readjusted to reflect the lower consideration paid for the applicable Series CF Preferred Stock as set forth in our applicable certificate of designation.

On June 19, 2025, our board of directors and stockholders approved the automatic conversion of all our Non-Voting Common Stock, issued or issuable upon the conversion of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock, into Common Stock concurrently with the listing on the Nasdaq Stock Exchange.

On October 15, 2025, we received the Requisite Holder's consent to convert our Series CF Preferred Stock into Non-Voting Common Stock. Pursuant to the Company's Articles of Incorporation, all Non-Voting Common Stock will automatically convert into Common Stock, which is entitled to one vote per share, concurrently with the initial listing of Common Stock on Nasdaq.

**Voting Rights**

The holders of Series CF Preferred Stock are not entitled to any voting rights.

**Preferred Return; Dividends and Distributions**

The holders of Series CF Preferred Stock have a right to participate in any dividend paid by the Company of an amount equal to the dividend payable on each share of Non-Voting Common stock on an as-converted basis. Further, the Company is not allowed to pay or set aside any such dividend unless the holders of Series CF Preferred Stock are paid, either first or simultaneously, their share of the dividend, subject to rights of other series of Preferred Stock.

**Liquidation Preference**

The Company's Series CF Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series CF Preferred Stock (along with holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock on a *pari-passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

**Redemption Right**

Other than in a deemed liquidation event as provided for under the applicable certificate of designation, the Series CF Preferred Stock is not redeemable at the option of the holder or the Corporation.

**Covenants**

For so long as at least 6,187,498 shares of Voting Preferred Stock remain outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock, or increase the authorized number of shares of Series CF Preferred Stock, unless the same ranks junior to the Series CF Preferred Stock with respect to its rights, preferences and privileges and we will not enter into certain fundamental transactions (including, without limitation, mergers, business combinations or similar transactions) without the prior written consent of the holders of a majority of the holders of Voting Preferred Stock.

**Registration Rights**

Pursuant to the terms of the Stockholders' Agreement, the holders of our Preferred Stock entitled to vote therein will be entitled to certain demand registration rights. At any time beginning six (6) months after the effectiveness of the Company's first firm commitment underwritten public offering of its securities under the Act, the holders of at least 50% of the shares registrable under the Stockholders Agreement can request that we register the offer and sale of their shares. Such request for registration must cover securities with an anticipated aggregate offering price of at least $30 million. We are obligated to effect only three (3) such registrations. If we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than once in any twelve-month period, for a period of up to 90 days. Additionally, we will not be required to effect a demand registration during the period beginning 60 days prior to the public filing of a registration statement, and ending on a date 180 days following the effectiveness of a registration statement.

**Piggyback Registration Rights**

If we propose to register the offer and sale of any of our Common Stock or any other securities under the Act, then in connection with the public offering of such Common Stock or any other securities solely for cash, we expect that the holders of up to 28,090,905 shares of our Common Stock (issuable upon conversion of our Series B Preferred Stock and Series CF Preferred Stock) will be entitled to certain "piggyback" registration rights allowing the holders to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i) a demand registration, (ii) a registration related to any employee benefit plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act, (iii) a registration on any registration form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the shares registrable under the Stockholders Agreement or (iv) a registration in which the only Common Stock or Non-Voting Common Stock being registered is issuable upon conversion of debt securities that are also being registered, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

**Series F Preferred Stock**:

**Description**

This consists of shares of Series F Preferred Stock.

**Conversion**

Each share of Series F Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into one (1) share of fully paid and non-assessable Common Stock.

**Voting Rights**

The holders of Series F Preferred Stock are entitled to cast 40,000 votes for each one (1) share of Series F Preferred Stock and shall vote together, along with holders of other Preferred Stock entitled to vote thereon, with the holders of Common Stock as a single class. The holders of the Series F Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

**Preferred Return; Dividends and Distributions**

The holders of Series F Preferred Stock have a right to participate in any dividend paid by the Company of an amount equal to the dividend payable on each share of Common stock on an as-converted basis. Further, the Company is not allowed to pay or set aside any such dividend unless the holders of Series F Preferred Stock are paid, either first or simultaneously, their share of the dividend, subject to rights of other series of Preferred Stock.

**Liquidation Preference**

The Company's Series F Preferred Stock are entitled to participate in any distribution out of the assets of the Company on an equal basis per share with the holders of the Common Stock. For the purposes of such distribution, holders of Series F Preferred Stock shall be treated as if all shares of Series F Preferred Stock had been converted to Common Stock immediately prior to the distribution.

**Redemption Right**

The Series F Preferred Stock is not redeemable at the option of the holder or the Corporation.

**Registration Rights**

The Series F Preferred Stock are not entitled to demand registration rights.

**Piggyback Registration Rights**

The Series F Preferred Stock are not entitled to "piggyback" registration rights.

**Series C Preferred Stock**:

**Description**

This consists of shares of Series C Preferred Stock.

**Conversion**

Each share of Series C Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the conversion amount by the conversion price in effect at the time of conversion. The certificate of designation provides a limitation on conversion in the event the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Common Stock upon such conversion.

**Voting Rights**

The holders of Series C Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

**Preferred Return; Dividends and Distributions**

The holders of Series C Preferred Stock are entitled to a monthly dividend at a rate of 8% of the stated value (as defined under the Series C certificate of designation) which commences accumulating on the initial issuance date and is computed on the basis of 360-day year and twelve (12) 30-day months.

**Liquidation Preference**

The holders of Series C Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the holders of Series C Preferred Stock first (along with holders of Series E Preferred Stock and Series D Preferred Stock as described below) who shall be paid before any payment is paid to the remaining stockholders, of an amount per share equal to the greater of (i) 200% of stated value (as defined therein) or (ii) the amount the holder would receive if such holder converted such Series C Preferred Stock into Common Stock immediately prior to the date of such payment.

**Redemption Right**

Upon the occurrence of a triggering event as defined in the certificate of designation which cannot be cured, each holder has a right to redeem the eligible shares of Series C Preferred Stock at the price stated in the terms therein.

Additionally, upon the occurrence of a bankruptcy triggering event as defined in the certificate of designation, we shall immediately redeem, in cash, each of the Series C Preferred Stock then outstanding at a redemption price stated in the terms therein.

If a direct listing has occurred, each holder, from and after the date of the direct listing, has a right to require the Company to redeem shares of Series C Preferred Stock at a purchase price equal to 100% of the conversion amount in an amount equal to 50% of the net proceeds received by the Company from any new issuance of public or private equity or debt securities.

If a direct listing has not occurred, each holder, from and after the 10<sup>th</sup> business day prior to the outside date (as defined in the certificate of designation), has a right to require the Company to redeem shares of Series C Preferred Stock at a purchase price equal to 110% of the conversion amount.

At any time that no equity conditions failure exists (as defined in the certificate of designation), the Company has a right to redeem all, but not less than all, of the shares of Series C Preferred Stock then outstanding at a price equal to 200% of the stated value (as defined in the certificate of designation) plus all accrued and unpaid dividends thereon if before the direct listing, and 110% of the stated value plus all accrued and unpaid dividends thereon if after the direct listing.

**Series C Protective Provisions**

We will use commercially reasonable efforts to not enter into corporate transactions (as defined in the certificate of designation) unless the successor entity is a qualified entity as per the certificate of designation, we will deliver a change of control notice as per the stated timeline and any failure to do so would result in a redemption right, any transfer constituting more than 50% of the outstanding Common Stock of the Company will entitle each holder with a tag-along right.

In the event that the Company grants, issues or sells any securities or rights to purchase securities, each holder is entitled to purchase rights on an as-converted to Common Stock basis. If the Company issues any new securities, for a consideration per stock lower than the conversion price, the conversion price for the Series C Preferred Stock shall be readjusted to reflect the lower consideration paid for the Series C Preferred Stock as set forth in our certificate of designation.

Additionally, we are restricted from amending our articles of incorporation, bylaws or take any other action to avoid the observance or performance of any of the terms of the certificate of designation. We are required to reserve sufficient authorized and unissued Common Stock to give effect to conversion of all shares of Series C Preferred Stock into Common Stock.

**Covenants**

We have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we shall not (a) incur any indebtedness other than the permitted debt, (b) incur any liens other than permitted liens, (c) make any restricted payments, (d) enter into restricted asset transfers, (e) mature or accelerate any existing debt, (f) change the nature of our business, (g) maintain our existence, properties, intellectual property and insurance, and (h) issue any Series C Preferred Stock without the consent of the holders of sixty-five percent (65%) in aggregate principal amount of the Series C Preferred Stock then outstanding.

Additionally, (a) we shall not amend or repeal our articles of incorporation, bylaws or any certificates of designation that may adversely affect the preferences, rights and privileges of Series C Preferred Stock, (b) increase or decrease the authorized number of Series C Preferred Stock, (c) create or authorize any new class or series of shares that has a preference over or is on a parity with Series C Preferred Stock, (d) purchase, repurchase or redeem any shares junior in rank to the Series C Preferred Stock, (e) pay dividends or make any other distribution on any shares junior in rank to the Series C Preferred Stock, and (f) issue any Series C Preferred Stock other than pursuant to the securities purchase agreement executed between the holders and the Company.

**Registration Rights**

The Company entered into a Registration Rights Agreement dated June 25, 2025 with Ascent (the "**Series C Registration Rights Agreement**") under which, the Company shall file an initial registration statement within 90 days from June 25, 2025 relating to the resale of all qualified securities (as described therein) held by the holders of Series C Preferred Stock. If the all the qualified securities cannot be registered under such initial registration statement, the Company shall (a) use its best efforts to file amendments to such registration statement to cover the maximum number of qualified securities permitted, or (b) file an additional registration statement within the specified date therein covered the qualified securities.

Additionally, the holders of Series C Preferred Stock are entitled to demand registration rights, subject to certain limitations, for all or a portion of qualified securities, other than securities that are already covered under another previously filed registration statement or that such holder has requested to be included in another registration statement. We are obligated to effect only two (2) such registrations.

**Piggyback Registration Rights**

Under the Series C Registration Rights Agreement, if there is no effective registration statement that covers all qualified securities as specified above and the Company intends to prepare and file a registration statement relating to an offering for its own account or the account of others, then the holders of Series C Preferred Stock are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

**Series E Preferred Stock**:

**Description**

This consists of shares of Series E Preferred Stock.

**Conversion**

Each share of Series E Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the Stated Value (as defined under the Series E certificate of designation) by a conversion price of either (i) $4.62 per share, prior to the Ascent Minimum Recovery Date (as defined under the Series E certificate of designation), and (ii) $3.75 per share at all times after to the Ascent Minimum Recovery Date. The certificate of designation provides a limitation on conversion in the event the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Common Stock upon such conversion.

**Voting Rights**

The holders of Series E Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

**Preferred Return; Dividends and Distributions**

The holders of Series E Preferred Stock are entitled to dividends at an annual rate of the greater of: (i) the Prime Rate, plus 6.5%, or (ii) 12%, payable monthly in arrears on the stated value (the "***Dividend Rate***"). Each of Series E Preferred Stock is entitled to a monthly dividend equal to Dividend Rate times the stated value commencing from its issuance date.

**Liquidation Preference**

The holders of Series E Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the holders of Series E Preferred Stock (along with holders of Series C Preferred Stock as described above and Series D Preferred Stock as described below) first who shall be paid before any payment is paid to the remaining stockholders.

**Redemption Right**

Upon the occurrence of a redemption triggering event as defined in the certificate of designation, the Company can redeem outstanding shares of Series E Preferred Stock in cash, as described under the certificate of designation. Additionally, the Company, at its sole discretion, can redeem, in whole or in one or more parts, outstanding shares of Series E Preferred Stock in cash by payment to the holder of the stated value thereof, plus all accrued but unpaid dividends thereon.

**Series E Protective Provisions**

As long as any shares of Series E Preferred Stock are issued and outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock, or increase the authorized number of shares of Series E Preferred Stock, unless the same ranks junior to the Series E Preferred Stock with respect to its rights, preferences and privileges and we will not enter into certain fundamental transactions (including, without limitation, mergers, business combinations or similar transactions) without the prior written consent of the holders of a majority of the holders of Series E Preferred Stock.

**Registration Rights**

The Series E Preferred Stock are not entitled to demand registration rights.

**Piggyback Registration Rights**

The Series E Preferred Stock are not entitled to "piggyback" registration rights.

**Series D Preferred Stock**:

**Description**

This consists of shares of Series D Preferred Stock.

**Conversion**

Each share of Series D Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the conversion amount by the conversion price in effect at the time of conversion. The certificate of designation provides a limitation on conversion in the event the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Common Stock upon such conversion.

**Voting Rights**

The holders of Series D Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

**Preferred Return; Dividends and Distributions**

The holders of Series D Preferred Stock are entitled to a monthly dividend at a rate of 8% of the stated value (as defined under the Series D certificate of designation) which commences accumulating on the initial issuance date and is computed on the basis of 360-day year and twelve (12) 30-day months.

**Liquidation Preference**

The holders of Series D Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the holders of Series D Preferred Stock first (along with holders of Series E Preferred Stock and Series D Preferred Stock as described above) who shall be paid before any payment is paid to the remaining stockholders, of an amount per share equal to the greater of (i) 200% of stated value (as defined therein) or (ii) the amount the holder would receive if such holder converted such Series D Preferred Stock into Common Stock immediately prior to the date of such payment.

**Redemption Right**

Upon the occurrence of a triggering event as defined in the certificate of designation which cannot be cured, each holder has a right to redeem the eligible shares of Series D Preferred Stock at the price stated in the terms therein.

Additionally, upon the occurrence of a bankruptcy triggering event as defined in the certificate of designation, we shall immediately redeem, in cash, each of the Series D Preferred Stock then outstanding at a redemption price stated in the terms therein.

If a direct listing has occurred, each holder, from and after the date of the direct listing, has a right to require the Company to redeem shares of Series D Preferred Stock at a purchase price equal to 100% of the conversion amount in an amount equal to 50% of the net proceeds received by the Company from any new issuance of public or private equity or debt securities.

If a direct listing has not occurred, each holder, from and after the 10<sup>th</sup> business day prior to the outside date (as defined in the certificate of designation), has a right to require the Company to redeem shares of Series D Preferred Stock at a purchase price equal to 110% of the conversion amount.

At any time that no equity conditions failure exists (as defined in the certificate of designation), the Company has a right to redeem all, but not less than all, of the shares of Series D Preferred Stock then outstanding at a price equal to 200% of the stated value (as defined in the certificate of designation) plus all accrued and unpaid dividends thereon if before the direct listing, and 110% of the stated value plus all accrued and unpaid dividends thereon if after the direct listing.

**Series D Protective Provisions**

We will use commercially reasonable efforts to not enter into corporate transactions (as defined in the certificate of designation) unless the successor entity is a qualified entity as per the certificate of designation, we will deliver a change of control notice as per the stated timeline and any failure to do so would result in a redemption right, any transfer constituting more than 50% of the outstanding Common Stock of the Company will entitle each holder with a tag-along right.

In the event that the Company grants, issues or sells any securities or rights to purchase securities, each holder is entitled to purchase rights on an as-converted to Common Stock basis. If the Company issues any new securities, for a consideration per stock lower than the conversion price, the conversion price for the Series D Preferred Stock shall be readjusted to reflect the lower consideration paid for the Series D Preferred Stock as set forth in our certificate of designation.

Additionally, we are restricted from amending our articles of incorporation, bylaws or take any other action to avoid the observance or performance of any of the terms of the certificate of designation. We are required to reserve sufficient authorized and unissued Common Stock to give effect to conversion of all shares of Series D Preferred Stock into Common Stock.

**Covenants**

We have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we shall not (a) incur any indebtedness other than the permitted debt, (b) incur any liens other than permitted liens, (c) make any restricted payments, (d) enter into restricted asset transfers, (e) mature or accelerate any existing debt, (f) change the nature of our business, (g) maintain our existence, properties, intellectual property and insurance, and (h) issue any Series D Preferred Stock without the consent of the holders of sixty-five percent (65%) in aggregate principal amount of the Series D Preferred Stock then outstanding.

Additionally, (a) we shall not amend or repeal our articles of incorporation, bylaws or any certificates of designation that may adversely affect the preferences, rights and privileges of Series D Preferred Stock, (b) increase or decrease the authorized number of Series D Preferred Stock, (c) create or authorize any new class or series of shares that has a preference over or is on a parity with Series D Preferred Stock, (d) purchase, repurchase or redeem any shares junior in rank to the Series D Preferred Stock, (e) pay dividends or make any other distribution on any shares junior in rank to the Series D Preferred Stock, and (f) issue any Series D Preferred Stock other than pursuant to the securities purchase agreement executed between the holders and the Company.

**Registration Rights**

The Company entered into a Registration Rights Agreement dated October 27, 2025 with Ascent ("***Series D Registration Rights Agreement****"*) under which, the Company shall file an initial registration statement within five (5) days from the direct listing relating to the resale of all qualified securities (as described therein) held by the holders of Series D Preferred Stock. If the all the qualified securities cannot be registered under such initial registration statement, the Company shall (a) use its best efforts to file amendments to such registration statement to cover the maximum number of qualified securities permitted, or (b) file an additional registration statement within the specified date therein covered the qualified securities.

Additionally, the holders of Series D Preferred Stock are entitled to demand registration rights, subject to certain limitations, for all or a portion of qualified securities, other than securities that are already covered under another previously filed registration statement or that such holder has requested to be included in another registration statement. We are obligated to effect only two (2) such registrations.

**Piggyback Registration Rights**

Under the Series D Registration Rights Agreement, if there is no effective registration statement that covers all qualified securities as specified above and the Company intends to prepare and file a registration statement relating to an offering for its own account or the account of others, then the holders of Series D Preferred Stock are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

**Anti-Takeover Effects of our Articles of Incorporation, Bylaws and Nevada Law**

**Exclusive Forum**

Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provision in our articles of incorporation. Our choice of forum provision may impose additional litigation costs on stockholders in pursuing claims and may limit a stockholder's ability to bring a claim in a judicial forum that it believes to be favorable for disputes with us or any of our directors, officers or other employees, which may discourage lawsuits with respect to such claims.

**Limitation of Liability and Indemnification of Directors and Officers**

Our articles of incorporation and bylaws provide that our directors and officers will be indemnified by us to the fullest extent authorized by Nevada law.

These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. We believe that these provisions and insurance are necessary to attract and retain talented and experienced directors and officers. In addition, in connection with the effectiveness of the registration statement of which this prospectus forms a part, we intend to enter into separate indemnification agreements with each of our directors and executive officers.

**NRS 78.411 to NRS 78.444**

As a Nevada corporation, we will be subject to the provisions of NRS 78.411 through NRS 78.444. These statutes prevents certain Nevada corporations, under certain circumstances, from engaging in a "business combination" with an "interested stockholder." In general, NRS 78.423 defines an "interested stockholder" as an entity or person who, together with the person's affiliates and associates, beneficially owns 10% or more of the outstanding voting stock of the corporation. A "combination" includes a merger or sale of (i) more than 5% of the aggregate market value of (A) all our assets, or (B) all our outstanding voting shares, or (ii) more than 10% of our net income. However, the above provisions of NRS 78.423 do not apply if:

● the business combination takes place more than four years after the interested stockholder became an "interested stockholder;"

● our board of directors approves the transaction that made the stockholder an "interested stockholder" prior to the date of the transaction;

● on or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least 60% of the outstanding voting stock not owned by the interested stockholder; or

● the corporation's original articles of incorporation contain a provision expressly electing not to be governed by NRS 78.411 through NRS 78.444.

Our original articles of incorporation in the State of Nevada, adopted in connection with our re-domicile to the State of Nevada in August of 2025, contain a provision expressly electing not to be governed by NRS 78.411 through NRS. These provisions are therefore not applicable to us.

**Listing**

We have applied to list our Common Stock on the Nasdaq Global Market under the symbol "OBAI".

**Transfer Agent and Registrar**

The transfer agent and registrar for our Common Stock is VStock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, New York 11598. The transfer agent and registrar can be contacted by phone at: 212-828-8436.

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to the listing of our Common Stock on Nasdaq, there has been no public market for our Common Stock. Sales of a substantial number of shares our Common Stock in the public market following our listing on Nasdaq, or the perception that such sales could occur, could adversely affect the public price of our Common Stock and may make it more difficult for you to sell your shares at a time and price that you deem appropriate. We will have no input if and when any Registered Stockholders may, or may not, elect to sell their shares or the prices at which any such sales may occur.

After the Direct Listing, a total of 13,865,504 shares of our Common Stock will be issued and outstanding, including a total of 3,764,625 shares registered for resale under the registration statement of which this prospectus forms a part. Any shares not registered hereunder will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act, including, but not limited to, the shares registered hereunder, or if they qualify for an exemption from registration, including under Rules 144 or 701 under the Securities Act, which are summarized below. Restricted securities also may be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S-K. With the exception of shares owned by our directors, officers and certain stockholders, substantially all of our Common Stock may be sold after our initial listing on Nasdaq, either by the Registered Stockholders pursuant to this prospectus or by our other existing stockholders in accordance with Rule 144 of the Securities Act.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to and in compliance with public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, an eligible shareholder is entitled to sell such shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. To be an eligible shareholder under Rule 144, such shareholder must not be deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares of Common Stock proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates. If such a person has beneficially owned the shares of Common Stock proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then such person is entitled to sell such shares without complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling Common Stock on behalf of our affiliates are entitled to sell shares 90 days after we become a reporting company. Within any three-month period, such shareholders may sell a number of shares that does not exceed the greater of:

● 1% of the number of shares of Common Stock then outstanding, which will equal approximately shares immediately after our registration; or

● the average weekly trading volume of our Common Stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares of Common Stock on behalf of our affiliates also are subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

Rule 701 generally allows a shareholder who was issued shares under a written compensatory plan or contract and who is not deemed to have been our affiliate during the immediately preceding 90 days, to sell these shares in reliance on Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits our affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after we become a reporting company before selling those shares under Rule 701.

**Registration Statements on Form S-8**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our Common Stock subject to outstanding stock options or reserved for issuance under our Amended and Restated Equity Plan, as soon as permitted under the Securities Act. Such registration statements will automatically become effective upon filing with the SEC. However, shares registered on Form S-8 may be subject to the volume limitations and the manner of sale, notice, and public information requirements of Rule 144.

**Lock-up Agreements**

Pursuant to the Series D Preferred Stock offering, our Chief Executive Officer, Mr. Doron Kempel has entered into a lock-up agreement with Ascent wherein Mr. Kempel, during the period commencing October 27, 2025 and ending on the date on which 95% or more of the shares of Series D Preferred Stock issued pursuant to the that certain share purchase agreement, dated October 2, 2025, by and between the Company and Ascent, are either redeemed or converted or any combination thereof, has agreed not to (1) offer, pledge, transfer, sell, dispose of, lend, or otherwise grant any interest in any shares of Common Stock, securities convertible into or exercisable for Common Stock, or other Common Stock equivalents (collectively, "***Lock-Up Securities***"), whether now or later owned, directly or indirectly; (2) enter into any swap, derivative, or similar arrangement transferring any economic interest in the Lock-Up Securities; or (3) demand or exercise any registration rights for the Lock-Up Securities, except in connection with this Registration Statement.

The agreement allows for certain customary transfers such as gifts to family, charitable or educational institutions, affiliates and in case of change of control events approved by the Company's board of directors and the transferee remains subject to the restrictions contained in the lock-up agreement.

**Registration Rights**

Pursuant to our Stockholders Agreement, the holders of up to 28,090,905 shares of our Common Stock issuable after the Conversion are entitled to certain piggyback registration rights with respect the registration statement of which this prospectus forms a part. See the section titled "*Description of Capital Stock — Registration Rights*" for a description of these registration rights. If the offer and sale of these shares is registered, the shares will be freely tradable without restriction under the Securities Act and a large number of shares may be sold into the public market.

**SALE PRICE HISTORY OF OUR CAPITAL STOCK**

We have applied to list our Common Stock on Nasdaq. Prior to the listing of our Common Stock on Nasdaq, there has been no public market for our Common Stock. Our Common Stock has a limited history of trading in private transactions.

**Issuance of Preferred Stock:**

There have been no changes in the sales prices of any series of our Preferred Stock, as each was sold at a fixed price.

**Series Seed Preferred Units**

 

On June 28, 2017, we issued an aggregate of 60,000,000 shares of series seed preferred units in a private placement for gross proceeds of $3,000,000 at $0.05000 per share (1).

On January 9, 2018, we issued an aggregate of 21,261,249 shares of series seed preferred units in a private placement for gross proceeds of $3,000,999 at $0.14110 per share (1).

On June 19, 2018, we issued an aggregate of 3,009,328 shares of series seed preferred units in a private placement for gross proceeds of $1,000,000 at $0.283323 per share (1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Following the Company's reverse stock splits in 2023 and 2025, these shares (Series Seed Preferred Units and Series A Preferred Stock) would represent an aggregate of 988,868 shares of Common Stock, upon adjustment as of September 30, 2025.

**Series A Preferred Stock**

 

On October 1, 2018, we issued an aggregate of 1,747,749 shares of Series A preferred stock in a private placement for gross proceeds of $41,748,419, representing a price of $23.88696 per share after retroactive adjustment for reverse splits undertaken in 2023 and 2025.

**Series B Preferred Stock**

 

On November 17, 2023, we issued an aggregate of 22,702,513 shares of preferred stock in a private placement under Rule 506(c) of Regulation D to accredited investors for gross proceeds of $44,977,011 (including the amount of debt converted which was outstanding under convertible notes) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● (i) 2,051,575 shares of Series B-1 Preferred Stock were issued for total consideration of $3,006,000 at $1.462533 per share as part of the initial closing, (ii) 2,155,398 shares of Series B-1 Preferred Stock were issued upon the conversion of debt amounting to $3,152,340 into equity, at a price per stock of $1.462533, and (iii) 1,947,074 shares of Series B-1 Preferred Stock were issued upon the conversion of Convertible Promissory Notes amounting to $2,847,659, at a price per stock of $1.462533.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 9,154,383 shares of Series B-2 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.31628, which were issued upon the conversion of approximately $12,049,732 (comprising of $11,362,500 as the principal outstanding amount and $687,232 as interest) in Convertible Notes to a group of eleven (11) persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 7,394,085 shares of Series B-3 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.462533, which were issued upon the conversion of approximately $10,809,146 in Convertible Notes to thirty-two (32) persons. On December 29, 2023, we repurchased 242,955 shares of Series B-3 Preferred Stock from Omidyar Technology Ventures, LLC for $1 resulting in an aggregate of 7,151,130 shares of Series B-3 Preferred Stock issued and outstanding.

As part of this issuance, all previous preferred units and stock were converted into Common Stock. Additionally, in early 2024, 2,050,895 shares of Series B-1 Preferred Stock were issued for a total consideration of $3,000,000 at $1.462533 per share by way of five (5) additional closings to four (4) persons.

**Series B-1 Warrants**

On November 17, 2023, we issued an aggregate of 247,145 shares of Series B-1 Warrants with par value of $0.0001, in connection with the Series B Preferred Stock. The Series B-1 Warrants have an exercise price of $1.462533 per share.

Each share of Series B-1 Warrant shall be convertible, at the option of the holder, at any time after the date on which such warrant was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant (meaning aggregate fair market value of warrants less the aggregate exercise price of warrant) at the time the conversion by the fair market value of one warrant share, as defined therein.

Each share of Series B-1 Warrant shall automatically (i) convert into Common Stock upon a merger or sale of assets where the fair market value of one warrant share is greater than exercise price, unless the warrant holder prior to such an event elects otherwise, (ii) convert into Common Stock upon the expiration date, if the fair market value of one warrant share is greater than exercise price, or (iii) expire upon a merger or sale of assets where the fair market value of one warrant share is less than exercise price, and the warrant holder does not exercise the warrants upon notice.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the Series B-1 Warrants, the applicable conversion price for the Series B-1 Warrants shall be readjusted to reflect the lower consideration paid for the Series B-1 Warrants.

**Series CF-1 Preferred Stock**

On June 21, 2024, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered up to 2,354,681 Series CF-1 Preferred Stock, $0.0001 par value per Share at a purchase price of $2.12343 per share with a maximum amount of $5,000,000 to be raised.

The offering was closed on April 30, 2025, and we issued an aggregate of 957,102 shares of Series CF-1 Preferred Stock for gross proceeds of $2,032,000.

On September 2024, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors. The offering was closed on June 17, 2025, we issued an aggregate of 2,411,364 shares of Series CF-1 Preferred Stock for gross proceeds of $5,120,000.

**Series CF-2 Preferred Stock**

On July 9, 2025, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered up to 219,955 Series CF-2 Preferred Stock, $0.0001 par value per Share at a purchase price of $3.864435 per share with a maximum amount of $850,000 to be raised.

The offering was closed on September 5, 2025, and we issued an aggregate of 212,033 shares of Series CF-2 Preferred Stock for gross proceeds of approximately $818,789.

On July 18, 2025, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors.

The offering was closed on September 5, 2025 without the issuance of any shares of Series CF-2 Preferred Stock.

**Series CF-2 Warrants**

On September 5, 2025, as part of the Series CF-2 offering, we issued warrants to purchase an aggregate of 87,681 shares of Common Stock. The Series CF-2 Warrants have an exercise price of $3.8643 per share and are exercisable upon the Company's listing on a national securities exchange and for two (2) years thereafter.

**Series F Preferred Stock**

On June 19, 2025, we issued an aggregate of 10,000 shares of Series F Preferred Stock with par value of $0.0001 to Doron Kempel in exchange for his surrender of an equal number of shares of Common Stock.

**Series C Preferred Stock and Warrants**

On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock with par value of $0.0001, together with warrants to purchase 1,333,335 shares of Common Stock, for an aggregate consideration of $3,000,000 to Ascent Partners Fund LLC resulting in an average price of $2.0265 per share. The warrants are exercisable at a price of $3.2475 per share, with expiration dates as follows: 333,334 warrants have an expiration date of eight (8) months, 333,334 warrants have an expiration date of sixteen (16) months, and 666,667 warrants have an expiration date of two (2) years from the issuance date.

The warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder.

The foregoing description of the Series C Preferred Stock and warrants are qualified in their entirety by reference to the Securities Purchase Agreement, Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock, and three (3) warrants to purchase shares of Common Stock, copies of which are filed as Exhibits 3.6, 4.4, 4.5, 4.6 and 10.4 hereto and incorporated by reference herein.

**Series E Preferred Stock**

On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001 to Eastward by converting an outstanding amount of approximately $6,827,698.

The foregoing description of the Series E Preferred Stock is qualified in its entirety by reference to the Securities Purchase and Conversion Agreement, Waiver and Twenty-Seventh Amendment to Loan and Security Agreement and Certificate of Designations, Preferences and Rights of the Series E Convertible Preferred Stock, copies of which are filed as Exhibits 10.10, 10.9 and 3.10 hereto, respectively, and are incorporated by reference herein.

**Series D Preferred Stock and Warrants**

On October 27, 2025, we issued an aggregate of 109,891 shares of Series D Preferred Stock with par value of $0.0001, together with warrants to purchase 25,000,000 shares of Common Stock, for an aggregate consideration of $1,000,000 to Ascent Partners Fund LLC. The warrants are exercisable at a price of $12.35 per share, with expiration dates as follows: 16,000,000 warrants have an expiration date of nine (9) months, 3,000,000 warrants have an expiration date of sixteen (16) months, and 6,000,000 warrants have an expiration date of two (2) years from the issuance date.

The warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder.

The foregoing description of the Series D Preferred Stock and warrants are qualified in their entirety by reference to the Securities Purchase Agreement, Certificate of Designations, Preferences and Rights of the Series D Convertible Preferred Stock, and three (3) warrants to purchase shares of Common Stock, copies of which are filed as Exhibits 3.12, 4.7, 4.8, 4.9 and 10.12 hereto and incorporated by reference herein.

While Maxim Group LLC, in its capacity as our financial advisor, is expected to consider this information in connection with setting the opening public price of our Common Stock, this information may have little or no relation to broader market demand for our Common Stock and thus the opening public price and subsequent public price of our Common Stock on Nasdaq. As a result, you should not place undue reliance on these historical private sale prices as it may differ materially from the opening public price and subsequent public price of our Common Stock on Nasdaq.

On the day that our shares of Common Stock are initially listed on Nasdaq, Maxim Group LLC, in its capacity as our financial advisor, will determine when our shares of Common Stock are ready to trade and to approve proceeding with the opening of trading at the Current Reference Price. If the Maxim does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), Maxim will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade.

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK**

The following discussion is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the acquisition, ownership, and disposition of our Common Stock. This discussion is not a complete analysis of all potential U.S. federal income tax consequences relating thereto, does not address the potential application of the Medicare contribution tax on net investment income or the alternative minimum tax, and does not address any estate or gift tax consequences or any tax consequences arising under any state, local, or foreign tax laws, or any other U.S. federal tax laws. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "***Code***"), Treasury regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the Internal Revenue Service (the "***IRS***"), all as in effect as of the date of this prospectus. These authorities are subject to differing interpretations and may change, possibly retroactively, resulting in U.S. federal income tax consequences different from those discussed below. We have not requested a ruling from the IRS with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This discussion is limited to non-U.S. holders who purchase our Common Stock pursuant to this prospectus and who hold our Common Stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all of the U.S. federal income tax consequences that may be relevant to a particular holder in light of such holder's particular circumstances. This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including:

● certain former citizens or long-term residents of the United States;

● partnerships or other pass-through entities (and investors therein);

● "controlled foreign corporations;"

● "passive foreign investment companies;"

● corporations that accumulate earnings to avoid U.S. federal income tax;

● banks, financial institutions, investment funds, insurance companies, brokers, dealers, or traders in securities;

● tax-exempt organizations and governmental organizations;

● tax-qualified retirement plans;

● persons subject to special tax accounting rules under Section 451(b) of the Code;

● persons who hold or receive our Common Stock pursuant to the exercise of any employee stock option or otherwise as compensation;

● "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds;

● persons that own, or have owned, actually or constructively, more than 5% of our Common Stock;

● persons who have elected to mark securities to market; and

● persons holding our Common Stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy or integrated investment.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds our Common Stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Partnerships holding our Common Stock and the partners in such partnerships are urged to consult their own tax advisors about the particular U.S. federal income tax consequences to them of holding and disposing of our Common Stock.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT ADVICE. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF ACQUIRING, OWNING, AND DISPOSING OF OUR COMMON STOCK, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, OR FOREIGN TAX LAWS AND ANY OTHER U.S. FEDERAL TAX LAWS. IN ADDITION, SIGNIFICANT CHANGES IN U.S. FEDERAL TAX LAWS WERE RECENTLY ENACTED. PROSPECTIVE INVESTORS SHOULD ALSO CONSULT WITH THEIR TAX ADVISORS WITH RESPECT TO SUCH CHANGES IN U.S. TAX LAW AS WELL AS POTENTIAL CONFORMING CHANGES IN STATE TAX LAWS.**

**Definition of Non-U.S. Holder**

For purposes of this discussion, a non-U.S. holder is any beneficial owner of our Common Stock that is not a "U.S. person" or a partnership (including any entity or arrangement treated as a partnership) for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

● an individual who is a citizen or resident of the United States;

● a corporation (or any entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

● a trust (i) whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

**Distributions on Our Common Stock**

As described under the section titled "*Dividend Policy*," we have never declared or paid dividends on our Common Stock and do not anticipate paying dividends in the foreseeable future. However, if we make cash or other property distributions on our Common Stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts that exceed such current and accumulated earnings and profits and, therefore, are not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and will first be applied against and reduce a holder's tax basis in our Common Stock, but not below zero. Any excess amount distributed will be treated as gain realized on the sale or other disposition of our Common Stock and will be treated as described under the section titled "—*Gain On Disposition of Our Common Stock*" below.

Subject to the discussion below regarding effectively connected income, backup withholding and FATCA (as defined under the section titled "—Withholding on Foreign Entities" below), dividends paid to a non-U.S. holder of our Common Stock generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty. To receive the benefit of a reduced treaty rate, a non-U.S. holder must furnish us or our withholding agent a valid IRS Form W-8BEN or IRS Form W-8BEN-E (or applicable successor form) certifying such holder's qualification for the reduced rate. This certification must be provided to us or our withholding agent before the payment of dividends and must be updated periodically. If the non-U.S. holder holds the stock through a financial institution or other agent acting on the non-U.S. holder's behalf, the non-U.S. holder will be required to provide appropriate documentation to the agent, which then will be required to provide certification to us or our withholding agent, either directly or through other intermediaries.

If a non-U.S. holder holds our Common Stock in connection with the conduct of a trade or business in the United States, and dividends paid on our Common Stock are effectively connected with such holder's U.S. trade or business (and are attributable to such holder's permanent establishment or fixed base in the United States if required by an applicable tax treaty), the non-U.S. holder will be exempt from U.S. federal withholding tax. To claim the exemption, the non-U.S. holder must generally furnish a valid IRS Form W-8ECI (or applicable successor form) to the applicable withholding agent.

However, any such effectively connected dividends paid on our Common Stock generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items.

Non-U.S. holders that do not provide the required certification on a timely basis, but that qualify for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

Non-U.S. holders should consult their own tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Gain on Disposition of Our Common Stock**

Subject to the discussion below regarding backup withholding and FATCA, a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized on the sale or other disposition of our Common Stock, unless:

● the gain is effectively connected with the non-U.S. holder's conduct of a trade or business in the United States and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the United States;

● the non-U.S. holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition, and certain other requirements are met; or

● our Common Stock constitutes a "United States real property interest" by reason of our status as a United States real property holding corporation ("  ***USRPHC*** "), for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding the disposition or the non-U.S. holder's holding period for our Common Stock, and our Common Stock is not regularly traded on an established securities market during the calendar year in which the sale or other disposition occurs.

Determining whether we are a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our other trade or business assets and our foreign real property interests. We believe that we are not currently and do not anticipate becoming a USRPHC for U.S. federal income tax purposes, although there can be no assurance we will not in the future become a USRPHC.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items. Gain described in the second bullet point above will be subject to U.S. federal income tax at a flat 30% rate (or such lower rate specified by an applicable income tax treaty), but may be offset by certain U.S.-source capital losses (even though the individual is not considered a resident of the United States), provided that the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. Gain described in the third bullet point above will generally be subject to U.S. federal income tax in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business (subject to any provisions under an applicable income tax treaty), except that the branch profits tax generally will not apply. Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Annual reports are required to be filed with the IRS and provided to each non-U.S. holder indicating the amount of dividends on our Common Stock paid to such holder and the amount of any tax withheld with respect to those dividends. These information reporting requirements apply even if no withholding was required because the dividends were effectively connected with the holder's conduct of a U.S. trade or business, or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the non-U.S. holder resides or is established. Backup withholding, currently at a 24% rate, generally will not apply to payments to a non-U.S. holder of dividends on or the gross proceeds of a disposition of our Common Stock provided the non-U.S. holder furnishes the required certification for its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8ECI (or applicable successor form), or certain other requirements are met. Backup withholding may apply if the payor has actual knowledge, or reason to know, that the holder is a U.S. person who is not an exempt recipient.

Backup withholding is not an additional tax. If any amount is withheld under the backup withholding rules, the non-U.S. holder should consult with a U.S. tax advisor regarding the possibility of and procedure for obtaining a refund or a credit against the non-U.S. holder's U.S. federal income tax liability, if any.

**Withholding on Foreign Entities**

Sections 1471 through 1474 of the Code and the Treasury regulations promulgated thereunder (collectively, "***FATCA***") impose a U.S. federal withholding tax of 30% on certain payments made to a "foreign financial institution" (as specially defined under these rules) unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding certain U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or an exemption applies. FATCA also generally will impose a U.S. federal withholding tax of 30% on certain payments made to a non-financial foreign entity unless such entity either certifies that it does not have any "substantial United States owners" as defined in the Code or provides the withholding agent a certification identifying certain direct and indirect U.S. owners of the entity or an exemption applies. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. The withholding provisions described above currently apply to payments of dividends on our Common Stock. Prior to the issuance of proposed Treasury regulations described below, withholding taxes under FATCA would have also applied to gross proceeds from sales or other disposition of our Common Stock. However, the U.S. Treasury Department's proposed regulations that, if finalized in their present form, would eliminate the federal withholding tax of 30% applicable to the gross proceeds of a sale or other disposition of our Common Stock. In its preamble to such proposed regulations, the U.S. Treasury Department stated that taxpayers (including withholding agents) may generally rely on the proposed regulations until they are revoked or final regulations are issued.

Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. Prospective investors should consult with their own tax advisors regarding the possible implications of FATCA on an investment in our Common Stock.

**PLAN OF DISTRIBUTION**

The Registered Stockholders, and their pledgees, donees, transferees, assignees, or other successors in interest may sell their shares of Common Stock covered hereby pursuant to brokerage transactions on Nasdaq, or other public exchanges or registered alternative trading venues, at prevailing market prices at any time after the Common Stock are listed for trading. We are not party to any arrangement with any Registered Stockholder or any broker-dealer with respect to sales of shares of Common Stock by the Registered Stockholders, except we have engaged a financial advisor with respect to certain other matters relating to the registration of our Common Stock and listing of our Common Stock, as further described below. As such, we do not anticipate receiving notice as to if and when any Registered Stockholder may, or may not, elect to sell their shares of Common Stock or the prices at which any such sales may occur, and there can be no assurance that any Registered Stockholders will sell any or all of their shares of Common Stock covered by this prospectus.

We will not receive any proceeds from the sale of shares of Common Stock by the Registered Stockholders. We will recognize costs related to this Direct Listing and our transition to a publicly-traded company consisting of professional fees and other expenses. We will expense these amounts in the period incurred and not deduct these costs from net proceeds to the issuer as they would be in an initial public offering.

We have engaged the Advisor to advise and assist us with respect to certain matters relating to our Direct Listing. The services expected to be performed by the Advisor will include providing advice and assistance with respect to defining objectives, analyzing, structuring and planning the Direct Listing, developing and assisting with our investor communication strategy in relation to the Direct Listing, and being available to consult with Nasdaq, including on the day that our shares of Common Stock are initially listed on the Nasdaq Global Market.

In addition, the Advisor will determine when our shares of Common Stock are ready to trade and to approve proceeding with the opening of trading at the Current Reference Price (as defined below). However, the Advisor has not been engaged to participate in investor meetings or to otherwise facilitate or coordinate price discovery activities or sales of our Common Stock in consultation with us, except as described herein.

On the day that our shares of Common Stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor to perform the functions under Nasdaq Rule 4120(c)(8), must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our shares of Common Stock are ready to trade, Nasdaq will calculate the Current Reference Price for our shares of Common Stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, Nasdaq will conduct a price validation test in accordance with Nasdaq Rule 4120(c)(8). If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade. As part of conducting such price validation test, Nasdaq may consult with the Advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will then be executed at such price and regular trading of our shares of Common Stock on Nasdaq will commence.

Under Nasdaq rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (*i.e*. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (*i.e*. the specified price entered in an order by a customer to buy or sell) at which our shares of Common Stock will remain unmatched (*i.e*. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder.

In determining the Current Reference Price, Nasdaq's cross algorithms will match orders that have been entered into and accepted by Nasdaq's system. This occurs with respect to a potential Current Reference Price when orders to buy shares of Common Stock at an entered bid price that is greater than or equal to such potential Current Reference Price are matched with orders to sell a like number of shares of Common Stock at an entered asking price that is less than or equal to such potential Current Reference Price. To illustrate, as a hypothetical example of the calculation of the Current Reference Price, if Nasdaq's cross algorithms matched all accepted orders as described above, and two limit orders remained—a limit order to buy 500 shares of Common Stock at an entered bid price of $10.01 per share and a limit order to sell 200 shares of Common Stock at an entered asking price of $10.00 per share—the Current Reference Price would be selected as follows:

● Under clause (i), if the Current Reference Price is $10.00, then the maximum number of additional shares that can be matched is 200. If the Current Reference Price is $10.01, then the maximum number of additional shares that can be matched is also 200, which means that the same maximum number of additional shares would be matched at the price of either $10.00 or $10.01.

● Because more than one price under clause (i) exists, under clause (ii), the Current Reference Price would be the price that minimizes the imbalance between orders to buy or sell (i.e., minimizes the number of shares that would remain unmatched at such price). Selecting either $10.00 or $10.01 as the Current Reference Price would create the same imbalance in the limit orders that cannot be matched, because at either price 300 shares would not be matched.

● Because more than one price under clause (ii) exists, under clause (iii), the Current Reference Price would be the entered price at which orders for shares of Common Stock at such entered price will remain unmatched. In such case, choosing $10.01 would cause 300 shares of the 500-share limit order with the entered price of $10.01 to remain unmatched, compared to choosing $10.00, where all 200 shares of the limit order with the entered price of $10.00 would be matched, and no shares at such entered price remain unmatched. Thus, Nasdaq would select $10.01 as the Current Reference Price, because orders for shares at such entered price will remain unmatched. The above example (including the prices) is provided solely by way of illustration.

The Advisor, as the designated financial advisor under Nasdaq Rule 4120(c)(8), will determine when our shares of Common Stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade.

Further, in the highly unlikely event that Nasdaq consults with the Advisor as described in clause (iv) of the definition of Current Reference Price, the Advisor would request that Nasdaq delay the opening to ensure a single opening price within clauses (i), (ii) or (iii) of the definition of the Current Reference Price. Under Nasdaq rules, in the event of such delay, prior to terminating such delay, there will be a 10-minute "Display Only" period during which market participants may enter quotes and orders in shares of our Common Stock in Nasdaq systems. In addition, beginning at 4:00 a.m., market participants may enter orders in shares of our Common Stock on Nasdaq. Such orders will be accepted and entered into the system. After the conclusion of the 10-minute "Display Only" period, our Common Stock will enter a "Pre-Launch" period of indeterminate duration. The "Pre-Launch" period will end and shares of our Common Stock will be released for trading by Nasdaq when certain conditions are met, including Nasdaq's receipt of notice from the Advisor that our shares of Common Stock are ready to trade, after which the Nasdaq system will calculate the Current Reference Price at that time and display it to the Advisor. If the Advisor then approves proceeding, the Nasdaq system will conduct certain validation checks. The Advisor, with concurrence of Nasdaq, may determine at any point during the delay process up through the conclusion of the "Pre-Launch" period to postpone and reschedule the Direct Listing. Neither we nor the Registered Stockholders will be involved in Nasdaq's price-setting mechanism nor will we or they coordinate or be in communication with the Advisor including with respect to any decision by the Advisor to delay or proceed with trading.

Similar to a Nasdaq-listed firm-commitment underwritten initial public offering, in connection with the listing of our shares of Common Stock, buyers and sellers who have subscribed will have access to Nasdaq's Order Imbalance Indicator (the "Net Order Imbalance Indicator"), a widely available, subscription-based data feed, prior to submitting buy or sell orders. Nasdaq's electronic trading platform simulates auctions every second to calculate a Current Reference Price, the number of shares of Common Stock that can be paired off the Current Reference Price, the number of shares of Common Stock that would remain unexecuted at the Current Reference Price and whether a buy-side or sell-side imbalance exists, or whether there is no imbalance, to disseminate that information continuously to buyers and sellers via the Net Order Imbalance Indicator data feed.

However, because this is not an initial public offering being conducted on a firm-commitment underwritten basis, there will be no traditional book building process (that is, an organized process pursuant to which buy and sell interest is coordinated in advance to some prescribed level – the "book"). Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold shares of Common Stock to the public, as there would be in a firm-commitment underwritten initial public offering. The lack of an initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, the public price of our shares of Common Stock may be more volatile than in an initial public offering underwritten on a firm-commitment basis and could, upon being listed on Nasdaq, decline significantly and rapidly.

In addition, to list on Nasdaq, we are also required to have at least three registered and active market makers. We expect that the Advisor will act as a registered and active market maker and will engage other market makers.

In addition to sales made pursuant to this prospectus, the shares of Common Stock covered by this prospectus may be sold by the Registered Stockholders in private transactions exempt from the registration requirements of the Securities Act. Under the securities laws of some states, shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers.

A Registered Stockholder may from time to time transfer, distribute (including distributions in kind by Registered Stockholders that are investment funds), pledge, assign, or grant a security interest in some or all the shares of Common Stock owned by it and, if it defaults in the performance of its secured obligations, the transferees, distributees, pledgees, assignees, or secured parties may offer and sell the shares of Common Stock from time to time under this prospectus, or under an amendment to this prospectus under applicable provisions of the Securities Act amending the list of the Registered Stockholders to include the transferee, distributee, pledgee, assignee, or other successors in interest as Registered Stockholders under this prospectus. The Registered Stockholders also may transfer the shares in other circumstances, in which case the transferees, distributes, pledgees, or other successors in interest will be the registered beneficial owners for purposes of this prospectus.

A Registered Stockholder that is an entity may elect to make an in-kind distribution of Common Stock to its members, partners, or stockholders pursuant to the registration statement of which this prospectus forms a part by delivering a prospectus.

If any of the Registered Stockholders utilize a broker-dealer in the sale of the shares of Common Stock being offered by this prospectus, such broker-dealer may receive commissions in the form of discounts, concessions or commissions from such Registered Stockholder or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal.

In connection with its engagement as our financial advisor, the Advisor received 180,241 shares of our Common Stock. The Advisor will also be entitled to an expense reimbursement for all reasonable, documented expenses incurred by the Advisor in connection with its engagement, provided that such expenses, other than legal fees, may not exceed $10,000 without our prior authorization.

In addition, pursuant to our agreement with the Advisor, for a period of 18 months from the date of the consummation of the Direct Listing, if we propose to (i) effect a public offering of our securities on a major U.S. exchange, (ii) effect a private placement of our securities, (iii) enter into certain financing transactions with third parties introduced to us by the Advisor or (iv) propose to enter into certain other transactions with third parties introduced to us by the Advisor, including, without limitation, a merger, acquisition or sale of stock or assets, or other similar transaction, we are obligated to offer to retain the Advisor as our lead underwriter and book running manager, our lead placement or sales agent, or our lead, as applicable, in connection with such financing or transaction, upon such reasonable and customary terms as the Advisor and we may mutually agree, with such terms to be set forth in a separate engagement letter or other agreement between the Advisor and us.

The Advisor will not be engaged to otherwise facilitate or coordinate price discovery activities or the solicitation or sales of shares of our Common Stock in consultation with us, and will not be permitted to, and will not be instructed by us to, plan or actively participate in any investor education activities, except as described herein.

Prior to the financial advisory services provided by the Advisor to us in connection with the listing of our securities, neither the Advisor nor any affiliates of the Advisor have provided services of any kind to us.

**LEGAL MATTERS**

The validity of the shares of Common Stock offered hereby and certain other legal matters will be passed upon for the registrant by The Crone Law Group, P.C., New York, New York.

**EXPERTS**

The financial statements for the years ended December 31, 2024 and 2023 included in this prospectus have been audited by M&K CPAs PLLC, an independent registered public accounting firm, as set forth in their report appearing herein, and included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act, with respect to the shares of Common Stock covered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and our Common Stock, we refer you to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance, we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. The SEC maintains a website that contains reports, proxy, and information statements, and other information regarding registrants that file electronically with the SEC. The address of the website is <u>www.sec.gov</u>.

Immediately upon the effectiveness of the registration statement of which this prospectus forms a part, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements, and other information with the SEC. These periodic reports, proxy statements, and other information will be available for inspection and copying at the website of the SEC referred to above. We also maintain a website at <u>https://www.ourbond.com/</u>. Upon the effectiveness of the registration statement of which this prospectus forms a part, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The inclusion of our website address in this prospectus is an inactive textual reference only. The information contained in or accessible through our website is not part of this prospectus or the registration statement of which this prospectus forms a part, and investors should not rely on such information in making a decision to purchase shares of our Common Stock.

**INDEX TO FINANCIAL STATEMENTS**

**TG-17, Inc.**

**FINANCIAL STATEMENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#AK_007) | F-2 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2023](#AK_001) | F-3 |
| [Consolidated Statements of Operations for the Years ended December 31, 2024 and 2023](#AK_002) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the Years ended December 31, 2024 and 2023](#AK_004) | F-6 |
| [Consolidated Statements of Cash Flows for the Years ended December 31, 2024 and 2023](#AK_005) | F-7 |
| [Notes to Consolidated Financial Statements](#AK_006) | F-8 |
| [Consolidated Balance Sheets as of September 30, 205 (unaudited) and December 31, 2024](#fg_001) | F-29 |
| [Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024 (unaudited)](#fg_002) | F-30 |
| [Consolidated Statements of Comprehensive Loss for the nine months ended September 30, 2025 and 2024 (unaudited)](#fg_003) | F-31 |
| [Consolidated Statements of Stockholders' Deficit for the nine months ended September 30, 2025 (unaudited)](#fg_004) | F-32 |
| [Consolidated Statements of Stockholders' Deficit for the three months ended September 30, 2025 and 2024 (unaudited)](#fg_005) | F-33 |
| [Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)](#fg_006) | F-34 |
| [Notes to the Consolidated Financial Statements](#fg_009) | F-35 |

---

![](audit_001.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of Our Bond (TG-17), Inc. and subsidiaries

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Our Bond (TG-17), Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, stockholders' deficit and statements cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

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

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

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

**Critical Audit Matter**

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

***Revenue Recognition***

 ****

As discussed in note 4 to the financial statements, the Company recognizes revenue upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Auditing management's evaluation of agreements with customers involves significant judgment, given the fact that some agreements require management's evaluation and allocation of the standalone transaction prices to the performance obligations. To evaluate the appropriateness and accuracy of the assessment by management, we evaluated management's assessment in relationship to the relevant agreements.

**/s/ M&K CPAS, PLLC**

We have served as the Company's auditor since 2025.

Woodlands, TX

June 10, 2025, except for the effects of the reverse stock splits described in Note 11, as to which the date is October 5, 2025.

PCAOB ID #2738

**TG-17 INC.**

**CONSOLIDATED BALANCE SHEETS**

(U.S. dollars in thousands, except per share and share amounts)

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $726 | $1437 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 2232 | 3001 |
| Prepaid expenses and other current assets | 435 | 104 |
| Total current assets | 3393 | 4542 |
| Property and equipment, net | 105 | 129 |
| Total assets | $3498 | $4671 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2590 | $3319 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, current | 776 | 279 |
| &nbsp;&nbsp;&nbsp;Related party loan | 1870 | 1585 |
| &nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 1967 | 1867 |
| Total current liabilities | 7203 | 7050 |
| Loan | 12808 | 11303 |
| Total liabilities | 20011 | 18353 |
| Commitments and contingencies (Note 16) |  |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;Series preferred stock, $0.0001 par value; 88,400,879 shares and 74,999,971 shares authorized, at December 31, 2024 and 2023, respectively, 26,560,266 and 22,459,576 shares issued and outstanding as of December 31, 2024 and 2023 respectively | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 112,000,000 and 105,263,084 shares authorized at December 31, 2024 and 2023, respectively; 2,963,695 and 2,923,915 shares issued and outstanding as of December 31, 2024 and 2023 respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 111509 | 103292 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 44 | 76 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (128070) | (117054) |
| Total stockholders' deficit | (16513) | (13682) |
| Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $3498 | $4671 |

---

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(U.S. dollars in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Revenue | $9736 | $7192 |
| Cost of revenues | 9027 | 6086 |
| Gross profit | 709 | 1106 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 2713 | 2980 |
| &nbsp;&nbsp;&nbsp;General and administrative | 6162 | 5787 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 1417 | 885 |
| Total operating expenses | 10292 | 9652 |
| Loss from operations | (9583) | (8546) |
| Other income (expense), net: |  |  |
| &nbsp;&nbsp;&nbsp;Financial expense, net | (1340) | (3962) |
| &nbsp;&nbsp;&nbsp;Other income |  | 331 |
| Income before income taxes | (10923) | (12177) |
| Income tax expense | 94 | 80 |
| Net income (loss) | $(11017) | $(12257) |
| Net loss per share – basic and diluted | $(3.75) | $(10.39) |
| Weighted average number of common shares outstanding – basic and diluted | 2938 | 1180 |

---

 

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(U.S. dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Net income (loss) | $(11017) | $(12257) |
| Foreign currency translation adjustments, net of tax | (32) | (4) |
| Comprehensive loss | $(11049) | $(12261) |

---

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series Preferred Stock** | **Series Preferred Stock** | **Common Stock** | **Common Stock** | | | | |
| **(U.S. dollars in thousands)** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**<br> Paid-in Capital** | **Accumulated Other Comprehensive Income**<br>**(Loss)** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** |
| **Balance as of January 1, 2023** | 2108701 | $23 | 940509 | $1 | $54780 | $80 | $(104796) | $(49912) |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 365 |  |  | 365 |
| &nbsp;&nbsp;&nbsp;Exercise of options |  |  | 290 | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Conversion of Shares as part of series B round | (2108701) | (23) | 2108701 |  | 23 |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of Common Shares |  |  | (125585) | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into Series B-1 Preferred Stock | 1947075 | \* |  |  | 2847 |  |  | 2847 |
| &nbsp;&nbsp;&nbsp;Conversion of Loan Facility into Series B-1 Preferred Stock | 2155399 | \* |  |  | 3153 |  |  | 3153 |
| &nbsp;&nbsp;&nbsp;Issuance of Series B-1 Preferred Stock | 2051575 | \* |  |  | 3006 |  |  | 3006 |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into B-2 Preferred Stock | 9154388 | 2 |  |  | 12052 |  |  | 12054 |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into Series B-3 Preferred Stock | 7151139 | 1 |  |  | 27066 |  |  | 27067 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (4) |  | (4) |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | (12257) | (12257) |
| **Balance as of December 31, 2023** | 22459576 | $3 | 2923915 | $1 | $103292 | $76 | $(117054) | $(13682) |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 961 |  |  | 961 |
| &nbsp;&nbsp;&nbsp;Exercise of options |  |  | 39780 | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Issuance of Series B-1 Preferred Stock | 2050896 | —<sup>\*</sup> |  |  | 3000 |  |  | 3000 |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF Preferred Stock | 2049794 | —<sup>\*</sup> |  |  | 4256 |  |  | 4256 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (32) |  | (32) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (11017) | (11017) |
| **Balance as of December 31, 2024** | 26560266 | $3 | 2963695 | $1 | $111509 | $44 | $(128070) | $(16513) |

---

 

*\** *Represents less than $1*

 

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(U.S. dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(11017) | $(12257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash flows used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 961 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 58 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss from sale of property and equipment |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest related to Convertible Promissory Notes and Loan Facility | 1506 | 4179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 770 | (2673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable and prepaid expenses | (303) | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (729) | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 497 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 100 | 1503 |
| &nbsp;&nbsp;&nbsp;Net cash flows used in operating activities | (8157) | (6996) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of property and equipment |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases and sell of property and equipment | (62) | (89) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in by investing activities | (62) | (86) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party loans | 1195 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments as part of related party loans | (910) | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Convertible Promissory Notes, net |  | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series B-1 Preferred Stock | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF Preferred Stock | 4352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF Preferred Stock fundraising fees | (97) |  |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by financing activities | 7540 | 6780 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | (32) | (4) |
| &nbsp;&nbsp;&nbsp;Change in cash, cash equivalents and restricted cash | (711) | (306) |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash beginning of period | 1437 | 1743 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash end of period | $726 | $1437 |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $48 | $36 |
| &nbsp;&nbsp;&nbsp;Conversion of related party loans to Convertible Promissory Notes |  | 1450 |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into B-1, B-2, B-3 Preferred Stocks |  | 40527 |
| &nbsp;&nbsp;&nbsp;Conversion of Loan Facility to convertible B-1 Preferred Stocks |  | 3153 |

---

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

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 – Nature of Operations**

Headquartered in New-York, NY, TG-17 INC. (the "Company", "Our Bond" or "TG-17") was incorporated in Delaware, U.S, on April 11, 2017. In June 2018, TG-17 LLC changed its name to TG-17 INC.

In April 2017, TG-17 Ltd. ("Israeli subsidiary") was established. The Company holds 100% of its Common stock. The Israeli subsidiary provides research and development services to the Company as well as command center and personal security agents to the Company's US based clients and worldwide.

In November 2023, TG-17 (UK) Ltd. ("UK subsidiary") was established. The Company holds 100% of its Common stock. The UK subsidiary provides command center and personal security agents services to the Company's US based clients and worldwide.

In May 2024, TG-17 (France) ("FR subsidiary") was established. The Company holds 100% of its Common stock. The FR subsidiary provides command center and personal security agents services to the Company's US based clients and worldwide.

In August 2025, TG-17, Inc., submitted the necessary filings to re-domicile as a Nevada corporation on August 27, 2025.

The Company has developed a new tier of preventative personal security platform enabled by artificial intelligence combined with its security personnel agents who are available 24/7 through the Bond App. Since its inception, TG-17 has dedicated resources to research and development activities that support its current projects and future development efforts.

**Note 2 – Basis of Presentation**

These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Certain amounts reported in the prior year financial statements have been reclassified to conform to the current year presentation. These changes in presentation do not affect previously reported results.

The accompanying financial statements have been prepared on a going concern basis. However, the Company has incurred recurring losses and negative operating cash flows, and its current liabilities exceed its current assets as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Management is pursuing several strategies to mitigate these conditions, including capital raising, and believes that these actions will provide the necessary liquidity for at least the next twelve months. Nevertheless, there can be no assurance that such plans will be successfully implemented or yield the intended financial benefits.

Accordingly, there is a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern, and therefore it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

***Use of Estimates***

 ****

The preparation of consolidated financial statements in conformity with U.S. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, income taxes, litigation, non-marketable equity securities, other contingencies, property, plant, and equipment, revenue recognition, and stock-based compensation. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts, and experience. Changes in estimates are recorded prospectively in the period in which they become known. Actual results could significantly differ from those estimates.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

***Functional Currency in U.S. Dollars***

The functional currency of the Company is the U.S. dollar, as the U.S. dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future.

The transactions and balances of the Company denominated in U.S. dollars ("dollars") are presented at their original amounts. Non-dollar transactions and balances have been re measured to U.S. dollars in thousands in accordance with Accounting Standards Codification No. 830, "Foreign Currency Matters" ("ASC 830"). Accordingly, amounts in currencies other than U.S. dollars have been translated as follows:

Monetary balances - at the exchange rate in effect on the balance sheet date.

Non-monetary balances - at the historical rate in effect as of the date of recognition of the transaction.

Costs - at the exchange rate in effect as of the date of recognition of the transaction.

All transaction exchange gains and losses from the remeasurement mentioned above are reflected in the statement of operations in financial income, net

**Note 3 – Recent Accounting Pronouncements**

***Recently Adopted Accounting Pronouncement***

In November 2023, the FASB issued ASU 2023-07 *Segment Reporting - Improvements to Reportable Segment Disclosures*, which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company's annual periods beginning in 2024 and interim periods beginning in the first quarter of fiscal year 2025. The Company adopted the standard on December 31, 2024. For further information, refer to Note 6 in the accompanying notes to the consolidated financial statements.

***Recent Accounting Pronouncements Not Yet Adopted***

In December 2023, the FASB issued ASU No. 2023-09 *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. For all other entities, the standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03 *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03") a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We expect to adopt this standard in our fiscal year 2028 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 4 – Significant Accounting Policies**

**Risks and Uncertainties**

Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company believes that the quality of financial instruments minimizes the exposure to concentration of credit risk. The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which may exceed insurance limits set by the Federal Deposit Insurance Corporation ("FDIC"). The Company has not historically experienced any losses due to such concentration of credit risk.

The Company has no significant off-balance sheet risk, such as foreign exchange contracts, options contracts, or other hedging arrangements.

The Company believes its credit policies are prudent and reflect normal industry terms and business risk. The Company's exposure to credit risk for accounts receivable is indicated by the carrying value of its accounts receivable. The Company does not require customers to provide collateral to support accounts receivable. If deemed necessary, credit reviews of significant customers may be performed prior to extending credit. The determination of a customer's ability to pay requires judgment, and failure to collect from a customer can adversely affect revenue, cash, and net earnings. Expected credit losses for uncollectible receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions considered include predefined aging criteria, as well as specified events that indicate the balance due is not collectible. Reasonable and supportable forecasts used in determining the probability of future collections consider publicly available macroeconomic data and whether future credit losses are expected to differ from historical losses. The Company currently does not have an allowance for credit losses and expects to collect the full balance of accounts receivable.

Customer Concentration

Revenue from significant customers, meaning those representing 10% or more of total revenue, was composed of one customer (one of the top three (3) private equity firms in the world) accounting for 63.6% of the Company's revenue for the year ended December 31, 2024. Two customers accounted for 53.9% (the same private equity firm identified above) and 19.3% (family office of one of the top ten (10) most affluent families of USA) of the Company's revenue for the year ended December 31, 2023. Accounts receivable from significant customers, those representing 10% or more of the total accounts receivable, was composed of one customer accounting for 69.5% of the Company's accounts receivable balance as of December 31, 2024. One customer accounted for 88.2% of the Company's accounts receivable balance as of December 31, 2023.

Other Risks and Uncertainties

The Company is subject to certain other risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: the Company's ability to advance the development its products; market acceptance of its products; competition from other companies with greater financial resources or expertise; protection of intellectual property; litigation or claims brought by or made against the Company relating to intellectual property or other factors; and its ability to attract and retain employees necessary to support its growth.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The Company's business and operations may be affected by worldwide economic conditions, which may continue to be impacted by global macroeconomic challenges, such as the effects of the uncertainty in the financial markets, including disruptions in the banking industry and inflationary trends.

 ****

**Revenue recognition**

The Company recognizes revenue in accordance with ASC 606, *Revenue from Contracts with Customers*, which provides a five-step framework through which revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that the Company concludes are within the scope of ASC 606, management performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract(s); (iii) determines the transaction price, including whether there are any constraints on variable consideration; (iv) allocates the transaction price to the performance obligations; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation.

The Company provides comprehensive security solutions. The company's flagship offering is a cloud-based Software-as-a-Service (SaaS) that delivers a preventative personal security solution platform. Additionally, the Company offers comprehensive and customized services designed to protect clients. These services include, but not limited to, on/off premise guards, assets protection, threat assessments and monitoring and other tailored made security services. Typically, the on-premise security personnel are stationed at client sites to control access, deter threats and respond to incidents in real time, off-premise guards provide mobile or remote surveillance and rapid response support for properties not requiring constant physical presence, asset protection involves securing high-value items, equipment or sensitive materials and threat assessments and monitoring include identifying potential risks, evaluating vulnerabilities and tracking suspicious activities. Revenue is recognized either over time or at a point in time, depending on the nature of each customer's agreement. For its subscription-based SaaS solution through the Company's platform, revenue is typically recognized over time as services are delivered. In contrast, for performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied at a point of time.

The services included in a Bond monthly subscription are: Video Monitor Me, Track Me On The Go, Ready An Agent, Run a Security Check on me, Chat, Audio call, Video call, Activate Siren, Location Services, and Activate the SOS services. Our Physical Bodyguards, Cars To Pick You Up, Roadside Assistance, and Telemedicine services are provided by third parties, and the Company passes the cost of those services (in some cases with a small markup) through to the customers, on top of their membership payment. The Company does not have a revenue sharing arrangement with third-party providers and the revenues generate in financial year 2024 were not substantial and amounted to less than $10,000.

We group the above services offerings into one broad category which generates all of Company's revenue through, primarily, the following sales:

● B2B (or B2G): selling to private or public institutions who use the services in order to protect their people (employees, students, residents, etc.).

● B2B2C: selling through or to corporations so they can sell/subsidize/gift Bond services for their own consumers.

● DTC: selling directly to consumers. The Company combines and accounts for multiple contracts as a single contract when they are negotiated together with the same customer at or near the same time in order to achieve a single commercial objective, or when the contracts are related in other ways.

Transaction price may be comprised of fixed consideration and variable consideration. The Company's contracts are typically for fixed consideration. Customers engaging in a B2B or B2G arrangement are not entitled to any refunds and remain contractually obligated for the entire duration specified in the agreement. In DTC offering, if a customer does not wish to continue being charged on a recurring monthly or annual basis, they can cancel the applicable paid service before the end of the current billing term and the member will receive a prorated refund for the unused portion of the subscription.

For all contracts with customers that have more than one performance obligation, the Company allocates the transaction price to each separate performance obligation based on the relative SSP of each performance obligation. The SSP is typically the price at which the Company sells service separately to a customer. The best evidence of an SSP, if available, is the observable price charged in similar circumstances and to similar customers. If an SSP is not directly observable, the Company estimates SSP using various observable inputs including historical internal pricing data and cost-plus expected margin analysis due to the limited standalone sales history.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Cash and Cash Equivalents**

Cash equivalents include short-term highly liquid investments that are readily convertible to cash when originally purchased with maturities of three months or less.

**Fair Value of Financial Instruments**

The carrying value of cash and cash equivalents, restricted cash and short-term deposit, other accounts receivable, trade payables, other accounts payable and accrued expenses approximate their fair values due to the short-term maturities of such instruments. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820, "Fair Value Measurements and Disclosures" establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

● Level 1 inputs are quoted prices in active markets for identical assets and liabilities;

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

● Level 3 unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

**Accounts Receivable**

The Company has trade receivables which are recorded at the invoiced amount and do not bear interest. The Company evaluates the collectability of accounts receivable on a regular basis based on economic assessment of market conditions and review of customer financial history. The Company have a history of 100% collection and there was no allowance for credit losses recorded as of December 31, 2024 and 2023.

**Property and Equipment, Net**

Property and equipment are recorded at cost, net of accumulated depreciation. Expenditures for major additions and improvements to property and equipment are capitalized and repairs and maintenance costs are expensed as incurred. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss are included in loss from operations in the period of disposal.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Property and equipment are depreciated using the straight-line method over the estimated useful lives of the property and equipment as follows:

Schedule of Estimated Useful Lives Property and Equipment

---

| | |
|:---|:---|
| **Asset Category** | **Useful Life (Years)** |
| Computer equipment | 3 |
| Furniture and fixtures | 14 |
| Electronic equipment | 3 – 7 |
| Leasehold improvements | Lesser of estimated useful life or remaining lease term |

---

Estimated useful lives are periodically assessed to determine if changes are appropriate.

**Leases**

The Company determines if an arrangement is or contains a lease at inception. Operating leases with lease terms of more than 12 months are included in operating lease assets, accrued and other current liabilities, and long-term operating lease liabilities on our consolidated balance sheet. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments over the lease term.

Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments discounted using our incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

**Impairment of Long-Lived Assets**

The Company assesses the recoverability of its long-lived assets, including property and equipment and right-of-use assets, for indicators of impairment. If events or changes in circumstances indicate impairment, the Company measures recoverability by a comparison of the asset's carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. When quoted market prices are not available, the Company uses the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset as an estimate of fair value. No impairment of long-lived assets was identified for the years ended December 31, 2024 and 2023.

**Research and Development Costs**

Research and development costs are expensed in the period incurred. Research and development expenses primarily consist of costs incurred in performing research and development activities and include salaries, stock-based compensation, employee benefits, system qualification and testing incurred before releasing new system designs into production, depreciation and amortization, professional services fees, and facilities expenses.

The Company expenses software development costs before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**Severance Pay**

All the Israeli Company's employees elected to be included under Section 14 of the Israeli Severance Compensation Act, 1963 ("Section 14"). According to Section 14, these employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments (under the above Israeli Severance Compensation Law) in respect of those employees. These deposits are not recorded as an asset in the Company's balance sheet.

**Income Taxes**

The Company applies the provisions set forth in FASB ASC Topic 740, Income Taxes, to account for the uncertainty in income taxes. In the preparation of income tax returns in federal and state jurisdictions, the Company asserts certain tax positions based on its understanding and interpretation of income tax laws. The taxing authorities may challenge these positions, and the resolution of the matters could result in recognition of income tax expense in the Company's consolidated financial statements. Management believes it has used reasonable judgments and conclusions in the preparation of its income tax returns.

The Company uses the "more likely than not" criterion for recognizing the income tax benefit of uncertain income tax positions and to establish measurement criteria for income tax benefits. The Company has evaluated the impact of its tax positions and believes its income tax filing positions and deductions will be sustained upon examination. Accordingly, no reserves for uncertain income tax positions or related accruals for interest and penalties have been recorded as of December 31, 2024. In the event the Company should need to recognize interest and penalties related to unrecognized tax liabilities, this amount will be recorded as an accrued liability and an increase to income tax expense.

The Company's net deferred income tax assets as of December 31, 2024, and December 31, 2023, were $25 million and $22 million, respectively, which have been fully offset by a valuation allowance, as their realization is not reasonably assured. These deferred income tax assets consist primarily of net operating losses and R&D tax credits that may be carried forward to offset future income tax liabilities. The Company has federal and state net operating loss carryforwards of approximately $84 million and $67 million, respectively, as of December 31, 2024. Federal net operating losses may be carried forward indefinitely. The state net operating loss carryforwards begin to expire in 2035. As of December 31, 2024, the Company also had federal research and development income tax credits of approximately $0.3 million. The federal tax credits may be carried forward until 2039.

Section 382 and 383 of the Code limits the annual use of net operating loss and income tax credit carryforwards, respectively. In addition, Section 382 further limits the use of net operating losses in certain situations where changes occur in the stock ownership of a company.

If the Company should have an ownership change of more than 50% of the value of the Company's capital stock, utilization of these net operating loss carryforwards could be restricted. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company is subject to examination by the Internal Revenue Service, or IRS, and various state tax authorities. The Company remains subject to examination of its federal income tax returns and various state income tax returns for the periods since inception.

For tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act of 2017 requires taxpayers to capitalize and amortize research and development costs pursuant to IRC Section 174. Section 174 requires taxpayers to capitalize research and development costs and amortize them over 5 years for expenditures attributed to domestic research and 15 years for expenditures attributed to foreign research. During the year ended December 31, 2024, the Company capitalized research and development expenses under Section 174. Although Congress is considering legislation that would reinstate and extend Section 174 expensing for certain research and experimental expenditures, the possibility that this will happen is uncertain.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Stock-Based Compensation**

The Company adopted the fair value recognition provisions of Accounting Standards Codification No. 718, "Share-Based Payment" ("ASC 718"). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's consolidated statement of operations.

The Company estimates the fair value of stock options granted using the Black-Scholes options pricing model. The option-pricing model requires a number of assumptions, of which the most significant are expected stock price volatility and the expected option term. For employees, the expected term is calculated using the plain vanilla formula as there is not sufficient historical information to provide a clear basis for a different calculation. Expected volatility was calculated based on similar publicly traded companies which operate in the same industry.

The risk-free interest rate is based on the yield from U.S. treasury zero-coupon bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends.

The fair value for options granted in 2024 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

Schedule of Black-Scholes Option Pricing Model Weighted Average Assumptions

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;Risk-free interest | 4.57% |  |
| &nbsp;&nbsp;&nbsp;Dividend yields | 0% |  |
| &nbsp;&nbsp;&nbsp;Volatility | 45.09-45.81% |  |
| &nbsp;&nbsp;&nbsp;Expected option term (years) | 5.00-6.12 |  |

---

No options were granted in 2023.

**Net Income per Share**

Basic net income per share is computed using the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method. Any anti-dilutive effect of equity awards outstanding is not included in the computation of diluted net income per share.

**Foreign Currency Translation and Transaction Gains and Losses**

The functional currency of the Company's wholly owned subsidiaries in Isreal, U.K. and France are the New Israeli Shekel, Pound Sterling and Euro, respectively. Accordingly, asset and liability accounts of the subsidiaries are translated into U.S. dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into U.S. dollars using historical rates. The revenues and expenses are translated using the average exchange rates in effect during the period, and gains and losses from foreign currency translation adjustments are included as a component of accumulated other comprehensive income in the consolidated balance sheet. Foreign currency translation adjustments are recorded in other comprehensive loss in the consolidated statements of operations and comprehensive loss and were $32 and $4 during the years ended December 31, 2024 and 2023, respectively.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Foreign currency transaction gains and losses are included in financial expense, net, in the consolidated statements of operations and comprehensive loss and were not material during the years ended December 31, 2024 and 2023.

**Comprehensive Loss**

The Company is required to report all components of comprehensive loss, including net loss, in the financial statements in the period in which they are recognized. Comprehensive gain or loss is defined as a change in equity of a business enterprise during a period, resulting from transactions and other events and circumstances from non-owner sources. The Company's currency translation adjustment is the components of other comprehensive income (loss) that is excluded from the reported net income (loss) for all periods presented.

**Note 5 – Revenue**

 ****

***Disaggregation of Revenue***

The Company recognizes revenue classified in services and other either at a point in time or over time. Revenue by point in time and over time was as follows (in thousands):

Schedule of Disaggregation of Revenue

---

| | | |
|:---|:---|:---|
|  | **Years Ended** <br> **December 31,** | **Years Ended** <br> **December 31,** |
|  | **2024** | **2023** |
| SaaS revenue recognized over time | $1432 | $1327 |
| Services and other revenue recognized point in time | 8304 | 5865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $9736 | $7192 |

---

The deferred revenue balance represents payments received for performance obligations not yet satisfied. The following table shows the changes in deferred revenue during the years ended December 31, 2024, and 2023 respectively (in thousands):

Schedule of Deferred Revenue

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Balance at beginning of period | $279 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue additions during period | 1326 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized during period | (829) | (753) |
| Balance at end of period | $776 | $279 |

---

Revenue recognized during the year ended December 31, 2024 that was included in deferred revenue as of December 31, 2023 was $279,000. Revenue recognized during the year ended December 31, 2023 that was included in deferred revenue as of December 31, 2022 was $29,000.

Revenue allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, will be recognized within one year or less.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 6 – Segment and Geographical Information**

The Company's security solutions are substantially similar in nature and as a result the Company operates as one operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company's CODM evaluates the financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources. The CODM evaluates performance based on income (loss) from operations, which is calculated as revenues less cost of sales and operating expenses. This measure excludes interest income (expense), other income (expense) and income taxes. The CODM reviews income (loss) from operations on a monthly basis to assess the Company's ability to generate earnings from its core activities and to monitor operating efficiency. This analysis includes comparisons of current results to budgeted amounts, prior periods and internal forecasts. Based on these evaluations, the CODM determines whether to adjust operating plans, modify pricing strategies, implement cost-control initiatives or adjust resource levels in specific functional areas. In addition, the CODM uses income (loss) from operations to make decisions about the allocation of resources, including approving capital expenditures, prioritizing research and development initiatives, adjusting headcount in specific departments and determining marketing spend. The CODM also considers this measure when evaluating the performance of the management team and establishing annual incentive compensation targets. Income/loss from operations is the Company's primary measure of profit or loss, and all costs and expenses categories on the Company's consolidated statement of operations, as well as stock-based compensation, depreciation and amortization expenses, are significant. Refer to Note 12 for additional information about the Company's stock-based compensation expense.

Revenue by geographic area is designated based upon the billing location of the customer. As of December 31, 2024 and 2023, all of the Company's revenue was located in the United States.

Property and equipment by geographic areas was as follows (in thousands):

Schedule of Property and Equipment by Geographic Area

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| United States | $29 | $72 |
| Isreal | 76 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment | $105 | $129 |

---

**Note 7 – Earnings Per Share**

Basic net loss per share is computed by dividing reported net loss by the weighted-average number of common shares outstanding for the reported period. In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be antidilutive. Since the Company was in a net loss for all periods presented in these consolidated financial statements, diluted net loss per share was the same as basic net loss per share.

Schedule of Earnings Per Share Basic and Diluted

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Numerator: | (in thousands, except per share data) | (in thousands, except per share data) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(11017) | $(12257) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding | 2938 | 1180 |
| Net loss per common share | $(3.75) | $(10.39) |

---

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The following potential common share equivalents were excluded from the calculation of diluted net income per share in FY 2024 because their effect would have been anti-dilutive in the period presented (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Convertible preferred stock | 26560 | 22460 |
| Stock options | 5027 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total potential common stock excluded from net loss per share | 31587 | 22638 |

---

**Note 8 – Balance Sheet Detail**

Prepaid expenses and other current assets consisted of the following (in thousands):

Schedule of Prepaid Expenses and Other Current Assets

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Prepaid expenses | $20 | $21 |
| Receivables for Investment | 312 |  |
| Other current assets | 103 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total prepaid expenses and other current assets | $435 | $104 |

---

Property and equipment, net consisted of the following (in thousands):

Schedule of Property and Equipment, Net

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Computers and peripheral equipment | $377 | $333 |
| Office furniture and equipment | 46 | 46 |
| Electronic equipment | 290 | 300 |
| Leasehold improvements | 18 | 18 |
|  | 731 | 697 |
| Less: accumulated depreciation | (626) | (568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment, net | $105 | $129 |

---

Depreciation expenses for the years ended December 31, 2024 and 2023 amounted to $58 and $42, respectively.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Accrued and other current liabilities was composed of the following (in thousands):

Schedule of Accrued and Other Current Liabilities

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Employee and related accruals | $627 | $287 |
| Accrued expenses | 1271 | 1550 |
| Other | 69 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accrued and other current liabilities | $1967 | $1867 |

---

**Note 9 – Loan and Convertible Promissory Note**

**Loan:** 

In June 2019 the Company entered into Loan and Security agreement (the "Loan Facility") in the amount of $9,999. The principal amount outstanding under each Advance shall accrue at the following rate per annum rate equal to the greater of six and one-half percentage points (6.50%) above the Prime Rate of 12.00%, which interest shall be payable monthly. Immediately upon the occurrence and during the continuance of an event of default as defined in the contract, the Obligations shall bear interest at a rate per annum which is four percentage points (4.0%) above the rate that is otherwise applicable thereto. Additionality, concurrently with the grant of the loan, the Company issued warrants to 1,872,993 shares of preference Series A, per value $0.0001 per share, and exercise price of $0.2803 per share. The Warrants expiration date was settled as the earlier of (1) the date that is ten (10) years after the original Issue Date, (2) the Initial Public Offering and (3) a Liquid Acquisition.

In January 2021 the Loan Facility agreement was amended ("First Amendment") to restructure the payments due on February 2021 to be deferred until May 1, 2021, at which time such deferred payments shall be due in full. In June 2021 the Loan Facility agreement and First Amendment (collectively, the "Loan Facility") were further amended ("Second Amendment") to restructure the payments due on May 2021 to January 2022 (collectively, the "Deferred Payments"). Company shall repay Deferred Payments including principal amount in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance.

In years 2022-2024 the Loan Facility agreement was further amended to restructure the payments due on January 2022 to December 2024.The forbearance period was extended until the earlier of December 31, 2025 and Company's closing of an equity financing of at least $20,000 where all Deferred Payments including principal shall be repay in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance.

In November 2023, a total of $3,152 from the loan were converted into 2,155,398 Series B-1 Preferred Stock of $0.0001 par value as part of Series B Preferred Stock Purchase Agreement. Additionally, the warrants mentioned above were cancelled and replaced by a new 247,145 Series B-1 warrant, per value $0.0001 per share, and exercise price of $0.4875 per share.

The total interest expenses and accrued interest for the year ended December 31, 2024 were $1,505 and $2,808, respectively, and as for year ended December 31, 2023, were $1,931 and $1,303, respectively. Any unpaid interest was accrued as part of the loan.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Convertible Promissory Note:** 

In July 2020, the Company entered into Convertible Promissory Note agreements (the "Convertible Promissory Note") with its existing investors in an aggregate amount of $11,419. Deferred loan issuance costs in the amount of $14 were recorded net of the loan and will be recognized as additional interest expense over the life of the loan.

The principal amount bear 7% interest per annum. According to the terms of the Convertible Promissory Note agreements, the entire amount of the outstanding principal and any unpaid accrued interest shall automatically convert in whole without any further action by the holder into Common Stock of the Company, at a conversion price equal to the cash price paid per share for the equity securities by the Investors in the qualified financing at a conversion price equal to the lesser of (i) the cash price paid per share for equity securities by the Investors in the Qualified Financing multiplied by 0.75, and (ii) $0.2803.

If the Notes remain outstanding at the maturity date, then, effective upon the maturity date (January 21, 2022), the majority noteholders may elect to convert the outstanding principal amount of the Notes and any unpaid accrued interest, into shares of the Company's Series A Preferred Stock at a conversion price equal to the $0.2803 series A price per share.

In July 2021, the Company entered into Second Convertible Promissory Note agreements (the "Second Convertible Promissory Note") with its existing investors in an aggregate amount of $6,100. The principal amount bear 7% interest per annum. According to the terms of the Second Convertible Promissory Note agreements, the entire amount of the outstanding principal and any unpaid accrued interest shall automatically convert in whole without any further action by the holder into Common Stock of the Company, at a conversion price equal to the cash price paid per share for the equity securities by the Investors in the qualified financing at a conversion price equal to the lesser of (i) the cash price paid per share for equity securities by the Investors in the Qualified Financing multiplied by 0.75, and (ii) $0.2803.

In December 2021, the Convertible Promissory Note dated July 2020 was amended to extend the maturity date of the notes to January 2, 2023 and later was extend further to January 2024.

In January 2022, June 2022 and in November 2022 the Company entered into three additional Convertible Promissory Note agreements with its existing investors in an aggregate amount of $6,000, $2,000 and $7,517, respectively. The principal amount bear 7% interest per annum. According to the terms of the Third, Fourth and Fifth Convertible Promissory Note agreements, the entire amount of the outstanding principal and any unpaid accrued interest shall automatically convert in whole without any further action by the holder into Common Stock of the Company, at a conversion price equal to the cash price paid per share for the equity securities by the Investors in the qualified financing at a conversion price equal to the lesser of (i) the cash price paid per share for Equity Securities by the Investors in the Qualified Financing multiplied by 0.75, and (ii) $0.2803.

If the Notes remain outstanding at the maturity date, then, effective upon the maturity date (January 1, 2024), the Majority Noteholders may elect to convert the outstanding principal amount of the Notes and any unpaid accrued interest, into shares of the Company's Series A Preferred Stock at a conversion price equal to the $0.2803 Series A Price Per Share.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

In November 2022, in anticipation of a new equity financing and/or corporate restructuring, the Company entered into omnibus amendment and waiver of convertible notes and participation direction with its existing investors that combines multiple modifications and waivers related to certain terms and conditions of all previously issued Convertible Promissory Note agreements. The primary modifications extend all note maturity dates to March 31, 2025 and establish new conversion mechanics tied to a future equity financing round of at least $3 million, where noteholders will receive either common shares or preferred stock at the company's discretion depending on whether the company undergoes a recapitalization.

During 2023 there were no interest payments. The total interest expenses recorded in 2023 were $2,206.

In November 2023 and upon closing an equity financing of $3 million, all Convertible Promissory Notes (principal and interest) were converted into 1,947,073 Series B-1 Preferred Stock for a total consideration of $2,847, 9,154,383 B-2 Preferred Stock for a total consideration of $12,054 and into 7,151,130 Series B-3 Preferred Stock for a total consideration of $10,797. This conversion ratio resulted in a $16,270 million capital gain to the Company due to the new conversion terms defined in the 2022 omnibus agreement.

Upon the direct listing, the Series B-1 Warrants shall remain outstanding, and the holder shall have the option, at any time, to convert each warrant into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant (meaning aggregate fair market value of warrants less the aggregate exercise price of warrant) at the time the conversion by the fair market value of one warrant share, as defined therein.

**Note 10 – Related Party**

Since the company's establishment, the company's founder and CEO has also been the largest investor who participated in all funding rounds and convertible notes in a total amount of approximately $34.2 million.

In December 2021, the Company entered into Unsecured Grid Note agreement (the "Note") with its main shareholder in the amount of up to $1,000. Company received three installments of $300 each on December 3, 2021, December 10, 2021, and December 13, 2021 (Collectively "the related party loans" and individually each a "Loan").

The unpaid principal of each Loan bear simple interest of 5% per annum from the date of borrowing. According to the terms of the Note, the Loans shall be due and payable on demand by Lender (the "Maturity Date"). In the event that (i) the Company issues and sells any debt, equity or other securities of the Company, or any combination thereof, to investors in a bona-fide arms-length transaction for aggregate consideration (including conversion of any outstanding indebtedness) of at least $2,000 and (ii) this Note has not been paid in full, then the entire outstanding principal balance and all unpaid accrued interest of this Note shall automatically convert in whole without any further action by the Lender into such debt, equity or other securities of the Company issued pursuant to such financing transaction on the same terms and conditions as given to the investors.

In May 2022, the Company entered into Unsecured Grid Note agreement (the "Second Note") with its main shareholder in the amount of up to $1,000 under the same terms. Company received two installments of $400 and 350 on May 5, 2022, and May 26, 2022 (Collectively ""the related party loans" and individually each a "Loan").

In June 2022, the Company entered into Unsecured Grid Note agreement (the "Third Note") with its main shareholder in the amount of up to $5,000 under the same terms. Company received sixteen installments for a total of $4,625 (Collectively "the related party loans" and individually each a "Loan").

In October 2022, the Company entered into Unsecured Grid Note agreement (the "Fourth Note") with its main shareholder in the amount of up to $5,000 under the same terms. Company received six installments for a total of $1,650 (Collectively "the related party loans" and individually each a "Loan").

In 2022, the related party loans in the amount of $6,275 were reassigned to the Convertible Promissory Note.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

In 2023, 1,450 were reassigned to the Convertible Promissory Note and 200 were reassigned to the Unsecured Convertible Revolving Promissory Note. See below.

In July 2023, the Company entered into Unsecured Convertible Revolving Promissory Note (the "Second Note") with its main shareholder in the amount of up to $2,000. At any time, the Noteholder may, in its sole discretion, lend to the Company from time to time until the first-year anniversary of the Effective Date such amounts as may be requested by the Company in accordance with the terms and conditions of this Second Note. The principal amount outstanding under this Second Note from time to time shall bear interest at a rate per annum equal to the Applicable Federal Rate. In October 2023, the Second Note was amended whereby principal amount was increased up to $3,000. During 2023, Company received a total of $2,350 and repaid $1,000 from the outstanding balance. During 2024, Company received a total of $1,110 and repaid $910 from the outstanding balance.

The total interest expenses recorded in 2024 and 2023 were $85 and $35, respectively.

As of December 31, 2024 and 2023, the Revolving Promissory Note outstanding balance was $1,870 and $1,585 ,respectively.

**Note 11 – Preferred Stock and Common Stock**

**Stock reverse split**

On November 11, 2023, in connection with the Series B financing, the Company filed an Amended and Restated Certificate of Incorporation which, among other things, affected a reverse stock split by which every 28.40643 shares of Common Stock issued and outstanding immediately prior to such filing was automatically combined into 1 share of Common Stock.

All shares of Common stock and Preferred Stock, options and exercise prices have been adjusted retroactively for all periods presented in these financial statements to reflect the 28.40643-for 1 reverse split.

On September 19, 2025, the Company effected a reverse stock split of the Company's Common Stock at a ratio of 1-for-3 effective that day. Each share of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock, and Series CF-2 Preferred Stock, each of which converts on a 1:1 basis into Common Stock, has been proportionally adjusted to reflect the 1-for-3 reverse stock split, such that the 1:1 conversion ratio with Common Stock is maintained.

**Composition of stock capital**

The stock capital of the Company as of December 31, 2024 and 2023 is comprised of stock of $0.0001 par value each, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Authorized** | **Issued and outstanding** | **Authorized** | **Issued and outstanding** |
| Common Stock | 112000000 | 2963695 | 105263084 | 2923915 |
| Series B-1 Preferred Stock | 25356256 | 8204944 | 25364831 | 6154045 |
| Series B-2 Preferred Stock | 27463149 | 9154388 | 27463154 | 9154388 |
| Series B-3 Preferred Stock | 21453390 | 7151139 | 22171986 | 7151139 |
| Series CF Preferred Stock | 14128084 | 2049795 | - | - |
|  | 200400879 | 29523961 | 180263055 | 25383487 |

---

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Common Stock**

Common Stock confer upon their holders the right, among others, to participate and vote in the Company's stockholders meeting, participation in the Company's distributable earnings and participation in the distribution of the Company's assets upon its liquidation. The stockholders' liability is limited to the redemption of the par value of their stock.

**Preferred Stock**

Preferred stock has been designated into Voting Preferred Stock (consisting of Series B-1 Preferred Stock, Series B-2 Preferred Stock and Series B-3 Preferred Stock) and Non-Voting Preferred Stock (consisting of Series CF Preferred Stock). Voting Preferred Stock and Non-Voting Preferred Stock confer upon their holders all the rights of Common stock, with the exception of voting rights in the case of Non-Voting Preferred Stock. In addition, they bear the following rights:

*Voting rights:*

 

Holders of Voting Preferred Stock are entitled to one vote for each share of Common stock into which such Voting Preferred Stock is convertible. The holders of the Voting Preferred Stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote, with the exception of election of the Common stock director (as specified in the Company's Articles of Incorporation).

*Liquidation preference:*

The Company's Preferred stock are entitled to a Non-Participating Liquidation preference.

In the event of liquidation, subject to the Preferred stock liquidation preference, assets or proceeds shall be distributed among the holders of Common stock and Preferred stock and on an as converted basis, based on the number of stocks held by each such holder.

*Conversion:*

 

Each share of Voting Preferred Stock and Non-Voting Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such Voting Preferred Stock and Non-Voting Preferred Stock was issued by the Company, into such number of fully paid and non-assessable Common stock and Non-Voting Common stock, respectively as is determined by dividing the applicable original issuance price by the applicable conversion price (original issue price for each series of Preferred Stock, subject to adjustment based on certain anti-dilution protections) in effect at the time of conversion.

Each share of Voting Preferred Stock and Non-Voting Preferred Stock shall automatically be converted into Common stock and Non-Voting Common stock, respectively immediately upon the earlier of (i) the closing of a Qualified Public Offering, or (ii) written consent or written agreement of the Requisite Holders, as defined in the Company's Articles of Incorporation. The Company has reserved Common stock and Non-Voting Common stock that will be sufficient to affect the conversion of all outstanding stock of Preferred stock.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the applicable Preferred stock, the applicable conversion price for the applicable Preferred stock shall be adjusted to reflect the lower consideration paid for the applicable Preferred stock as set forth in the Company's articles of incorporation.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Issuance of Preferred Stock**

On November 17, 2023, the Company entered into a Series B Preferred Stock Purchase Agreement (the "Series B SPA") with new and existing investors. According to the Series B SPA, the Company issued 2,051,574 Series B-1 Preferred Stock for total consideration of $3,006 with par value of $0.0001 each, at a price per stock of $1.462533;

In 2024 the Company had five additional closings for a total consideration of $3,000 and issued 2,050,897 Series B-1 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.4672533.

On June 2024, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agrees to sell securities to eligible investors through the funding portal through special purpose vehicle. As of December 31, 2024, the Company had raised a total of $1,368 and issued 644,226 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $2.12343; The total fees recorded in 2024 were $97. While the total fee to be paid to the intermediary under this Reg CF offering was 6.9% of the total amount raised, the fee due as of December 31, 2024 were based on the amount raised as of that date.

On September 2024, in parallel to Reg CF and under the same terms, the Company started to offer and sell securities under rule 506(c) of regulation D to accredited investors. As of December 31, 2024, the Company had raised a total of $2,985 and issued 1,405,569 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $2.12343.

All previous preferred stock were converted to Common Shares.

**Note 12 – Stock-Based Compensation**

The Equity Incentive Plan provides for the Company to grant ISOs, and NSOs to employees, advisers, and directors. As of December 31, 2024 there were 5,235,253 equity awards authorized including awards that were exercised to common stock.

 ****

***Stock Options***

Stock options represent the right to purchase shares of common stock on the date of exercise at a stated exercise price. The exercise price of a stock option generally must be at least equal to the fair market value of the common stock on the date of grant. Options vest over a period of time not to exceed 10 years from the grant date. For the years ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense of $961 and $335, respectively.

The terms of the plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement. The shares of restricted stock granted upon early exercise of the options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not been vested are subject to repurchase by the Company upon termination of the purchaser's employment, at the price paid by the purchaser. Such shares are not deemed to be issued for accounting purposes until they vest.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The following table summarizes the Company's stock option activity and related information:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Weighted Average Exercise Price** | **Aggregate Intrinsic Value (in thousands)** | **Weighted Average Remaining Life** |
| Outstanding, as of January 1, 2023 | 272844 | $11.70 | **-** | 8.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised during period | 290 | $4.02 | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | 94722 | $16.23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired | - | - | **-** | **-** |
| Outstanding, as of December 31, 2023 | 177832 | $10.08 | $- | 7.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 4854476 | $0.42 | $- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised during period |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | 5418 | $0.42 | $- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired | - | - |  |  |
| Outstanding as of December 31, 2024 | 5026890 | $0.42 | $- | 9.30 |

---

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company's shares of common stock for those options that had exercise prices lower than the fair value of the Company's shares of common stock.

The weighted-average grant date fair value of options granted was $0.42 for the year ended December 31, 2024.

As of December 31, 2024 and 2023, the total remaining unrecognized compensation expense related to non-vested stock options was $411 and $401, respectively, which will be amortized over the weighted-average period of 1.59 years and 1.84 years, respectively.

The fair value of each option award is determined on the date of grant using the Black-Scholes option-pricing model. The calculation of fair value includes several assumptions that require management's judgment. The absence of a public market for the Company's common stock requires the Company's board of directors with assistance from management and external valuation experts, to estimate the fair value of its common stock for purposes of granting options and for determining stock-based compensation expense by using a reasonable method of valuation and considering several objective and subjective factors, including obtaining contemporaneous independent third-party valuations, actual and forecasted operating and financial results, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the rights and preferences of redeemable convertible preferred stock and common stock, and transactions involving the Company's stock. The fair value of the Company's common stock was determined in accordance with applicable elements of the American Institute of Certified Public Accountants guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The estimated fair value of stock options was determined using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Schedule of Stock Options Valuation Assumptions

---

| | | |
|:---|:---|:---|
|  | **Years Ended** <br> **December 31,** | **Years Ended** <br> **December 31,** |
|  | **2024** | **2023** |
| Expected term of options (years) | 5-6.12 |  |
| Expected volatility (%) | 45.09-45.81 |  |
| Risk-free interest rate (%) | 4.57 |  |
| Expected dividend yield (%) |  |  |

---

No options were granted in 2023.

*Expected term:* The expected term of the stock options represents the period of time stock options are expected to be outstanding and is based on the "simplified method." Under this method, the term is estimated using the midpoint between the requisite service period and the contractual term of the option. This method is used due to the lack of sufficient historical exercise data.

 

*Expected volatility:* The expected volatility is a measure of the amount by which a financial variable, such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have a sufficient history of its own volatility, the Company has identified several public entities of similar complexity and industry and calculates historical volatility based on the volatilities of these companies.

 

*Risk-free interest rate:* The risk-free interest rate is based on U.S. Treasury yield curve in effect at the time of grant.

 

*Expected dividend yield:* No dividends have been paid or expected to be paid by the Company.

Total stock-based compensation expense for years ended December 31, 2024 and 2023 was as follows (in thousands):

Schedule of Stock Based Compensation Expenses

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Cost of sales | 4 | 3 |
| Research and development | 153 | 123 |
| Sales and marketing | 115 | 66 |
| General and administrative | 689 | 143 |
| Total stock-based compensation expense | 961 | 335 |

---

**Note 13 – Income Taxes** Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Net deferred tax items consist of the following components as of December 31, 2024 and 2023 (in thousands):

Schedule of Components of Deferred Tax Assets

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryover | $17736 | $15976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryover - States | 4471 | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&D credit carryforward | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 390 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&D capitalization | 2210 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6 |  |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | (48) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (13) |
| Valuation allowance | (25090) | (22525) |
| Net deferred tax asset | $— | $— |

---

The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the year ended December 31, 2024 due to the following (in thousands):

Schedule of Reconciliation of Statutory Federal Income Tax Rate

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Book income (loss) | $(2320) | $(2575) |
| Non deductible other expenses (M&E 50% and penalties) | 1 | 1 |
| State income taxes, net of federal tax benefit  | (246) |  |
| Valuation allowance | 2565 | 2574 |
|  | $— | $— |

---

At December 31, 2024, the Company had net operating loss carryforwards of approximately $84 million that may be offset against future taxable income varying from the year 2024 through indefinitely. No tax benefit has been reported in the December 31, 2024, financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. NOLs arising in tax years beginning in 2018 may be carried forward indefinitely.

**Note 14 – Commitments and Contingencies**

In August 2018, The Israeli subsidiary entered into a lease agreement for a 60-month period beginning January 1, 2019. The subsidiary may terminate the lease agreement on December 31 of each year with 6-month advance written notice to the lessor. If the subsidiary to terminate the lease agreement at the first 48-month period, then an exit penalty of $241 will apply.

In May 2021, the lease agreement was amended where Subsidiary and lessor agreed to convert fifty percent from February-December 2021 monthly rent payments into fully vested warrants to purchase 18,775 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on April 30, 2026.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

In August 2021, the lease agreement was further amended where the Subsidiary and lessor agreed to convert fifty percent from 2022 monthly rent payments into a warrants to purchase 21,005 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on September 30, 2026. On August 22, 2024 all the warrants held by the lesser were exercised and accordingly, 39,780 Common Stock were issued.

In July 2022, the Israeli Subsidiary gave the lessor advanced notice of its intention to exercise the exit point on December 31, 2022, while negotiating the fifth-year terms. The parties were unable to reach agreements and in July 2023 the subsidiary vacated the leased premises. In February 2025 a lawsuit was filed against the Company for a total of $1,600. Given the preliminary stage in which the lawsuit is at, the Israeli Subsidiary lawyers cannot reasonably assess the likelihood of the claims to be accepted. The company accounted for $1,600 and the amount is included in Accrued and other current liabilities.

**Note 16 – Subsequent Events**

The Company has evaluated all transactions through May 28, 2025, the date these consolidated financial statements were available to be issued and has determined that there are no other events, other than the following, that would require disclosure in or adjustment to these financial statements.

**TG-17 INC.**

**CONSOLIDATED BALANCE SHEETS**

(U.S. dollars in thousands, except per share and share amounts)

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $925 | $726 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 1727 | 2232 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 146 | 435 |
| Total current assets | 2798 | 3393 |
| Property and equipment, net | 86 | 105 |
| Total assets | $2884 | $3498 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2397 | $2590 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, current | 699 | 776 |
| &nbsp;&nbsp;&nbsp;Related party loan | 1149 | 1870 |
| &nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 2066 | 1967 |
| Total current liabilities | 6311 | 7203 |
| Loan | 6973 | 12808 |
| Total liabilities | 13284 | 20011 |
| Commitments and contingencies (Note 14) |  |  |
| Mezzanine Equity |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stock, $0.0001 par value; 1,012,441 shares and 0 shares authorized, at September 30, 2025 and December 31, 2024, respectively, 1,012,441 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024 respectively | 9574 |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;Series preferred stock, $0.0001 par value; 148,987,559 shares and 88,400,879 shares authorized, at September 30, 2025 and December 31, 2024, respectively, 28,100,970 and 26,560,266 shares issued and outstanding as of September 30, 2025 and December 31, 2024 respectively | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 200,000,000 and 112,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; 3,228,240 and 2,963,695 shares issued and outstanding as of September 30, 2025 and December 31, 2024 respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 116195 | 111509 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (61) | 44 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (136112) | (128070) |
| Total stockholders' deficit | (19974) | (16513) |
| Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $2884 | $3498 |

---

 

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

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(U.S. dollars in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $2736 | $2537 | $7254 | $7196 |
| Cost of revenues | 2620 | 2519 | 6738 | 6568 |
| Gross profit | 116 | 18 | 516 | 628 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 632 | 560 | 1851 | 1729 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1207 | 1363 | 3802 | 3952 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 557 | 693 | 1663 | 1764 |
| Total operating expenses | 2396 | 2616 | 7316 | 7445 |
| Loss from operations | (2280) | (2598) | (6800) | (6817) |
| Other income (expense), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial expense, net | (318) | (413) | (1066) | (1228) |
| &nbsp;&nbsp;&nbsp;Other income | 3 | 55 | 74 | 142 |
| Income before income taxes | (2595) | (2956) | (7792) | (7903) |
| Income tax expense | 39 | 21 | 39 | 66 |
| Net income (loss) | $(2634) | $(2977) | $(7831) | $(7969) |
| Net loss per share – basic and diluted | $(0.83) | $(1.02) | $(2.57) | $(2.73) |
| Weighted average number of common shares outstanding – basic and diluted | 3174 | 2924 | 3043 | 2924 |

---

 

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

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(U.S. dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $(2634) | $(2977) | $(7831) | $(7969) |
| Foreign currency translation adjustments, net of tax | 47 | - | 104 | (10) |
| Comprehensive loss  | $(2587) | $(2977) | $(7727) | $(7979) |

---

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

 

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Mezzanine Equity** | **Mezzanine Equity** |
| **(U.S. dollars in** | **Series Preferred Stock** | **Series Preferred Stock** | **Common Stock** | **Common Stock** | | | | | **Series Preferred Stock** | **Series Preferred Stock** |
| **thousands)** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated Other Comprehensive**<br>**Income (Loss)** | **Accumulated**<br>**Deficit** | **Total <br> Stockholders'**<br>**Deficit** | **Shares** | **Amount** |
| **Balance as of January 1, 2025** | 26560266 | $3 | 2963695 | $1 | $111509 | $44 | $(128070) | $(16513) |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 493 |  |  | 493 |  |  |
| &nbsp;&nbsp;&nbsp;Exercise of options and vesting of early exercise |  |  | 609 | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common shares |  |  | 229650 | —<sup>\*</sup> | 533 |  |  | 533 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF preferred stock | 1318671 |  |  |  | 2753 |  |  | 2753 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series C convertible preferred stock- net of issuance costs |  |  |  |  |  |  |  |  | 329671 | 2746 |
| &nbsp;&nbsp;&nbsp;Issuance of Series F preferred stock | 10000 | —<sup>\*</sup> | (3334) | —<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF-2 Preferred Stock | 212033 |  |  |  | 762 |  |  | 762 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series E Preferred Stock |  |  |  |  |  |  |  |  | 682770 | 6829 |
| &nbsp;&nbsp;&nbsp;Common Stock Dividend |  |  | 37620 | —<sup>\*</sup> | 145 |  | (145) |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash Dividend |  |  |  |  |  |  | (66) | (66) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (105) |  | (105) |  |  |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | (7831) | (7831) |  |  |
| **Balance as of September 30, 2025** | 28100970 | $3 | 3228240 | $1 | $116195 | $(61) | $(136112) | $(19974) | 1012441 | 9575 |
| **Balance as of January 1, 2024** | 22459576 | $3 | 2923915 | $1 | $103292 | $76 | $(117054) | $(13682) |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 717 |  |  | 717 |  |  |
| &nbsp;&nbsp;&nbsp;Exercise of options and vesting of early exercise |  |  | 39780 | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series B preferred stock | 2050896 | —<sup>\*</sup> |  |  | 3000 |  |  | 3000 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF-1 preferred stock | 736322 | —<sup>\*</sup> |  |  | 1503 |  |  | 1503 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (10) |  | (10) |  |  |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (7969) | (7969) |  |  |
| **Balance as of September 30, 2024** | 25246794 | $3 | 2963695 | $1 | $108512 | $66 | $(125023) | $(16441) |  |  |

---

 

*\** *) Represents less than $1*

 

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

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Mezzanine Equity** | **Mezzanine Equity** |
| **(U.S. dollars in** | **Series Preferred Stock** | **Series Preferred Stock** | **Common Stock** | **Common Stock** | | | | | **Series Preferred Stock** | **Series Preferred Stock** |
| **thousands)** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated Other Comprehensive**<br>**Income (Loss)** | **Accumulated**<br>**Deficit** | **Total <br> Stockholders'**<br>**Deficit** | **Shares** | **Amount** |
| **Balance as of July 1, 2025** | 27888937 | $3 | 3164758 | $1 | $115056 | $(14) | $(133267) | $(18221) | 329671 | 2746 |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 132 |  |  | 132 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common shares |  |  | 25862 | —<sup>\*</sup> | 100 |  |  | 100 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF-2 preferred stock | 212033 | —<sup>\*</sup> |  |  | 762 |  |  | 762 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series E preferred stock |  |  |  |  |  |  |  |  | 682770 | 6829 |
| &nbsp;&nbsp;&nbsp;Common Stock Dividend |  |  | 37620 | —<sup>\*</sup> | 145 |  | (145) |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash Dividend |  |  |  |  |  |  | (66) | (66) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (47) |  | (47) |  |  |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | (2634) | (2634) |  |  |
| **Balance as of September 30, 2025** | 28100970 | $3 | 3228240 | $1 | $116195 | $(61) | $(136112) | $(19974) | 1012441 | 9575 |
| **Balance as of July 1, 2024** | 24510472 | $3 | 2963695 | $1 | $106769 | $66 | $(122046) | $(15207) |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 240 |  |  | 240 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF-1 preferred stock | 736322 | —<sup>\*</sup> |  |  | 1503 |  |  | 1503 |  |  |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (2977) | (2977) |  |  |
| **Balance as of September 30, 2024** | 25246794 | $3 | 2963695 | $1 | $108512 | $66 | $(125023) | $(16441) |  |  |

---

 

*\** *) Represents less than $1*

 

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(U.S. dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(7831) | $(7969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash flows used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 493 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 37 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest related to convertible promissory notes and loan facility | 1036 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for legal and other services | 532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 504 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable and prepaid expenses | 290 | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (193) | (561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (77) | (309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 99 | (19) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in operating activities | (5110) | (5674) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (18) | (46) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in by investing activities | (18) | (46) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party loans | 451 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments as part of related party loans | (1215) | (910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF preferred stock | 2799 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF preferred stock fundraising fees | (46) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series B-1 preferred stock |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series C preferred stock | 3000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series C preferred stock fundraising fees | (254) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF-2 preferred stock | 819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF-2 preferred stock fundraising fees | (56) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | (66) |  |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by financing activities | 5432 | 4704 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | (105) |  |
| &nbsp;&nbsp;&nbsp;Change in cash, cash equivalents and restricted cash | 199 | (1016) |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash beginning of period | 726 | 1437 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash end of period | $925 | $421 |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net  | $95 | $37 |
| **SUPPLEMENTAL DISCLOSURES OF NON-CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Conversion of Loan Facility to convertible E Preferred Stocks | $6929 |  |
| &nbsp;&nbsp;&nbsp;Common Stock Dividend | $145 |  |

---

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

 

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 – Nature of Operations**

Headquartered in New-York, NY, TG-17 INC. (the "Company", "Our Bond" or "TG-17") was incorporated in Delaware, U.S, on April 11, 2017. In June 2018, TG-17 LLC changed its name to TG-17 INC. The Company has subsidiaries in Isreal, UK, France, Belgium and Canada to provide command center and personal security agent services to the Company's US based Clients and worldwide. Effective September 16, 2025, the Company reincorporated from the State of Delaware to the State of Nevada pursuant to a plan of conversion approved by its board of directors and stockholders. The reincorporation did not result in any change to the Company's name, business operations, management, assets, liabilities, or financial statements, other than the Company now being governed by Nevada law.

The Company developed a new tier of preventative personal security platform enabled by artificial intelligence combined with security personnel agents who are available 24/7 through the Bond Personal Security phone application.

**Note 2 – Basis of Presentation**

These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Certain amounts reported in the prior year financial statements have been reclassified to conform to the current year presentation. These changes in presentation do not affect previously reported results.

The accompanying financial statements have been prepared on a going concern basis. However, the Company has incurred recurring losses and negative operating cash flows, and its current liabilities exceed its current assets as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Management is pursuing several strategies to mitigate these conditions, including capital raising, and believes that these actions will provide the necessary liquidity for at least the next twelve months. Nevertheless, there can be no assurance that such plans will be successfully implemented or yield the intended financial benefits.

Accordingly, there is a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern, and therefore it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

 ****

***Use of Estimates***

The preparation of consolidated financial statements in conformity with U.S. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, income taxes, litigation, non-marketable equity securities, other contingencies, property, plant, and equipment, revenue recognition, and stock-based compensation. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts, and experience. Changes in estimates are recorded prospectively in the period in which they become known. Actual results could significantly differ from those estimates.

 ****

***Functional Currency in U.S. Dollars***

The functional currency of the Company is the U.S. dollar, as the U.S. dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future.

The transactions and balances of the Company denominated in U.S. dollars ("dollars") are presented at their original amounts. Non-dollar transactions and balances have been re measured to U.S. dollars in thousands in accordance with Accounting Standards Codification No. 830, "Foreign Currency Matters" ("ASC 830"). Accordingly, amounts in currencies other than U.S. dollars have been translated as follows:

Monetary balances - at the exchange rate in effect on the balance sheet date.

Non-monetary balances - at the historical rate in effect as of the date of recognition of the transaction.

Costs - at the exchange rate in effect as of the date of recognition of the transaction.

All transaction exchange gains and losses from the remeasurement mentioned above are reflected in the statement of operations in financial income, net

**Note 3 – Recent Accounting Pronouncements**

 ****

***Recent Accounting Pronouncements Not Yet Adopted***

In December 2023, the FASB issued ASU No. 2023-09 *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. For all other entities, the standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03 *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03") a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We expect to adopt this standard in our fiscal year 2027 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 4 – Significant Accounting Policies**

There have been no significant changes during the nine months ended September 30, 2025 and 2024 to the items disclosed in "Significant Accounting Policies" in Note 4 of the Company's audited consolidated financial statements for the years ended December 31, 2024 and 2023, other than as described below:

**Risks and Uncertainties**

Customer Concentration

Revenue from significant customers, meaning those representing 10% or more of total revenue, was composed of two customers accounting for 51.93% and 16.69% of the Company's revenue for the nine months ended September 30, 2025. One customer accounted for 60.68% of the Company's revenue for the nine months ended September 30, 2024. Accounts receivable from significant customers, those representing 10% or more of the total accounts receivable, was composed of two customers accounting for 57.27% and 34.48% of the Company's accounts receivable balance as of September 30, 2025. One customer accounted for 51.20% of the Company's accounts receivable balance as of December 31, 2024.

**Note 5 – Revenue**

 ****

***Disaggregation of Revenue***

The Company recognizes revenue classified in services and other either at a point in time or over time. Revenue by point in time and over time was as follows (in thousands):

Schedule of Disaggregation of Revenue

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| SaaS revenue recognized over time | $373 | $283 | $1089 | $1096 |
| Services and other revenue recognized point in time | 2363 | 2254 | 6165 | 6100 |
| &nbsp;&nbsp;&nbsp;Total revenue | $2736 | $2537 | $7254 | $7196 |

---

The deferred revenue balance represents payments received for performance obligations not yet satisfied. The following table shows the changes in deferred revenue during the nine months ended September 30, 2025, and 2024 respectively (in thousands):

Schedule of Deferred Revenue

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Balance at beginning of period | $776 | $279 |
| &nbsp;&nbsp;&nbsp;Deferred revenue additions during period | 994 | 1055 |
| &nbsp;&nbsp;&nbsp;Revenue recognized during period | (1071) | (745) |
| Balance at end of period | $699 | $589 |

---

Revenue recognized during the nine months ended September 30, 2025 that was included in deferred revenue as of December 31, 2024 was $565. Revenue recognized during the nine months ended September 30, 2024 that was included in deferred revenue as of December 31, 2023 was $246.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Revenue allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, will be recognized within one year or less.

**Note 6 – Segment and Geographical Information**

The Company's security solutions are substantially similar in nature and as a result the Company operates as one operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company's CODM evaluates the financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources. Income (loss) is the Company's primary measure of profit or loss, and all costs and expenses categories on the Company's consolidated statement of operations, as well as stock-based compensation, depreciation and amortization expenses, are significant. Refer to Note 12 for additional information about the Company's stock-based compensation expense.

Revenue by geographic area is designated based upon the billing location of the customer as follows (in thousands):

Schedule of Revenue by Geographic Area

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| United States | $2728 | $2534 | $7215 | $7193 |
| Israel | 8 | 3 | 25 | 3 |
| France |  |  | 14 |  |
| &nbsp;&nbsp;&nbsp;Total revenue | $2736 | $2537 | $7254 | $7196 |

---

Property and equipment by geographic areas was as follows (in thousands):

Schedule of Property and Equipment by Geographic Area

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| United States | $20 | $29 |
| Isreal | 66 | 76 |
| &nbsp;&nbsp;&nbsp;Total property and equipment | $86 | $105 |

---

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 7 – Earnings Per Share**

Basic net loss per share is computed by dividing reported net loss by the weighted-average number of common shares outstanding for the reported period. In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be antidilutive. Since the Company was in a net loss for all periods presented in these consolidated financial statements, diluted net loss per share was the same as basic net loss per share.

Schedule of Earnings Per Share Basic and Diluted

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
| <br>(in thousands, except per share data) | **2025** | **2024** | **2025** | **2024** |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(2634) | $(2977) | $(7831) | $(7969) |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding | 3174 | 2924 | 3043 | 2924 |
| Net loss per common share | $(0.83) | $(1.02) | $(2.57) | $(2.73) |

---

The following potential common share equivalents were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive in the period presented (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Convertible preferred stock | 31206 | 25247 |
| Common Stock Warrants | 1421 |  |
| Preferred Stock Warrants | 247 | 247 |
| Stock options | 7050 | 5027 |
| &nbsp;&nbsp;&nbsp;Total potential common stock excluded from net loss per share | 39924 | 30521 |

---

**Note 8 – Balance Sheet Detail**

Prepaid expenses and other current assets consisted of the following (in thousands):

Schedule of Prepaid Expenses and Other Current Assets

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Prepaid expenses | $— | $20 |
| Receivables for Investment |  | 312 |
| Other current assets | 146 | 103 |
| &nbsp;&nbsp;&nbsp;Total prepaid expenses and other current assets | $146 | $435 |

---

Property and equipment, net consisted of the following (in thousands):

Schedule of Property and Equipment, Net

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Computers and peripheral equipment | $395 | $377 |
| Office furniture and equipment | 46 | 46 |
| Electronic equipment | 290 | 290 |
| Leasehold improvements | 18 | 18 |
|  | 749 | 731 |
| Less: accumulated depreciation | (663) | (626) |
| &nbsp;&nbsp;&nbsp;Total property and equipment, net | $86 | $105 |

---

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Depreciation expenses for the nine months ended September 30, 2025 and 2024 amounted to $37,716 and $24,977, respectively.

Accrued and other current liabilities was composed of the following (in thousands):

Schedule of Accrued and Other Current Liabilities

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Employee and related accruals | $685 | $627 |
| Accrued expenses | 1289 | 1271 |
| Other | 92 | 69 |
| &nbsp;&nbsp;&nbsp;Total accrued and other current liabilities | $2066 | $1967 |

---

**Note 9 – Loan**

In June 2019 the Company entered into Loan and Security agreement (the "Loan Facility") in the amount of $9,999. The principal amount outstanding under each Advance shall accrue at the following rate per annum rate equal to the greater of six and one-half percentage points (6.50%) above the Prime Rate of 12.00%, which interest shall be payable monthly. Immediately upon the occurrence and during the continuance of an event of default as defined in the contract, the Obligations shall bear interest at a rate per annum which is four percentage points (4.0%) above the rate that is otherwise applicable thereto. Additionality, concurrently with the grant of the loan, the Company issued warrants to 1,872,993 shares of preference Series A, per value 0.0001$ per share, and exercise price of 0.2803$ per share. The Warrants expiration date was settled as the earlier of (1) the date that is ten (10) years after the original Issue Date, (2) the Initial Public Offering and (3) a Liquid Acquisition.

In January 2021 the Loan Facility agreement was amended ("First Amendment") to restructure the payments due on February 2021 to be deferred until May 1, 2021, at which time such deferred payments shall be due in full. In June 2021 the Loan Facility agreement and First Amendment (collectively, the "Loan Facility") were further amended ("Second Amendment") to restructure the payments due on May 2021 to January 2022 (collectively, the "Deferred Payments"). Company shall repay Deferred Payments including principal amount in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance.

In years 2022-2024 the Loan Facility agreement was further amended to restructure the payments due on January 2022 to December 2024.The forbearance period was extended until the earlier of December 31, 2025 and Company's closing of an equity financing of at least $20,000 where all Deferred Payments including principal shall be repay in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance.

In November 2023, a total of $3,152 from the loan were converted into 6,466,194 Series B-1 Preferred Stock of $0.0001 par value as part of Series B Preferred Stock Purchase Agreement. Additionally, the warrants mentioned above were cancelled and replaced by a new 741,435 Series B-1 warrant, per value 0.0001$ per share, and exercise price of 0.4875$ per share. The Series B-1 Warrants shall be convertible, at the option of the holder, at any time after the date on which such warrant was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

On August 6, 2025, the Company entered into a Securities Purchase and Conversion Agreement. Pursuant to the Agreement, the Company converted 50% of its outstanding loan obligations, totaling approximately $6.8 million, into 682,770 shares of its Series E Convertible Preferred Stock ("Series E Preferred"), stated value $10.00 per share. The Series E Preferred is convertible into shares of the Company's common stock and accrues dividends on the stated value thereof at the same rate as the original loan. Dividends are payable, at the Company's election, in cash or shares of common stock. The initial conversion price for the Series E Preferred is $4.62 per share. Upon the holder of the Company's Series C Preferred Stock receiving a return of capital in the minimum amount of $8,000,000, the conversion price for the Series E Preferred will adjust to $3.75 per share. Concurrently with the Securities Purchase and Conversion Agreement, the Company entered into a Waiver and Twenty-seventh Amendment to Loan and Security Agreement (the "Amendment") with the holder of its senior secured debt. Under the Amendment, the remaining approximately $6.8 million in loan obligations are subject to a modified repayment schedule. Upon the earlier of: (i) the Company closing one or more equity financings yielding an aggregate amount of net cash proceeds of at least $20,000,000; or (ii) June 30, 2026, the Company shall make twenty-four (24) consecutive equal monthly installments of principal and interest based on a thirty-six (36) month amortization period, with the balance of the obligation due and payable on the 25<sup>th</sup> month.

The total interest expenses for the nine months ended September 30, 2025 and 2024 were $993 and $1,144, respectively. Accrued interest for September 30, 2025 and December 31, 2024 were $145 and $2,800, respectively. Any unpaid interest was accrued as part of the loan.

**Note 10 – Related Party**

Since the company's establishment, the company's founder and CEO has also been the largest investor who participated - either directly or through entities under his control - in all funding rounds and convertible notes in a total amount of approximately $44.67 million.

In July 2023, the Company entered into Unsecured Convertible Revolving Promissory Note (the "Second Note") with its main shareholder in the amount of up to $2,000. At any time, the Noteholder may, in its sole discretion, lend to the Company from time to time until the first-year anniversary of the Effective Date such amounts as may be requested by the Company in accordance with the terms and conditions of this Second Note. The principal amount outstanding under this Second Note from time to time shall bear interest at a rate per annum equal to the Applicable Federal Rate. In October 2023, the Second Note was amended whereby principal amount was increased up to $3,000. During 2025, Company received a total of $451 and repaid $770 from the outstanding balance.

The total interest expenses recorded for the nine months ended September 30, 2025, and 2024 were $42 and $68 respectively.

As of September 30, 2025, and December 31, 2024, the Revolving Promissory Note outstanding balance was approximately $1.15 million and $1.87 million, respectively.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 11 – Preferred Stock and Common Stock**

**Composition of stock capital**

The stock capital of the Company as of September 30, 2025 and 2024 is comprised of stock of $0.0001 par value each, as follows:

Schedule of Composition of Stock Capital

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Authorized** | **Issued and outstanding** | **Authorized** | **Issued and outstanding** |
| Common Stock | 200000000 | 3228240 | 112000000 | 2963695 |
| Preferred Stock |  |  |  |  |
| Series B-1 preferred stock | 25356256 | 8204944 | 25356256 | 8204944 |
| Series B-2 preferred stock | 27463149 | 9154388 | 27463149 | 9154388 |
| Series B-3 preferred stock | 21453390 | 7151139 | 21453390 | 7151139 |
| Series CF-1 preferred stock | 14128084 | 3368466 | 14128084 | 2049795 |
| Series CF-2 preferred stock | 2900000 | 212033 |  |  |
| Series F preferred stock | 10000 | 10000 |  |  |
| Non-designated preferred stock | 57676680 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total preferred stock | 148987559 | 29113411 | 88400879 | 26560266 |

---

**Common Stock**

Common Stock confer upon their holders the right, among others, to participate and vote in the Company's stockholders meeting, participation in the Company's distributable earnings and participation in the distribution of the Company's assets upon its liquidation. The stockholders' liability is limited to the redemption of the par value of their stock.

On September 18, 2025, the Company effected a 1-for-3 reverse stock split (the "Reverse Stock Split"), pursuant to which every three shares of the Company's issued and outstanding common stock were combined into one share of common stock. The par value per share of the common stock remained unchanged at $0.001. The total number of issued and outstanding shares of common stock was reduced proportionately, and the number of issued preferred shares, warrants, and stock options were adjusted on the same basis. The Reverse Stock Split did not affect the Company's total stockholders' deficit and the number of authorized shares remained unchanged. All share amounts have been retroactively adjusted, as if the Reverse Stock Split had occurred at the beginning of all periods presented.

**Preferred Stock**

Preferred stock has been designated into several classes, consisting of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock, Series CF-2 Preferred Stock, Series C Preferred Stock, Series E Preferred Stock and Series F Preferred Stock.

Series B-1, B-2, and B-3 Preferred Stock

*Voting rights:*

 

The holders of Series B Preferred Stock are entitled to one vote for each share of Common stock on an as-converted basis and shall vote together, along with holders of other Preferred Stock entitled to vote thereon with the holders of Common Stock as a single class. The holders of the Series B Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*Conversion:*

Each share of Series B Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the applicable original issuance price by the applicable conversion price in effect at the time of conversion. Each share of Series B Preferred Stock shall automatically be converted into Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in the applicable certificate of designation), as such or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter. In the event that the Company issues any new securities, for a consideration per share lower than the applicable conversion price of the applicable Series B Preferred Stock, the applicable conversion price for the applicable Series B Preferred Stock shall be readjusted to reflect the lower consideration paid for the applicable Series B Preferred Stock as set forth in the applicable certificate of designation.

*Liquidation preference:*

The Company's Series B Preferred Stock is entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock (along with holders of Series CF Preferred Stock on a *pari passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend and subsequently (ii) the holders of Series B-3 Preferred Stock shall be paid before any payment is paid to holders of Common Stock and Series F Preferred Stock, of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

Series CF-1 and CF-2 Preferred Stock

*Voting rights:*

 

The holders of Series CF Preferred Stock are not entitled to any voting rights.

*Conversion:*

Each share of Series CF Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable shares of Non-Voting Common Stock as is determined by terms of the applicable certificates of designation. Each share of Series CF Preferred Stock shall automatically be converted into Non-Voting Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in our applicable certificate of designation), or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter. All Non-Voting Common Stock, issued or issuable upon the conversion of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock, will automatically convert to Common Stock concurrently with the listing of the Company on the Nasdaq Stock Exchange.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*Liquidation preference:*

The Company's Series CF Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series CF Preferred Stock (along with holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock on a *pari passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

Series C Preferred Stock

*Voting rights:*

 

The holders of Series C Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

*Conversion:*

Shares of Series C Preferred Stock have a stated value of $10.00 per shares and are convertible to the common stock at a price of $0.6755 per share of common stock. Conversions of Series C Preferred Stock are limited such that no conversion will be allowed to the extent that, immediately following the conversion, the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Company's issued and outstanding common stock

*Liquidation preference:*

The holders of Series C Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the holders of Series C Preferred Stock first who shall be paid before any payment is paid to the remaining stockholders, of an amount per share equal to the greater of (i) 200% of stated value (as defined therein) or (ii) the amount the holder would receive if such holder converted such Series C Preferred Stock into Common Stock immediately prior to the date of such payment.

*Dividends:*

 

Holders of Series D Preferred Stock are entitled to dividends payable on the stated value thereof, commencing from on the issuance date, at an annual rate of 8%, payable monthly in arrears on the stated value.

Series E Preferred Stock

*Voting rights:*

 

The holders of Series E Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

*Conversion:*

Shares of Series E Preferred Stock have a stated value of $10.00 per share and are convertible into shares of common stock at a price per share of common stock of: (i) $4.62 per share, prior to the Ascent Minimum Recovery Date (as defined under the Series E certificate of designation), and (ii) $3.75 per share at all times after to the Ascent Minimum Recovery Date. The certificate of designation provides a limitation on conversion in the event the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Common Stock upon such conversion.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*Liquidation preference:*

The holders of Series E Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the first to holders of Series E Preferred Stock on an equal basis with the holders of Series C Preferred Stock and Series D Preferred Stock.

*Dividends:*

 

Holders of Series E Preferred Stock are entitled to dividends payable on the stated value thereof, commencing from on the issuance date, at an annual rate of the greater of: (i) the prime rate, plus 6.5%, or (ii) 12%, payable monthly in arrears on the stated value. At the option of the company, dividends may be paid in cash or in shares of common stock valued at the conversion price.

*Redemption requirements:*

 

The Company will be required to redeem outstanding shares of Series E Preferred Stock in cash upon the occurrence of certain redemption triggering events defined in the certificate of designation as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the Company's receipt of a cumulative total of not less than $10 million in net proceeds
 from the issuance of new equity securities, the Company shall redeem outstanding shares of
 Series E Preferred Stock having $1 million in total stated value;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the Company's receipt of a cumulative total of not less than $20 million in net proceeds
 from the issuance of new equity securities, the Company shall redeem additional outstanding
 shares of Series E Preferred Stock having $2 million in total stated value;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 the Company's receipt of a cumulative total of not less than $30 million in net proceeds
 from the issuance of new equity securities, the Company shall redeem additional outstanding
 shares of Series E Preferred Stock having $2 million in total stated value; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the Company's receipt of a cumulative total of not less than $40 million in net proceeds
 from the issuance of new equity securities, the Company shall redeem all remaining issued
 and outstanding shares of Series E Preferred Stock at the total stated value thereof.

Additionally, the Company, at its sole discretion, can redeem, in whole or in one or more parts, outstanding shares of Series E Preferred Stock in cash by payment to the holder of the stated value thereof, plus all accrued but unpaid dividends thereon.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Series F Preferred Stock

*Voting rights:*

 

The holders of Series F Preferred Stock are entitled to cast 40,000 votes for each one (1) share of Series F Preferred Stock and shall vote together, along with holders of other Preferred Stock entitled to vote thereon, with the holders of Common Stock as a single class. The holders of the Series F Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

*Conversion:*

Each share of Series F Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into one (1) share of fully paid and non-assessable Common Stock.

*Liquidation preference:*

The Company's Series F Preferred Stock are entitled to participate in any distribution out of the assets of the Company on an equal basis per share with the holders of the Common Stock. For the purposes of such distribution, holders of Series F Preferred Stock shall be treated as if all shares of Series F Preferred Stock had been converted to Common Stock immediately prior to the distribution.

**Issuance of Preferred Stock and Warrants** 

On November 2023, the Company entered into a Series B Preferred Stock Purchase Agreement (the "Series B SPA") with new and existing investors. According to the Series B SPA, the Company issued 6,154,723 Series B-1 Preferred Stock for total consideration of $3,006 with par value of $0.0001 each, at a price per stock of $0.48751;

In 2024 the Company had five additional closings for a total consideration of $3,000 and issued 6,152,684 Series B-1 Preferred Stock with par value of $0.0001 each, at a price per stock of $0.48751.

On June 2024, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agrees to sell securities to eligible investors through the funding portal through special purpose vehicle. On April 2025 the Company closed the financing round, raising a total of $2,031 and issued 2,869,954 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $0.707810; The total fundraising fees recorded were $140.

On September 2024, in parallel to Reg CF and under the same terms, the Company started to offer and sell securities under rule 506(c) of regulation D to accredited investors. On June 2025 the Company closed the financing round, raising a total of $5,120 and issued 7,234,063 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $0.707810.

On June 2025, the Company designated a new class of Series F Preferred Stock consisting of 10,000 authorized shares (the "Series F Preferred Stock"). The Series F Preferred Stock were issued through the conversion of an equivalent number of shares of the Company's founder and CEO Common Stock and is entirely held by him. Each share of Series F Preferred Stock entitles the holder to cast 40,000 votes on all matters submitted to the Company's shareholders or acted upon by written consent. In addition, each share is convertible, at the option of the holder, into shares of the Company's Common Stock.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

On June 2025, the Company entered into a Series C Preferred Stock Purchase Agreement (the "Series C SPA") with a new investor. According to the Series C SPA, Company issued an aggregate of 329,671 shares of Series C Preferred Stock, par value $0.0001 per share, together with warrants to purchase 4,000,000 shares of common stock, for an aggregate consideration of $3,000,000. Series C Preferred Stock features a stated value of $10.00 per share and is convertible to common stock at a price of $0.6755 per share. The warrants are exercisable at a price of $1.0825 per share, with expiration dates as follows: 1,000,000 warrants have an expiration date of eight (8) months, 1,000,000 warrants have an expiration date of sixteen (16) months, and 2,000,000 warrants have an expiration date of two (2) years from the issuance date. The warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder.

On July 2025, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agrees to sell securities to eligible investors through the funding portal through special purpose vehicle. On September 2025 the Company closed the financing round, raising a total of $819 and issued 212,033 Series CF-2 Preferred Stock with par value of $0.0001 each, at a price per stock of $2.1234; The total fundraising fees recorded were $56.

**Note 12 – Stock-Based Compensation**

The Equity Incentive Plan provides for the Company to grant ISOs, and NSOs to employees, advisers, and directors. As of September 30, 2025 there were 7,049,833 equity awards authorized including 207,853 awards that were exercised to common stock.

***Stock Options***

 ****

Stock options represent the right to purchase shares of common stock on the date of exercise at a stated exercise price. The exercise price of a stock option generally must be at least equal to the fair market value of the common stock on the date of grant. Options vest over a period of time not to exceed 10 years from the grant date. For the nine months ended September 30, 2025 and 2024, the Company recorded stock-based compensation expense of $493 and $717, respectively.

The terms of the plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement. The shares of restricted stock granted upon early exercise of the options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not been vested are subject to repurchase by the Company upon termination of the purchaser's employment, at the price paid by the purchaser. Such shares are not deemed to be issued for accounting purposes until they vest.

The following table summarizes the Company's stock option activity and related information:

Schedule Of Stock Option Activity

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Weighted Average Exercise Price** | **Aggregate Intrinsic Value (in thousands)** | **Weighted Average Remaining Life** |
| Outstanding, as of January 1, 2025 | 5027916 | $0.42 | $3693765 | 9.30 |
| &nbsp;&nbsp;&nbsp;Granted | 2079029 | $1.17 | $- |  |
| &nbsp;&nbsp;&nbsp;Exercised during period | 609 | $0.42 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | 56503 | $0.76 | $- |  |
| &nbsp;&nbsp;&nbsp;Expired | - | - |  |  |
| Outstanding as of September 30, 2025 | 7049833 | $0.87 | $3679037 | 9.15 |

---

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company's shares of common stock for those options that had exercise prices lower than the fair value of the Company's shares of common stock.

The weighted-average grant date fair value of options granted was $0.42 for the year ended December 31, 2024, and $1.17 as of September 30, 2025.

As of December 31, 2024, the total remaining unrecognized compensation expense related to non-vested stock options was approximately $411, which will be amortized over the weighted-average period of 1.59 years, and as of September 30, 2025, the total remaining unrecognized compensation expense was approximately $1,083, which will be amortized over the weighted-average period of 3.80 years.

The fair value of each option award is determined on the date of grant using the Black-Scholes option-pricing model. The calculation of fair value includes several assumptions that require management's judgment. The absence of a public market for the Company's common stock requires the Company's board of directors with assistance from management and external valuation experts, to estimate the fair value of its common stock for purposes of granting options and for determining stock-based compensation expense by using a reasonable method of valuation and considering several objective and subjective factors, including obtaining contemporaneous independent third-party valuations, actual and forecasted operating and financial results, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the rights and preferences of redeemable convertible preferred stock and common stock, and transactions involving the Company's stock. The fair value of the Company's common stock was determined in accordance with applicable elements of the American Institute of Certified Public Accountants guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

The estimated fair value of stock options was determined using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Schedule of Stock Options Valuation Assumptions

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Expected term of options (years) | 5-6.65 | 5-6.12 |
| Expected volatility (%) | 41.87-45.07 | 45.09-45.81 |
| Risk-free interest rate (%) | 3.83-3.99 | 4.57 |
| Expected dividend yield (%) |  |  |

---

 

*Expected term:* The expected term of the stock options represents the period of time stock options are expected to be outstanding and is based on the "simplified method." Under this method, the term is estimated using the midpoint between the requisite service period and the contractual term of the option. This method is used due to the lack of sufficient historical exercise data.

*Expected volatility:* The expected volatility is a measure of the amount by which a financial variable, such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have a sufficient history of its own volatility, the Company has identified several public entities of similar complexity and industry and calculates historical volatility based on the volatilities of these companies.

*Risk-free interest rate:* The risk-free interest rate is based on U.S. Treasury yield curve in effect at the time of grant.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*Expected dividend yield:* No dividends have been paid or expected to be paid by the Company.

Total stock-based compensation expense for nine months ended on September 30, 2025 and 2024 was as follows (in thousands):

Schedule of Stock Based Compensation Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> September 30,** | **Three Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cost of sales | $2 | $2 | $10 | $5 |
| Research and development | 18 | 57 | 77 | 169 |
| Sales and marketing | 5 | 19 | 20 | 56 |
| General and administrative | 107 | 162 | 386 | 487 |
| &nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $132 | $240 | $493 | $717 |

---

**Note 13 – Income Taxes**

The Company's quarterly tax provision and estimate of its annual effective tax rate is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income (or loss) relates, changes in how the Company does business, and tax law developments. The Company's estimated effective tax rate for the year differs from the U.S. statutory rate of 21% primarily as a result of not benefiting U.S. losses as those losses are not more likely than not to be realized, as well as its foreign operations, which are subject to tax rates that differ from those in the United States.

The Company recorded an income tax expense of $39 and approximately $66 for the nine months ended September 30, 2025 and 2024, respectively.

**Note 14 – Commitments and Contingencies**

In August 2018, The Israeli subsidiary entered into a lease agreement for a 60-month period beginning January 1, 2019. The subsidiary may terminate the lease agreement on December 31 of each year with 6-month advance written notice to the lessor. If the subsidiary to terminate the lease agreement at the first 48-month period, then an exit penalty of $241 will apply.

In May 2021, the lease agreement was amended where Subsidiary and lessor agreed to convert fifty percent from February-December 2021 monthly rent payments into fully vested warrants to purchase 56,325 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on April 30, 2026.

In August 2021, the lease agreement was further amended where the Subsidiary and lessor agreed to convert fifty percent from 2022 monthly rent payments into a warrants to purchase 63,015 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on September 30, 2026.

On August 22, 2024 the warrants were exercised by the lessor and accordingly, 119,340 common Stock were issued.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

In July 2022, the Israeli Subsidiary gave the lessor advanced notice of its intention to exercise the exit point on December 31, 2022, while negotiating the fifth-year terms. The parties were unable to reach agreements and in July 2023 the subsidiary vacated the leased premises. In February 2025 a lawsuit was filed against the Company for a total of $1.6 million. Given the preliminary stage in which the lawsuit is at, the Israeli Subsidiary lawyers cannot reasonably assess the likelihood of the claims to be accepted. The company accounted for $1.6 million and the amount is included in Accrued and other current liabilities.

**Note 15 – Subsequent Events**

On October 27, 2025, the Company entered into a Securities Purchase Agreement (the "SPA") for the issuance and sale of a total of 549,451 shares of Series D Preferred Stock and warrants to the purchase a total of 25,000,000 shares of common stock. At the initial closing under the SPA on October 27, 2025, the Company issued 109,891 shares of Series D Preferred Stock for consideration of $1,000,000, together with warrants to purchase a total of 25,000,000 shares of common stock exercisable at a price of $12.35 per share (the "Warrants"), with expiration dates as follows: 16,000,000 warrants have an expiration date of nine (9) months, 3,000,000 warrants have an expiration date of sixteen (16) months, and 6,000,000 warrants have an expiration date of two (2) years from the issuance date. The Warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder.

The Company has evaluated all transactions through November 10, 2025, the date these consolidated financial statements were available to be issued and has determined that there are no other events, other than the following, that would require disclosure in or adjustment to these financial statements.

![](logo_001.jpg)

**The date of this Prospectus is November 12, 2025**

Through and including [_____, 2025] (the 25th day after the listing date of our common stock), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

---

| | |
|:---|:---|
| ***Item 13.*** | ***Other Expenses of Issuance and Distribution*** |

---

 ****

The following table sets forth the costs and expenses payable by us in connection with this registration statement and the listing of our Common Stock. All amounts shown are estimates except for the SEC registration fee and the Nasdaq listing fee.

---

| | |
|:---|:---|
| SEC registration fee | $58497.83 |
| Nasdaq listing fee | 295000 |
| Legal fees and expenses | 200000 |
| Accounting fees and expenses | 150000 |
| Advisory fee | 250000 |
| Printing and engraving expenses | 8000 |
| Transfer agent fees and expenses | 2500 |
| Miscellaneous expenses | 5000 |
| Total | $968997.83 |

---

 ****

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| | |
|:---|:---|
| ***Item 14.*** | ***Indemnification of Directors and Officers*** |

---

We are incorporated under the laws of the State of Nevada. NRS 78.7502 provides that a Nevada corporation may and shall, respectively, indemnify any person who was or is, or is threatened to be made, a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful, among other requirements.

NRS 78.7502 also provides that Nevada corporation may indemnify any person who was or is, or is threatened to be made, a party to any threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation partnership, joint venture, trust or other enterprise or as a manager of a limited-liability company, against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification of any claim, issue or matter is permitted without judicial approval if such person is adjudged to be liable to the corporation.

Under the NRS, where a present or former officer or director is successful on the merits or otherwise in the defense of any action referred to above, or in defense of any claim, issue or matter therein, the corporation must indemnify such present or former officer or director against the expenses (including attorney's fees) which such present or former officer or director actually and reasonably incurred in connection with such action (or claim, issue or matter therein).

Under NRS 78.138(7) a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, unless:

● the presumption established by NRS 78.138(3) has been rebutted; and

● tt is proven that: (i) the director's or officer's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer, and (ii) such breach involved intentional misconduct, fraud or a knowing violation of law.

Our articles of incorporation contain a provision that precludes any director of ours from being personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except for the aforementioned liabilities which we are not permitted to eliminate or limit under NRS 78.138(7).

In addition, our articles of incorporation and bylaws require us to indemnify, and advance expenses to, to the fullest extent permitted by law, any person who was or is, or is threatened to be made, a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that the person is or was our director, officer, employee or agent, or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.

Our bylaws further authorizes us to purchase and maintain insurance on behalf of any person who is or was our director, officer, employee or agent, or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or nonprofit entity against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not we would have the power to indemnify such person against such liability under the provisions of the NRS.

We plan to purchase an insurance policy covering our officers and directors with respect to certain liabilities, including liabilities arising under the Securities Act, or otherwise. In addition, in connection with the effectiveness of the registration statement of which this prospectus forms a part, we intend to enter into separate indemnification agreements with each of our directors and executive officers.

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| | |
|:---|:---|
| ***Item 15.*** | ***Recent Sales of Unregistered Securities*** |

---

The following sets forth information regarding all unregistered securities we have issued since 2021. Also included is the consideration received by us for such shares and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed:

**Issuance of Preferred Stock:**

**Series B Preferred Stock**

 

On November 17, 2023, we issued an aggregate of 22,702,513 shares of preferred stock in a private placement under Rule 506(c) of Regulation D to accredited investors for gross proceeds of $44,977,011 (including the amount of debt converted which was outstanding under convertible notes) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● (i) 2,051,574 shares of Series B-1 Preferred Stock were issued for total consideration of $3,006,000 at $1.462533 per share as part of the initial closing, (ii) 2,155,398 shares of Series B-1 Preferred Stock were issued upon the conversion of debt amounting to $3,152,340 into equity, at a price per stock of $1.462533, and (iii) 1,947,073 shares of Series B-1 Preferred Stock were issued upon the conversion of Convertible Promissory Notes amounting to $2,847,659, at a price per stock of $1.462533;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 9,154,383 shares of Series B-2 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.31628, which were issued upon the conversion of approximately $12,049,732 (comprising of $11,362,500 as the principal outstanding amount and $687,232 as interest) in Convertible Notes to a group of eleven (11) persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 7,394,085 shares of Series B-3 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.462533, which were issued upon the conversion of approximately $10,809,146 in Convertible Notes to thirty-two (32) persons. On December 29, 2023, we repurchased 242,955 shares of Series B-3 Preferred Stock from Omidyar Technology Ventures, LLC for $1 resulting in an aggregate of 7,151,130 shares of Series B-3 Preferred Stock issued and outstanding.

As part of this issuance, all previous preferred units and stock were converted into Common Stock. Additionally, in early 2024, 2,050,895 shares of Series B-1 Preferred Stock were issued for a total consideration of $3,000,000 at $1.462533 per share by way of five (5) additional closings to four (4) persons.

For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series B Preferred Stock</u>*."

**Series B-1 Warrants**

On November 17, 2023, we issued an aggregate of 247,145 shares of Series B-1 Warrants with par value of $0.0001, in connection with the Series B Preferred Stock to one (1) person. The Series B-1 Warrants have an exercise price of $1.462533 per share.

Each share of Series B-1 Warrant shall be convertible, at the option of the holder, at any time after the date on which such warrant was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant (meaning aggregate fair market value of warrants less the aggregate exercise price of warrant) at the time the conversion by the fair market value of one warrant share, as defined therein.

Each share of Series B-1 Warrant shall automatically (i) convert into Common Stock upon a merger or sale of assets where the fair market value of one warrant share is greater than exercise price, unless the warrant holder prior to such an event elects otherwise, (ii) convert into Common Stock upon the expiration date, if the fair market value of one warrant share is greater than exercise price, or (iii) expire upon a merger or sale of assets where the fair market value of one warrant share is less than exercise price, and the warrant holder does not exercise the warrants upon notice.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the Series B-1 Warrants, the applicable conversion price for the Series B-1 Warrants shall be readjusted to reflect the lower consideration paid for the Series B-1 Warrants.

**Series CF-1 Preferred Stock**

On June 21, 2024, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered 2,354,681 Series CF-1 Preferred Stock, $0.0001 par value per Share at a purchase price of $2.12343 per share with a maximum amount of $5,000,000 to be raised from crowdfunding.

The offering was closed on April 30, 2025, and we issued an aggregate of 957,102 shares of Series CF-1 Preferred Stock for gross proceeds of $2,032,000.

On September 2024, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors. The offering was closed on June 17, 2025, we issued an aggregate of 2,411,364 shares of Series CF-1 Preferred Stock for gross proceeds of $5,120,000.

For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series CF Preferred Stock</u>*."

**Series CF-2 Preferred Stock**

On July 9, 2025, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered up to 219,955 Series CF-2 Preferred Stock, $0.0001 par value per Share at a purchase price of $3.864435 per share with a maximum amount of $850,000 to be raised from crowdfunding.

The offering was closed on September 5, 2025, and we issued an aggregate of 212,033 shares of Series CF-2 Preferred Stock for gross proceeds of approximately $818,789.

On July 18, 2025, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors.

The offering was closed on September 5, 2025 without the issuance of any shares of Series CF-2 Preferred Stock.

For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series CF Preferred Stock</u>*."

**Series F Preferred Stock**

On June 19, 2025, we issued an aggregate of 10,000 shares of Series F Preferred Stock with par value of $0.0001 to Doron Kempel in exchange for his surrender of an equal number of shares of Common Stock. For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series F Preferred Stock</u>*."

**Series C Preferred Stock**

On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock with par value of $0.0001, together with warrants to purchase 1,333,335 shares of Common Stock, for an aggregate consideration of $3,000,000 to Ascent Partners Fund LLC. The warrants are exercisable at a price of $3.2475 per share, with expiration dates as follows: 333,334 warrants have an expiration date of eight (8) months, 333,334 warrants have an expiration date of sixteen (16) months, and 666,667 warrants have an expiration date of two (2) years from the issuance date.

The warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder. Upon the direct listing, the warrants to purchase 1,333,335 shares of Common Stock shall remain outstanding and the holder shall have the option, at any time to exercise their warrant and register them for resale under the direct listing.

For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series C Preferred Stock</u>*."

**Series E Preferred Stock**

On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001 by converting an outstanding amount of approximately $6,827,698 to Eastward Fund Management, LLC resulting in an average price of $4.62000 per share.

For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series E Preferred Stock</u>*."

**Series D Preferred Stock**

On October 27, 2025, we issued an aggregate of 109,891 shares of Series D Preferred Stock, together with warrants to purchase 25,000,000 shares of Common Stock, for an aggregate consideration of $1,000,000 to Ascent. The warrants are exercisable at a price of $12.35 per share, with expiration dates as follows: 16,000,000 warrants have an expiration date of nine (9) months, 3,000,000 warrants have an expiration date of sixteen (16) months, and 6,000,000 warrants have an expiration date of two (2) years from the issuance date.

For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series D Preferred Stock</u>*."

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions or any public offering. Unless otherwise specified above, we believe these transactions were exempt from registration under the Securities Act in reliance on Section 4(2) of the Securities Act (and Regulation D or Regulation Crowdfunding promulgated thereunder) as transactions by an issuer not involving any public offering. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed on the share certificates issued in these transactions. All recipients had adequate access, through their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising.

***Exhibits***

 ****

See the Exhibit Index immediately preceding the signature page hereto for a list of exhibits filed as part of this registration statement, which Exhibit Index is incorporated herein by reference.

***Financial Statement Schedules***

 ****

All financial statement schedules are omitted because the information called for is not required or is shown either in the financial statements or in the accompanying notes.

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| | |
|:---|:---|
| ***Item 17.*** | ***Undertakings*** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&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) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) To include any prospectus required by Section 10(a)(3) of the Securities Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference in the registration statement.

&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, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering 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;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&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) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such 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;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; 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;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1\* | [Articles of Incorporation of the registrant, as currently in effect.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-1.htm) |
| 3.3\* | [Certificate of Designations of Preferences and Rights of Series B-1 Preferred Stock.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-3.htm) |
| 3.4\* | [Certificate of Designations of Preferences and Rights of Series B-2 Preferred Stock.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-4.htm) |
| 3.5\* | [Certificate of Designations of Preferences and Rights of Series B-3 Preferred Stock.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-5.htm) |
| 3.6\* | [Certificate of Designations of Preferences and Rights of Series C Preferred Stock.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-6.htm) |
| 3.7\* | [Certificate of Designations of Preferences and Rights of Series CF-1 Preferred Stock.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-7.htm) |
| 3.8\* | [Certificate of Designations of Preferences and Rights of Series CF-2 Preferred Stock.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-8.htm) |
| 3.9\* | [Certificate of Designations of Preferences and Rights of Series F Preferred Stock.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-9.htm) |
| 3.10\* | [Certificate of Designations of Preferences and Rights of Series E Preferred Stock](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-10.htm) |
| 3.11\* | [Bylaws of the registrant, as currently in effect.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex3-11.htm) |
| 3.12\*\* | [Certificate of Designations of Preferences and Rights of Series D Preferred Stock.](ex3-12.htm) |
| 3.13\*\* | [Amendment to Certificate of Designations of Preferences and Rights of Series B-1 Preferred Stock](ex3-13.htm) |
| 4.1\* | [Third Amended and Restated Stockholders' Agreement among the registrant and certain holders of its capital stock, dated as of June 24, 2024.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex4-1.htm) |
| 4.2\* | [Loan and Security Agreement, dated as of June 5, 2019, between Eastward Fund Management, LLC and the registrant, as amended.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex4-2.htm) |
| 4.3\* | [Second Amended and Restated Warrant to Purchase Stock between Eastward Fund Management, LLC and the registrant with an effective date of June 5, 2019.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex4-3.htm) |
| 4.4\* | [Eight Month Warrant, dated June 25 2025](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex4-4.htm) |
| 4.5\* | [Sixteen Month Warrant, dated June 25 2025](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex4-5.htm) |
| 4.6\* | [Two Year Warrant, dated June 25 2025](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex4-6.htm) |
| 4.7\*\* | [Nine Month Warrant, dated October 27, 2025](ex4-7.htm) |
| 4.8\*\* | [Sixteen Month Warrant, dated October 27, 2025](ex4-8.htm) |
| 4.9\*\* | [Twenty-four Month Warrant, dated October 27, 2025](ex4-9.htm) |
| 5.1\*\* | [Opinion of The Crone Law Group, P.C.](ex5-1.htm) |
| 10.1\* | [Form of Master Agreement](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-1.htm) |
| 10.2#\* | [TG-17, Inc. Amended and Restated 2017 Equity Plan.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-2.htm) |
| 10.3#\* | [TG-17, Inc. Amended and Restated Sub-Plan: Israel.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-3.htm) |
| 10.4\* | [Securities Purchase Agreement, dated June 25 2025, by and among TG-17, Inc. and the purchasers identified on the signature pages thereto](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-4.htm) |
| 10.5#\* | [Employment Agreement, dated August 15, 2018, as may be amended, between Company and Doron Kempel.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-5.htm) |
| 10.6#\* | [Employment Agreement, dated May 25, 2017, as may be amended, between Company and Amit Hod.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-6.htm) |
| 10.7#\* | [Employment Agreement, dated July 19, 2021, as may be amended, between Company and Joseph DeSalvo.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-7.htm) |
| 10.8#\* | [Employment Agreement, dated January 2, 2024, as may be amended, between Company and Michael Lambert.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-8.htm) |
| 10.9\* | [Twenty-seventh Amendment to Loan and Security Agreement](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-9.htm) |
| 10.10\* | [Securities Purchase and Conversion Agreement](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex10-10.htm) |
| 10.11\*\* | [Registration Rights Agreement dated June 25, 2025](ex10-11.htm) |
| 10.12\*\* | [Securities Purchase Agreement, dated October 27, 205, by and among TG-17, Inc. and the purchasers identified on the signature pages thereto (for Series D Preferred Stock and Warrants)](ex10-12.htm) |
| 10.13\*\* | [Registration Rights Agreement, dated October 27, 2025](ex10-13.htm) |
| 10.14\*\* | [Securities Purchase Agreement, dated October 27, 205, by and among TG-17, Inc. and the purchasers identified on the signature pages thereto (for common stock)](ex10-14.htm) |
| 10.15\*\* | [Registration Rights Agreement, dated October 27, 2025](ex10-15.htm) |
| 21.1\* | [List of subsidiaries of the registrant.](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex21-1.htm) |
| 23.1\*\* | [Consent of M&K CPAs PLLC.](ex23-1.htm) |
| 23.2\*\* | [Consent of The Crone Law Group, P.C. (included in Exhibit 5.1)](ex5-1.htm) |
| 99.1\* | [Consent of Director Nominee Randy Boutin](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex99-1.htm) |
| 99.2\* | [Consent of Director Nominee Paul Morin](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex99-2.htm) |
| 99.3\* | [Consent of Director Nominee Adam Draizin](https://www.sec.gov/Archives/edgar/data/1756064/000149315225017274/ex99-3.htm) |
| 107\*\* | [Filing Fee Table](ex107.htm) |

---

# Indicates management contract or compensatory plan or arrangement. <br> \* Incorporated by reference to Registration Statement on Form S-1 filed October 7, 2025. <br> \*\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, New York, on November 12, 2025.

---

| | |
|:---|:---|
| **TG-17, INC.** | **TG-17, INC.** |
| By: | */s/ Doron Kempel* |
|  | Doron Kempel |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Doron Kempel* | Chief Executive Officer, Director | November 12, 2025 |
| Doron Kempel | *(Principal Executive Officer)* |  |
| */s/ Amit Hod* | Chief Financial Officer, Head of Corporate Operations and Director | November 12, 2025 |
| Amit Hod | *(Principal Financial and Accounting Officer)* |  |
| */s/ Doron Kempel* | Director | November 12, 2025 |
| Doron Kempel |  |  |

---

## Exhibit 3.12

**Exhibit 3.12**

**CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS OF THE SERIES D CONVERTIBLE PREFERRED STOCK OF**

**TG-17, INC.**

PURSUANT TO SECTION 78.1955 OF THE

NEVADA REVISED STATUTES

I, Doron Kempel, hereby certify that I am the Chief Executive Officer of TG-17, INC. (the "**Company**"), a corporation incorporated and existing under Chapter 78 of the Nevada Revised Statutes (the "**NRS**") and further do hereby certify:

That pursuant to the authority expressly conferred upon the Board of Directors of the Company (the "**Board**") by the Company's Articles of Incorporation, as amended (the "**Articles of Incorporation**"), the Board on October 27, 2025 adopted the following resolutions creating a series of shares of preferred stock designated as Series D Convertible Preferred Stock, none of which shares have been issued:

**RESOLVED**, that the Board designates the Series D Convertible Preferred Stock and the number of shares constituting such series, and fixes the rights, powers, preferences, privileges and restrictions relating to such series in addition to any set forth in the Articles of Incorporation as follows:

**TERMS OF SERIES D CONVERTIBLE PREFERRED STOCK**

1. **Designation and Number of Shares**. There shall hereby be created and established a series of preferred stock of the Company designated as "Series D Convertible Preferred Stock" (the "**Preferred Shares**"). The authorized number of Preferred Shares shall be 549,451 in aggregate shares (for a purchase price of $5,000,000). Each Preferred Share shall have a par value of $0.0001. Capitalized terms not defined herein shall have the meaning as set forth in Section 34.

2. **Ranking**. Except to the extent that the holders of at least a majority of the outstanding Preferred Shares (the "**Required Holders**") expressly consent to the creation of Parity Stock (as defined below) other than Senior Preferred Stock (as defined below) in accordance with Section 18, all shares of capital stock of the Company shall be junior in rank to all Preferred Shares with respect to the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (such junior stock is referred to herein collectively as "**Junior Stock**"). The rights of all such shares of capital stock of the Company shall be subject to the rights, powers, preferences and privileges of the Preferred Shares. Without limiting any other provision of this Certificate of Designations, without the prior express consent of the Required Holders, voting separate as a single class, the Company shall not hereafter authorize or issue any additional or other shares of capital stock that is (i) of senior rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (collectively, the "**Senior Preferred Stock**"), (ii) of pari passu rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (collectively, the "**Parity Stock**") or (iii) any Junior Stock having a maturity date (or any other date requiring redemption or repayment of such shares of Junior Stock) that is prior to the Outside Date. In the event of the merger or consolidation of the Company with or into another corporation, the Preferred Shares shall maintain their relative rights, powers, designations, privileges and preferences provided for herein and no such merger or consolidation shall result inconsistent therewith.

3. **Dividends**. From and after the first date of issuance of any Preferred Shares (the "**Initial Issuance Date**"), each holder of a Preferred Share (each, a "**Holder**" and collectively, the "**Holders**") shall be entitled to receive dividends ("**Dividends**"), which Dividends shall be paid by the Company out of funds legally available therefor, payable, subject to the conditions and other terms hereof, at the Company's option in shares of Common Stock at the Conversion Price after the Direct Listing and when the Equity Conditions are met, or in cash on the Stated Value (as defined below) of such Preferred Share, at the Dividend Rate (as defined below), which shall be cumulative and shall continue to accrue and compound daily whether or not declared and whether or not in any fiscal year there shall be net profits or surplus available for the payment of dividends in such fiscal year. Notwithstanding the foregoing, if the VWAP of the shares of Common Stock is less than the Conversion Price on the Trading Day before such Dividend is paid, then the Company shall pay the Holder the difference between the VWAP and the Conversion Price per Preferred Share in cash on the day that such Dividend is paid. Dividends on the Preferred Shares shall commence accumulating on the Initial Issuance Date and shall be computed on the basis of a 360-day year and twelve 30-day months. Accrued and unpaid Dividends shall be payable on the third Trading Day of each calendar month and either (x) in cash on the Outside Date, or in cash on any applicable Redemption Date or upon any required payment upon any Bankruptcy Triggering Event or (y) with respect to such Dividends attributable to Preferred Shares subject to conversion hereunder, by way of inclusion of such Dividends in the Conversion Amount subject to conversion hereunder. From and after the occurrence and during the continuance of any Triggering Event, the Dividend Rate shall automatically be increased to twenty-four percent (24.0%) per annum. In the event that such Triggering Event is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the calendar day immediately following the date of such cure; **provided**, that the Dividends as calculated and unpaid at such increased rate during the continuance of such Triggering Event shall continue to apply to the extent relating to the days after the occurrence of such Triggering Event through and including the date of such cure of such Triggering Event.

4. **Conversion**. At any time after the Issuance Date, each Preferred Share shall be convertible into validly issued, fully paid and non-assessable shares of Common Stock (as defined below), on the terms and conditions set forth in this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Holder's Conversion Right**. Subject to the provisions of Section 4(d), at any time or times on or after the Issuance Date, each Holder shall be entitled to convert any portion of the outstanding Preferred Shares held by such Holder into validly issued, fully paid and non-assessable shares of Common Stock in accordance with Section 4(c) at the Conversion Rate (as defined below). The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conversion Rate**. The number of shares of Common Stock issuable upon conversion of any Preferred Share pursuant to Section 4(a) shall be determined by dividing (x) the Conversion Amount of such Preferred Share by (y) the Conversion Price (the "**Conversion Rate**"):

&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) "**Conversion Amount**" means, with respect to each Preferred Share, as of the applicable date of determination, the sum of (without duplication) (1) the Stated Value thereof, plus (2) the Additional Amount thereon, plus (3) any accrued and unpaid Late Charges with respect to such Stated Value and Additional Amount as of such date of determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Conversion Price**" means, with respect to each Preferred Share, as of any Conversion Date or other date of determination, $12.35, subject to adjustment as provided herein. Notwithstanding the foregoing, upon the occurrence of a Direct Listing, if the Reference Price (as defined below) for the Common Stock on the Nasdaq Stock Market (or such other Eligible Market on which the Common Stock is then listed) as of the opening of trading on the date of the Direct Listing (the "Direct Listing Reference Price") is less than $12.35, then the Conversion Price shall be automatically adjusted to equal the Direct Listing Reference Price, effective as of the opening of trading on such date. For the avoidance of doubt, if the exercise price of any Warrants issued in connection with the Preferred Shares is reset in connection with the Direct Listing to a price lower than $12.35, the Conversion Price shall also be reset to such lower price. All such determinations shall be appropriately adjusted for any share dividend, share split, share combination, reclassification or similar transaction that proportionately decreases or increases the Common Stock during such Conversion Notice Measuring Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Mechanics of Conversion**. The conversion of each Preferred Share shall be conducted in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Optional Conversion**. To convert a Preferred Share into shares of Common Stock on any date (a "**Conversion Date**"), a Holder shall deliver (whether via facsimile or electronic mail), for receipt on or prior to 11:59 p.m., New York time, on such date, an electronic copy of an executed notice of conversion of the share(s) of Preferred Shares subject to such conversion in the form attached hereto as **Exhibit I** (the "**Conversion Notice**") to the Company. If required by Section 4(c)(iii), within three (3) Trading Days following a conversion of any such Preferred Shares as aforesaid, such Holder, if such Holder is holding a physical certificate, shall surrender such certificate to a nationally recognized overnight delivery service for delivery to the Company the original certificates representing the Preferred Shares (the "**Preferred Share Certificates**") so converted as aforesaid (or an indemnification undertaking with respect to the Preferred Shares in the case of its loss, theft or destruction as contemplated by Section 20). On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation, in the form attached hereto as **Exhibit II**, of receipt of such Conversion Notice to such Holder and the Company's transfer agent (the "**Transfer Agent**"), which confirmation shall constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with the terms herein. On or before the first (1<sup>st</sup>) Trading Day following the date of receipt of a Conversion Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such shares of Common Stock issuable pursuant to such Conversion Notice) (the "**Share Delivery Deadline**"), the Company shall (1) provided that the Transfer Agent is participating in the Depository Trust Company ("**DTC**") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which such Holder shall be entitled to such Holder's or its designee's balance account with DTC through its Deposit/Withdrawal at Custodian system, or (2) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver (via reputable overnight courier) to the address as specified in such Conversion Notice, a certificate, registered in the name of such Holder or its designee, for the number of shares of Common Stock to which such Holder shall be entitled. If the number of Preferred Shares represented by the Preferred Share Certificate(s) submitted for conversion pursuant to Section 4(c)(iii) is greater than the number of Preferred Shares being converted, then the Company shall, as soon as practicable and in no event later than three (3) Trading Days after receipt of the Preferred Share Certificate(s) and at its own expense, issue and deliver to such Holder (or its designee) a new Preferred Share Certificate (in accordance with Section 20(d)) representing the number of Preferred Shares not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of Preferred Shares shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion 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;(ii) **Company's Failure to Timely Convert**. If the Company shall fail, for any reason or for no reason, to issue to a Holder on or prior to the applicable Share Delivery Deadline, a certificate for the number of shares of Common Stock to which such Holder is entitled and register such shares of Common Stock on the Company's share register or to credit such Holder's or its designee's balance account with DTC for such number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion of any Preferred Shares (as the case may be) (a "**Conversion Failure**"), then, in addition to all other remedies available to such Holder, such Holder, upon written notice to the Company, (x) may void its Conversion Notice with respect to, and retain or have returned (as the case may be) any Preferred Shares that have not been converted pursuant to such Holder's Conversion Notice, **provided**, that the voiding of a Conversion Notice shall not affect the Company's obligations to make any payments which have accrued prior to the date of such notice pursuant to the terms of this Certificate of Designations or otherwise and (y) the Company shall pay in cash to such Holder on each day, up to a maximum of 10 Trading Days, after the Share Delivery Deadline that the issuance of such shares of Common Stock is not timely effected an amount equal to 2% of the product of (A) the aggregate number of shares of Common Stock not issued to such Holder on a timely basis and to which such Holder is entitled and (B) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the last possible date on which the Company could have issued such shares of Common Stock to such Holder without violating Section 4(c). In addition to the foregoing, if the Direct Listing has occurred and the Company shall fail, for any reason or for no reason, to issue to a Holder on or prior to the Share Delivery Deadline, a certificate to such Holder and register such shares of Common Stock on the Company's share register or credit such Holder's or its designee's balance account with DTC for the number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion hereunder (as the case may be), and if on or after such Share Delivery Deadline such Holder (or any other Person in respect, or on behalf, of such Holder) purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock, issuable upon such conversion that such Holder so anticipated receiving from the Company, then, in addition to all other remedies available to such Holder, the Company shall, within three (3) Business Days after receipt of such Holder's request and in such Holder's discretion, either: (I) pay cash to such Holder in an amount equal to such Holder's total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf, of such Holder) (the "**Buy-In Price**"), at which point the Company's obligation to so issue and deliver such certificate or credit such Holder's balance account with DTC for the number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion hereunder (as the case may be) (and to issue such shares of Common Stock) shall terminate, or (II) promptly honor its obligation to so issue and deliver to such Holder a certificate or certificates representing such shares of Common Stock or credit such Holder's balance account with DTC for the number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion hereunder (as the case may be) and pay cash to such Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (x) such number of shares of Common Stock multiplied by (y) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Conversion Notice and ending on the date of such issuance and payment under this clause (II).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Registration; Book-Entry**. The Company shall maintain a register (the "**Register**") for the recordation of the names and addresses of the Holders of each Preferred Share and the Stated Value of the Preferred Shares (the "**Registered Preferred Shares**"). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company and each Holder of the Preferred Shares shall treat each Person whose name is recorded in the Register as the owner of a Preferred Share for all purposes (including, without limitation, the right to receive payments and Dividends hereunder) notwithstanding notice to the contrary. A Registered Preferred Share may be assigned, transferred or sold only by registration of such assignment or sale on the Register. Upon its receipt of a written request to assign, transfer or sell one or more Registered Preferred Shares by such Holder thereof, the Company shall record the information contained therein in the Register and issue one or more new Registered Preferred Shares in the same aggregate Stated Value as the Stated Value of the surrendered Registered Preferred Shares to the designated assignee or transferee pursuant to Section 20, **provided**, that, if the Company does not so record an assignment, transfer or sale (as the case may be) of such Registered Preferred Shares within two (2) Business Days of such a request, then the Register shall be automatically deemed updated to reflect such assignment, transfer or sale (as the case may be). Notwithstanding anything to the contrary set forth in this Section 4, following conversion of any Preferred Shares in accordance with the terms hereof, the applicable Holder shall not be required to physically surrender such Preferred Shares to the Company unless (A) the full or remaining number of Preferred Shares represented by the applicable Preferred Share Certificate are being converted (in which event such certificate(s) shall be delivered to the Company as contemplated by this Section 4(c)(iii)) or (B) such Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of Preferred Shares upon physical surrender of the applicable Preferred Share Certificate. Each Holder and the Company shall maintain records showing the Stated Value, Dividends and Late Charges converted and/or paid (as the case may be) and the dates of such conversions and/or payments (as the case may be) or shall use such other method, reasonably satisfactory to such Holder and the Company, so as not to require physical surrender of a Preferred Share Certificate upon conversion. If the Company does not update the Register to record such Stated Value, Dividends and Late Charges converted and/or paid (as the case may be and the dates of such conversions and/or payments (as the case may be) within two (2) Business Days of such occurrence, then the Register shall be automatically deemed updated to reflect such occurrence. In the event of any dispute or discrepancy, such records of such Holder establishing the number of Preferred Shares to which the record holder is entitled shall be controlling and determinative in the absence of manifest error. A Holder and any transferee or assignee, by acceptance of a certificate, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of any Preferred Shares, the number of Preferred Shares represented by such certificate may be less than the number of Preferred Shares stated on the face thereof. Each Preferred Share Certificate shall bear the following legend:

ANY TRANSFEREE OR ASSIGNEE OF THIS CERTIFICATE SHOULD CAREFULLY REVIEW THE TERMS OF THE CORPORATION'S CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES D CONVERTIBLE PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE, INCLUDING SECTION 4(c)(iii) THEREOF. THE NUMBER OF SHARES OF SERIES D CONVERTIBLE PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SHARES OF SERIES D CONVERTIBLE PREFERRED STOCK STATED ON THE FACE HEREOF PURSUANT TO SECTION 4(c)(iii) OF THE CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES D CONVERTIBLE PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Pro Rata Conversion; Disputes.** In the event that the Company receives a Conversion Notice from more than one Holder for the same Conversion Date and the Company can convert some, but not all, of such Preferred Shares submitted for conversion, the Company shall convert from each Holder electing to have Preferred Shares converted on such date a pro rata amount of such Holder's Preferred Shares submitted for conversion on such date based on the number of Preferred Shares submitted for conversion on such date by such Holder relative to the aggregate number of Preferred Shares submitted for conversion on such date. In the event of a dispute as to the number of shares of Common Stock issuable to a Holder in connection with a conversion of Preferred Shares, the Company shall issue to such Holder the number of shares of Common Stock not in dispute and resolve such dispute in accordance with Section 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Limitation on 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;(i) **Beneficial Ownership**. Notwithstanding anything to the contrary contained in this Certificate of Designations, the Preferred Shares held by a Holder shall not be convertible by such Holder, and the Company shall not effect any conversion of any Preferred Shares held by such Holder, to the extent (but only to the extent) that such Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, "**Attribution Parties**")) would beneficially own in excess of 9.99% (the "**Maximum Percentage**") of the Common Stock. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon conversion of the Preferred Shares with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount of the Preferred Shares beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. No prior inability of a Holder to convert Preferred Shares, or of the Company to issue shares of Common Stock to such Holder, pursuant to this Section 4(d)(i) shall have any effect on the applicability of the provisions of this Section 4(d)(i) with respect to any subsequent determination of convertibility or issuance (as the case may be). Except as set forth above, for purposes of this Section 4(d)(i), beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. The provisions of this Section 4(d)(i) shall be implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d)(i) to correct this Section 4(d)(i) (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this Section 4(d)(i) shall apply to a successor holder of Preferred Shares. The holders of Common Stock shall be third-party beneficiaries of this Section 4(d)(i) and the Company may not waive this Section 4(d)(i) without the consent of holders of a majority of its Common Stock. For any reason at any time, upon the written or oral request of a Holder, the Company shall within one (1) Business Day confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation, pursuant to this Certificate of Designations or securities issued pursuant to the other Transaction Documents. By written notice to the Company, any Holder may increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; **provided**, that (i) any such increase will not be effective until the 61st day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to such Holder sending such notice and not to any other Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Trading Market Regulation**. The Company shall not issue any shares of Common Stock upon conversion of any Preferred Shares or otherwise pursuant to the terms of this Certificate of Designations if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock which the Company may issue upon conversion of the Preferred Shares or otherwise pursuant to the terms of this Certificate of Designations without breaching the Company's obligations under the rules or regulations of the applicable Trading Market (the number of shares which may be issued without violating such rules and regulations, the "**Exchange Cap**"), except that such limitation shall not apply in the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the applicable Trading Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Required Holders. Until such approval or such written opinion is obtained, no Buyer (as defined in the Securities Purchase Agreement) shall be issued in the aggregate, upon conversion of any Preferred Shares or otherwise pursuant to the terms of this Certificate of Designations, shares of Common Stock in an amount greater than the product of (i) the Exchange Cap as of the Issuance Date multiplied by (ii) the quotient of (1) the aggregate original Stated Value of the Preferred Shares issued to such Buyer pursuant to the Securities Purchase Agreement on the Closing Date divided by (2) the aggregate original Stated Value of the Preferred Shares issued to the Buyers pursuant to the Securities Purchase Agreement on the Closing Date (with respect to each Buyer, the "**Exchange Cap Allocation**"). In the event that any Buyer shall sell or otherwise transfer any of such Buyer's Preferred Shares, the transferee shall be allocated a pro rata portion of such Buyer's Exchange Cap Allocation with respect to such portion of such Preferred Shares so transferred, and the restrictions of the prior sentence shall apply to such transferee with respect to the portion of the Exchange Cap Allocation so allocated to such transferee. Upon conversion in full of a holder's Preferred Shares, the difference (if any) between such holder's Exchange Cap Allocation and the number of shares of Common Stock actually issued to such holder upon such holder's conversion in full of such Preferred Shares shall be allocated to the respective Exchange Cap Allocations of the remaining holders of Preferred Shares on a pro rata basis in proportion to the shares of Common Stock underlying the Preferred Shares hen held by each such holder of Preferred Shares. In the event that the Company is prohibited from issuing any shares of Common Stock pursuant to this Section 4(d)(ii) (the "**Exchange Cap Shares**") to a Holder, the Company shall pay cash to such Holder in exchange for the redemption of such number of Preferred Shares held by the Holder that are not convertible into such Exchange Cap Shares at a price equal to the sum of (i) the product of (x) such number of Exchange Cap Shares and (y) the Closing Sale Price on the Trading Day immediately preceding the date such Holder delivers the applicable Conversion Notice with respect to such Exchange Cap Shares to the Company and (ii) to the extent such Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of Exchange Cap Shares, brokerage commissions, if any, of such Holder incurred in connection therewith.

5. **Triggering Event Redemptions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Triggering Event**. Each of the following events shall constitute a "**Triggering Event**" and each of the events in clauses (ix), (x) and (xi) shall constitute a "**Bankruptcy Triggering 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;(i) after the Direct Listing, any of the Preferred Shares or shares of Common Stock issuable upon conversion of the Preferred Shares are not freely tradable without restriction by any of the Holders due to an uncured breach by the Company after the applicable grace period has run;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after the Direct Listing, the suspension from trading or failure of the Common Stock to be trading or listed (as applicable) on an Eligible Market for a period of five (5) consecutive Trading 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;(iii) the Company's written notice to any holder of the Preferred Shares or Warrants, including, without limitation, by way of public announcement or through any of its agents, at any time, of its intention not to comply, as required, with a request for exercise of any Warrants for Warrant Shares in accordance with the provisions of the Warrants or a request for conversion of any Preferred Shares into shares of Common Stock that is requested in accordance with the provisions of this Certificate of Designations, other than pursuant to Section 4(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time following the tenth (10th) consecutive day that a Holder's Authorized Share Allocation (as defined in Section 11(a)) is less than 100% of the sum of (A) the number of shares of Common Stock that such Holder would be entitled to receive upon a conversion in full of the Preferred Shares held by such Holder (without regard to any limitations on conversion set forth in this Certificate of Designations) and (B) the number of shares of Common Stock that such Holder would be entitled to receive upon exercise in full of such Holder's Warrants (without regard to any limitations on exercise set forth in the Warrants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company's Board of Directors fails to declare any Dividend to be paid at the applicable Dividend Rate in accordance with Section 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Company's failure to pay to any Holder any Dividend (whether or not declared by the Board of Directors) or any other amount when and as due under this Certificate of Designations (including, without limitation, the Company's failure to pay any redemption payments or amounts hereunder), the Securities Purchase Agreement or any other Transaction Document or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby and thereby (in each case, as permitted pursuant to the NRS), except, in the case of a failure to pay Dividends and Late Charges when and as due, in each such case only if such failure remains uncured for a period of at least three (3) Trading 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;(vii) the Company, on three or more occasions, either (A) fails to cure a Conversion Failure or a Delivery Failure (as defined in the Warrants) by delivery of the required number of shares of Common Stock within five (5) Trading Days after the applicable Conversion Date or Exercise Date (as defined in the Warrants) (as the case may be) or (B) fails to remove any restrictive legend on any certificate or any shares of Common Stock issued to such Holder upon conversion or exercise (as the case may be) of any Securities (as defined in the Securities Purchase Agreement) acquired by such Holder under the Securities Purchase Agreement as and when required by such Securities or the Securities Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws, and any such failure remains uncured for at least five (5) Trading 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;(viii) the occurrence of any default under, redemption of or acceleration prior to maturity of at least an aggregate of $250,000 of Indebtedness (as defined in the Securities Purchase Agreement) of the Company or any of its Subsidiaries other than, with respect to unsecured Indebtedness only, an alleged default, redemption, or acceleration prior to maturity contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP) and after giving effect to these reserves, each of the Company and its Subsidiaries (and the Company and its Subsidiaries taken as a whole) are Solvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third-party, shall not be dismissed within thirty (30) days of their initiation;

&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) the commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance of any such action or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under federal, state or foreign 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;(xi) the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order, judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive 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;(xii) a final judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; **provided**, that any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $250,000 amount set forth above so long as the Company provides each Holder a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to each Holder) to the effect that such judgment is covered by insurance or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Company and/or any Subsidiary, individually or in the aggregate fails to pay, when due, or within any applicable grace period, any payment with respect to any Indebtedness in excess of $250,000 due to any third-party (other than, with respect to unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP) or is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $250,000, which breach or violation causes the other party thereto to declare a default or otherwise accelerate amounts due 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;(xiv) other than as specifically set forth in another clause of this Section 5(a), the Company or any Subsidiary breaches any representation or warranty in any material respect (other than representations or warranties subject to material adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or condition of any Transaction Document, except, in the case of a breach of a covenant or other term or condition that is curable, only if such breach remains uncured for a period of five (5) consecutive Trading Days, unless such breach does not 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;(xv) a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that either (A) the Equity Conditions are satisfied, (B) there has been no Equity Conditions Failure, or (C) as to whether any Triggering Event has occurred, and such Holder suffers economic damage thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any breach or failure in any respect by the Company or any Subsidiary to comply with any provision of Section 15, unless such breach does not 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;(xvii) any Material Adverse Effect (as defined in the Securities Purchase Agreement) occurs; 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;(xviii) after the Direct Listing (A) the Common Stock cannot be issued and transferred electronically to third parties via DTC through its Deposit/Withdrawal at Custodian system or (B) the Company has received notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) failure to have the "Registration Statement" (under as defined in the Registration Rights Agreement) declared effective and remain effective in accordance within the deadline prescribed in, and otherwise accordance with the terms of, the Securities Purchase Agreement; 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;(xx) any breach of any material term of the Securities Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Notice of a Triggering Event; Redemption Right**. Upon the occurrence of a Triggering Event with respect to the Preferred Shares, the Company shall within one (1) Business Day deliver written notice thereof via facsimile or electronic mail and overnight courier (with next day delivery specified) (a "**Triggering Event Notice**") to each Holder. At any time after the earlier of a Holder's receipt of a Triggering Event Notice and such Holder becoming aware of a Triggering Event (such earlier date, the "**Triggering Event Right Commencement Date**") and ending (such ending date, the "**Triggering Event Right Expiration Date**", and each such period, a "**Triggering Event Redemption Right Period**") on the twentieth (20th) Trading Day after the later of (x) the date such Triggering Event is cured and (y) such Holder's receipt of a Triggering Event Notice that includes (I) a reasonable description of the applicable Triggering Event, (II) a certification as to whether, in the opinion of the Company, such Triggering Event is capable of being cured and, if applicable, a reasonable description of any existing plans of the Company to cure such Triggering Event and (III) a certification as to the date the Triggering Event occurred and, if cured on or prior to the date of such Triggering Event Notice, the applicable Triggering Event Right Expiration Date, such Holder may require the Company to redeem (regardless of whether such Triggering Event has been cured on or prior to the Triggering Event Right Expiration Date) all or any of the Preferred Shares by delivering written notice thereof (the "**Triggering Event Redemption Notice**") to the Company, which Triggering Event Redemption Notice shall indicate the number of the Preferred Shares such Holder is electing to redeem. Each of the Preferred Shares subject to redemption by the Company pursuant to this Section 5(b) shall be redeemed by the Company at a price equal to the greater of (i) if before the Direct Listing, the product of (A) the Conversion Amount to be redeemed multiplied by (B) the Redemption Premium and (ii) if after the Direct Listing, the product of (X) 110% multiplied by (Y) the greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date immediately preceding such Triggering Event and ending on the date the Company makes the entire payment required to be made under this Section 5(b) (the "**Triggering Event Redemption Price**"). Redemptions required by this Section 5(b) shall be made in accordance with the provisions of Section 12. To the extent redemptions required by this Section 5(b) are deemed or determined by a court of competent jurisdiction to be prepayments of the Preferred Shares by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 5(b), but subject to Section 4(d), until the Triggering Event Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under this Section 5(b) (together with any Late Charges thereon) may be converted, in whole or in part, by such Holder into Common Stock pursuant to the terms of this Certificate of Designations. In the event of the Company's redemption of any of the Preferred Shares under this Section 5(b), a Holder's damages would be uncertain and difficult to estimate because of the parties' inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for such Holder. Accordingly, any redemption premium due under this Section 5(b) is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder's actual loss of its investment opportunity and not as a penalty. Any redemption upon a Triggering Event shall not constitute an election of remedies by the applicable Holder or any other Holder, and all other rights and remedies of each Holder shall be preserved. For the avoidance of doubt, the original issue discount with respect to the purchase price of the Preferred Shares, as described in the Securities Purchase Agreement (collectively, the "**Trigger Event Conversion Shares**") shall not be redeemed in accordance with this Section 5(b) but may be converted by such Holder into Common Stock pursuant to the terms of this Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Mandatory Redemption upon Bankruptcy Triggering Event**. Notwithstanding anything to the contrary herein, and notwithstanding any conversion that is then required or in process, upon any Bankruptcy Triggering Event, whether occurring prior to or following the Outside Date, the Company shall immediately redeem, in cash, each of the Preferred Shares then outstanding at a redemption price equal to the applicable Triggering Event Redemption Price (calculated as if such Holder shall have delivered the Triggering Event Redemption Notice immediately prior to the occurrence of such Bankruptcy Triggering Event), without the requirement for any notice or demand or other action by any Holder or any other person or entity; **provided**, that a Holder may, in its sole discretion, waive such right to receive payment upon a Bankruptcy Triggering Event, in whole or in part, and any such waiver shall not affect any other rights of such Holder or any other Holder hereunder, including any other rights in respect of such Bankruptcy Triggering Event, any right to conversion, and any right to payment of such Triggering Event Redemption Price or any other Redemption Price, as applicable.

6. **Rights Upon Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Assumption**. The Company shall use its commercially reasonable efforts to not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes in writing all of the obligations of the Company under this Certificate of Designations and the other Transaction Documents in accordance with the provisions of this Section 6(a) pursuant to written agreements in form and substance satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver to each holder of Preferred Shares in exchange for such Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Certificate of Designations, including, without limitation, having a stated value and dividend rate equal to the stated value and dividend rate of the Preferred Shares held by the Holders and having similar ranking to the Preferred Shares, and satisfactory to the Required Holders and (ii) the Successor Entity (including its Parent Entity) is a publicly traded corporation whose shares of common stock are quoted on or listed for trading on an Eligible Market. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designations and the other Transaction Documents referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Certificate of Designations and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein and therein. In addition to the foregoing, upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to each Holder confirmation that there shall be issued upon conversion or redemption of the Preferred Shares at any time after the consummation of such Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 7(a) and 17, which shall continue to be receivable thereafter)) issuable upon the conversion or redemption of the Preferred Shares prior to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent) of the Successor Entity (including its Parent Entity) which each Holder would have been entitled to receive upon the happening of such Fundamental Transaction had all the Preferred Shares held by each Holder been converted immediately prior to such Fundamental Transaction (without regard to any limitations on the conversion of the Preferred Shares contained in this Certificate of Designations), as adjusted in accordance with the provisions of this Certificate of Designations. Notwithstanding the foregoing, such Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 6(a) to permit the Fundamental Transaction without the assumption of the Preferred Shares. The provisions of this Section 6(a) shall apply similarly and equally to successive Fundamental Transactions and shall be applied without regard to any limitations on the conversion or redemption of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Change of Control Redemption Right**. No sooner than twenty (20) Trading Days nor later than ten (10) Trading Days prior to the consummation of a Change of Control (the "**Change of Control Date**"), but not prior to the public announcement of such Change of Control, the Company shall deliver written notice thereof via facsimile and overnight courier to each Holder (a "**Change of Control Notice**"). At any time during the period beginning after a Holder's receipt of a Change of Control Notice or such Holder becoming aware of a Change of Control if a Change of Control Notice is not delivered to such Holder in accordance with the immediately preceding sentence (as applicable) and ending on the later of twenty (20) Trading Days after (A) consummation of such Change of Control or (B) the date of receipt of such Change of Control Notice, such Holder may require the Company to redeem all or any portion of such Holder's Preferred Shares by delivering written notice thereof ("**Change of Control Redemption Notice**") to the Company, which Change of Control Redemption Notice shall indicate the number of Preferred Shares such Holder is electing to have the Company redeem. Each Preferred Share subject to redemption pursuant to this Section 6(b) shall be redeemed by the Company in cash at a price equal to the product of the Change of Control Redemption Premium multiplied by the Stated Value (the "**Change of Control Redemption Price**"). Redemptions required by this Section 6(b) shall have priority to payments to all other stockholders of the Company in connection with such Change of Control. To the extent redemptions required by this Section 6(b) are deemed or determined by a court of competent jurisdiction to be prepayments of the Preferred Shares by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 6(b), but subject to Section 4(d), until the applicable Change of Control Redemption Price (together with any Late Charges thereon) is paid in full to the applicable Holder, the Preferred Shares submitted by such Holder for redemption under this Section 6(b) may be converted, in whole or in part, by such Holder into Common Stock pursuant to Section 4 or in the event the Conversion Date is after the consummation of such Change of Control, stock or equity interests of the Successor Entity substantially equivalent to the Company's shares of Common Stock pursuant to Section 4. In the event of the Company's redemption of any of the Preferred Shares under this Section 6(b), such Holder's damages would be uncertain and difficult to estimate because of the parties' inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for a Holder. Accordingly, any redemption premium due under this Section 6(b) is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder's actual loss of its investment opportunity and not as a penalty. The Company shall make payment of the applicable Change of Control Redemption Price concurrently with the consummation of such Change of Control if a Change of Control Redemption Notice is received prior to the consummation of such Change of Control and within two (2) Trading Days after the Company's receipt of such notice otherwise (the "**Change of Control Redemption Date**"). Redemptions required by this Section 6(b) shall be made in accordance with the provisions of Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Tag Along Rights**. In the event that one or more holders of Common Stock (the "**Selling Stockholders**") propose to Transfer (as defined below), in a single transaction or series of related transactions, shares of Common Stock (or equity interests convertible into or exchangeable for Common Stock) constituting more than 50% of the outstanding Common Stock of the Company (a "**Tag-Along Sale**") to any third-party (the "**Proposed Transferee**"), each Holder shall have the right (but not the obligation) to participate in such Tag-Along Sale on a pro rata basis (based on the number of Preferred Shares then held by such Holder on an as-converted basis relative to the aggregate number of shares of Common Stock proposed to be sold by the Selling Stockholders) and on the same terms and conditions as offered to the Selling Stockholders. For purposes of this Section 6(c), "**Transfer**" means any direct or indirect sale, assignment, transfer, pledge, hypothecation, or other disposition, whether voluntary or involuntary, of any equity securities or any legal or beneficial interest therein, including by merger, consolidation, equity exchange or other similar transaction. The Selling Stockholders shall deliver written notice (a "**Tag-Along Notice**") to each Holder not less than twenty (20) Trading Days prior to the expected closing of the Tag-Along Sale, which notice shall include: (i) the name and address of the Proposed Transferee, (ii) the number and type of securities proposed to be Transferred, (iii) the proposed purchase price and form of consideration, and (iv) the other material terms and conditions of the proposed Transfer. Each Holder electing to exercise its tag-along right shall notify the Selling Stockholders and the Company in writing (a "**Tag-Along Election Notice**") within ten (10) Trading Days after receipt of the Tag-Along Notice, specifying the number of shares (on an as-converted basis) such Holder wishes to include in the Tag-Along Sale. If a Holder exercises its tag-along rights, the Selling Stockholders shall use commercially reasonable efforts to cause the Proposed Transferee to purchase the applicable Preferred Shares of such Holder on the same terms and conditions, and for the same per share consideration on an as-converted basis, as the shares of Common Stock to be sold by the Selling Stockholders. If the Proposed Transferee refuses to purchase all of the securities proposed to be sold, the number of shares to be sold by the Selling Stockholders and participating Holders shall be reduced pro rata, and no shares may be Transferred to the Proposed Transferee unless the rights of the participating Holders under this Section 6(c) have been fully complied with.

7. **Rights Upon Issuance of Purchase Rights, Dilutive Issuances, and Other Corporate Events**. From and after the date hereof and until such time as all Preferred Shares shall be issued and there shall be no Preferred Share remaining outstanding and, to the extent application, except with respect to an Exempt Issuance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Purchase Rights**. If at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all or substantially all of the record holders of any class of Common Stock (the "**Purchase Rights**"), then each Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Common Stock acquirable upon complete conversion of all the Preferred Shares (without taking into account any limitations or restrictions on the convertibility of the Preferred Shares) held by such Holder immediately prior to the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (**provided**, that, to the extent that such Holder's right to participate in any such Purchase Right would result in such Holder exceeding the Maximum Percentage, then such Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance for such Holder until such time or times, if ever, as its right thereto would not result in such Holder exceeding the Maximum Percentage), at which time or times such Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Other Corporate Events**. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a "**Corporate Event**"), the Company shall make appropriate provision to insure that each Holder will thereafter have the right to receive upon a conversion of all the Preferred Shares held by such Holder (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which such Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by such Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of the Preferred Shares contained in this Certificate of Designations) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion, such securities or other assets received by the holders of shares of Common Stock in connection with the consummation of such Corporate Event in such amounts as such Holder would have been entitled to receive had the Preferred Shares held by such Holder initially been issued with conversion rights for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant the proceeding sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section 7(b) shall apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or redemption of the Preferred Shares contained in this Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Dilutive Issuance**. If the Company or any Subsidiary thereof, as applicable, at any time while any of the Preferred Shares is outstanding, shall issue shares of Common Stock or Common Stock Equivalents or sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any shares of Common Stock or Common Stock Equivalents, at an effective price per share less than the Conversion Price then in effect (such lower price, the "**Base Share Price**" and such issuances collectively, a "**Dilutive Issuance**") (it being understood and agreed that if the holder of the shares of Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation of each Dilutive Issuance the Conversion Price shall be reduced and only reduced to the Base Share Price. Such adjustment shall be made whenever such shares of Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 7(c) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any shares of Common Stock or Common Stock Equivalents subject to this Section 7(c), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the "**Dilutive Issuance Notice**"). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 7(c), upon the occurrence of any Dilutive Issuance, each Holder is entitled to receive a number of Conversion Shares based upon the Base Share Price regardless of whether such Holder accurately refers to the Base Share Price in the Notice of Conversion. If the Company enters into a transaction for Variable-Priced Equity-Linked Instruments (as defined in the Purchase Agreement), despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued shares of Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised.

8. **[Reserved].**

9. **Company Optional Redemption**. At any time that no Equity Conditions Failure exists, the Company shall have the right to redeem all, but not less than all, of the Preferred Shares then outstanding (the "**Company Optional Redemption Amount**") on the Company Optional Redemption Date (each as defined below) (a "**Company Optional Redemption**"). The Preferred Shares subject to redemption pursuant to this Section 9 shall be redeemed by the Company in cash at a price (the "**Company Optional Redemption Price**") equal to 200% of the Stated Value plus all accrued and unpaid dividends thereon until the applicable Company Optional Redemption Date if before the Direct Listing and 110% of the Stated Value plus all accrued and unpaid dividends thereon until the applicable Company Optional Redemption Date if after the Direct Listing. The Company may exercise its right to require redemption under this Section 9 by delivering a written notice thereof by facsimile or electronic mail and overnight courier to all, but not less than all, of the Holders (the "**Company Optional Redemption Notice**" and the date all of the Holders received such notice is referred to as the "**Company Optional Redemption Notice Date**"). The Company may deliver only one Company Optional Redemption Notice hereunder and such Company Optional Redemption Notice shall be irrevocable. The Company Optional Redemption Notice shall (x) state the date on which the Company Optional Redemption shall occur (the "**Company Optional Redemption Date**") which date shall not be less than ten (10) Trading Days nor more than one hundred (100) Trading Days following the Company Optional Redemption Notice Date, (y) certify that there has been no Equity Conditions Failure and (z) state the aggregate Conversion Amount of the Preferred Shares which is being redeemed in such Company Optional Redemption from such Holder and all of the other Holders of the Preferred Shares pursuant to this Section 9 on the Company Optional Redemption Date. Notwithstanding anything herein to the contrary, (i) if no Equity Conditions Failure has occurred as of the Company Optional Redemption Notice Date but an Equity Conditions Failure occurs at any time prior to the Company Optional Redemption Date, (A) the Company shall provide each Holder a subsequent notice to that effect and (B) unless such Holder waives the Equity Conditions Failure, the Company Optional Redemption with respect to such Holder shall be cancelled and the applicable Company Optional Redemption Notice shall be null and void and (ii) at any time prior to the date the Company Optional Redemption Price is paid, in full, the Company Optional Redemption Amount may be converted, in whole or in part, by any Holder into shares of Common Stock pursuant to Section 4. All Conversion Amounts converted by a Holder after the Company Optional Redemption Notice Date shall reduce the Company Optional Redemption Amount of the Preferred Shares of such Holder required to be redeemed on the Company Optional Redemption Date. Redemptions made pursuant to this Section 9 shall be made in accordance with Section 12. In the event of the Company's redemption of any of the Preferred Shares under this Section 9, a Holder's damages would be uncertain and difficult to estimate because of the parties' inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for such Holder. Accordingly, any redemption premium due under this Section 9 is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder's actual loss of its investment opportunity and not as a penalty. For the avoidance of doubt, the Company shall have no right to effect a Company Optional Redemption if any Triggering Event has occurred and continuing, but any Triggering Event shall have no effect upon any Holder's right to convert Preferred Shares in its discretion.

10. **Non-circumvention**. The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation (as defined in the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Certificate of Designations, and will at all times in good faith carry out all the provisions of this Certificate of Designations and take all action as may be required to protect the rights of the Holders. Without limiting the generality of the foregoing or any other provision of this Certificate of Designations or the other Transaction Documents, the Company (a) shall not increase the par value of any shares of Common Stock receivable upon the conversion of any Preferred Shares above the Conversion Price then in effect, (b) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the conversion of Preferred Shares and (c) shall, so long as any Preferred Shares are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the conversion of the Preferred Shares, the maximum number of shares of Common Stock as shall from time to time be necessary to effect the conversion of the Preferred Shares then outstanding (without regard to any limitations on conversion contained herein). Notwithstanding anything herein to the contrary, if after the seventy-five (75) calendar day anniversary of the Issuance Date, each Holder is not permitted to convert such Holder's Preferred Shares in full for any reason (other than pursuant to restrictions set forth in Section 4(d)(i)), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining such consents or approvals as necessary to effect such conversion into shares of Common Stock.

11. **Authorized Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Reservation**. So long as any of the Preferred Shares are outstanding, the Company shall take all action necessary to reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of effecting the conversion of the Preferred Shares, a number of shares of Common Stock, as of any date of determination, for each of the Preferred Shares in accordance with the following formula:

<u>P</u> x 2.5 = Share Reserve <br> (T)

P = The aggregate Purchase Price (as defined the Securities Purchase Agreement) of the Preferred Shares issued on or prior to such date of determination; <br>T = The applicable Conversion Base Price as of such date of determination;

**provided**, that the Share Reserve shall in no event be less than 250% of the number of shares of Common Stock as shall from time to time be necessary to effect the conversion of all of the Preferred Shares then outstanding (without regard to any limitations on conversions) (the "**Required Reserve Amount**"). The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the Holders based on the number of the Preferred Shares held by each Holder on the Initial Issuance Date or increase in the number of reserved shares, as the case may be (the "**Authorized Share Allocation**"). In the event that a Holder shall sell or otherwise transfer any of such Holder's Preferred Shares, each transferee shall be allocated a pro rata portion of such Holder's Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Preferred Shares shall be allocated to the remaining Holders of Preferred Shares, pro rata based on the number of the Preferred Shares then held by the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Insufficient Authorized Shares.** If, notwithstanding Section 11(a) and not in limitation thereof, while any of the Preferred Shares remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon conversion of the Preferred Shares at least a number of shares of Common Stock equal to the Required Reserve Amount (an "**Authorized Share Failure**"), then the Company shall immediately take all action necessary to increase the Company's authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Preferred Shares then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than forty five (45) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders' approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal. In the event that the Company is prohibited from issuing shares of Common Stock to a Holder upon any conversion due to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the "**Authorized Failure Shares**"), in lieu of delivering such Authorized Failure Shares to such Holder, the Company shall pay cash in exchange for the redemption of such portion of the Conversion Amount convertible into such Authorized Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorized Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date such Holder delivers the applicable Conversion Notice with respect to such Authorized Failure Shares to the Company and ending on the date of such issuance and payment under this Section 11(b); and (ii) to the extent such Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of Authorized Failure Shares, any brokerage commissions, if any, of such Holder incurred in connection therewith. Nothing contained in Section 11(a) or this Section 11(b) shall limit any obligations of the Company under any provision of the Securities Purchase Agreement.

12. **Redemptions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. If a Holder has submitted a Triggering Event Redemption Notice in accordance with Section 5(b), the Company shall deliver the applicable Triggering Event Redemption Price and the applicable number of Trigger Event Conversion Shares to such Holder in cash within five (5) Business Days after the Company's receipt of such Holder's Triggering Event Redemption Notice. If a Holder has submitted a Change of Control Redemption Notice in accordance with Section 6(b), the Company shall deliver the applicable Change of Control Redemption Price to such Holder in cash concurrently with the consummation of such Change of Control if such notice is received prior to the consummation of such Change of Control and within five (5) Business Days after the Company's receipt of such notice otherwise. If a Holder has submitted an Outside Date Redemption Notice in accordance with Section 13, the Company shall deliver the applicable Outside Date Redemption Price to such Holder in cash on the applicable Outside Date Redemption Date. If a Holder has submitted a Financing Redemption Notice in accordance with Section 12(c), the Company shall deliver the applicable Financing Redemption Price to such Holder in cash on the applicable Financing Redemption Date. The Company shall deliver the applicable Company Optional Redemption Price to each Holder in cash on the applicable Company Optional Date. In the event of a redemption of less than all of the Preferred Shares, the Company shall promptly cause to be issued and delivered to such Holder a new Preferred Certificate (in accordance with Section 20) representing the number of Preferred Shares which have not been redeemed. In the event that the Company does not pay the applicable Redemption Price to a Holder within the time period required for any reason (except if such payment is prohibited pursuant to the NRS), at any time thereafter and until the Company pays such unpaid Redemption Price in full, such Holder shall have the option, in lieu of redemption, to require the Company to promptly return to such Holder all or any of the Preferred Shares that were submitted for redemption and for which the applicable Redemption Price (together with any Late Charges thereon) has not been paid. Upon the Company's receipt of such notice, (x) the applicable Redemption Notice shall be null and void with respect to such Preferred Shares, (y) the Company shall immediately return the applicable Preferred Share Certificate, or issue a new Preferred Share Certificate (in accordance with Section 20(d)), to such Holder, and in each case the Additional Amount of such Preferred Shares shall be increased by an amount equal to the difference between (1) the applicable Redemption Price (as the case may be, and as adjusted pursuant to this Section 12(a), if applicable) minus (2) the Stated Value portion of the Conversion Amount submitted for redemption and (z) the Conversion Price of such Preferred Shares shall be automatically adjusted with respect to each conversion effected thereafter by such Holder to the lowest of (A) the Conversion Price as in effect on the date on which the applicable Redemption Notice is voided, (B) 80% of the lowest Closing Bid Price of the Common Stock during the period beginning on and including the date on which the applicable Redemption Notice is delivered to the Company and ending on and including the date on which the applicable Redemption Notice is voided and (C) 75% of the quotient of (I) the sum of the five (5) lowest VWAPs of the Common Stock during the twenty (20) consecutive Trading Day period ending and including the Trading Day immediately preceding the applicable Conversion Date divided by (II) five (5) (it being understood and agreed that all such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period). A Holder's delivery of a notice voiding a Redemption Notice and exercise of its rights following such notice shall not affect the Company's obligations to make any payments of Late Charges which have accrued prior to the date of such notice with respect to the Preferred Shares subject to such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Redemption by Multiple Holders**. Upon the Company's receipt of a Redemption Notice from any Holder for redemption or repayment as a result of an event or occurrence substantially similar to the events or occurrences described in Section 5(b) or Section 6(b), the Company shall immediately, but no later than one (1) Business Day of its receipt thereof, forward to each other Holder by facsimile or electronic mail a copy of such notice. If the Company receives one or more Redemption Notices, during the seven (7) Business Day period beginning on and including the date which is three (3) Business Days prior to the Company's receipt of the initial Redemption Notice and ending on and including the date which is three (3) Business Days after the Company's receipt of the initial Redemption Notice and the Company is unable to redeem all principal, interest and other amounts designated in such initial Redemption Notice and such other Redemption Notices received during such seven (7) Business Day period, then the Company shall redeem a pro rata amount from each Holder based on the principal amount of the Preferred Shares submitted for redemption pursuant to such Redemption Notices received by the Company during such seven (7) Business Day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Redemption Upon Subsequent Financing**. If the Direct Listing has occurred, then at any time from and after the Direct Listing, any Holder may require the Company to redeem (a "**Financing Redemption**") Preferred Shares held by such Holder at a purchase price equal to 100% of the Conversion Amount of such Preferred Shares (the "**Financing Redemption Price**") in an amount equal to thirty five percent (35%) of the net proceeds received by the Company (or any of its Subsidiaries) from any new issuance of public or private equity or debt securities (including, for the avoidance of doubt, proceeds from any equity line of credit or committed equity financing facility), or from any exercise of existing warrants of the Company, by delivery of written notice thereof (the "**Financing Redemption Notice**") to the Company. The Financing Redemption Notice shall state the date the Company is required to pay to such Holder such Financing Redemption Price (the "**Financing Redemption Date**"), which date shall be no earlier than ten (10) Business Days following the date of delivery of such Mandatory Redemption Notice. Such redemption obligation shall apply only if the VWAP of the Common Stock for at least five (5) consecutive Trading Days immediately prior to the Holder's redemption request is less than the Conversion Price then in effect. Redemptions required by this section 12(c) shall be made in accordance with the provisions of Section 12.

13. **Holder Optional Redemption after Outside Date**. If the Direct Listing has not occurred, then at any time from and after the tenth (10th) Business Day prior to the Outside Date, any Holder may require the Company to redeem (a "**Outside Date Redemption**") all or any number of Preferred Shares held by such Holder at a purchase price equal to 110% of the Conversion Amount of such Preferred Shares (the "**Outside Date Redemption Price**") by delivery of written notice thereof (the "**Outside Date Redemption Notice**") to the Company. The Maturity Redemption Notice shall state the date the Company is required to pay to such Holder such Maturity Redemption Price (the "**Outside Date Redemption Date**"), which date shall be no earlier than ten (10) Business Days following the date of delivery of such Mandatory Redemption Notice. Redemptions required by this Section 13 shall be made in accordance with the provisions of Section 12.

14. **Voting Rights**. Holders of Preferred Shares shall have no voting rights, except as required by law (including without limitation, the NRS) and as expressly provided in this Certificate of Designations.

15. **Covenants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Incurrence of Indebtedness**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness (other than Permitted Debt) and shall not modify, waive or replace any Permitted Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Existence of Liens**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, allow or suffer to exist any Lien upon or in any property or assets (including accounts and contract rights) owned by the Company or any of its Subsidiaries other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Restricted Payments**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any Indebtedness (other than any amounts payable pursuant to this Certificate of Designations) whether by way of payment in respect of principal of (or premium, if any) or interest on, such Indebtedness if at the time such payment is due or is otherwise made or, after giving effect to such payment, (i) an event constituting a Triggering Event has occurred and is continuing or (ii) an event that with the passage of time and without being cured would constitute a Triggering Event has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Restriction on Asset Transfers**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, enter into any Asset Transfer with respect to any assets or rights of the Company or any Subsidiary owned or hereafter acquired to any Person(s) (including, without limitation, to any foreign Subsidiary), other than (i) Asset Transfers in the ordinary course of business consistent with its past practice and (ii) sales of inventory and product in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Maturity of Indebtedness**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, permit any Indebtedness of the Company or any of its Subsidiaries to mature or accelerate prior to the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Change in Nature of Business**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly contemplated to be conducted by the Company and each of its Subsidiaries on the Subscription Date or any business substantially related or incidental thereto. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, modify its or their corporate structure or purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Preservation of Existence, Etc**. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Maintenance of Properties, Etc**. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Maintenance of Intellectual Property**. The Company will, and will cause each of its Subsidiaries to, take all action necessary or advisable to maintain all of the Intellectual Property Rights of the Company and/or any of its Subsidiaries that are necessary or material to the conduct of its business in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Maintenance of Insurance**. The Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering such risks as is required by any governmental authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Transactions with Affiliates**. The Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew, extend or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any Subsidiary or Affiliate, except in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable for the prudent operation of its business, for fair consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a comparable arm's length transaction with a Person that is not a Subsidiary or Affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Restricted Issuances**. The Company shall not, directly or indirectly, without the prior written consent of the Holders of sixty-five percent (65%) in aggregate principal amount of the Preferred Shares then outstanding, (i) issue any Preferred Shares (other than as contemplated by the Securities Purchase Agreement and this Certificate of Designations) or (ii) issue any other securities that would cause a breach or default under this Certificate of Designations or the Warrants.

16. **Liquidation, Dissolution, Winding-Up**. In the event of a Liquidation Event, the Holders shall be entitled to receive in cash out of the assets of the Company, whether from capital or from earnings available for distribution to its stockholders (the "**Liquidation Funds**"), before any amount shall be paid to the holders of any of shares of Junior Stock, but pari passu with any Parity Stock then outstanding, an amount per Preferred Share equal to the greater of (i) 200% of Stated Value or (ii) the amount the Holder would receive if such Holder converted such Preferred Shares into Common Stock immediately prior to the date of such payment, including accrued and unpaid dividends; **provided**, that, if the Liquidation Funds are insufficient to pay the full amount due to the Holders and holders of shares of Parity Stock, then each Holder and each holder of Parity Stock shall receive a percentage of the Liquidation Funds equal to the full amount of Liquidation Funds payable to such Holder and such holder of Parity Stock as a liquidation preference, in accordance with their respective certificate of designations (or equivalent), as a percentage of the full amount of Liquidation Funds payable to all holders of Preferred Shares and all holders of shares of Parity Stock. To the extent necessary, the Company shall cause such actions to be taken by each of its Subsidiaries so as to enable, to the maximum extent permitted by law, the proceeds of a Liquidation Event to be distributed to the Holders in accordance with this Section 16. All the preferential amounts to be paid to the Holders under this Section 16 shall be paid or set apart for payment before the payment or setting apart for payment of any amount for, or the distribution of any Liquidation Funds of the Company to the holders of shares of Junior Stock in connection with a Liquidation Event as to which this Section 16 applies.

17. **Distribution of Assets**. If the Company shall declare or make any dividend or other distributions of its assets (or rights to acquire its assets) to any or all holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (the "**Distributions**"), then each Holder, as holders of Preferred Shares, will be entitled to such Distributions as if such Holder had held the number of shares of Common Stock acquirable upon complete conversion of the Preferred Shares (without taking into account any limitations or restrictions on the convertibility of the Preferred Shares) immediately prior to the date on which a record is taken for such Distribution or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for such Distributions (**provided**, that, to the extent that such Holder's right to participate in any such Distribution would result in such Holder exceeding the Maximum Percentage, then such Holder shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for such Holder until such time or times as its right thereto would not result in such Holder exceeding the Maximum Percentage, at which time or times, if any, such Holder shall be granted such rights (and any rights under this Section 17 on such initial rights or on any subsequent such rights to be held similarly in abeyance) to the same extent as if there had been no such limitation).

18. **Vote to Change the Terms of or Issue Preferred Shares**. In addition to any other rights provided by law, except where the vote or written consent of the holders of a greater number of shares is required by law or by another provision of the Articles of Incorporation, without first obtaining the affirmative vote at a meeting duly called for such purpose or the written consent without a meeting of the Required Holders, voting together as a single class, the Company shall not: (a) amend or repeal any provision of, or add any provision to, its Articles of Incorporation or Bylaws, or file any certificate of designations or articles of amendment of any series of shares of preferred stock, if such action would adversely alter or change in any respect the preferences, rights, privileges or powers, or restrictions provided for the benefit, of the Preferred Shares, regardless of whether any such action shall be by means of amendment to the Articles of Incorporation or by merger, consolidation or otherwise; (b) increase or decrease (other than by conversion) the authorized number of Preferred Shares; (c) without limiting any provision of Section 2, create or authorize (by reclassification or otherwise) any new class or series of shares that has a preference over or is on a parity with the Preferred Shares with respect to dividends or the distribution of assets on the liquidation, dissolution or winding up of the Company; (d) purchase, repurchase or redeem any shares of capital stock of the Company junior in rank to the Preferred Shares (other than pursuant to equity incentive agreements (that have in good faith been approved by the Board) with employees giving the Company the right to repurchase shares upon the termination of services); (e) without limiting any provision of Section 2, pay dividends or make any other distribution on any shares of any capital stock of the Company junior in rank to the Preferred Shares; (f) issue any Preferred Shares other than pursuant to the Securities Purchase Agreement; or (g) without limiting any provision of Section 9, whether or not prohibited by the terms of the Preferred Shares, circumvent a right of the Preferred Shares.

19. **Transfer of Preferred Shares**. A Holder may transfer some or all of its Preferred Shares without the consent of the Company.

20. **Reissuance of Preferred Certificates**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Transfer**. If any Preferred Shares are to be transferred, the applicable Holder shall surrender the applicable Preferred Share Certificate to the Company, whereupon the Company will forthwith issue and deliver upon the order of such Holder a new Preferred Share Certificate (in accordance with Section 20(d)), registered as such Holder may request, representing the outstanding number of Preferred Shares being transferred by such Holder and, if less than the entire outstanding number of Preferred Shares is being transferred, a new Preferred Share Certificate (in accordance with Section 20(d)) to such Holder representing the outstanding number of Preferred Shares not being transferred. Such Holder and any assignee, by acceptance of the Preferred Share Certificate, acknowledge and agree that, by reason of the provisions of Section 4(c)(i) following conversion or redemption of any of the Preferred Shares, the outstanding number of Preferred Shares represented by the Preferred Shares may be less than the number of Preferred Shares stated on the face of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Lost, Stolen or Mutilated Preferred Share Certificate**. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of a Preferred Share Certificate (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the applicable Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of such Preferred Share Certificate, the Company shall execute and deliver to such Holder a new Preferred Share Certificate (in accordance with Section 20(d)) representing the applicable outstanding number of Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Preferred Share Certificate Exchangeable for Different Denominations**. Each Preferred Share Certificate is exchangeable, upon the surrender hereof by the applicable Holder at the principal office of the Company, for a new Preferred Share Certificate or Preferred Share Certificate(s) (in accordance with Section 20(d)) representing in the aggregate the outstanding number of the Preferred Shares in the original Preferred Share Certificate, and each such new Preferred Share Certificate will represent such portion of such outstanding number of Preferred Shares from the original Preferred Share Certificate as is designated by such Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance of New Preferred Share Certificate**. Whenever the Company is required to issue a new Preferred Share Certificate pursuant to the terms of this Certificate of Designations, such new Preferred Share Certificate (i) shall represent, as indicated on the face of such Preferred Share Certificate, the number of Preferred Shares remaining outstanding (or in the case of a new Preferred Share Certificate being issued pursuant to Section 20(a) or Section 20(c), the number of Preferred Shares designated by such Holder which, when added to the number of Preferred Shares represented by the other new Preferred Share Certificates issued in connection with such issuance, does not exceed the number of Preferred Shares remaining outstanding under the original Preferred Share Certificate immediately prior to such issuance of new Preferred Share Certificate), and (ii) shall have an issuance date, as indicated on the face of such new Preferred Share Certificate, which is the same as the issuance date of the original Preferred Share Certificate.

21. **Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.** The remedies provided in this Certificate of Designations shall be cumulative and in addition to all other remedies available under this Certificate of Designations and any of the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit any Holder's right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Certificate of Designations. The Company covenants to each Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by a Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holders and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, each Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information and documentation to a Holder that is reasonably requested by such Holder to enable such Holder to confirm the Company's compliance with the terms and conditions of this Certificate of Designations.

22. **Payment of Collection, Enforcement and Other Costs**. If (a) any Preferred Shares are placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or a Holder otherwise takes action to collect amounts due under this Certificate of Designations with respect to the Preferred Shares or to enforce the provisions of this Certificate of Designations or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors' rights and involving a claim under this Certificate of Designations, then the Company shall pay the costs incurred by such Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, reasonable attorneys' fees and disbursements.

23. **Construction; Headings**. This Certificate of Designations shall be deemed to be jointly drafted by the Company and the Holders and shall not be construed against any such Person as the drafter hereof. The headings of this Certificate of Designations are for convenience of reference and shall not form part of, or affect the interpretation of, this Certificate of Designations. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including", "includes", "include" and words of like import shall be construed broadly as if followed by the words "without limitation", The terms "herein", "hereunder", "hereof" and words of like import refer to this entire Certificate of Designations instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections of this Certificate of Designations. Terms used in this Certificate of Designations and not otherwise defined herein, but defined in the other Transaction Documents, shall have the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to in writing by the Required Holders.

24. **Failure or Indulgence Not Waiver**. No failure or delay on the part of the Company or a 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 privilege. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party. This Certificate of Designations shall be deemed to be jointly drafted by the Company and all Holders and shall not be construed against any Person as the drafter hereof. Notwithstanding the foregoing, nothing contained in this Section 24 shall permit any waiver of any provision of Section 4(d).

25. **Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Submission to Dispute Resolution.**

&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) In the case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, a VWAP or a fair market value or the arithmetic calculation of a Conversion Rate, or the applicable Redemption Price (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the applicable Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances giving rise to such dispute or (B) if by such Holder at any time after such Holder learned of the circumstances giving rise to such dispute. If such Holder and the Company are unable to promptly resolve such dispute relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such VWAP or such fair market value, or the arithmetic calculation of such Conversion Rate or such applicable Redemption Price (as the case may be), at any time after the second (2nd) Business Day following such initial notice by the Company or such Holder (as the case may be) of such dispute to the Company or such Holder (as the case may be), then such Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with the first sentence of this Section 25(a)(ii) and (B) written documentation supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which such Holder selected such investment bank (the "**Dispute Submission Deadline**") (the documents referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the "**Required Dispute Documentation**") (it being understood and agreed that if either such Holder or the Company fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company and such Holder or otherwise requested by such investment bank, neither the Company nor such Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and such Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and such Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Miscellaneous**. The Company expressly acknowledges and agrees that (i) this Section 25(b) constitutes an agreement to arbitrate between the Company and each Holder (and constitutes an arbitration agreement) under §7501, et seq. of the New York Civil Practice Law and Rules ("**CPLR**") and that any Holder is authorized to apply for an order to compel arbitration pursuant to CPLR §7503(a) in order to compel compliance with this Section 25(b), (ii) the terms of this Certificate of Designations and each other applicable Transaction Document shall serve as the basis for the selected investment bank's resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are required to be made by such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Certificate of Designations and any other applicable Transaction Documents, (iii) the applicable Holder (and only such Holder with respect to disputes solely relating to such Holder), in its sole discretion, shall have the right to submit any dispute described in this Section 25(b) to any state or federal court sitting in the City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 25(b) and (iv) nothing in this Section 25(b) shall limit such Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described in this Section 25(b)).

26. **Notices; Currency; Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices**. The Company shall provide each Holder of Preferred Shares with prompt written notice of all actions taken pursuant to the terms of this Certificate of Designations, including in reasonable detail a description of such action and the reason therefor. Whenever notice is required to be given under this Certificate of Designations, unless otherwise provided herein, such notice must be in writing and shall be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide each Holder with prompt written notice of all actions taken pursuant to this Certificate of Designations, including in reasonable detail a description of such action and the reason therefore. Without limiting the generality of the foregoing, the Company shall give written notice to each Holder (i) immediately upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect to any grant, issuances, or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; **provided** that, in each case, such information shall be made known to the public prior to or in conjunction with such notice being provided to such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Currency**. All dollar amounts referred to in this Certificate of Designations are in United States Dollars ("**U.S. Dollars**"), and all amounts owing under this Certificate of Designations shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. "**Exchange Rate**" means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Certificate of Designations, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such period of time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Payments**. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Certificate of Designations, unless otherwise expressly set forth herein, such payment shall be made in lawful money of the United States of America by a certified check drawn on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to the Company in writing (which address, in the case of each of the Buyers, shall initially be as set forth on the Schedule of Buyers attached to the Securities Purchase Agreement); **provided**, that such Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice setting out such request and such Holder's wire transfer instructions. Whenever any amount expressed to be due by the terms of this Certificate of Designations 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 Day. Any amount due under the Transaction Documents which is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at the rate of nine percent (9%) per annum from the date such amount was due until the same is paid in full ("**Late Charge**").

27. **Waiver of Notice**. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Certificate of Designations and the Securities Purchase Agreement.

28. **Governing Law**. This Certificate of Designations shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Certificate of Designations shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Except as otherwise required by Section 25, the Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall limit, or shall be deemed or construed to limit, any provision of Section 25. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS CERTIFICATE OF DESIGNATIONS OR ANY TRANSACTION CONTEMPLATED HEREBY.

29. **Judgment Currency**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 29 referred to as the "**Judgment Currency**") an amount due in U.S. dollars under this Certificate of Designations, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction that will give effect to such conversion being made on such date: 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;(ii) the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion is made pursuant to this Section 29(a)(ii) being hereinafter referred to as the "**Judgment Conversion Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If in the case of any proceeding in the court of any jurisdiction referred to in Section 29(a)(ii), there is a change in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange Rate prevailing on the date of payment, will produce the amount of U.S. dollars which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of this Certificate of Designations.

30. **Severability**. If any provision of this Certificate of Designations is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Certificate of Designations so long as this Certificate of Designations as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

31. **Maximum Payments**. Without limiting Section 9(d) of the Securities Purchase Agreement, nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the applicable Holder and thus refunded to the Company.

32. **Stockholder Matters; Amendment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stockholder Matters**. Any stockholder action, approval or consent required, desired or otherwise sought by the Company pursuant to the NRS, the Articles of Incorporation, this Certificate of Designations or otherwise with respect to the issuance of Preferred Shares may be effected by written consent of the Company's stockholders or at a duly called meeting of the Company's stockholders, all in accordance with the applicable rules and regulations of the NRS. This provision is intended to comply with the applicable sections of the NRS permitting stockholder action, approval and consent affected by written consent in lieu of a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Amendment**. This Certificate of Designations or any provision hereof may be amended by obtaining the affirmative vote at a meeting duly called for such purpose, or written consent without a meeting in accordance with the NRS, of the Required Holders, voting separate as a single class, and with such other stockholder approval, if any, as may then be required pursuant to the NRS and the Articles of Incorporation.

33. **Most Favored Nation Protection**. So long as any of the Preferred Shares are outstanding, upon any issuance by the Company of any new security or any change to the terms of the Warrants (but excluding any Exempt Issuance), with any term that any Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that any Holder reasonably believes was not similarly provided to the Holders of the Preferred Shares, then (i) such Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at the Holder's option, shall become a part of this Certificate of Designations (regardless of whether the Company or Holder complied with the notification provision of this Certificate of Designations or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If such Holder elects to have the term become a part of this Certificate of Designations, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "**Acknowledgement**") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

34. **Certain Defined Terms**. For purposes of this Certificate of Designations, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**", "**Closing Date**" (which is the date the Company initially issued the Preferred Shares and the Warrants pursuant to the terms of the Securities Purchase Agreement), "**Indebtedness**", "**Intellectual Property Rights**", "**Lien**", "**Transaction Documents**", "**Warrants**" and "**Warrant Shares**" each shall have the meaning ascribed to such terms in the Securities Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**1934 Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Additional Amount**" means, as of the applicable date of determination, with respect to each Preferred Share, all declared and unpaid Dividends on such Preferred Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Asset Transfer**" means a sale, lease or sublease (as lessor or sublessor), sale and leaseback, conveyance, transfer, assignment or other disposition to, or any exchange of property (other than cash) with, any Person of, or any other transaction permitting any Person to acquire, in one transaction or a series of transactions, any interest in, all or any part of a business or any property of any kind (other than cash) including a spin-off, split-off, sale, factoring at maturity, collection of or other disposal, with or without recourse, of any notes or accounts receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Bloomberg**" means Bloomberg, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Business Day**" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Change of Control**" means any Fundamental Transaction other than (i) any merger of the Company or any of its, direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification of the shares of Common Stock in which holders of the Company's voting power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respects, such holders of the voting power of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Change of Control Redemption Premium**" means 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Closing Bid Price**" and "**Closing Sale Price**" means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security on the applicable Trading Market, as reported by Bloomberg, or, if the applicable Trading Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the foregoing does not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined by the Company and the Required Holder. If the Company and the Required Holders are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 25. All such determinations shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Common Stock**" means (i) the Company's shares of common stock, $0.0001 par value per share, and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Convertible Securities**" means any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Current Subsidiary**" means any Person in which the Company on the Subscription Date, directly or indirectly, (i) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, "**Current Subsidiaries**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Direct Listing**" means the listing of shares of Common Stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Dividend Rate**" means eight percent (8.0%) per annum, as may be adjusted from time to time in accordance with Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Eligible Market**" means the Trading Market (as defined in the Securities Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Equity Conditions**" means, with respect to a given date of determination: (i) on each day during the period beginning thirty calendar days prior to the applicable date of determination or, if the Company has been listed on an Eligible Market for less than thirty calendar days, beginning on the initial listing date, and ending on and including the applicable date of determination (the "**Equity Conditions Measuring Period**"), the Common Stock is listed or designated for quotation (as applicable) on an Eligible Market and shall not have been suspended from trading on an Eligible Market (other than suspensions of not more than two (2) days and occurring prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension by an Eligible Market have been threatened (with a reasonable prospect of delisting occurring after giving effect to all applicable notice, appeal, compliance and hearing periods) or reasonably likely to occur or pending as evidenced by (A) a writing by such Eligible Market or (B) the Company falling below the minimum listing maintenance requirements of the Eligible Market on which the Common Stock is then listed or designated for quotation, and all cure periods afforded by such Eligible Market have passed (as applicable); (ii) during the Equity Conditions Measuring Period, the Company shall have delivered all shares of Common Stock issuable upon conversion of the Preferred Shares on a timely basis as set forth in Section 4 and all other shares of capital stock required to be delivered by the Company on a timely basis as set forth in the other Transaction Documents; (iii) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination) may be issued in full without violating Section 4(d); (iv) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination (without regards to any limitations on conversion set forth herein)) may be issued in full without violating the rules or regulations of the Eligible Market on which the Common Stock is then listed or designated for quotation (as applicable); (v) on each day during the Equity Conditions Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has not been abandoned, terminated or consummated; (vi) the Holder shall not be in possession of any material, non-public information provided to any of them by the Company, any of its Subsidiaries, Affiliates or any of their respective staff members (whether classified as employees or independent contractors), officers, directors, managers, managing members, representatives, agents or the like; (vii) on each day during the Equity Conditions Measuring Period, the Company otherwise shall have been in compliance with each, and shall not have breached any representation or warranty in any material respect (other than representations or warranties subject to material adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or condition of any Transaction Document, including, without limitation, the Company shall not have failed to timely make any payment pursuant to any Transaction Document; (viii) on each Trading Day during the Equity Conditions Measuring Period, there shall not have occurred any Price Failure as of such applicable date of determination; (ix) on the applicable date of determination (A) no Authorized Share Failure shall exist or be continuing and the applicable Required Minimum Securities Amount of shares of Common Stock are available under the Articles of Incorporation of the Company and reserved by the Company to be issued pursuant to the Preferred Shares and (B) all shares of Common Stock to be issued in connection with the event requiring this determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination (without regards to any limitations on conversion set forth herein)) may be issued in full without resulting in an Authorized Share Failure; (x) on each day during the Equity Conditions Measuring Period, there shall not have occurred and there shall not exist a Triggering Event or an event that with the passage of time or giving of notice would constitute a Triggering Event; and (xi) the shares of Common Stock issuable pursuant the event requiring the satisfaction of the Equity Conditions are duly authorized and listed and eligible for trading without restriction on an Eligible Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Equity Conditions Failure**" means, as of any given date of determination, that on any day during the period commencing twenty (20) Trading Days prior to such date of determination, the Equity Conditions have not been satisfied (or waived in writing by the applicable Holder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Exempt Issuance**" means the issuance of (i) shares of Common Stock or options to employees, officers, directors, advisors or independent contractors of the Company; **provided**, that such issuance is approved by a majority of the board of directors of the Company; and **provided**, **further,** that such issuance shall not exceed in the aggregate 5% of the outstanding shares of Common Stock without the prior approval of the Required Holders; (ii) securities issued upon the exercise or exchange of or conversion of any Preferred Shares issued hereunder; (iii) shares of Common Stock under the provisions of an Equity Line of Credit extended by Ascent Partners Fund LLC or its designee or affiliate; and (iv) shares of Common Stock or Common Stock Equivalents issuable upon conversion, exercise, or exchange of other securities issued by the Company prior to the effective date of the Securities Purchase Agreement, provided that the terms of such securities have not been amended since the effective date of the Securities Purchase Agreement to increase the number of such securities or to decrease the exercise price or conversion price of such securities; provided, further, that notwithstanding anything to the contrary herein, the issuance of shares of the Company's Non-Voting Common Stock and Common Stock issuable upon the conversion of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock and Series CF-2 Preferred Stock, Series C Preferred Stock, and Series E Preferred Stock, in connection with the Direct Listing or thereafter in accordance with the terms of the Certificates of Designation for such classes, shall be considered an Exempt Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Fundamental Transaction**" means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related transactions, (1) consolidate or merge with or into (except where the Company or any of its Subsidiaries is the surviving corporation) any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer that is accepted by such holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize or reclassify the Common Stock (which shall not include a reverse stock split), or (ii) any "person" or "group" (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) shall initially become, at a time after the effective date of the Securities Purchase Agreement, the "beneficial owner" (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Voting Stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**GAAP**" means United States generally accepted accounting principles, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Group**" means a "group" as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Holder Pro Rata Amount**" means, with respect to any Holder, a fraction (i) the numerator of which is the number of Preferred Shares issued to such Holder pursuant to the Securities Purchase Agreement on the Initial Issuance Date and (ii) the denominator of which is the number of Preferred Shares issued to all Holders pursuant to the Securities Purchase Agreement on the Initial Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Liquidation Event**" means, whether in a single transaction or series of transactions, the voluntary or involuntary liquidation, dissolution or winding up of the Company or such Subsidiaries the assets of which constitute all or substantially all of the assets of the business of the Company and its Subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**New Subsidiary**" means, as of any date of determination, any Person in which the Company after the Subscription Date, directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, "**New Subsidiaries**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Options**" means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Outside Date**" shall mean the thirteen month (13) anniversary of the date of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Parent Entity**" of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Permitted Debt**" means (i) Indebtedness as in effect as of the Subscription Date, (ii) Indebtedness secured by Permitted Liens or unsecured but as described in clauses (iv) and (v) of the definition of Permitted Liens; (iii) any borrowing that the Company may undertake as secured by its intellectual property.; (iv) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice; (v) liabilities not required by GAAP to be reflected in the Company's financial statements and not required to be disclosed in filings made with the SEC; and (v) short-term working capital loans used to finance specific company expenses, taken in a manner generally consistent with past practice, and not to exceed $1.5 million in the aggregate in any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Permitted Senior Indebtedness**" means the Indebtedness as in effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Person**" means an individual, partnership, corporation, incorporated or unincorporated association, limited liability company, limited liability partnership, joint stock company, land trust, business trust or unincorporated organization, or a government or agency, department or other subdivision thereof or other entity of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Price Failure**" means, with respect to a particular date of determination, that the average of the VWAP of the Common Stock over the five (5) consecutive Trading Days ending on the Trading Day immediately prior to such date is less than 110% of the Conversion Price (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the Subscription Date). The average shall be calculated by dividing (i) the sum of the VWAPs for each of the five (5) Trading Days by (ii) five (5). All such determinations to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during any such measuring period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Redemption Notices**" means, collectively, the Triggering Events Redemption Notices, the Outside Date Redemption Notice and the Change of Control Redemption Notices, and each of the foregoing, individually, a "**Redemption Notice**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Redemption Premium**" means 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Redemption Prices**" means, collectively, Triggering Event Redemption Prices and the Change of Control Redemption Prices, and each of the foregoing, individually, a "**Redemption Price**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**SEC**" means the Securities and Exchange Commission or the successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Securities Purchase Agreement**" means that certain securities purchase agreement by and among the Company and the initial holders of Preferred Shares, dated as of the Subscription Date, as may be amended from time in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Solvent**" means, with respect to any Person, that on the date of determination such Person is able to pay all liabilities of such Person as such liabilities mature and does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Stated Value**" shall mean $10.00 per share, subject to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions or other similar events occurring after the Initial Issuance Date with respect to the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Subscription Date**" means October 27, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Subsidiaries**" means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries, and each of the foregoing, individually, a "**Subsidiary**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Successor Entity**" means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by, resulting from or surviving any Change of Control or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such Change of Control shall have been entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Trading Day**" means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any day on which the Common Stock is traded on the applicable Trading Market; **provided**, that "**Trading Day**" shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Required Holders or (y) with respect to all determinations other than price determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Voting Stock**" of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers, trustees or other similar governing body of such Person (irrespective of whether or not at the time capital stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**VWAP**" means, for any security as of any date, the dollar volume-weighted average price for such security on the applicable Trading Market during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "**Volume at Price**" function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Required Holders. If the Company and the Required Holders are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 25. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

35. **Disclosure**. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Certificate of Designations, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information relating to the Company or any of its Subsidiaries, the Company shall within four (4) Business Days after any such receipt or delivery publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, such Holder shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information relating to the Company or any of its Subsidiaries. Nothing contained in this Section 35 shall limit any obligations of the Company, or any rights of any Holder, under Section 4(i) of the Securities Purchase Agreement.

\* \* \* \* \*

**IN WITNESS WHEREOF**, the Company has caused this Certificate of Designations of Series D Convertible Preferred Stock of TG-17, Inc. to be signed by its Chief Executive Officer on this 27 day of October, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By: |  |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

**EXHIBIT I**

**TG-17, INC.**

**CONVERSION NOTICE**

Reference is made to the Certificate of Designations, Preferences and Rights of the Series D Convertible Preferred Stock of TG-17, Inc. (the "**Certificate of Designations**"). In accordance with and pursuant to the Certificate of Designations, the undersigned hereby elects to convert the number of shares of Series D Convertible Preferred Stock, $0.0001 par value per share (the "**Preferred Shares**"), of TG-17, Inc., a Nevada corporation (the "**Company**"), indicated below into shares of common stock, $0.0001 par value per share (the "**Common Stock**"), of the Company, as of the date specified below.

Date of Conversion:  

---

| |
|:---|
| Aggregate number of Preferred Shares to be converted: |
| Aggregate Stated Value of such Preferred Shares to be converted: |
| Aggregate accrued and unpaid Dividends and accrued and unpaid Late Charges with respect to such Preferred Shares and such Aggregate Dividends to be converted: |
| AGGREGATE CONVERSION AMOUNT TO BE CONVERTED: |

---

Please confirm the following information:

Conversion Price:   <br> Number of shares of Common Stock to be issued:  

Please issue the Common Stock into which the applicable Preferred Shares are being converted to Holder, or for its benefit, as follows:

☐ Check here if requesting delivery as a certificate to the following name and to the following address:

Issue to:   <br>   <br>  

☐ Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

DTC Participant:   <br> DTC Number:   <br> Account Number:  

Date: _____________ __,

Name of Registered Holder

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Tax ID: |
| Facsimile: |

---

E-mail Address:

**EXHIBIT II**

**ACKNOWLEDGMENT**

The Company hereby acknowledges this Conversion Notice and hereby directs _________________ to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated _____________, 20__ from the Company and acknowledged and agreed to by ________________________.

---

| |
|:---|
| [________________________] |
| By: |
| Name: |
| Title: |

---

## Exhibit 3.13

**Exhibit 3.13**

**TG-17, INC.**

**FIRST AMENDMEN TO CERTIFICATE OF DESIGNATION OF** 

**PREFERENCES, RIGHTS AND LIMITATIONS**

**OF**

**SERIES B-1 PREFERRED STOCK**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, Doron Kempel, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is the Chief Executive Officer of TG-17, Inc., a Nevada corporation (the "<u>Corporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On or about August 12, 2025, the Corporation filed the Certificate of Designation of Preferences, Rights and Limitation of Series B-1 Preferred Stock (the "<u>Certificate</u>") with the Nevada Secretary of State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On November 10, 2025, the board of directors of the Corporation and the requisite shareholders of the Corporation duly adopted and approved the following amendments to the Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;*A.* *The following defined term is hereby added to <u>Section 1</u> of the Certificate:* 

"<u>Change of Control Event</u>" shall mean the occurrence of any of the following in one or a series of related transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more acquisitions after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) under the Exchange Act), resulting in a majority or more of the voting rights or equity interests in the Corporation being transferred to such Persons or their 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;(ii) a replacement of more than a majority of the members of the board of directors of the Corporation that is not approved by those individuals who are members of the board on the date hereof (or other directors previously approved by such individuals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a merger or consolidation of the Corporation or any one or more subsidiaries owning a majority of the consolidated assets of the Corporation and all subsidiaries, or a sale of all or substantially all of the assets of the Corporation and its consolidated subsidiaries in one or a series of related transactions, unless following such transaction or series of transactions, the holders of the Corporation's securities immediately prior to the first such transaction continue to hold at least a majority of the voting rights and equity interests in the surviving entity or acquirer of such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a recapitalization, reorganization or other transaction involving the Corporation or any subsidiary that constitutes or results in a transfer of a majority or more of the voting rights or equity interests in the Corporation to any Persons; 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;(v) the execution by the Corporation or its controlling stockholders of an agreement providing for any of the foregoing events.

&nbsp;&nbsp;&nbsp;&nbsp;*B.* *The following new Section 6.11 is hereby added to the Certificate:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. <u>Beneficial Ownership Limitation</u>. Notwithstanding anything herein to the contrary, the Corporation shall not affect any conversion of the Preferred Stock, and a holder shall not have the right to convert any portion of the Preferred Stock, to the extent that, after giving effect to an attempted conversion set forth on an applicable conversion notice, such holder (together with such holder's affiliates, and any other Person whose beneficial ownership of Common Stock would be aggregated with the holder's for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the "<u>Exchange Act</u>") and the applicable regulations of the Securities and Commission (the "<u>Commission</u>"), including any "group" of which the holder is a member) would beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation (as defined below); provided, however, that the Beneficial Ownership Limitation shall not apply with respect to the issuance of shares of Common Stock upon conversion of Preferred Stock in connection with, and from immediately prior to the consummation of, a Change of Control Event in which the Corporation is not the surviving entity to the extent that the number of shares beneficially owned in a successor entity to the Corporation after giving effect to such Change of Control Event (the "<u>Successor Entity</u>") by the holder, its affiliates and any group of which the holder is a member immediately following consummation of such Change of Control Event would not exceed the Maximum Percentage (as defined below) of any class of equity securities registered under the Exchange Act of the Successor Entity or of a surviving entity's parent. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such holder and its affiliates and any group of which the holder is a member shall include the number of shares of Common Stock issuable upon conversion of the Preferred Stock subject to the conversion notice with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (A) conversion of the remaining, unconverted Preferred Stock beneficially owned by such holder or any of its affiliates or any member of any group of which the holder is a member, and (B) exercise or conversion of the unexercised or unconverted portion of any other Common Stock Equivalents beneficially owned by such holder or any of its affiliates or any member of any group of which the holder is a member that are subject to a limitation on conversion or exercise similar to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this <u>Section 6</u>, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the applicable regulations of the Commission. For purposes of this <u>Section 6</u>, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (A) the Corporation's most recent periodic or annual filing with the Commission, as the case may be, (B) a more recent public announcement by the Corporation or (C) a more recent notice by the Corporation or the Corporation's transfer agent to the holder setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a holder (which may be by electronic mail), the Corporation shall, within one (1) Business Day thereof, confirm orally and in writing to such holder (which may be by electronic mail) the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to any actual conversion or exercise of securities of the Corporation, including shares of Preferred Stock, by such holder or any of its affiliates or any member of any group of which the holder is a member since the date as of which such number of outstanding shares of Common Stock was last publicly reported or confirmed to the holder. The "<u>Beneficial Ownership Limitation</u>" shall be 9.99% (as such percentage, upon not less than 61 days' prior notice to the Corporation, may be increased or decreased pursuant to the following sentence, the "<u>Maximum Percentage</u>") of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock pursuant to such conversion notice (to the extent permitted pursuant to this <u>Section 6</u>). A holder may from time to time increase or decrease the Maximum Percentage of the Beneficial Ownership Limitation to any other percentage; provided, that any such increase or decrease (i) will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Corporation and (ii) will apply only to such holder. A purchaser of shares of Preferred Stock may waive the application of the Beneficial Ownership Limitation as it applies to such Person altogether by providing the Corporation with notice of such waiver prior to the shares of Preferred Stock being issued to such Person. The Corporation shall be entitled to rely on representations made to it by a holder in any conversion notice regarding its Beneficial Ownership Limitation.

**IN WITNESS WHEREOF**, the undersigned has executed this First Amendment to Certificate of Designation as of this 10<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By: |  |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

## Exhibit 4.7

**Exhibit 4.7**

WARRANT NO. 1

Date: October 27, 2025

**THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.** 

**WARRANT TO PURCHASE SHARES OF COMMON STOCK**

**OF**

**TG-17, INC.**

**FOR VALUE RECEIVED**, Ascent Partners Fund LLC or its successors and permitted assigns (collectively, the **"Holder"**) is hereby irrevocably granted the option and right, subject to the terms and conditions set forth herein, to purchase from TG-17, Inc., a Nevada corporation (the **"Company"**), 16,000,000 shares (the **"Warrant Securities")** of Common Stock of the Company, $0.0001 par value per share (together with any other type or class of Security that may be purchased with this Warrant pursuant to **Section 5,** the **"Underlying Securities"**), as constituted on the date hereof (the **"Issue Date"**), upon surrender hereof, at the principal office of the Company referred to below, with the notice of exercise attached hereto as **Exhibit A** duly executed by the Holder (the **"Exercise Notice**"), and simultaneous delivery of payment for the Warrant Securities in U.S. dollars, the lawful currency of the United States (**"$"** or **"dollars"**) or otherwise as hereinafter provided, at the exercise price as set forth in Section 2 below (the **"Exercise Price"**). The number, character and Exercise Price of the Underlying Securities is subject to adjustment as provided below. The term **"Warrant"** as used herein shall include this Warrant, as the same may be modified from time to time, and any warrants delivered in substitution or exchange therefor as provided herein.

This Warrant is issued pursuant to **Section 2.1 (Purchase)** of that certain Securities Purchase Agreement, dated as of October 27, 2025, by and among the Company, the Holder, and the other purchasers party thereto as such (as modified from time to time, the **"Purchase Agreement"**; capitalized terms used but not defined herein are used as defined in the Purchase Agreement), the **"Closing Date"** thereunder and as defined thereunder being the date on which full consideration was paid for the issuance of this Warrant.

**1.** **Term**.
 This Warrant (and the purchase rights granted hereunder) shall terminate at 5:00 p.m. (Eastern
 Standard Time) on the nine (9) month terms from the anniversary of the date hereof (the **"Expiration Date"**). Any rights granted hereunder that have not been exercised on or before
 the Expiration Date shall then expire and be void and without further force or effect.

**2.** **Price**.
 The purchase price at which this Warrant may be exercised shall be $12.35 per share of Warrant
 Securities, as adjusted from time to time pursuant to **Section 5** (as so adjusted, the
 "**Exercise Price** ").

**3.** **Exercise**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Cash Purchase.** In order to exercise this Warrant and the rights granted hereunder, in whole or in part, the Holder shall complete, duly execute and deliver to the Company (or to the Company's transfer agent for the Underlying Securities (the **"Transfer Agent**") all of the following: (i) the Exercise Notice, (ii) a copy of this Warrant and (iii) payment of the Exercise Price in cash by wire transfer of immediately available dollars to an account designated by the Company or by certified check or official bank check. Any share of Underlying Securities purchased in cash under this Warrant shall reduce the remaining number of Warrant Securities subject to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cashless Exercise**. If one year after the Issue Date, or, at any time after the listing of the Company's common stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act (the "**Direct Listing**"), there is no effective registration statement covering, or no current prospectus available for, the free resale of the Warrant Securities by the Holder, then, in lieu of exercising this Warrant by delivery of the Exercise Price pursuant to **clause (a)** above, the Holder may elect to receive the number of Warrant Securities determined according to the following formula (in which case the remaining shares of Warrant Securities shall be reduced by the number of Warrant Securities for which this Warrant is being exercised):

X = <u>Y(A-B)</u> <br> A

---

| | | | |
|:---|:---|:---|:---|
| Where, | X | = | The number of Warrant Securities to be issued to the Holder; |
|  | Y | = | The number of Warrant Securities for which this Warrant is being exercised; |
|  | A | = | The fair market value of one share of Warrant Security; and |
|  | B | = | The Exercise Price. |

---

For purposes of this **clause (b)**, the **"fair market value"** of a Security is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Security is traded on a Trading Market, the closing price thereof on the Principal Trading Market where such Security is traded on the last Trading Day prior to the date the applicable Exercise Notice was delivered to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no active trading on any Trading Market, the fair market value, as determined in good faith by the Company's Board of Directors, consistent with any other determination of value made by the Board of Directors for any other purpose.

**"Principal Trading Market"** for any Security, means the principal Trading Market for such Security, as listed in the applicable offering documents for such Security. The **"Principal Trading Market"** for the Common Stock is the Nasdaq Global Market.

"**Trading Day**" means a day on which all Principal Trading Markets for the Underlying Securities are open for trading.

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

**4.** **Treatment of Consideration in Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In-The-Money Cash Transactions**. If the Company consummates a Fundamental Transaction for which (i) the consideration that would be received by the Holder (assuming the Holder exercised this Warrant in full prior to the consummation thereof) consists solely of cash and Marketable Securities (as hereinafter defined), (ii) the consideration received by holders of Underlying Securities, as determined in accordance with **Section 5(b)(iii)**, would be greater than the Exercise Price in effect as of immediately prior to the consummation of such Fundamental Transaction, and (iii) the Holder has not previously exercised this Warrant in full, then, in lieu of the Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Underlying Securities and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Fundamental Transaction on and, in respect of all Warrant Securities which could have been purchased with this Warrant immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Warrant Securities had been issued and outstanding to the Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the outstanding Warrant Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Non-Cash and Out-of-the Money Warrants**. Upon the closing of any other Fundamental Transaction, the acquiring, surviving, replacement or successor entities shall assume this Warrant and the Company's obligations hereunder, and this Warrant shall thereafter be exercisable for the same Warrant Securities and/or other property as would have been paid for the Warrant Securities issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Securities were outstanding on and as of the closing of such Fundamental Transaction, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, including **Section 5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Definition.** For purposes of this **Section 4, "Marketable Securities"** means Securities meeting all of the following requirements (determined as of immediately prior to the closing of the Fundamental Transaction): (i) the issuer of such Securities is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) such Securities are traded in a Trading Market and (iii) assuming that the Holder was a holder of such Securities, the Holder would not be restricted from publicly re-selling all of such Securities, except to the extent that any such restriction (x) arises solely under securities Regulations and (y) does not extend beyond six (6) months following the date of the consummation of such Fundamental Transaction. Notwithstanding the foregoing, Securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

**5.** **Other Adjustments.** Both the Exercise Price and the number
of Warrant Securities purchasable upon the exercise of each Warrant are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stock Dividends, Stock Splits and Fundamental Transactions.** If the Company shall, at any time after the date hereof, split or subdivide its outstanding shares of Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of Warrant Securities purchasable hereunder shall be increased in proportion to such increase in the aggregate number of outstanding shares of Common Stock. If the Company shall, at any time after the date hereof, combine its outstanding shares of Common Stock, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of Warrant Securities purchasable hereunder shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment for a subdivision or combination of the Company's outstanding shares of Common Stock shall become effective at the close of business on the date the subdivision or combination becomes effective. If the Company shall, at any time after the date hereof, (i) declare a dividend on Warrant Securities payable in other Securities or Indebtedness of the Company or any other Person (**"New Investments**"), (ii) issue by reclassification of its Warrant Securities any New Investment of the Company, (iii) complete any capital reorganization of the Company, whether or not such reclassification directly or indirectly affects the Underlying Securities or results in New Investments being issued to holders of Underlying Securities, (iv) complete any reclassification of the Underlying Securities (other than a reclassification referred to in **clause (iv)** above), (v) complete a business combination of the Company or any other Fundamental Transaction, whether by consolidation, merger or transfer of substantially all assets of the Company or otherwise, and whether or not such combination result in holders of Underlying Securities receiving New Investments then, for each such event, the Exercise Price then in effect, as well as, where applicable, the type and number of Warrant Securities issuable hereunder, shall be adjusted so as to ensure that the Holder shall remain entitled, at the Exercise Price applicable prior to such adjustment, to receive the kind and number of Warrant Securities and all such New Investments of the Company which the Holder would have been entitled to receive after any such event had such Warrant been exercised in full immediately prior to any such event (or, if applicable, any record date with respect thereto). Each such adjustment shall become effective immediately after the effective date of the event, retroactive to the record date, if any, for such event. The Company shall not engage in any such transaction resulting in the holders of Underlying Securities receiving New Investments issued by any person other than the Company unless, prior to or simultaneously with the consummation thereof, such other assumes, by written instrument, the obligations of the Company hereunder (jointly and severally with the Company if the Company survives such event). The provisions of this **clause (a)** shall continue to apply to successive events covered hereby. At any time after which, as a result of an adjustment made pursuant to this **Section 5**, the Holder becomes entitled to receive any New Investments that are not Underlying Securities, the term **"Warrant Securities"** hereunder shall be deemed include such New Investments, and the exercise price and number of such New Investments receivable hereunder shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the original Warrant Securities contained in this **Section 5**, and all other provisions of this Warrant that apply to the Warrant Securities shall apply on like terms to such New Investments. Similarly, the term "**Underlying Securities"** hereunder shall be deemed to include all Securities and Indebtedness of the type of such New Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Issuance at Less than Exercise 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;(i) **Issuance of Underlying Securities.** If and whenever on or after the Issue Date, the Company grants, issues or sells, or in accordance with this **Section 5** is deemed to have granted, issued or sold, (A) any Underlying Securities (including the issuance or sale of shares of Underlying Securities owned or held by or for the account of the Company, but excluding any Exempt Issuance) for a consideration per share that is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale or (B) (1) any Stock Equivalents of Underlying Securities or (2) any options to purchase (or any other Contractual Obligation of the Company to grant, issue or sell) Underlying Securities or Stock Equivalents thereof (**"Acquisition Rights**"), in each case for which, at the time of such grant, issuance or sale, the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities pursuant to such Acquisition Rights (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights) is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (all of the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Exercise Price then in effect for such Warrant Securities shall be reduced to an amount equal to such consideration. Except as expressly stated in this **clause (b)**, no further adjustment to the Exercise Price shall be made upon the issuance of such Underlying Securities, the exercise of such options or otherwise pursuant to the terms of, or upon the issuance of, such shares of Common Stock upon conversion, exercise or exchange of such Stock Equivalents. If the Company takes a record of Underlying Securities for the purpose of entitling the holder thereof (x) to receive a dividend or other distribution payable in Underlying Securities, other Securities, Indebtedness or Acquisition Rights or (y) to subscribe for or purchase shares of Underlying Securities, other Securities, Indebtedness of Acquisition rights, then such record date will, for the purposes of this Warrant, be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such subscription right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Change in Price, Term or Rate of Conversion**. If there is any change at any time in the term or in the consideration required to be paid by any holder of Acquisition Rights to acquire Underlying Securities or in the rate at which any Acquisition Rights are convertible into or exercisable or exchangeable into Underlying Securities (other than proportional changes in conversion or exercise prices, as applicable, in connection with any Fundamental Transaction), the Exercise Price in effect at the time of such increase or decrease shall be adjusted at the time of such change as if such Acquisition Rights had been issued, granted or sold at the time of such change, with such change deemed to be effective. No adjustment pursuant to this **clause (b)** shall be made if such adjustment would result in an increase of the Exercise Price then 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;(iii) **Calculation of Consideration Received**. If any Acquisition Right is granted, issued or sold in connection with the issuance or sale or deemed issuance or sale of any other Securities or Indebtedness of the Company (as determined by the Holder, the "**Primary Security**", and together with such Acquisition Rights, each a "**Unit**"), in one integrated transaction, the aggregate consideration per share of Underlying Security with respect to such Unit issuance, grant or sale shall be deemed to be the lower of (x) the purchase price of such Unit; and (y) the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities in connection with the Acquisition Rights that are part of such Unit (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights). If part of the consideration for the issuance, grant or sale of any Underlying Security or any Acquisition Rights is not cash, the amount of such non-cash consideration received by the Company Parties and their Subsidiaries shall be the fair value of such consideration; **provided,** that the fair value of any publicly-traded Securities included in such consideration shall be deemed to be, for purposes of this **clause (b)**, the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt of such securities by such Company Parties or such Subsidiaries. If any Underlying Securities or Acquisition Rights are issued to the owners of a non-surviving entity in connection with any merger with the Company in which the Company is the surviving entity, the consideration therefor will be deemed to be the fair value of the net assets and business of the non-surviving entity. The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the "**Valuation Event**"), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10<sup>th</sup>) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne 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;(iv) "**VWAP**" means, for or as of any date for any Security, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Dollar volume-weighted average price for such Security on the Principal Trading Market for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average); 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;(2) if Bloomberg does not report such a price, the Dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg; 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;(3) if no Dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security on such date as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); 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;(4) if the VWAP cannot be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined by the Company and the Holder.

All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If necessary, the provisions set forth in this **Section 5** with respect to the rights thereafter of the holders of the Warrants shall be appropriately adjusted so as to be applicable, as nearly as they may reasonably be, to any other Securities, Indebtedness and other assets thereafter deliverable on the exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No adjustment in the number of Warrant Securities shall be required under this **Section 5** unless such adjustment would require an increase or decrease of at least 0.1% in the aggregate number of Warrant Securities purchasable hereunder; **provided** that any adjustments which by reason of this **clause (d)** are not required to be made shall be carried forward and taken into account in any subsequent adjustment; **provided**, that notwithstanding the foregoing, all adjustments so carried-forward shall be made no later than three (3) years from the date of the first event that would have required an adjustment but for this paragraph. All calculations under this **Section 5** shall be made to the nearest cent or to the nearest hundredth of a share, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In case any event shall occur as to which the other provisions of this **Section 5** are not strictly applicable or the failure to make any adjustment would result in an unfair enlargement or dilution of the purchase rights represented by the Warrants in accordance with the essential intent and principles hereof, then, in each such case, the independent auditors of the Company shall give its opinion as to the adjustment, if any, on a basis consistent with the essential intent and principles established in this **Section 5**, necessary to preserve, without enlargement or dilution, the purchase rights presented by the Warrants. Upon receipt of such opinion, the Company shall promptly mail a copy thereof to the registered holders of the Warrants and shall make the adjustment described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Most Favored Nation Protection.** So long this Warrant is outstanding, upon any issuance by the Company of any new security (but excluding any Exempt Issuance) with any term that the Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that the Holder reasonably believes was not similarly provided to the Holder in this Warrant, then (i) the Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at Holder's option, shall become a part of this Warrant (regardless of whether the Company or Holder complied with the notification provision of this Warrant or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If Holder elects to have the term become a part of this Warrant, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "**Acknowledgement**") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

**6. Notices of Adjustments and other Significant Corporate Events**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted pursuant to **Sections 4** or **5**, the Company shall issue a certificate signed by its President, setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be delivered to the Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Holder a notice of the following events (immediately upon discovery or, if the Company is initiating such event, at least 15 days prior to the earlier of the consummation of such event or any record date, deadline or other significant date applicable to the holders of Underlying Securities with respect thereto), which notice shall specify any such record date, deadline or other significant date and contained an otherwise reasonably detailed summary of such 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;(i) the Company obtaining corporate approval for, taking a record of the holders of its Underlying Securities for the purpose of effecting, or taking any other material steps towards completing, any of the events that could result in any adjustment of this Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the Company commencing a case or other action or proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or similar Regulations of any jurisdiction relating to the Company or any action or proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any of its assets, (B) any such case or other action or proceeding being commenced against the Company by any other person, (C) the Company being adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding is entered, (D) the Company generally not paying its debts as such debts become due, admitting in writing its inability to pay its debts as they mature or making a general assignment for the benefit of creditors, (E) the Company calling a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (F) the Company, by any act or failure to act, expressly indicating its consent to, approval of or acquiescence in any of the foregoing or taking any corporate or other action (including convening a meeting of the board) to authorize or otherwise for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other corporate or similar event with respect to the Company materially affecting the nature of the Holder's interest or the nature of the Underlying Securities or the Warrant Securities hereunder.

**7. Additional Covenants with respect to Underlying Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Rights of Holder of Underlying Securities**. Except as otherwise provided herein, this Warrant, by itself and prior to exercise, shall not entitle the Holder to any of the rights of a holder of Underlying Securities in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Fractional Shares or Scrip.** No fractional shares of Warrant Securities and no scrip representing any such fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fraction of a share of a Warrant Security to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Reservation of Underlying Securities.** The Company shall comply with **Section 4.5 (Reservation and Listing)** of the Purchase Agreement which provides for reservation of shares for the issuance of Underlying Securities hereunder and for any applicable application for listing thereof, in each case as adjusted ratably to account for any changes to the Warrant Securities caused by **Section 5** or any other provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance.** The Company covenants that all Warrant Securities that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, Liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant Securities upon the exercise of this Warrant, and that such certificates shall be issued in the names of, or in such names as may be directed by, the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Reinstatement.** If any transfer of Underlying Securities made in the exercise of this Warrant is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be unwound, this Warrant shall be reinstated as to such Underlying Securities as if it had not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Holder's Conversion Limitations**. The Company shall not issue any Warrant Securities, and the Holder shall not have the right to purchase any Warrant Securities hereunder, to the extent that after giving effect to such issuance, the Holder (together with the Holder's Affiliates, and any Persons acting as a group together with the Holder or any of the Holder's Affiliates, the "**Attribution Parties**") would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of determining the Beneficial Ownership Limitation for the foregoing sentence, the number of shares of Underlying Securities beneficially owned by the Holder and its Attribution Parties shall include the number of Warrant Securities issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Underlying Securities issuable upon (i) exercise of the unexercised portion of this Warrant and (ii) exercise or conversion of the unexercised or unconverted portion of any other Securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including any promissory notes or other warrants) beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this **Section 7(f)**, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this **Section 7(f)** applies, the determination of whether this Warrant is exercisable (in relation to other Securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the attempt by the Holder to exercise this Warrant shall be deemed to be the Holder's determination of whether this Warrant may be exercised (in relation to other Securities owned by the Holder together with any Attribution Parties) and which portion of this Warrant may be exercised, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers an Exercise Notice that such Exercise Notice has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this **Section 7(f)**, in determining the number of outstanding shares of Underlying Securities, the Holder may rely on the number of outstanding shares of Underlying Securities as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company's transfer agent setting forth the number of shares of Underlying Securities outstanding. Upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Underlying Securities then outstanding. In any case, the number of outstanding shares of Underlying Securities shall be determined after giving effect to the conversion or exercise of Securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Underlying Securities was reported. The "**Beneficial Ownership Limitation**" shall be 4.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of all Underlying Securities to be held by the Holder. The Holder, upon not less than sixty-one (61) days' prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this **Section 7(f)**; **provided**, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of shares of Underlying Securities upon exercise of this Warrant held by the Holder and the Beneficial Ownership Limitation provisions of this **Section 7(f)** shall continue to apply. Any such increase or decrease will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this **Section 7(f)** to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Redemption**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Section 7(g) shall not become effective unless and until the date on which the Common Stock is first listed or quoted for trading on a Trading Market (the "**Listing 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;(ii) Following the Listing Date, and provided that (a) the Company does not have an equity line of credit put in effect, and (b) the Call Conditions (as defined below) are satisfied as of the date of the Call Notice (defined below) and through the Call Exercise Period, the Company shall have the right to redeem this Warrant with respect to up to that number of Underlying Securities (the "**Call Amount**") equal to thirty-three percent (33%) of the VWAP (excluding the highest and lowest volume days) of the Common Stock on the principal Trading Market over the ten (10) consecutive Trading Days immediately prior to the date of the Call Notice (the "**Measurement Period**"), at the then-effective Exercise 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;(iii) The Company may exercise this call right by delivering written notice to the Holder (a "**Call Notice**") specifying the Call Amount and certifying that the Call Conditions have been met. The Holder shall have the right to exercise the Warrant, in whole or in part, with respect to the Call Amount, at any time during the ten (10) Trading Day period following receipt of the Call Notice (the "**Call Exercise Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of this Section 6, the "Call Conditions" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Common Stock shall have traded at a price equal to or greater than one hundred twenty percent (120%) of the then-effective Exercise Price on each Trading Day during the Measurement Period (it being understood that the stock must close at or above such price, and no intra-day dips are permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Common Stock is listed or quoted on a Trading Market and has not been suspended or delisted during the Measurement Period or Call Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has reserved and continues to reserve a sufficient number of shares of Common Stock for issuance upon full exercise of this Warrant; 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;(4) The Company is not in material breach of this Warrant or any other agreement with the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Exercise After Call Notice**. The Holder may exercise this Warrant, solely with respect to the Call Amount, for cash (or on a cashless basis if permitted under Section 3), at any time during the Call Exercise Period.

**8. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** All notices, requests and demands to or upon the Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns.** This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Warrant without the prior written consent of the Holder (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). The Holder may assign this Warrant in whole or in part to the extent permitted by applicable securities Regulations. Upon delivery of evidence of such assignment and delivery of this Warrant, the Company shall at its own expense execute and deliver, in lieu of this Warrant, new warrants to the new Holders after giving effect to such assignment, each of like tenor and in the respective amount and for the number of shares as are owned by such new Holders after giving effect to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Amendments; Entire Agreement; Counterparts; Electronic Signatures**. None of the terms or provisions of this Warrant may be waived, amended, supplemented or otherwise modified except with the written consent of the Holder and the Company and in accordance with **Section 6.3(b) (Amendments)** of the Purchase Agreement. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Warrant and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Warrant may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Replacement of Warrant**. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall, at its own expense, execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Further Assurances.** The Company hereby agrees to take, promptly after the Holder's request, such further actions, including executing or causing to be executed and delivering to the Holder such further documents, as the Holder shall request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Warrant, the transfer of the Warrant Securities upon exercise and the other provisions hereof and the other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Independent Obligations.** The obligations of the Company set forth herein are independent from the other obligations set forth in the Transaction Documents and shall survive the repayment in full of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Dispute Resolution**.

&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) In the case of a dispute relating to, or any inability of the Company and the Holder to agree on, a VWAP or a fair market value (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic transmission (A) if by the Company, within two (2) Trading Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute, at any time after the second Trading Day following such initial notice, then the Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with **clause (g)** and (B) written documentation (together with such copy of such submission, the **"Required Dispute Documentation**") supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth Trading Day immediately following the date on which the Holder selected such investment bank (the "**Dispute Submission Deadline**") . If either party fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then such party shall no longer be entitled to (and hereby waives its right to) deliver or submit any document or other supporting evidence to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline. Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute other than the Required Dispute Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and the Holder shall ensure that such investment bank determines the resolution of such dispute and notify the Company and the Holder of such resolution no later than ten (10) Trading Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Warrant and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan . **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Waiver of Jury Trial**. **Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Warrant or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Warrant and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Interpretation.** This Warrant is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Sections 3.1 (Representations and Warranties of the Company Parties (including clause (kk) (AML/CTF Regulations)), 4.14 (Indemnification of Each Purchaser Party**) and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of the Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

 ****

 ****

**IN WITNESS WHEREOF**, the undersigned has caused this Warrant to be executed as of the date first written above by its officers thereunto duly authorized.

---

| |
|:---|
| TG-17, INC. |
| By: |
| Name: |
| Title: |
| Date signed: |

---

---

| | |
|:---|:---|
| Accepted and agreed | Accepted and agreed |
| as of the date first written above: | as of the date first written above: |
| ASCENT PARTNERS FUND LLC | ASCENT PARTNERS FUND LLC |
| By: |  |
| Name: | Mikhail Gurevich |
| Title: | Authorized Person |
| Date signed: |  |

---

**EXHIBIT A**

**NOTICE OF EXERCISE**

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;(1) The undersigned hereby elects to purchase _________ shares of Warrant Securities of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

&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. [ ] in lawful money of the United States; 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. [ ] if permitted the cancellation of such number of Warrant Securities as is necessary, in accordance with the formula set forth in subsection 3.2, to exercise this Warrant with respect to the maximum number of Warrant Securities purchasable pursuant to the cashless exercise procedure set forth in subsection 3.2.

&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) Please issue said Warrant Securities in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Securities shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

&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) **Accredited Investor**. The undersigned is an "accredited investor" as defined in regulations promulgated under the Securities Act of 1933, as amended.

______________________________________

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date signed: |

---

## Exhibit 4.8

**Exhibit 4.8**

WARRANT NO. 2

Date: October 27, 2025

**THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.**

**WARRANT TO PURCHASE SHARES OF COMMON STOCK**

**OF**

**TG-17, INC.**

**FOR VALUE RECEIVED**, Ascent Partners Fund LLC or its successors and permitted assigns (collectively, the **"Holder"**) is hereby irrevocably granted the option and right, subject to the terms and conditions set forth herein, to purchase from TG-17, Inc., a Nevada corporation (the **"Company"**), 3,000,000 shares (the **"Warrant Securities")** of Common Stock of the Company, $0.0001 par value per share (together with any other type or class of Security that may be purchased with this Warrant pursuant to **Section 5,** the **"Underlying Securities"**), as constituted on the date hereof (the **"Issue Date"**), upon surrender hereof, at the principal office of the Company referred to below, with the notice of exercise attached hereto as **Exhibit A** duly executed by the Holder (the **"Exercise Notice**"), and simultaneous delivery of payment for the Warrant Securities in U.S. dollars, the lawful currency of the United States (**"$"** or **"dollars"**) or otherwise as hereinafter provided, at the exercise price as set forth in Section 2 below (the **"Exercise Price"**). The number, character and Exercise Price of the Underlying Securities is subject to adjustment as provided below. The term **"Warrant"** as used herein shall include this Warrant, as the same may be modified from time to time, and any warrants delivered in substitution or exchange therefor as provided herein.

This Warrant is issued pursuant to **Section 2.1 (Purchase)** of that certain Securities Purchase Agreement, dated as of October 27, 2025, by and among the Company, the Holder, and the other purchasers party thereto as such (as modified from time to time, the **"Purchase Agreement"**; capitalized terms used but not defined herein are used as defined in the Purchase Agreement), the **"Closing Date"** thereunder and as defined thereunder being the date on which full consideration was paid for the issuance of this Warrant.

**1.** **Term**.
 This Warrant (and the purchase rights granted hereunder) shall terminate at 5:00 p.m. (Eastern
 Standard Time) on the sixteen (16) month terms from the anniversary of the date hereof (the **"Expiration Date"**). Any rights granted hereunder that have not been exercised
 on or before the Expiration Date shall then expire and be void and without further force
 or effect.

**2.** **Price**.
 The purchase price at which this Warrant may be exercised shall be $12.35 per share of Warrant
 Securities, as adjusted from time to time pursuant to **Section 5** (as so adjusted, the
 "**Exercise Price** ").

**3.** **Exercise**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Cash Purchase.** In order to exercise this Warrant and the rights granted hereunder, in whole or in part, the Holder shall complete, duly execute and deliver to the Company (or to the Company's transfer agent for the Underlying Securities (the **"Transfer Agent**") all of the following: (i) the Exercise Notice, (ii) a copy of this Warrant and (iii) payment of the Exercise Price in cash by wire transfer of immediately available dollars to an account designated by the Company or by certified check or official bank check. Any share of Underlying Securities purchased in cash under this Warrant shall reduce the remaining number of Warrant Securities subject to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cashless Exercise**. If one year after the Issue Date, or, at any time after the listing of the Company's common stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act (the "**Direct Listing**"), there is no effective registration statement covering, or no current prospectus available for, the free resale of the Warrant Securities by the Holder, then, in lieu of exercising this Warrant by delivery of the Exercise Price pursuant to **clause (a)** above, the Holder may elect to receive the number of Warrant Securities determined according to the following formula (in which case the remaining shares of Warrant Securities shall be reduced by the number of Warrant Securities for which this Warrant is being exercised):

X = <u>Y(A-B)</u> A

---

| | | | |
|:---|:---|:---|:---|
| Where, | X | = | The number of Warrant Securities to be issued to the Holder; |
|  | Y | = | The number of Warrant Securities for which this Warrant is being exercised; |
|  | A | = | The fair market value of one share of Warrant Security; and |
|  | B | = | The Exercise Price. |

---

For purposes of this **clause (b)**, the **"fair market value"** of a Security is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Security is traded on a Trading Market, the closing price thereof on the Principal Trading Market where such Security is traded on the last Trading Day prior to the date the applicable Exercise Notice was delivered to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no active trading on any Trading Market, the fair market value, as determined in good faith by the Company's Board of Directors, consistent with any other determination of value made by the Board of Directors for any other purpose.

**"Principal Trading Market"** for any Security, means the principal Trading Market for such Security, as listed in the applicable offering documents for such Security. The **"Principal Trading Market"** for the Common Stock is the Nasdaq Global Market.

"**Trading Day**" means a day on which all Principal Trading Markets for the Underlying Securities are open for trading.

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

**4.** **Treatment of Consideration in Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In-The-Money Cash Transactions**. If the Company consummates a Fundamental Transaction for which (i) the consideration that would be received by the Holder (assuming the Holder exercised this Warrant in full prior to the consummation thereof) consists solely of cash and Marketable Securities (as hereinafter defined), (ii) the consideration received by holders of Underlying Securities, as determined in accordance with **Section 5(b)(iii)**, would be greater than the Exercise Price in effect as of immediately prior to the consummation of such Fundamental Transaction, and (iii) the Holder has not previously exercised this Warrant in full, then, in lieu of the Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Underlying Securities and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Fundamental Transaction on and, in respect of all Warrant Securities which could have been purchased with this Warrant immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Warrant Securities had been issued and outstanding to the Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the outstanding Warrant Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Non-Cash and Out-of-the Money Warrants**. Upon the closing of any other Fundamental Transaction, the acquiring, surviving, replacement or successor entities shall assume this Warrant and the Company's obligations hereunder, and this Warrant shall thereafter be exercisable for the same Warrant Securities and/or other property as would have been paid for the Warrant Securities issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Securities were outstanding on and as of the closing of such Fundamental Transaction, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, including **Section 5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Definition.** For purposes of this **Section 4, "Marketable Securities"** means Securities meeting all of the following requirements (determined as of immediately prior to the closing of the Fundamental Transaction): (i) the issuer of such Securities is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) such Securities are traded in a Trading Market and (iii) assuming that the Holder was a holder of such Securities, the Holder would not be restricted from publicly re-selling all of such Securities, except to the extent that any such restriction (x) arises solely under securities Regulations and (y) does not extend beyond six (6) months following the date of the consummation of such Fundamental Transaction. Notwithstanding the foregoing, Securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

**5.** **Other Adjustments.** Both the Exercise Price and the number of Warrant Securities purchasable
 upon the exercise of each Warrant are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stock Dividends, Stock Splits and Fundamental Transactions.** If the Company shall, at any time after the date hereof, split or subdivide its outstanding shares of Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of Warrant Securities purchasable hereunder shall be increased in proportion to such increase in the aggregate number of outstanding shares of Common Stock. If the Company shall, at any time after the date hereof, combine its outstanding shares of Common Stock, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of Warrant Securities purchasable hereunder shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment for a subdivision or combination of the Company's outstanding shares of Common Stock shall become effective at the close of business on the date the subdivision or combination becomes effective. If the Company shall, at any time after the date hereof, (i) declare a dividend on Warrant Securities payable in other Securities or Indebtedness of the Company or any other Person (**"New Investments**"), (ii) issue by reclassification of its Warrant Securities any New Investment of the Company, (iii) complete any capital reorganization of the Company, whether or not such reclassification directly or indirectly affects the Underlying Securities or results in New Investments being issued to holders of Underlying Securities, (iv) complete any reclassification of the Underlying Securities (other than a reclassification referred to in **clause (iv)** above), (v) complete a business combination of the Company or any other Fundamental Transaction, whether by consolidation, merger or transfer of substantially all assets of the Company or otherwise, and whether or not such combination result in holders of Underlying Securities receiving New Investments then, for each such event, the Exercise Price then in effect, as well as, where applicable, the type and number of Warrant Securities issuable hereunder, shall be adjusted so as to ensure that the Holder shall remain entitled, at the Exercise Price applicable prior to such adjustment, to receive the kind and number of Warrant Securities and all such New Investments of the Company which the Holder would have been entitled to receive after any such event had such Warrant been exercised in full immediately prior to any such event (or, if applicable, any record date with respect thereto). Each such adjustment shall become effective immediately after the effective date of the event, retroactive to the record date, if any, for such event. The Company shall not engage in any such transaction resulting in the holders of Underlying Securities receiving New Investments issued by any person other than the Company unless, prior to or simultaneously with the consummation thereof, such other assumes, by written instrument, the obligations of the Company hereunder (jointly and severally with the Company if the Company survives such event). The provisions of this **clause (a)** shall continue to apply to successive events covered hereby. At any time after which, as a result of an adjustment made pursuant to this **Section 5**, the Holder becomes entitled to receive any New Investments that are not Underlying Securities, the term **"Warrant Securities"** hereunder shall be deemed include such New Investments, and the exercise price and number of such New Investments receivable hereunder shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the original Warrant Securities contained in this **Section 5**, and all other provisions of this Warrant that apply to the Warrant Securities shall apply on like terms to such New Investments. Similarly, the term "**Underlying Securities"** hereunder shall be deemed to include all Securities and Indebtedness of the type of such New Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Issuance at Less than Exercise 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;(i) **Issuance of Underlying Securities.** If and whenever on or after the Issue Date, the Company grants, issues or sells, or in accordance with this **Section 5** is deemed to have granted, issued or sold, (A) any Underlying Securities (including the issuance or sale of shares of Underlying Securities owned or held by or for the account of the Company, but excluding any Exempt Issuance) for a consideration per share that is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale or (B) (1) any Stock Equivalents of Underlying Securities or (2) any options to purchase (or any other Contractual Obligation of the Company to grant, issue or sell) Underlying Securities or Stock Equivalents thereof (**"Acquisition Rights**"), in each case for which, at the time of such grant, issuance or sale, the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities pursuant to such Acquisition Rights (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights) is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (all of the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Exercise Price then in effect for such Warrant Securities shall be reduced to an amount equal to such consideration. Except as expressly stated in this **clause (b)**, no further adjustment to the Exercise Price shall be made upon the issuance of such Underlying Securities, the exercise of such options or otherwise pursuant to the terms of, or upon the issuance of, such shares of Common Stock upon conversion, exercise or exchange of such Stock Equivalents. If the Company takes a record of Underlying Securities for the purpose of entitling the holder thereof (x) to receive a dividend or other distribution payable in Underlying Securities, other Securities, Indebtedness or Acquisition Rights or (y) to subscribe for or purchase shares of Underlying Securities, other Securities, Indebtedness of Acquisition rights, then such record date will, for the purposes of this Warrant, be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such subscription right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Change in Price, Term or Rate of Conversion**. If there is any change at any time in the term or in the consideration required to be paid by any holder of Acquisition Rights to acquire Underlying Securities or in the rate at which any Acquisition Rights are convertible into or exercisable or exchangeable into Underlying Securities (other than proportional changes in conversion or exercise prices, as applicable, in connection with any Fundamental Transaction), the Exercise Price in effect at the time of such increase or decrease shall be adjusted at the time of such change as if such Acquisition Rights had been issued, granted or sold at the time of such change, with such change deemed to be effective. No adjustment pursuant to this **clause (b)** shall be made if such adjustment would result in an increase of the Exercise Price then 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;(iii) **Calculation of Consideration Received**. If any Acquisition Right is granted, issued or sold in connection with the issuance or sale or deemed issuance or sale of any other Securities or Indebtedness of the Company (as determined by the Holder, the "**Primary Security**", and together with such Acquisition Rights, each a "**Unit**"), in one integrated transaction, the aggregate consideration per share of Underlying Security with respect to such Unit issuance, grant or sale shall be deemed to be the lower of (x) the purchase price of such Unit; and (y) the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities in connection with the Acquisition Rights that are part of such Unit (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights). If part of the consideration for the issuance, grant or sale of any Underlying Security or any Acquisition Rights is not cash, the amount of such non-cash consideration received by the Company Parties and their Subsidiaries shall be the fair value of such consideration; **provided,** that the fair value of any publicly-traded Securities included in such consideration shall be deemed to be, for purposes of this **clause (b)**, the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt of such securities by such Company Parties or such Subsidiaries. If any Underlying Securities or Acquisition Rights are issued to the owners of a non-surviving entity in connection with any merger with the Company in which the Company is the surviving entity, the consideration therefor will be deemed to be the fair value of the net assets and business of the non-surviving entity. The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the "**Valuation Event**"), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10<sup>th</sup>) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne 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;(iv) "**VWAP**" means, for or as of any date for any Security, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Dollar volume-weighted average price for such Security on the Principal Trading Market for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average); 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;(2) if Bloomberg does not report such a price, the Dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg; 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;(3) if no Dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security on such date as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); 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;(4) if the VWAP cannot be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined by the Company and the Holder.

All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If necessary, the provisions set forth in this **Section 5** with respect to the rights thereafter of the holders of the Warrants shall be appropriately adjusted so as to be applicable, as nearly as they may reasonably be, to any other Securities, Indebtedness and other assets thereafter deliverable on the exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No adjustment in the number of Warrant Securities shall be required under this **Section 5** unless such adjustment would require an increase or decrease of at least 0.1% in the aggregate number of Warrant Securities purchasable hereunder; **provided** that any adjustments which by reason of this **clause (d)** are not required to be made shall be carried forward and taken into account in any subsequent adjustment; **provided**, that notwithstanding the foregoing, all adjustments so carried-forward shall be made no later than three (3) years from the date of the first event that would have required an adjustment but for this paragraph. All calculations under this **Section 5** shall be made to the nearest cent or to the nearest hundredth of a share, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In case any event shall occur as to which the other provisions of this **Section 5** are not strictly applicable or the failure to make any adjustment would result in an unfair enlargement or dilution of the purchase rights represented by the Warrants in accordance with the essential intent and principles hereof, then, in each such case, the independent auditors of the Company shall give its opinion as to the adjustment, if any, on a basis consistent with the essential intent and principles established in this **Section 5**, necessary to preserve, without enlargement or dilution, the purchase rights presented by the Warrants. Upon receipt of such opinion, the Company shall promptly mail a copy thereof to the registered holders of the Warrants and shall make the adjustment described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Most Favored Nation Protection.** So long this Warrant is outstanding, upon any issuance by the Company of any new security (but excluding any Exempt Issuance) with any term that the Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that the Holder reasonably believes was not similarly provided to the Holder in this Warrant, then (i) the Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at Holder's option, shall become a part of this Warrant (regardless of whether the Company or Holder complied with the notification provision of this Warrant or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If Holder elects to have the term become a part of this Warrant, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "**Acknowledgement**") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

**6.** **Notices of Adjustments and other Significant Corporate Events**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted pursuant to **Sections 4** or **5**, the Company shall issue a certificate signed by its President, setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be delivered to the Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Holder a notice of the following events (immediately upon discovery or, if the Company is initiating such event, at least 15 days prior to the earlier of the consummation of such event or any record date, deadline or other significant date applicable to the holders of Underlying Securities with respect thereto), which notice shall specify any such record date, deadline or other significant date and contained an otherwise reasonably detailed summary of such 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;(i) the Company obtaining corporate approval for, taking a record of the holders of its Underlying Securities for the purpose of effecting, or taking any other material steps towards completing, any of the events that could result in any adjustment of this Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the Company commencing a case or other action or proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or similar Regulations of any jurisdiction relating to the Company or any action or proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any of its assets, (B) any such case or other action or proceeding being commenced against the Company by any other person, (C) the Company being adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding is entered, (D) the Company generally not paying its debts as such debts become due, admitting in writing its inability to pay its debts as they mature or making a general assignment for the benefit of creditors, (E) the Company calling a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (F) the Company, by any act or failure to act, expressly indicating its consent to, approval of or acquiescence in any of the foregoing or taking any corporate or other action (including convening a meeting of the board) to authorize or otherwise for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other corporate or similar event with respect to the Company materially affecting the nature of the Holder's interest or the nature of the Underlying Securities or the Warrant Securities hereunder.

**7.** **Additional Covenants with respect to Underlying Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Rights of Holder of Underlying Securities**. Except as otherwise provided herein, this Warrant, by itself and prior to exercise, shall not entitle the Holder to any of the rights of a holder of Underlying Securities in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Fractional Shares or Scrip.** No fractional shares of Warrant Securities and no scrip representing any such fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fraction of a share of a Warrant Security to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Reservation of Underlying Securities.** The Company shall comply with **Section 4.5 (Reservation and Listing)** of the Purchase Agreement which provides for reservation of shares for the issuance of Underlying Securities hereunder and for any applicable application for listing thereof, in each case as adjusted ratably to account for any changes to the Warrant Securities caused by **Section 5** or any other provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance.** The Company covenants that all Warrant Securities that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, Liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant Securities upon the exercise of this Warrant, and that such certificates shall be issued in the names of, or in such names as may be directed by, the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Reinstatement.** If any transfer of Underlying Securities made in the exercise of this Warrant is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be unwound, this Warrant shall be reinstated as to such Underlying Securities as if it had not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Holder's Conversion Limitations**. The Company shall not issue any Warrant Securities, and the Holder shall not have the right to purchase any Warrant Securities hereunder, to the extent that after giving effect to such issuance, the Holder (together with the Holder's Affiliates, and any Persons acting as a group together with the Holder or any of the Holder's Affiliates, the "**Attribution Parties**") would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of determining the Beneficial Ownership Limitation for the foregoing sentence, the number of shares of Underlying Securities beneficially owned by the Holder and its Attribution Parties shall include the number of Warrant Securities issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Underlying Securities issuable upon (i) exercise of the unexercised portion of this Warrant and (ii) exercise or conversion of the unexercised or unconverted portion of any other Securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including any promissory notes or other warrants) beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this **Section 7(f)**, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this **Section 7(f)** applies, the determination of whether this Warrant is exercisable (in relation to other Securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the attempt by the Holder to exercise this Warrant shall be deemed to be the Holder's determination of whether this Warrant may be exercised (in relation to other Securities owned by the Holder together with any Attribution Parties) and which portion of this Warrant may be exercised, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers an Exercise Notice that such Exercise Notice has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this **Section 7(f)**, in determining the number of outstanding shares of Underlying Securities, the Holder may rely on the number of outstanding shares of Underlying Securities as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company's transfer agent setting forth the number of shares of Underlying Securities outstanding. Upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Underlying Securities then outstanding. In any case, the number of outstanding shares of Underlying Securities shall be determined after giving effect to the conversion or exercise of Securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Underlying Securities was reported. The "**Beneficial Ownership Limitation**" shall be 4.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of all Underlying Securities to be held by the Holder. The Holder, upon not less than sixty-one (61) days' prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this **Section 7(f)**; **provided**, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of shares of Underlying Securities upon exercise of this Warrant held by the Holder and the Beneficial Ownership Limitation provisions of this **Section 7(f)** shall continue to apply. Any such increase or decrease will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this **Section 7(f)** to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Redemption**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Section 7(g) shall not become effective unless and until the date on which the Common Stock is first listed or quoted for trading on a Trading Market (the "**Listing 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;(ii) Following the Listing Date, and provided that (a) the Company does not have an equity line of credit put in effect, and (b) the Call Conditions (as defined below) are satisfied as of the date of the Call Notice (defined below) and through the Call Exercise Period, the Company shall have the right to redeem this Warrant with respect to up to that number of Underlying Securities (the "**Call Amount**") equal to thirty-three percent (33%) of the VWAP (excluding the highest and lowest volume days) of the Common Stock on the principal Trading Market over the ten (10) consecutive Trading Days immediately prior to the date of the Call Notice (the "**Measurement Period**"), at the then-effective Exercise 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;(iii) The Company may exercise this call right by delivering written notice to the Holder (a "**Call Notice**") specifying the Call Amount and certifying that the Call Conditions have been met. The Holder shall have the right to exercise the Warrant, in whole or in part, with respect to the Call Amount, at any time during the ten (10) Trading Day period following receipt of the Call Notice (the "**Call Exercise Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of this Section 6, the "Call Conditions" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Common Stock shall have traded at a price equal to or greater than one hundred twenty percent (120%) of the then-effective Exercise Price on each Trading Day during the Measurement Period (it being understood that the stock must close at or above such price, and no intra-day dips are permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Common Stock is listed or quoted on a Trading Market and has not been suspended or delisted during the Measurement Period or Call Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has reserved and continues to reserve a sufficient number of shares of Common Stock for issuance upon full exercise of this Warrant; 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;(4) The Company is not in material breach of this Warrant or any other agreement with the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Exercise After Call Notice**. The Holder may exercise this Warrant, solely with respect to the Call Amount, for cash (or on a cashless basis if permitted under Section 3), at any time during the Call Exercise Period.

**8.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** All notices, requests and demands to or upon the Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns.** This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Warrant without the prior written consent of the Holder (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). The Holder may assign this Warrant in whole or in part to the extent permitted by applicable securities Regulations. Upon delivery of evidence of such assignment and delivery of this Warrant, the Company shall at its own expense execute and deliver, in lieu of this Warrant, new warrants to the new Holders after giving effect to such assignment, each of like tenor and in the respective amount and for the number of shares as are owned by such new Holders after giving effect to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Amendments; Entire Agreement; Counterparts; Electronic Signatures**. None of the terms or provisions of this Warrant may be waived, amended, supplemented or otherwise modified except with the written consent of the Holder and the Company and in accordance with **Section 6.3(b) (Amendments)** of the Purchase Agreement. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Warrant and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Warrant may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Replacement of Warrant**. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall, at its own expense, execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Further Assurances.** The Company hereby agrees to take, promptly after the Holder's request, such further actions, including executing or causing to be executed and delivering to the Holder such further documents, as the Holder shall request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Warrant, the transfer of the Warrant Securities upon exercise and the other provisions hereof and the other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Independent Obligations.** The obligations of the Company set forth herein are independent from the other obligations set forth in the Transaction Documents and shall survive the repayment in full of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Dispute Resolution**.

&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) In the case of a dispute relating to, or any inability of the Company and the Holder to agree on, a VWAP or a fair market value (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic transmission (A) if by the Company, within two (2) Trading Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute, at any time after the second Trading Day following such initial notice, then the Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with **clause (g)** and (B) written documentation (together with such copy of such submission, the **"Required Dispute Documentation**") supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth Trading Day immediately following the date on which the Holder selected such investment bank (the "**Dispute Submission Deadline**") . If either party fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then such party shall no longer be entitled to (and hereby waives its right to) deliver or submit any document or other supporting evidence to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline. Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute other than the Required Dispute Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and the Holder shall ensure that such investment bank determines the resolution of such dispute and notify the Company and the Holder of such resolution no later than ten (10) Trading Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Warrant and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan . **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Waiver of Jury Trial**. **Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Warrant or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Warrant and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Interpretation.** This Warrant is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Sections 3.1 (Representations and Warranties of the Company Parties (including clause (kk) (AML/CTF Regulations)), 4.14 (Indemnification of Each Purchaser Party**) and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of the Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

 ****

 ****

**IN WITNESS WHEREOF**, the undersigned has caused this Warrant to be executed as of the date first written above by its officers thereunto duly authorized.

TG-17, INC.

By:   <br> Name: <br> Title:

Date signed:

Accepted and agreed

as of the date first written above:

ASCENT PARTNERS FUND LLC

By:   <br> Name: Mikhail Gurevich <br> Title: Authorized Person

Date signed:

**EXHIBIT A**

**NOTICE OF EXERCISE**

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;(1) The undersigned hereby elects to purchase _________ shares of Warrant Securities of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

&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. [ ] in lawful money of the United States; 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. [ ] if permitted the cancellation of such number of Warrant Securities as is necessary, in accordance with the formula set forth in subsection 3.2, to exercise this Warrant with respect to the maximum number of Warrant Securities purchasable pursuant to the cashless exercise procedure set forth in subsection 3.2.

&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) Please issue said Warrant Securities in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Securities shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

&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) **Accredited Investor**. The undersigned is an "accredited investor" as defined in regulations promulgated under the Securities Act of 1933, as amended.

By:   <br> Name: <br> Title:

Date signed:

## Exhibit 4.9

**Exhibit 4.9**

WARRANT NO. 3

Date: October 27, 2025

**THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.** 

**WARRANT TO PURCHASE SHARES OF COMMON STOCK**

**OF**

**TG-17, INC.<br>** 

<br> **FOR VALUE RECEIVED**, Ascent Partners Fund LLC or its successors and permitted assigns (collectively, the **"Holder"**) is hereby irrevocably granted the option and right, subject to the terms and conditions set forth herein, to purchase from TG-17, Inc., a Nevada corporation (the **"Company"**), 6,000,000 shares (the **"Warrant Securities")** of Common Stock of the Company, $0.0001 par value per share (together with any other type or class of Security that may be purchased with this Warrant pursuant to **Section 5,** the **"Underlying Securities"**), as constituted on the date hereof (the **"Issue Date"**), upon surrender hereof, at the principal office of the Company referred to below, with the notice of exercise attached hereto as **Exhibit A** duly executed by the Holder (the **"Exercise Notice**"), and simultaneous delivery of payment for the Warrant Securities in U.S. dollars, the lawful currency of the United States (**"$"** or **"dollars"**) or otherwise as hereinafter provided, at the exercise price as set forth in Section 2 below (the **"Exercise Price"**). The number, character and Exercise Price of the Underlying Securities is subject to adjustment as provided below. The term **"Warrant"** as used herein shall include this Warrant, as the same may be modified from time to time, and any warrants delivered in substitution or exchange therefor as provided herein.

This Warrant is issued pursuant to **Section 2.1 (Purchase)** of that certain Securities Purchase Agreement, dated as of October 27, 2025, by and among the Company, the Holder, and the other purchasers party thereto as such (as modified from time to time, the **"Purchase Agreement**"; capitalized terms used but not defined herein are used as defined in the Purchase Agreement), the **"Closing Date"** thereunder and as defined thereunder being the date on which full consideration was paid for the issuance of this Warrant.

**1.** **Term**.
 This Warrant (and the purchase rights granted hereunder) shall terminate at 5:00 p.m. (Eastern Standard Time) on the second (2<sup>nd</sup>)
 anniversary of the date hereof (the **"Expiration Date"**). Any rights granted hereunder that have not been exercised
 on or before the Expiration Date shall then expire and be void and without further force or effect.

**2.** **Price**.
 The purchase price at which this Warrant may be exercised shall be $12.35 per share of Warrant Securities, as adjusted from time
 to time pursuant to **Section 5** (as so adjusted, the "**Exercise Price** ").

**3.** **Exercise**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Cash Purchase.** In order to exercise this Warrant and the rights granted hereunder, in whole or in part, the Holder shall complete, duly execute and deliver to the Company (or to the Company's transfer agent for the Underlying Securities (the **"Transfer Agent**") all of the following: (i) the Exercise Notice, (ii) a copy of this Warrant and (iii) payment of the Exercise Price in cash by wire transfer of immediately available dollars to an account designated by the Company or by certified check or official bank check. Any share of Underlying Securities purchased in cash under this Warrant shall reduce the remaining number of Warrant Securities subject to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cashless Exercise**. If one year after the Issue Date, or, at any time after the listing of the Company's common stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act (the "**Direct Listing**"), there is no effective registration statement covering, or no current prospectus available for, the free resale of the Warrant Securities by the Holder, then, in lieu of exercising this Warrant by delivery of the Exercise Price pursuant to **clause (a)** above, the Holder may elect to receive the number of Warrant Securities determined according to the following formula (in which case the remaining shares of Warrant Securities shall be reduced by the number of Warrant Securities for which this Warrant is being exercised):

X = <u>Y(A-B)</u> <br> A

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| | | | |
|:---|:---|:---|:---|
| Where, | X | = | The number of Warrant Securities to be issued to the Holder; |
|  | Y | = | The number of Warrant Securities for which this Warrant is being exercised; |
|  | A | = | The fair market value of one share of Warrant Security; and |
|  | B | = | The Exercise Price. |

---

For purposes of this **clause (b)**, the **"fair market value"** of a Security is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Security is traded on a Trading Market, the closing price thereof on the Principal Trading Market where such Security is traded on the last Trading Day prior to the date the applicable Exercise Notice was delivered to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no active trading on any Trading Market, the fair market value, as determined in good faith by the Company's Board of Directors, consistent with any other determination of value made by the Board of Directors for any other purpose.

**"Principal Trading Market"** for any Security, means the principal Trading Market for such Security, as listed in the applicable offering documents for such Security. The **"Principal Trading Market"** for the Common Stock is the Nasdaq Global Market.

"**Trading Day**" means a day on which all Principal Trading Markets for the Underlying Securities are open for trading.

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

**4.** **Treatment of Consideration in Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In-The-Money Cash Transactions**. If the Company consummates a Fundamental Transaction for which (i) the consideration that would be received by the Holder (assuming the Holder exercised this Warrant in full prior to the consummation thereof) consists solely of cash and Marketable Securities (as hereinafter defined), (ii) the consideration received by holders of Underlying Securities, as determined in accordance with **Section 5(b)(iii)**, would be greater than the Exercise Price in effect as of immediately prior to the consummation of such Fundamental Transaction, and (iii) the Holder has not previously exercised this Warrant in full, then, in lieu of the Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Underlying Securities and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Fundamental Transaction on and, in respect of all Warrant Securities which could have been purchased with this Warrant immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Warrant Securities had been issued and outstanding to the Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the outstanding Warrant Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Non-Cash and Out-of-the Money Warrants**. Upon the closing of any other Fundamental Transaction, the acquiring, surviving, replacement or successor entities shall assume this Warrant and the Company's obligations hereunder, and this Warrant shall thereafter be exercisable for the same Warrant Securities and/or other property as would have been paid for the Warrant Securities issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Securities were outstanding on and as of the closing of such Fundamental Transaction, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, including **Section 5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Definition.** For purposes of this **Section 4, "Marketable Securities"** means Securities meeting all of the following requirements (determined as of immediately prior to the closing of the Fundamental Transaction): (i) the issuer of such Securities is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) such Securities are traded in a Trading Market and (iii) assuming that the Holder was a holder of such Securities, the Holder would not be restricted from publicly re-selling all of such Securities, except to the extent that any such restriction (x) arises solely under securities Regulations and (y) does not extend beyond six (6) months following the date of the consummation of such Fundamental Transaction. Notwithstanding the foregoing, Securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

**5.** **Other Adjustments.** Both the Exercise Price and the number of Warrant Securities purchasable upon the exercise of each Warrant are subject
 to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stock Dividends, Stock Splits and Fundamental Transactions.** If the Company shall, at any time after the date hereof, split or subdivide its outstanding shares of Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of Warrant Securities purchasable hereunder shall be increased in proportion to such increase in the aggregate number of outstanding shares of Common Stock. If the Company shall, at any time after the date hereof, combine its outstanding shares of Common Stock, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of Warrant Securities purchasable hereunder shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment for a subdivision or combination of the Company's outstanding shares of Common Stock shall become effective at the close of business on the date the subdivision or combination becomes effective. If the Company shall, at any time after the date hereof, (i) declare a dividend on Warrant Securities payable in other Securities or Indebtedness of the Company or any other Person (**"New Investments**"), (ii) issue by reclassification of its Warrant Securities any New Investment of the Company, (iii) complete any capital reorganization of the Company, whether or not such reclassification directly or indirectly affects the Underlying Securities or results in New Investments being issued to holders of Underlying Securities, (iv) complete any reclassification of the Underlying Securities (other than a reclassification referred to in **clause (iv)** above), (v) complete a business combination of the Company or any other Fundamental Transaction, whether by consolidation, merger or transfer of substantially all assets of the Company or otherwise, and whether or not such combination result in holders of Underlying Securities receiving New Investments then, for each such event, the Exercise Price then in effect, as well as, where applicable, the type and number of Warrant Securities issuable hereunder, shall be adjusted so as to ensure that the Holder shall remain entitled, at the Exercise Price applicable prior to such adjustment, to receive the kind and number of Warrant Securities and all such New Investments of the Company which the Holder would have been entitled to receive after any such event had such Warrant been exercised in full immediately prior to any such event (or, if applicable, any record date with respect thereto). Each such adjustment shall become effective immediately after the effective date of the event, retroactive to the record date, if any, for such event. The Company shall not engage in any such transaction resulting in the holders of Underlying Securities receiving New Investments issued by any person other than the Company unless, prior to or simultaneously with the consummation thereof, such other assumes, by written instrument, the obligations of the Company hereunder (jointly and severally with the Company if the Company survives such event). The provisions of this **clause (a)** shall continue to apply to successive events covered hereby. At any time after which, as a result of an adjustment made pursuant to this **Section 5**, the Holder becomes entitled to receive any New Investments that are not Underlying Securities, the term **"Warrant Securities"** hereunder shall be deemed include such New Investments, and the exercise price and number of such New Investments receivable hereunder shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the original Warrant Securities contained in this **Section 5**, and all other provisions of this Warrant that apply to the Warrant Securities shall apply on like terms to such New Investments. Similarly, the term "**Underlying Securities"** hereunder shall be deemed to include all Securities and Indebtedness of the type of such New Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Issuance at Less than Exercise 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;(i) **Issuance of Underlying Securities.** If and whenever on or after the Issue Date, the Company grants, issues or sells, or in accordance with this **Section 5** is deemed to have granted, issued or sold, (A) any Underlying Securities (including the issuance or sale of shares of Underlying Securities owned or held by or for the account of the Company, but excluding any Exempt Issuance) for a consideration per share that is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale or (B) (1) any Stock Equivalents of Underlying Securities or (2) any options to purchase (or any other Contractual Obligation of the Company to grant, issue or sell) Underlying Securities or Stock Equivalents thereof (**"Acquisition Rights**"), in each case for which, at the time of such grant, issuance or sale, the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities pursuant to such Acquisition Rights (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights) is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (all of the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Exercise Price then in effect for such Warrant Securities shall be reduced to an amount equal to such consideration. Except as expressly stated in this **clause (b)**, no further adjustment to the Exercise Price shall be made upon the issuance of such Underlying Securities, the exercise of such options or otherwise pursuant to the terms of, or upon the issuance of, such shares of Common Stock upon conversion, exercise or exchange of such Stock Equivalents. If the Company takes a record of Underlying Securities for the purpose of entitling the holder thereof (x) to receive a dividend or other distribution payable in Underlying Securities, other Securities, Indebtedness or Acquisition Rights or (y) to subscribe for or purchase shares of Underlying Securities, other Securities, Indebtedness of Acquisition rights, then such record date will, for the purposes of this Warrant, be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such subscription right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Change in Price, Term or Rate of Conversion**. If there is any change at any time in the term or in the consideration required to be paid by any holder of Acquisition Rights to acquire Underlying Securities or in the rate at which any Acquisition Rights are convertible into or exercisable or exchangeable into Underlying Securities (other than proportional changes in conversion or exercise prices, as applicable, in connection with any Fundamental Transaction), the Exercise Price in effect at the time of such increase or decrease shall be adjusted at the time of such change as if such Acquisition Rights had been issued, granted or sold at the time of such change, with such change deemed to be effective. No adjustment pursuant to this **clause (b)** shall be made if such adjustment would result in an increase of the Exercise Price then 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;(iii) **Calculation of Consideration Received**. If any Acquisition Right is granted, issued or sold in connection with the issuance or sale or deemed issuance or sale of any other Securities or Indebtedness of the Company (as determined by the Holder, the "**Primary Security**", and together with such Acquisition Rights, each a "**Unit**"), in one integrated transaction, the aggregate consideration per share of Underlying Security with respect to such Unit issuance, grant or sale shall be deemed to be the lower of (x) the purchase price of such Unit; and (y) the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities in connection with the Acquisition Rights that are part of such Unit (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights). If part of the consideration for the issuance, grant or sale of any Underlying Security or any Acquisition Rights is not cash, the amount of such non-cash consideration received by the Company Parties and their Subsidiaries shall be the fair value of such consideration; **provided,** that the fair value of any publicly-traded Securities included in such consideration shall be deemed to be, for purposes of this **clause (b)**, the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt of such securities by such Company Parties or such Subsidiaries. If any Underlying Securities or Acquisition Rights are issued to the owners of a non-surviving entity in connection with any merger with the Company in which the Company is the surviving entity, the consideration therefor will be deemed to be the fair value of the net assets and business of the non-surviving entity. The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the "**Valuation Event**"), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10<sup>th</sup>) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne 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;(iv) "**VWAP**" means, for or as of any date for any Security, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Dollar volume-weighted average price for such Security on the Principal Trading Market for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average); 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;(2) if Bloomberg does not report such a price, the Dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg; 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;(3) if no Dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security on such date as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); 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;(4) if the VWAP cannot be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined by the Company and the Holder.

All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If necessary, the provisions set forth in this **Section 5** with respect to the rights thereafter of the holders of the Warrants shall be appropriately adjusted so as to be applicable, as nearly as they may reasonably be, to any other Securities, Indebtedness and other assets thereafter deliverable on the exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No adjustment in the number of Warrant Securities shall be required under this **Section 5** unless such adjustment would require an increase or decrease of at least 0.1% in the aggregate number of Warrant Securities purchasable hereunder; **provided** that any adjustments which by reason of this **clause (d)** are not required to be made shall be carried forward and taken into account in any subsequent adjustment; **provided**, that notwithstanding the foregoing, all adjustments so carried-forward shall be made no later than three (3) years from the date of the first event that would have required an adjustment but for this paragraph. All calculations under this **Section 5** shall be made to the nearest cent or to the nearest hundredth of a share, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In case any event shall occur as to which the other provisions of this **Section 5** are not strictly applicable or the failure to make any adjustment would result in an unfair enlargement or dilution of the purchase rights represented by the Warrants in accordance with the essential intent and principles hereof, then, in each such case, the independent auditors of the Company shall give its opinion as to the adjustment, if any, on a basis consistent with the essential intent and principles established in this **Section 5**, necessary to preserve, without enlargement or dilution, the purchase rights presented by the Warrants. Upon receipt of such opinion, the Company shall promptly mail a copy thereof to the registered holders of the Warrants and shall make the adjustment described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Most Favored Nation Protection.** So long this Warrant is outstanding, upon any issuance by the Company of any new security (but excluding any Exempt Issuance) with any term that the Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that the Holder reasonably believes was not similarly provided to the Holder in this Warrant, then (i) the Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at Holder's option, shall become a part of this Warrant (regardless of whether the Company or Holder complied with the notification provision of this Warrant or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If Holder elects to have the term become a part of this Warrant, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "**Acknowledgement**") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

**6.** **Notices of Adjustments and other Significant Corporate Events**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted pursuant to **Sections 4** or **5**, the Company shall issue a certificate signed by its President, setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be delivered to the Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Holder a notice of the following events (immediately upon discovery or, if the Company is initiating such event, at least 15 days prior to the earlier of the consummation of such event or any record date, deadline or other significant date applicable to the holders of Underlying Securities with respect thereto), which notice shall specify any such record date, deadline or other significant date and contained an otherwise reasonably detailed summary of such 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;(i) the Company obtaining corporate approval for, taking a record of the holders of its Underlying Securities for the purpose of effecting, or taking any other material steps towards completing, any of the events that could result in any adjustment of this Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the Company commencing a case or other action or proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or similar Regulations of any jurisdiction relating to the Company or any action or proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any of its assets, (B) any such case or other action or proceeding being commenced against the Company by any other person, (C) the Company being adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding is entered, (D) the Company generally not paying its debts as such debts become due, admitting in writing its inability to pay its debts as they mature or making a general assignment for the benefit of creditors, (E) the Company calling a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (F) the Company, by any act or failure to act, expressly indicating its consent to, approval of or acquiescence in any of the foregoing or taking any corporate or other action (including convening a meeting of the board) to authorize or otherwise for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other corporate or similar event with respect to the Company materially affecting the nature of the Holder's interest or the nature of the Underlying Securities or the Warrant Securities hereunder.

**7.** **Additional Covenants with respect to Underlying Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Rights of Holder of Underlying Securities**. Except as otherwise provided herein, this Warrant, by itself and prior to exercise, shall not entitle the Holder to any of the rights of a holder of Underlying Securities in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Fractional Shares or Scrip.** No fractional shares of Warrant Securities and no scrip representing any such fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fraction of a share of a Warrant Security to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Reservation of Underlying Securities.** The Company shall comply with **Section 4.5 (Reservation and Listing)** of the Purchase Agreement which provides for reservation of shares for the issuance of Underlying Securities hereunder and for any applicable application for listing thereof, in each case as adjusted ratably to account for any changes to the Warrant Securities caused by **Section 5** or any other provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance.** The Company covenants that all Warrant Securities that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, Liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant Securities upon the exercise of this Warrant, and that such certificates shall be issued in the names of, or in such names as may be directed by, the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Reinstatement.** If any transfer of Underlying Securities made in the exercise of this Warrant is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be unwound, this Warrant shall be reinstated as to such Underlying Securities as if it had not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Holder's Conversion Limitations**. The Company shall not issue any Warrant Securities, and the Holder shall not have the right to purchase any Warrant Securities hereunder, to the extent that after giving effect to such issuance, the Holder (together with the Holder's Affiliates, and any Persons acting as a group together with the Holder or any of the Holder's Affiliates, the "**Attribution Parties**") would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of determining the Beneficial Ownership Limitation for the foregoing sentence, the number of shares of Underlying Securities beneficially owned by the Holder and its Attribution Parties shall include the number of Warrant Securities issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Underlying Securities issuable upon (i) exercise of the unexercised portion of this Warrant and (ii) exercise or conversion of the unexercised or unconverted portion of any other Securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including any promissory notes or other warrants) beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this **Section 7(f)**, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this **Section 7(f)** applies, the determination of whether this Warrant is exercisable (in relation to other Securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the attempt by the Holder to exercise this Warrant shall be deemed to be the Holder's determination of whether this Warrant may be exercised (in relation to other Securities owned by the Holder together with any Attribution Parties) and which portion of this Warrant may be exercised, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers an Exercise Notice that such Exercise Notice has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this **Section 7(f)**, in determining the number of outstanding shares of Underlying Securities, the Holder may rely on the number of outstanding shares of Underlying Securities as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company's transfer agent setting forth the number of shares of Underlying Securities outstanding. Upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Underlying Securities then outstanding. In any case, the number of outstanding shares of Underlying Securities shall be determined after giving effect to the conversion or exercise of Securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Underlying Securities was reported. The "**Beneficial Ownership Limitation**" shall be 4.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of all Underlying Securities to be held by the Holder. The Holder, upon not less than sixty-one (61) days' prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this **Section 7(f)**; **provided**, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of shares of Underlying Securities upon exercise of this Warrant held by the Holder and the Beneficial Ownership Limitation provisions of this **Section 7(f)** shall continue to apply. Any such increase or decrease will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this **Section 7(f)** to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Redemption**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Section 7(g) shall not become effective unless and until the date on which the Common Stock is first listed or quoted for trading on a Trading Market (the "**Listing 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;(ii) Following the Listing Date, and provided that (a) the Company does not have an equity line of credit put in effect, and (b) the Call Conditions (as defined below) are satisfied as of the date of the Call Notice (defined below) and through the Call Exercise Period, the Company shall have the right to redeem this Warrant with respect to up to that number of Underlying Securities (the "**Call Amount**") equal to thirty-three percent (33%) of the VWAP (excluding the highest and lowest volume days) of the Common Stock on the principal Trading Market over the ten (10) consecutive Trading Days immediately prior to the date of the Call Notice (the "**Measurement Period**"), at the then-effective Exercise 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;(iii) The Company may exercise this call right by delivering written notice to the Holder (a "**Call Notice**") specifying the Call Amount and certifying that the Call Conditions have been met. The Holder shall have the right to exercise the Warrant, in whole or in part, with respect to the Call Amount, at any time during the ten (10) Trading Day period following receipt of the Call Notice (the "**Call Exercise Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of this Section 6, the "Call Conditions" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Common Stock shall have traded at a price equal to or greater than one hundred twenty percent (120%) of the then-effective Exercise Price on each Trading Day during the Measurement Period (it being understood that the stock must close at or above such price, and no intra-day dips are permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Common Stock is listed or quoted on a Trading Market and has not been suspended or delisted during the Measurement Period or Call Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has reserved and continues to reserve a sufficient number of shares of Common Stock for issuance upon full exercise of this Warrant; 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;(4) The Company is not in material breach of this Warrant or any other agreement with the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Exercise After Call Notice**. The Holder may exercise this Warrant, solely with respect to the Call Amount, for cash (or on a cashless basis if permitted under Section 3), at any time during the Call Exercise Period.

**8.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** All notices, requests and demands to or upon the Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns.** This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Warrant without the prior written consent of the Holder (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). The Holder may assign this Warrant in whole or in part to the extent permitted by applicable securities Regulations. Upon delivery of evidence of such assignment and delivery of this Warrant, the Company shall at its own expense execute and deliver, in lieu of this Warrant, new warrants to the new Holders after giving effect to such assignment, each of like tenor and in the respective amount and for the number of shares as are owned by such new Holders after giving effect to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Amendments; Entire Agreement; Counterparts; Electronic Signatures**. None of the terms or provisions of this Warrant may be waived, amended, supplemented or otherwise modified except with the written consent of the Holder and the Company and in accordance with **Section 6.3(b) (Amendments)** of the Purchase Agreement. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Warrant and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Warrant may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Replacement of Warrant**. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall, at its own expense, execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Further Assurances.** The Company hereby agrees to take, promptly after the Holder's request, such further actions, including executing or causing to be executed and delivering to the Holder such further documents, as the Holder shall request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Warrant, the transfer of the Warrant Securities upon exercise and the other provisions hereof and the other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Independent Obligations.** The obligations of the Company set forth herein are independent from the other obligations set forth in the Transaction Documents and shall survive the repayment in full of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Dispute Resolution**.

&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) In the case of a dispute relating to, or any inability of the Company and the Holder to agree on, a VWAP or a fair market value (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic transmission (A) if by the Company, within two (2) Trading Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute, at any time after the second Trading Day following such initial notice, then the Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with **clause (g)** and (B) written documentation (together with such copy of such submission, the **"Required Dispute Documentation**") supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth Trading Day immediately following the date on which the Holder selected such investment bank (the "**Dispute Submission Deadline**") . If either party fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then such party shall no longer be entitled to (and hereby waives its right to) deliver or submit any document or other supporting evidence to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline. Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute other than the Required Dispute Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and the Holder shall ensure that such investment bank determines the resolution of such dispute and notify the Company and the Holder of such resolution no later than ten (10) Trading Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Warrant and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan . **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Waiver of Jury Trial**. **Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Warrant or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Warrant and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Interpretation.** This Warrant is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Sections 3.1 (Representations and Warranties of the Company Parties (including clause (kk) (AML/CTF Regulations)), 4.14 (Indemnification of Each Purchaser Party**) and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of the Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

 **

***[Signature Pages Follow]***

 

**IN WITNESS WHEREOF**, the undersigned has caused this Warrant to be executed as of the date first written above by its officers thereunto duly authorized.

TG-17, INC.

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|:---|
| By: |
| Name: |
| Title: |
| Date signed: |

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Accepted and agreed

as of the date first written above:

ASCENT PARTNERS FUND LLC

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| | |
|:---|:---|
| By: |  |
| Name: | Mikhail Gurevich |
| Title: | Authorized Person |
| Date signed: | Date signed: |

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**EXHIBIT A**

**NOTICE OF EXERCISE**

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;(1) The undersigned hereby elects to purchase _________ shares of Warrant Securities of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

&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. [ ] in lawful money of the United States; 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. [ ] if permitted the cancellation of such number of Warrant Securities as is necessary, in accordance with the formula set forth in subsection 3.2, to exercise this Warrant with respect to the maximum number of Warrant Securities purchasable pursuant to the cashless exercise procedure set forth in subsection 3.2.

&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) Please issue said Warrant Securities in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Securities shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

&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) **Accredited Investor**. The undersigned is an "accredited investor" as defined in regulations promulgated under the Securities Act of 1933, as amended.

______________________________________

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|:---|
| By: |
| Name: |
| Title: |
| Date signed: |

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## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
|  | Joe Laxague<br> Partner |
| ![](ex5-1_001.jpg)<br>| <br> jlaxague@cronelawgroup.com |

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November 10, 2025

TG-17, Inc.

85 Broad Street

New York, New York 10004

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| | |
|:---|:---|
| **Re:** | ***TG-17, Inc.; Registration Statement on Form S-1*** |

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Ladies and Gentlemen:

We have acted as counsel for TG-17, Inc., a Nevada corporation (the "Company"), in connection with the Registration Statement on Form S-1 (the "Registration Statement"), filed with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Act"), relating to the registration of the public offering and sale of the following securities of the Company (the "Securities") by the Registered Stockholders named therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Up to 3,580,499 shares of common stock of the Company, to be issued prior to the effective date of the Registration Statement to the current holders of the Company's Non-voting Common Stock upon conversion of all shares of the Company's shares of Non-voting Common Stock (the "Non-voting Common Stock Conversion Shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Up to 180,241 shares of the Company's currently issued and outstanding common stock (the "Outstanding Shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Up to 1,626,800 shares of common stock issuable upon conversion of 329,671 shares of Series C Preferred Stock of the Company (the "Series C Conversion Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Up to 1,333,335 shares of common stock issuable upon exercise of warrants to purchase Common Stock issued by the Company to the holder of the Company's Series C Preferred Stock (the "Series C Warrant Shares")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Up to 1,820,720 shares of common stock issuable upon conversion of 682,770 shares of Series E Preferred Stock of the Company (the "Series E Conversion Shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Up to 87,681 shares of Common Stock issuable upon exercise of warrants to purchase common stock issued to certain holders of the Company's Non-voting Common Stock (the "NVCS Warrant Shares");

420 Lexington Avenue, Suite 2446, New York, NY 10170 \| 646-861-7891

1 East Liberty St., suite 600, Reno, NV 89501 \| 775-234-5221

TG-17, Inc.

November 10, 2025

Page \| 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Up to 444,901 shares of common stock issuable upon conversion of 549,452 shares of Series D Preferred Stock of the Company (the "Series D Conversion Shares"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Up to 25,000,000 shares of common stock issuable upon exercise of warrants to purchase Common Stock issued by the Company to the holder of the Company's Series D Preferred Stock (the "Series D Warrant Shares").

In rendering the opinion set forth below, we have reviewed: (a) the Registration Statement and the exhibits thereto; (b) the Company's Articles of Incorporation, as amended, including the Certificates of Designation for the Company's Series C Preferred Stock, Series D Preferred Stock, and Series E Preferred Stock; (c) the Company's Bylaws, as amended; (d) certain records of the Company's corporate proceedings as reflected in its minute books; (e) the common stock purchase warrants issued to the holder of the Company's Series C Preferred Stock; (f) the common stock purchase warrants issued to certain holders of the Company's Non-voting Common Stock; (f) the common stock purchase warrants issued to the holder of the Company's Series D Preferred Stock and (g) such statutes, records and other documents as we have deemed relevant. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and conformity with the originals of all documents submitted to us as copies thereof. In addition, we have made such other examinations of law and fact as we have deemed relevant in order to form a basis for the opinion hereinafter expressed. We express no opinion herein as to the laws of any state or jurisdiction other than the substantive laws of the State of Nevada and the federal laws of the United States of America.

Based upon the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Non-voting Common Stock Conversion Shares, when issued upon conversion of the Company's Non-voting Common Stock, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Outstanding Shares are validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Series C Conversion Shares, when issued upon conversion of the Company's Series C Preferred Stock in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Series C Warrant Shares, when issued and paid for upon exercises of the warrants in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

![](ex5-1_002.jpg)

TG-17, Inc.

November 10, 2025

Page \| 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Series E Conversion Shares, when issued upon conversion of the Company's Series E Preferred Stock in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The NVCS Warrant Shares, when issued and paid for upon exercises of the warrants in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Series D Conversion Shares, when issued upon conversion of the Company's Series D Preferred Stock in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Series D Warrant Shares, when issued and paid for upon exercises of the warrants in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

We consent to the inclusion of this opinion as an exhibit to the Registration Statement and further consent to all references to us under the caption "Legal Matters" in the Prospectus.

Sincerely,

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| |
|:---|
| The Crone Law Group P.C. |
| ![](ex5-1_003.jpg) |

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![](ex5-1_002.jpg)

## Exhibit 10.11

**Exhibit 10.11**

![](ex10-11_001.jpg)

**REGISTRATION RIGHTS AGREEMENT**

This **Registration Rights Agreement** (this "**Agreement**"), dated as of June 25, 2025, is entered into by and among TG-17, Inc., a Delaware corporation (together with its successors and, if permitted, assigns, the "**Company**"), and the holders identified on the signature pages hereto (each, together with its successors and, if permitted, assigns, and together with each other holder of Registrable Securities from time to time, a "**Holder**").

**WHEREAS,** pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each of the Holders (the "**Purchase Agreement**"), the Holders shall acquire certain Transaction Securities (as defined therein), which may result in the Holders holding Registrable Securities (as defined below); and

**WHEREAS,** the Company has agreed to register the Registrable Securities;

**Now, therefore**, in consideration of the representations, warranties and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**1.** **Definitions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used but not defined herein are used as defined in the Purchase Agreement or, if not defined therein, encompass all items covered by the definition of such term in the Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this Agreement, the following terms shall have the following meanings:

"**Advice**" has the meaning specified in **Section 3(c)**.

**"Black Out Period"** has the meaning specified in **Section 3(e)**.

'**Discontinuation Event"** has the meaning specified in **Section 3(c)**.

'**Discontinuation Notice"** has the meaning specified in **Section 3(c)**.

"**Effectiveness Deadline**" means, with respect to the Initial Registration Statement required to be filed hereunder, the one hundred twentieth (120th) calendar day following the execution of this Agreement; **provided,** that, in the event the Company is notified by the SEC that the Registration Statement will not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth (5th) Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, **provided, further**, that, if such Effectiveness Deadline falls on a day that is not a Trading Day, then the Effectiveness Deadline shall be the next succeeding Trading Day.

"**Effectiveness Period**" has the meaning specified in **Section 2(a)**.

"**Event**" has the meaning specified in **Section 2(e)**.

"**Event Date**" has the meaning specified in **Section 2(e)**.

"**Filing Date**" means, (i) with respect to the Initial Registration Statement, the ninetieth (90th) calendar day after the date hereof, (ii) with respect to any additional Registration Statements which may be required pursuant to **Sections 2(a)(ii)(1), 2(a)(ii)(2)** or **2(a)(iii)**, the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities and (iii) with respect to any Registration Statement to be filed pursuant to **Section 2(a)(iv),** the later of (A) the **"Filing Date"** for the Initial Registration Statement and (B) if applicable, the earlier of (1) thirty (30) days after the filing of a registration statement covered by **Section 2(a)(ii)** that relates to an underwritten primary offering of Securities of the Company or (2) the date such offering has been withdrawn.

"**Initial Registration Statement**" means a registration statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration of the resale by the Purchaser of the Registrable Securities under the Securities Act, which registration statement provides for the resale from time to time of the Registrable Securities as provided herein.

"**Losses**" has the meaning specified in **Section 5**.

"**Prospectus**" means any prospectus included in any Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the SEC pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

**"Required Holders**" means Holders of a majority of the Registrable Securities, assuming, for purposes of this definition, that all Stock Equivalents convertible or exchangeable into Registrable Securities shall have been so converted or exchanged.

"**Registrable Securities**" means, as of any date of determination, all Issuable Securities, including (a) all of the shares of Common Stock then issued and issuable upon conversion in full of the Series C Preferred Stock (assuming on such date the shares of Series C Preferred Stock are converted in full without regard to any conversion limitations therein), (b) all of the shares of Common Stock then issued and issuable in connection with any anti-dilution or any remedies provisions in the Series C Preferred Stock (without giving effect to any limitations on conversion therein), (c) all of the shares of Common Stock then issued and issuable upon exercise in full of all Warrants, (d) all of the shares of Common Stock then issued and issuable in connection with any anti-dilution or any remedies provisions of the Warrants and (e) any Securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; **provided,** that "**Registrable Securities**" shall cease to include (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) any Securities with respect to which, and for so long as, the following is true: (x) a Registration Statement with respect to the sale of such Securities is declared effective by the SEC under the Securities Act and such Securities have been disposed of by the Holders in accordance with such effective Registration Statement, (y) such Securities have been previously sold in accordance with Rule 144, or (z) such Securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such Securities and any Securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such Securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.

"**Registration Statement**" means any registration statement required to be filed hereunder pursuant to **Section 2(a)** or otherwise filed with respect to any Registrable Security, including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

"**Rule 415**" means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

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"**Rule 424**" means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

"**Selling Stockholder Questionnaire**" has the meaning specified in **Section 3(a)**.

"**SEC Guidance**" means (i) any publicly-available written or oral guidance of the SEC staff, or any comments, requirements or requests of the SEC staff and (ii) the Securities Act and related Regulations.

**2.** **Registration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Registration Statements.**

&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) Initial. No later than the applicable Filing Date, the Company shall file with the SEC the Initial Registration Statement relating to the resale by the Holders of all (or, if lower, the highest number as the SEC will permit) of the Registrable 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;(ii) Additional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the Company has filed a Registration Statement and the SEC informs the Company that all of the Registrable Securities listed in such Registration Statement cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform each Holder and shall, as soon as practicable but not later than the applicable Filing Date, use its best efforts to file amendments to such Registration Statement as required by the SEC, covering the maximum number of Registrable Securities permitted to be registered by the SEC (on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering), (x) with respect to filing on Form S-3 or other appropriate form, subject to the provisions of Section 2(f) and (y) with respect to the payment of liquidated damages, subject to the provisions of Section 2(e); provided, that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including Compliance and Disclosure Interpretation 612.09.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Otherwise, if, at any time during the Effectiveness Period, the number of Registrable Securities exceeds 100% of the number of shares of Common Stock then registered in a Registration Statement, then the Company shall file, as soon as practicable but not later than the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the number of such Registrable 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;(iii) Piggy-Back Registrations. If, at any time during the Effectiveness Period, no effective Registration Statement covers all of the Registrable Securities and the Company intends to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity Securities (other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity Securities to be issued solely in connection with any acquisition of any entity or business or equity Securities issuable in connection with the Company's stock option or other employee benefit plans), then the Company shall deliver to each Holder a written notice of such determination and, if within fifteen (15) days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall, as soon as practicable but not later than the applicable Filing Date, include in such registration statement all or any part of such Registrable Securities such Holder requests to be registered; provided, that the Company shall not be required to register any Registrable Securities pursuant to this clause (iii) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the SEC pursuant to the Securities Act or that are the subject of a then effective Registration Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Demand. As soon as practicable but nevertheless on or prior to the applicable Filing Date, the Company shall, upon written demand of any Holder, register, on at most two (2) occasions for each Holder, all or any portion of the Registrable Securities of such Holder; provided, that the Company shall not be required to file such a Registration Statement with respect to Registrable Securities already covered under another previously-filed Registration Statement or that such Holder has requested to be included in another registration statement pursuant to clause (iii) above. Within thirty (30) days after effective delivery of such written demand by such Holder, the Company shall file a registration statement with the SEC covering the portion of the Registrable Securities identified in such Demand Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Form Used.** The Company shall use its best efforts to maintain eligibility for use of Form S-1 (or any successor form thereto) for the registration of the resale of Registrable Securities. If Form S-1 is not available for the registration of the resale of Registrable Securities pursuant to **clauses (a)(i),** (**a)(ii)** or **(a)(iv)** of **Section** 2, the Company shall (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available; **provided,** that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effectiveness Period.** Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement (other than the Initial Registration Statement) filed under this Agreement (including under **Section** (**a)(ii)**) to be declared effective under the Securities Act within sixty (60) days after the filing thereof, but in any event no later than the applicable Effectiveness Deadline, and shall use its best efforts to keep all Registration Statements covering Registrable Securities continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement have been sold by the Holders (the "**Effectiveness Period**"). The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall immediately notify the Holders of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness with the SEC, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration Statement, file a final Prospectus with the SEC as required by Rule 424. Failure to so notify the Holders within one (1) Trading Day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under **Section 2(e)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Reduced Coverage.** Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to **Section 2(e)** if the SEC or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the SEC for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, the Company shall reduce or eliminate any Securities to be included by any Person other than a Holder, except to the extent that such reduction or elimination would result the Company being unable to meet the initial listing standards for direct listings on the Nasdaq Global 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;(ii) second, the Company shall, unless the Required Holders instruct the Company to treat Warrant Shares like Convertible Shares under this clause (d) (in which case the Company shall do so), reduce or eliminate any Registrable Securities consisting of Warrant Shares (applied to the Holders on a pro rata basis based on the number of unregistered Warrant Shares); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, the Company shall reduce Registrable Securities represented by Conversion Shares (applied, in the case that some Conversion Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Conversion Shares held by such Holders); provided, that each Holder shall have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement and shall have the option to transfer its pro rata share to another Holder.

In the event of a cutback hereunder, the Company shall give each Holder at least five (5) Trading Days prior written notice along with the calculations as to such Holder's allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its best efforts to file with the SEC, as promptly as allowed by SEC or SEC Guidance provided to the Company or to registrants of Securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Partial Liquidated Damages.** Provided that no Default or Event of Default exists, if (i) a Registration Statement required to be filed hereunder is not filed on or prior to its Filing Date or if the Company files such Registration Statement without providing the Holders the opportunity to review and comment on the same as required by **Section 3(a)**, (ii) except with regard to the Initial Registration Statement, the Company fails to file with the SEC a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the SEC pursuant to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be "reviewed" or will not be subject to further review, (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the SEC in respect of such Registration Statement within ten (10) calendar days after the receipt of comments by or notice from the SEC that such amendment is required in order for such Registration Statement to be declared effective, (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the SEC by the Effectiveness Deadline, or (v) during the Effectiveness Period of a Registration Statement, after such Registration Statement has become effective, (A) a Discontinuation Event arises or such Registration Statement otherwise ceases for any other reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or (B) a Black Out Period arises or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities and, in each case **clause (A)** and **(B) above**, occurs for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach, an "**Event**" and the expiration of the grace period for such Event specified above, the "**Event Date**"), then, in addition to any other rights the Holders may have hereunder or under applicable Regulation, on each such Event Date and on each monthly anniversary of each such Event Date thereafter (if the applicable Event shall not have been cured by such date) or any pro rata portion thereof, until the applicable Event is cured or sixty (60) calendar days after the applicable Event Date, whichever occurs first, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of two percent (2.0%) multiplied by the Purchase Price paid by such Holder for the Purchased Securities pursuant to the Purchase Agreement; **provided,** that the maximum amount payable thereunder shall not exceed 4% of such Purchase Price paid by such Holder. If the Company fails to pay any partial liquidated damages to any Holder pursuant to this **Section 2(e)** in full within seven (7) days after the date payable, the Company shall pay interest thereon at a rate equal to 12% (or such lesser maximum amount that is permitted to be paid by applicable Regulation) to such Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **No Holder Underwriter.** Notwithstanding anything to the contrary contained herein but subject to comments by the SEC, in no event shall the Company be permitted to name any Holder or affiliate of a Holder as an underwriter without the prior written consent of such Holder.

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**3.** **Registration Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Review of Document.** Not less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of the Holders, and (ii) cause its officers, directors, managers, staff, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to any Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Required Holders shall reasonably object, **provided,** that, the Company is notified of such objection in writing no later than five (5) Trading Days after all Holders have been so furnished copies of a Registration Statement or one (1) Trading Day after all Holders have been furnished copies of any related Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex A (a "**Selling Stockholder Questionnaire**") on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4<sup>th</sup>) Trading Day following the date on which such Holder receives draft materials in accordance with this **Section 3(a)**. The Company shall not distribute any offering material in connection with any offering or sale that includes any Registrable Securities except for Registration Statements (including Prospectuses) approved by the Required Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Compliance with Regulations and SEC Requests.** The Company shall (i) comply with all applicable Regulations applicable to Registration Statements, as well as all requests by the SEC and other Governmental Authorities, and the offer and sale of Securities thereunder (including Sales done, subject to this Agreement, using the intended methods of disposition by the Holders), including ensuring that all such Registration Statements, offers and sales conform to the requirements of, and comply with the Exchange Act, the Securities Act and all other applicable Regulations, including meeting the requirements of Rule 415, (ii) prepare and file with the SEC such amendments, including post-effective amendments, to Registration Statements (including Prospectuses) as may be necessary to comply with applicable Regulations or otherwise to keep such Registration Statements continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the SEC such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (iii) cause the related Prospectus to be amended or supplemented by any Prospectus supplement, as may be required by Regulations and the SEC (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iv) respond as promptly as reasonably practicable to any comments received from the SEC with respect to a Registration Statement or any amendment thereto and provide promptly to the Holders, without charge, true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (**provided**, that the Company shall redact any information contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), (v) use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (A) any order stopping or suspending the effectiveness of a Registration Statement, or (B) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment and (vi) deliver or make available to the Investor through the SEC's website (<u>www.sec.gov</u>), true and complete copies of all Registration Statements, including Prospectuses and amendments and supplements, and all other SEC Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notices to Holders; Discontinuation Events.** The Company shall notify the Holders of Registrable Securities to be sold as promptly as possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing and, if requested by any Holder, confirm such notice in writing no later than one (1) Trading Day following the day of such filing) of all of the following: (i)(A) any proposal to file any Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement, (B) any notice by the SEC to the Company on whether there will be a "review" of such Registration Statement and any written comment on such Registration Statement received by the Company from the SEC, and (C) the effectiveness of any Registration Statement or any post-effective amendment, (ii) any request by the SEC or any other Governmental Authority for amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) the issuance by the SEC or any other Governmental Authority of any stop order or other Regulation suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose and (v) the occurrence of any event (including the passage of time) that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other document to ensure that such Registration Statement, Prospectus or other document will not contain any untrue statement of a material fact and will not omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (any event described in **clauses (iii)** through **(v)** above a "**Discontinuation Event"** and any notice given hereunder pursuant to any such clauses, a "**Discontinuation Notice**"**)**, **provided,** that any Discontinuation Notice shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made; and, **provided, further,** that, in no event shall any notice sent pursuant to this **clause (c)** contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of any Discontinuation Notice, such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the "**Advice**") by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Amendments After Discontinuation Events.** Promptly upon the occurrence of any event contemplated pursuant to **clause (c)(ii)** above or a Discontinuation Event contemplated by **clause (c)** above, the Company shall prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company sends a Discontinuation Notice under **clause (c)** above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this **clause (d)** to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to **Section 2(e)**, for a period not to exceed sixty (60) calendar days (which need not be consecutive days) in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Black Out Periods.** The Company may, from time to time by notice to the Holders, suspend the use of the Registration Statement during certain periods (each a "**Black Out Period**") in the event that the Company determines in its sole discretion in good faith that such suspension is necessary during such Black Out Period to (i) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (ii) amend or supplement the Registration Statement or any related Prospectus so that the Registration Statement or such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading**; provided**, that (w) no such Black Out Period shall be longer than 90 days, (x) the Black Out Periods established during any calendar year shall not have more than 120 days in the aggregate, (y) no Black Out Period shall be more restrictive or longer than any comparable restriction imposed on Sales of equity Securities by the Company's directors and senior officers and (z) each Black Out Period shall immediately end upon public disclosure of the material non-public information that caused such Black Out Period to be established. The Holders agrees that, during such Black Out Periods, they shall not sell any Registrable Securities of the Company pursuant to the Registration Statement; **provided**, that, for the avoidance of doubt, the Holders may Sell such Registrable Securities pursuant to any available exemption from registration, subject to compliance with applicable Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Confirmed Copy.** The Company shall furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement (including amendments and supplements), including Prospectuses, financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the SEC; **provided,** that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form. Subject to the terms of this Agreement, the Company hereby consents to the use of each Registration Statement (including Prospectuses and all amendments and supplements thereto) by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Registration Statement, except after the giving of any Discontinuation Notice pursuant to **clause (c)** above and during a Black Out Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Resales.** The Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company shall pay the filing fee required by such filing within two (2) Trading Days of receipt of a request therefor. Prior to any resale of Registrable Securities by a Holder, the Company shall use its best efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by each Holder under the securities or Blue Sky Regulations of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; **provided,** that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction. If requested by a Holder, the Company shall cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request. The Company may require from each selling Holder a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and the name(s) of the natural persons thereof that have voting and dispositive control over the Common Stock underlying the Series C Preferred Stock. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three (3) Trading Days of the Company's request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to all Holders until such information is delivered to the Company.

4. Registration Expenses. In addition to, and not in substitution for, any other provision in any Transaction Document requiring any Company Party to reimburse expenses, the Company shall pay (or, if applicable, reimburse the Holders and their Related Parties for) all costs, fees and expenses incident to the performance of or compliance with, this Agreement by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement, including (a) all registration, filing and other fees, costs and expenses (including fees, costs and expenses of counsel to the Company and of the independent registered public accountants of the Company) in connection with this Agreement or the transactions contemplated herein, including (i) filing SEC Reports and other filings with Governmental Authorities, (ii) filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (iii) compliance with applicable state or other securities Regulations, including Blue Sky Regulations and (iv) filings that may be required to be made by any broker through which a Holder intends to Sell Registrable Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale, (b) printing fees, costs and expenses (including fees, costs and expenses of printing Registration Statements, Prospectuses and certificates for Registrable Securities), (c) messenger, telephone and delivery fees, costs and expenses, (d) internal expenses of the Company incurred in connection with this Agreement or any transaction contemplated herewith (including all salaries and expenses of its officers, managers, directors and staff performing legal or accounting duties), (e) fees, costs and expenses in corrected in connection with any annual audit, (f) fees, costs and expenses incurred in connection with the listing of the Registrable Securities on any Trading Market or other securities exchange, (g) fees, costs and expenses of counsel for the Company, including in connection with Blue Sky qualifications or exemptions of the Registrable Securities, (h) Securities Act and similar liability insurance for the Company and (i) fees, costs and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In no event shall the Company be responsible for any broker or similar commissions of any Holder, except as otherwise provided in any other Transaction Document.

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5. Indemnification. The Company shall, notwithstanding any termination of this Agreement, in addition to and not in substitution or limitation for, any other indemnification provision by the Company, indemnify and hold harmless each Holder, the officers, directors, managers, managing members, members, partners, advisors, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), staff members (whether or not classified as employees or independent contractors), investment advisors and (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, managers, managing members, members, stockholders, staff members (whether or not classified as employees or independent contractors), partners, advisors, agents (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable Regulation, from and against any and all losses, claims, damages, liabilities, costs (including attorneys' fees) and expenses (collectively, "Losses"), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any other securities Regulation, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (x) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto or (y) in the case of an occurrence of a Discontinuation Event, the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 2(c), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity is in addition and not in substitution for any other indemnification provision in any Transaction Document and shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders.

**6.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Remedies.** In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by Regulation and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Other Registration Statements.** The Company shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the SEC; **provided** that (i) the Company may file amendments to registration statements filed prior to the date of this Agreement and (ii) the Company may file registration statements with respect to any offering of Securities marketed to the general public.

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|:---|:---|
| ![](ex10-11_002.jpg) | - 9 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Compliance.** Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Notices.** All notices, requests and demands to or upon any Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Successors and Assigns.** This Agreement shall be binding upon, and inure to the benefit of, the Company, the Holders and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Required Holders (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). Each Holder may assign this Agreement in whole or in part to the extent permitted by **Section 6.3(c) (Beneficiaries, Successors and Assigns)** of the Purchase Agreement, as well as applicable securities Regulations and in connection with the assignment of any Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendments**. No amendment, modification or termination of any provision of this Agreement shall be effective without the written consent of the Company and the Required Holders; **provided**, that (i) if any such amendment, modification or termination disproportionately and adversely impacts a Holder (or group of Holders), the consent of holders of a majority of the Registrable Shares held by such disproportionately impacted Holder (or group of Holders) shall also be required and (ii) this sentence in this **Section 6(f)** may only be modified with the consent of all Holders. In addition, as provided by **Section 6.3(b)** of the Purchase Agreement, no waiver or consent shall be effective against any party unless given in writing by such party and then any such waiver shall then be effective only in the specific instance and for the specific purpose for which it was given. Where the consent or waiver of the Holders generally (and not each Holder) is required, it may be given by the Required Holders. Any modification effected in accordance with accordance with this **clause (f)** shall be binding upon each Holder and the Company. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Entire Agreement; Counterparts; Electronic Signatures**. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Agreement and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Agreement may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Inconsistent Agreements.** Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its Securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** The Company hereby agrees to take, promptly after any Holder's request, such further actions, including executing or causing to be executed and delivering to such Holder such further documents, as such Holder shall reasonably request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Cumulative Remedies; Several Obligations of Holders.** The remedies provided herein are cumulative and not exclusive of any other remedies provided by Regulation. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing contained herein or in any other Transaction Document, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Agreement and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware **(**without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the Delaware state courts sitting in Wilmington, DE or the federal courts of the United States of America for the District of Delaware sitting in Wilmington, DE; **provided**, that any Holder may bring Proceedings in other jurisdictions to enforce any Transaction Document. **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **WAIVER OF JURY TRIAL. Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Agreement or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Interpretation.** This Agreement is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI (Miscellaneous)** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Article IV (Other Agreements of the Parties)** thereof, which contains indemnification obligations, and **Sections 3.1 (Representations and Warranties of the Company Parties)** and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of each Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

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**In witness whereof**, each of the undersigned has duly executed this Agreement as of the date first written above.

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|:---|
| TG-17, INC. |
| By: |
| Name: |
| Title: |

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Date signed:

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|:---|:---|
| Ascent Partners Fund LLC,<br> as Holder | Ascent Partners Fund LLC,<br> as Holder |
| By: |  |
| Name: |  |
| Title: | Authorized Signatory |

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Date signed:

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|:---|:---|
| ![](ex10-11_002.jpg) | **REGISTRATION RIGHTS AGREEMENT** |

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**ANNEX A**

**TG-17, INC.**

**Selling Stockholder Notice and Questionnaire**

The undersigned beneficial owner of shares of Common Stock (the "**Registrable Securities**") of TG-17, INC. (the "**Company**") understands that the Company has filed or intends to file with the Securities and Exchange Commission (the "**SEC**") a registration statement (the "**Registration Statement**") for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the "**Securities Act**"), of the Registrable Securities in accordance with the terms of the Registration Rights Agreement (the "**Registration Rights Agreement**") by and among the Company, the undersigned and the other Holders of Registrable Securities, dated as of June 25, 2025. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein has the meanings ascribed thereto in the Registration Rights Agreement.

Certain legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

**NOTICE**

The undersigned beneficial owner (the "**Selling Stockholder**") of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

**QUESTIONNAIRE**

1. Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Full
 Legal Name of Selling Stockholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Full
 Legal Name of Registered Holder (if not the same as (a) above) through which Registrable
 Securities are held:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Full
 Legal Name of Natural Control Person (which means a natural person who directly or indirectly
 alone or with others has power to vote or dispose of the Securities covered by this Questionnaire):

2. Address for Notices to Selling Stockholder:

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| |
|:---|
| Telephone: _____________________________ |
| Email: _____________________________ |
| Contact Person: _____________________________ |

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3. Broker-Dealer Status:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Are
 you a broker-dealer?

Yes ☐ No ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 "yes" to Section 3(a), did you receive your Registrable Securities as compensation
 for investment banking services to the Company?

Yes ☐ No ☐

Note: If "no" to Section 3(b), the SEC's staff has indicated that you should be identified as an underwriter in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Are
 you an affiliate of a broker-dealer?

Yes ☐ No ☐

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|:---|:---|
| ![](ex10-11_002.jpg) | - 2 - |

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(d) If
 you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable
 Securities in the ordinary course of business, and at the time of the purchase of the Registrable
 Securities to be resold, you had no agreements or understandings, directly or indirectly,
 with any person to distribute the Registrable Securities?

Yes ☐ No ☐

Note: If "no" to Section 3(d), the SEC's staff has indicated that you should be identified as an underwriter in the Registration Statement.

4. Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.

Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any Securities of the Company other than the Registrable Securities and the Transaction Securities pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Type
 and Amount of other Securities beneficially owned by the Selling Stockholder:

5. Relationships with the Company:

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity Securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

State any exceptions here:

The undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective; **provided,** that the undersigned shall not be required to notify the Company of any changes to the number of Securities held or owned by the undersigned or its affiliates.

By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.

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**IN WITNESS WHEREOF** the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

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|:---|:---|
| Date: | Beneficial Owner: |
|  | By: |
|  | Name: |
|  | Title: |

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PLEASE EMAIL A .PDF COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

[________________________]

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|:---|:---|
| ![](ex10-11_002.jpg) | - 4 - |

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## Exhibit 10.12

**Exhibit 10.12**

**SECURITIES PURCHASE AGREEMENT**

This **Securities Purchase Agreement** (this "**Agreement**") is dated as of October 27, 2025, by and among TG-17, Inc., a Nevada corporation (together with its successors and, if permitted, assigns, the "**Company**"), and the purchasers identified on the signature pages hereto (each, an "**Initial Purchaser**" and, including their respective successors and permitted assigns, a "**Purchaser**").

**WHEREAS,** subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (together with the Regulations promulgated thereunder, the "**Securities Act**"), the Company desires to issue and sell to the Initial Purchasers, and the Initial Purchasers desire to purchase from the Company for cash and other valuable consideration, the Purchased Securities as defined and described more fully in this Agreement.

**NOW, THEREFORE,** in consideration of the representations, warranties and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I DEFINITIONS**

**1.1 Definitions.** When used in this Agreement, the following terms have the following meaning:

"**Affiliate**" means each Person that controls, is controlled by or is under common control with such Person or any Affiliate of such Person. For purpose of this definition, "control" and related words are used as such terms are used in and construed under Rule 405 under the Securities Act. Notwithstanding the foregoing, the Purchasers and their Subsidiaries, on the one hand, and the Company Parties and their Subsidiaries, on the other hand, shall not be considered "**Affiliates**" of each other.

"**AML/CTF Regulation**" has the meaning specified in **Section 3.1(jj).**

"**BHCA**" has the meaning specified in **Section 3.1(ff)**.

"**Board of Directors**" means the board of directors of the Company.

"**Business Day**" means any day except Saturdays, Sundays, any day that is a federal holiday in the United States and any day on which the Federal Reserve Bank of New York is not open for business.

"**Capital Lease**" means, as applied to any Person, any lease of, or other arrangement conveying the right to use, any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of such Person.

"**Capital Stock**" means all shares, participation or other equivalent (however designated) of capital stock (whether denominated as common stock or preferred stock), and all other equity interests, including all beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting.

"**Certificate of Designations**" means the Certificate of Designations, Preferences and Rights of the Series D Convertible Preferred Stock of the Company, in the form attached hereto as **Exhibit A** with such changes satisfactory to such Initial Purchaser.

"**Closing**" means the closing of the purchase and sale of the Purchased Securities pursuant to Section 2.1 and Section 2.5, as applicable.

"**Closing Date**" means the Trading Day on which, or next following the day on which, all of the Transaction Documents required to be executed or delivered prior to the Closing have been executed and delivered by the applicable parties thereto and all other conditions precedent to (i) each Initial Purchaser's obligations to pay the Purchase Price and (ii) the Company's obligations to deliver the Purchased Securities, in each case, have been satisfied or waived.

"**Closing Statement**" has the meaning specified in **Section 2.2(a)(xi).**

"**Common Stock**" means the common stock of the Company, par value $0.0001 per share, any Capital Stock into which such shares of common stock shall have been changed, and any share capital resulting from a reclassification of such common stock.

"**Common Stock Equivalents**" means any securities of any Company Party which would entitle the holder thereof to acquire at any time Common Stock, including whether or not presently convertible, exchangeable or exercisable, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to purchase, subscribe or otherwise receive, Common Stock.

"**Company Covered Person**" has the meaning specified in **Section 3.1(ll)**.

"**Company Party**" means each of the Company and its Subsidiaries.

"**Consents**" means any approval, consent, authorization, notice to, or any other action by, any Person other than any Governmental Authority.

"**Contractual Obligation**" means, with respect to any Person, any provision of any security or similar instrument issued by such Person or of any agreement, undertaking, contract, lease, indenture, mortgage, deed of trust or other instrument (other than a Transaction Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject.

"**Conversion Price**" means, with respect to the Series D Preferred Stock, the "Conversion Price" under and as defined in the Certificate of Designations.

"**Conversion Shares**" means the shares of Common Stock issuable upon conversion of the Series D Preferred Stock.

"**Currency Agreement**" means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement. For purposes of this definition, cryptocurrencies shall be considered currencies.

**"Default"** means any event which, with the passing of time or the giving of notice or both, would become an Event of Default.

"**Derivative**" means any Interest Rate Agreement, Currency Agreement, futures or forward contract, spot transaction, commodity swap, purchase or option agreement, other commodity price hedging arrangement, cap, floor or collar transaction, any credit default or total return swap, any other derivative instrument, any other similar speculative transaction and any other similar agreement or arrangement designed to alter the risks of any Person arising from fluctuations in any underlying variable, including interest rates, currency values, insurance, catastrophic losses, climatic or geological conditions or the price or value of any other derivative instrument. For the purposes of this definition, "derivative instrument" means "any derivative instrument" as defined in Statement of Financial Accounting Standards No. 133 (Accounting for Derivative Instruments and Hedging Activities) of the United States Financial Accounting Standards Board, and any defined with a term similar effect in any successor statement or any supplement to, or replacement of, any such statement.

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| ![](ex10-12_002.jpg) | -2- |

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"**Direct Listing**" means the listing of shares of Common Stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act.

"**Disclosure Certificate**" means a certificate disclosing detailed information about the Company Parties in form and substance satisfactory to each Initial Purchaser, together with any update with respect to any other information set forth in such certificate separately required to be provided pursuant to, and provided in accordance with, any Transaction Document.

"**Disqualification Event**" has the meaning specified in **Section 3.1(ll)**.

"**Dollars**" and the sign "**$**" each mean the lawful money of the United States of America.

"**Equity Line of Credit**" means any transaction involving a Contractual Obligation of any Person with a counterparty whereby such Person has an option to Sell its Securities to such counterparty over an agreed period of time and at future determined price or price formula, other than customary "preemptive" or "participation" rights or "weighted average" or "full-ratchet" anti-dilution provisions and other than in connection with fixed-price rights public offerings and similar transactions that are not Variable-Priced Equity-Linked Instruments.

"**Event of Default**" means any event constituting an "Event of Default" under and as defined in the Certificate of Designations.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Exchange Transaction**" has the meaning specified in **Section 4.6(b).**

"**Exempt Issuance**" means the issuance of (a) shares of Common Stock or options or other awards of Capital Stock or Stock Equivalents to employees, officers, directors, advisors or independent contractors of the Company Parties as compensation for services provided to any Company Party or any of their Subsidiaries; **provided**, that such issuance is approved by a majority of the board of directors of the Company; and **provided**, **further** that such issuance shall not exceed in the aggregate five percent (5%) of the outstanding shares of Common Stock without the prior approval of the Purchasers, (b) shares of Common Stock, warrants or options to advisors or independent contractors of any Company Party for compensatory purposes, (c) shares of the Company's Non-Voting Common Stock and Common Stock issuable upon the conversion of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock, Series CF-2 Preferred Stock, Series C Preferred Stock, and Series E Preferred Stock in connection with the Direct Listing or thereafter in accordance with the terms of the Certificates of Designation for such classes, (d) Securities upon the exercise or exchange of or conversion of any Transaction Securities issued hereunder and/or other Securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date hereof, **provided** that such Securities have not been amended since the date hereof to increase the number of such Securities or to decrease the exercise price, exchange price or conversion price of such Securities, (e) Securities issuable pursuant to any contractual anti-dilution obligations of the Company in effect as of the date hereof, **provided** that such obligations have not been materially amended since the date of hereof, and (f) Securities issued pursuant to acquisitions or any other strategic transactions approved by a majority of the disinterested members of the Board of Directors; **provided**, that (x) such acquisitions and other strategic transactions shall not include transactions in which any Company Party or any of its Subsidiaries is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities; (y) such Securities are not issued to persons who were officers, directors or other Related Parties or advisors or independent contractors of the Company Parties and its Subsidiaries prior to such acquisition or strategic transaction (unless such Securities are issued to such advisors or independent contractors for the purpose of compensation for work done solely in connection with such acquisition or other strategic transaction); (z) Securities issuable under the provisions of (i) an Equity Line of Credit extended by Ascent Partners Fund LLC or its designee or affiliate ("Ascent"); and (aa) Securities to be issued in connection with, or which become issuable as a result of, an additional private placement of preferred stock and warrants by the Company to Ascent concurrently with the Direct Listing. Notwithstanding the foregoing, "**Exempt Issuance**" shall not include an issuance of any Variable-Priced Equity Linked Instruments or any issuance pursuant to any Equity Line of Credit extended to the Company by any party other than Ascent.

"**Federal Reserve**" has the meaning specified in **Section 3.1(ff)**.

"**GAAP**" means United States generally accepted accounting principles as in effect from time to time, applied consistently throughout the periods referenced and consistently with (a) the principles and standards set forth in the opinions and pronouncements of the Financial Accounting Standards Board or any successor entity, (b) to the extent consistent with such principles, generally accepted industry practices and (c) to the extent consistent with such principles and practices, the past practices of the Company as reflected in its financial statements disclosed in the Disclosure Certificate.

"**Governmental Authority**" means any nation, sovereign or government, any state, province, territory or other political subdivision thereof, any municipality, any agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing, including any central bank stock exchange regulatory body, arbitrator, Trading Market or other exchange, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization (including the National Association of Insurance Commissioners).

"**Indebtedness**" means, with respect to any Person, without duplication, the following: (a) all indebtedness of such Person for borrowed money, (b) all merchant cash advances and similar arrangements and all other obligations of such Person to repay an advance, whether using receipts from sales of inventory, share of profits, Securities, or otherwise, (c) all obligations of such Person for the deferred purchase price of property or services other than accounts payable and accrued liabilities incurred in respect of property or services purchased in the ordinary course of business (**provided**, that such accounts payable and accrued liabilities are not overdue by more than 180 days), (d) all obligations of such Person evidenced by notes, bonds, debentures or similar borrowing or securities instruments, (e) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (f) all obligations of such Person as lessee under Capital Leases, (g) all reimbursements and all other obligations of such Person with respect to (i) letters of credit, bank guarantees or bankers' acceptances or (ii) surety, customs, reclamation, performance or other similar bonds, (h) all obligations of such Person secured by Liens on the assets of such Person, (i) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Capital Stock, Stock Equivalent (valued, in the case of redeemable preferred stock, at the greater of its voluntary liquidation preference and its involuntary liquidation preference plus accrued and unpaid dividends) or any warrants, rights or options to acquire such Capital Stock, (j) after taking into account the effect of any legally-enforceable netting Contractual Obligation of such Person, all payments that would be required to be made in respect of any Derivative in the event of a termination (including an early termination) on the date of determination and (k) all obligations of another Person of the type described in clauses (a) through (j) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) a Lien on the assets of such Person (whether or not such Person is otherwise liable for such obligations of such other Person).

"**Intellectual Property Rights**" means, collectively, all copyrights, patents, trademarks, service marks, trade names, internet domain names, and all applications for any of the foregoing or for any renewal thereof, together with: (i) all inventions, processes, production methods, proprietary information, know-how and trade secrets; (ii) all licenses or user or other agreements granted with respect to any of the foregoing, in each case whether now or hereafter owned or used; (iii) all customer lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys, engineering reports, test reports, manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs; (iv) all field repair data, sales data and other information relating to sales or service of products now or hereafter manufactured; (v) all accounting information and all media in which or on which any information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data; (vi) all applications for any of the foregoing and (vii) all causes of action, claims and warranties, in each case, now or hereafter owned or acquired in respect of any item listed above.

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"**Interest Rate Agreement**" means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement.

"**Issuable Securities**" means the Conversion Shares and the Warrant Shares, as well as any other shares of Common Stock either issued or required to be issued by the Company hereunder to any Initial Purchaser under any Transaction Document after the Closing Date, whether as payment for an Obligation or otherwise.

"**Legend Removal Date**" has the meaning specified in **Section 4.1(c)**.

"**Liabilities**" means all amounts, indebtedness, obligations, liabilities, covenants and duties of every type and description owing by any Company Party from time to time to any Purchaser or any other Purchaser Party, whether direct or indirect, joint or several, absolute or contingent, due or to become due, liquidated or unliquidated, accrued or not, mature or not, secured or unsecured, now existing or hereafter arising and however created, acquired (regardless of whether acquired by assignment), whether or not evidenced by any note or other instrument or for the payment of money and whether arising under Contractual Obligations, Regulations or otherwise, including, without duplication, (i) all amounts, fees, interest (including any prepayment premium), commissions, charges, costs, expenses, attorneys' fees and disbursements, indemnities, reimbursement of amounts paid and other sums chargeable to the Company under this Agreement or any other Transaction Document (including attorneys' fees) or otherwise arising under any Transaction Document and (ii) all interest on any item otherwise qualifying as a "Liability" hereunder, whether or not accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or similar Proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such Proceeding.

"**License Agreement**" has the meaning specified in **Section 3.1(m)**.

"**Lien**" means any lien (statutory or other) mortgage, pledge, hypothecation, assignment, security interest, encumbrance, charge, claim, right of first refusal, preemptive right, restriction on transfer or similar restriction or other security arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement and any capital or financing lease having substantially the same economic effect as any of the foregoing.

"**Lock-Up Agreements**" means each Lock-Up Agreement between a director or officer of the Company required to be delivered pursuant to **Section 2.2** of this Agreement. for the benefit of the Purchasers, and in the form attached hereto as **Exhibit D** with such changes satisfactory to each Initial Purchaser.

"**Losses**" means all liabilities, rights, demands, covenants, duties, obligations (including indebtedness, receivables and other contractual obligations), claims, damages, Proceedings and causes of actions, settlements, judgments, damages, losses (including reductions in yield), debts, responsibilities, fines, penalties, sanctions, commissions and interest, disbursements, Taxes, interest, charges, costs, fees and expenses (including fees, charges, and disbursements of financial, legal and other advisors, consultants and professionals and, if applicable, any value-added and other taxes and charges thereon), in each case of any kind or nature, whether joint or several, whether now existing or hereafter arising and however acquired and whether or not known, asserted, direct, contingent, liquidated, due, consequential, actual, punitive or treble.

"**Material Adverse Effect**" means material adverse effect on, or change in, (a) the legality, validity or enforceability of any portion of any Transaction Document or any transaction contemplated therein, (b) the operations, assets, business, prospects or condition (financial or otherwise) of any Company Party, or (c) the ability of any Company Party to perform on a timely basis its obligations under any Transaction Document for any reason whatsoever, whether foreseen or unforeseen, including due to pandemic, acts of a Governmental Authority, interruption of transportation systems, strikes, terrorist activities, interruptions of supply chains or acts of God.

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"**Maximum Rate**" has the meaning specified in **Section 6.12**.

"**Notice of Conversion**" has the meaning specified in **Section 4.1(e).**

"**Obligation**" means all amounts, indebtedness, obligations, liabilities, covenants and duties of every type and description owing by any Company Party from time to time to the Holder or any of their Purchaser Parties under any Transaction Document, whether direct or indirect, joint or several, absolute or contingent, due or to become due, liquidated or unliquidated, secured or unsecured, now existing or hereafter arising and however acquired (regardless of whether acquired by assignment), whether or not evidenced by any note or other instrument or for the payment of money, including, without duplication, (i) all amounts, fees, liquidated damages, commissions, charges, costs, expenses, attorneys' fees and disbursements, reimbursement of amounts paid and other sums chargeable to any Company Party under any Transaction Document or otherwise arising under any Transaction Document and (ii) all interest on any item otherwise qualifying as "Obligation" hereunder, whether or not accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or similar proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding.

"**OFAC**" has the meaning specified in **Section 3.1(dd)**.

"**Participation Maximum**" has the meaning specified in **Section 4.7(a)**.

**"Permit"** means, with respect to any Person, any permit, filing, notice, license, approval, variance, exception, permission, concession, grant, franchise, confirmation, endorsement, waiver, certification, registration, qualification, clearance or other Contractual Obligation or arrangement with, or authorization by, to or under the authority of, any Governmental Authority or pursuant to any Regulation, or any other action by any Governmental Authority in each case whether or not having the force of law and affecting or applicable to or binding upon such Person, its Contractual Obligations or arrangements or other liabilities or any of its property or to which such Person, its Contractual Obligations or any of its property is or is purported to be subject.

"**Person**" means an individual, partnership, corporation, incorporated or unincorporated association, limited liability company, limited liability partnership, joint stock company, land trust, business trust or unincorporated organization, or a government or agency, department or other subdivision thereof or other entity of any kind.

"**Pre-Notice**" has the meaning specified in **Section 4.7(b)**.

"**Principal Trading Market**" for any Security, means the then principal Trading Market for such Security, as listed in the applicable offering documents for such Security.

"**Proceeding**" against a Person means an action, suit, litigation, arbitration, investigation, complaint, dispute, contest, hearing, inquiry, inquest, audit, examination or other proceeding threatened or pending against, affecting or purporting to affect such Person or its property, whether civil, criminal, administrative, investigative or appellate, in law or equity before any arbitrator or Governmental Authority.

"**Pro Rata Portion**" means, with respect to a Purchaser and a group of Purchasers as of a particular date, the ratio of (i) the Purchase Price for the Purchased Securities purchased on or prior to such date by such Purchaser (including, for the avoidance of doubt its predecessors and assignors) that remain outstanding on such date to (ii) the aggregate Purchase Price for the Purchased Securities purchased by all Purchasers (including, for the avoidance of doubt, their predecessors and assignors) in such group on or prior to such date that remain outstanding on such date.

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"**Public Information Failure**" has the meaning specified in **Section 4.8(b)**.

"**Public Information Failure Payments**" has the meaning specified in **Section 4.8(b)**.

"**Purchase Price**" means, as to any Purchaser, the aggregate amount to be paid for the Series D Preferred stock and Warrants purchased hereunder as specified on **Schedule I**.

"**Purchaser Party**" has the meaning specified in **Section 4.14**.

"**Purchased Securities**" means the Series D Preferred Stock and the Warrants.

"**Registration Rights Agreement**" means that certain Registration Rights Agreement required to be delivered pursuant to **Section 2.2** of this Agreement, in the form attached hereto as **Exhibit C** with such changes satisfactory to each Initial Purchaser.

**"Regulation"** means, all international, federal, state, provincial and local laws (whether civil or common law or rule of equity and whether U.S. or non- U.S.), treaties, constitutions, statutes, codes, tariffs, rules, guidelines, regulations, writs, injunctions, orders, judgments, awards, decrees, rulings, ordinances and administrative or judicial precedents or authorities, including, in each case whether or not having the force of law, the interpretation or administration thereof by any Governmental Authority, all policies, recommendations, directives, requirements, determinations, guidance and requests of any Governmental Authority and all administrative orders, directed duties and stipulations entered by or with a Governmental Authority.

"**Related Parties**" of any Person means (i) such Person, (ii) each Affiliate of such Person, (iii) each Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, five percent (5%) or more of the Capital Stock having ordinary voting power in the election of directors of such Person or such Affiliate, (iv) each of such Person's or such Affiliate's officers, managers, directors, joint venture partners, partners and employees (and any other Person with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title or classification as a contractor under employment Regulations), (v) any lineal descendants, ancestors, spouse or former spouses (as part of a marital dissolution) of any of the foregoing, (vi) any trust or beneficiary of a trust, of which any of the foregoing are the sole trustees, that is established in whole or in part by any of the foregoing, or that is for the benefit of any of the foregoing. Notwithstanding the foregoing, the Purchasers and their Subsidiaries, on the one hand, and the Company Parties and their Subsidiaries, on the other hand, shall not be considered "**Related Parties**" of each other.

"**Required Filings**" means (a) any filing with any Governmental Authority required pursuant to **Section 4.9** or **4.10** or the Registration Rights Agreement and (b) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Transaction Securities and the listing of the Transaction Securities for trading thereon in the time and manner required thereby.

"**Required Purchasers**" means Purchasers holding more than fifty percent (50%) of the number of shares of Series D Preferred Stock and the number of Warrants then outstanding or, if no shares of Series D Preferred Stock or Warrant shall then be outstanding, more than fifty percent (50%) in interest of the Issuable Securities then issued and outstanding.

"**Reserve Amount**" means, as of any date, 250% of the maximum aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant to the Transaction Documents, calculated (i) including any Issuable Securities issuable upon conversion or exercise of the Purchased Securities, (ii) ignoring any conversion or exercise limits set forth therein, (iii) assuming that the Conversion Prices of the Series D Preferred Stock and the exercise prices of the Warrants are, at all times on and after the date of determination, the then-effective Conversion Prices or exercise prices, as the case may be, on the Trading Day immediately prior to the date of determination and (iv) adjusting all of the foregoing ratably to account for any reverse stock split or similar reclassification of the Common Stock.

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**"Restricted Payment"** means, for any Person, (a) any dividend, stock split or other distribution, direct or indirect (including by way of spin off, reclassification, corporate rearrangement, scheme of arrangement or similar transaction), on account of, or otherwise to the holder or holders of, any shares of any class of Capital Stock of such Person now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock of such Person by such Person or any Affiliate thereof now or hereafter outstanding, and (c) any payment made to retire, or to obtain the surrender of, any Stock Equivalents now or hereafter outstanding; **provided**, that, for the avoidance of doubt, (i) any cashless exercise of an employee stock option in which options are cancelled to the extent needed such that the "in-the-money" value of the options (i.e. the excess of market price over exercise price) that are cancelled is utilized to pay the exercise price, and applicable taxes, shall not constitute a "**Restricted Payment**" and (ii) a distribution of rights (including rights to receive assets) or options shall constitute a "**Restricted Payment**".

"**Rule 144**" means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any similar Regulation hereafter adopted by the SEC having substantially the same effect as such rule.

"**Rule 424**" means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended or interpreted from time to time, or any similar Regulation hereafter adopted by the SEC having substantially the same purpose and effect as such rule.

**"Sale"** means a sale, lease or sublease (as lessor or sublessor), sale and leaseback, conveyance, transfer, assignment or other disposition to, or any exchange of property (other than cash and cash equivalents) with, any Person of, or any other transaction permitting any Person to acquire, in one transaction or a series of transactions, any right, title or interest in, all or any part of a business or any property of any kind (other than cash and cash equivalents) including a sale, factoring at maturity, collection of or other disposal, with or without recourse, of any notes or accounts receivable and including acquiring or Selling any Derivative intended to transfer, or having the effect of transferring, any risk relating to any such right, title or interest in such business or property, including any risk of Loss relating to holding any such right, title or interest. To **"Sell"** shall have a correlative meaning.

"**Sanctioned Jurisdiction**" means, at any time, a country, territory or geographical region that is subject to, the target of, or purported to be subject to, Sanctions Laws.

"**Sanctioned Person**" means (a) any Person that is listed in the annex to, or otherwise subject to the provisions of, Executive Order 13224 – Blocking Property and Prohibiting Transactions with Persons Who Commit and Threaten to Commit or Support Terrorism, effective September 24, 2001; (b) any Person that is named in any Sanctions Laws-related list maintained by OFAC, including the "Specially Designated National and Blocked Person" list; (c) any Person or individual located, organized or resident or determined to be resident in a Sanctioned Jurisdiction that is, or whose government is, the target of comprehensive Sanctions Laws; (d) any organization or Person directly or indirectly owned or controlled by any such Person or Persons described in the foregoing clauses (a) through (c); and (e) any Person that commits, threatens or conspires to commit or supports "terrorism"," as defined in applicable United States Regulations.

"**Sanctions Laws**" means all applicable Regulations concerning or relating to economic or financial sanctions, requirements or trade embargoes imposed, administered or enforced from time to time by OFAC, including the following (together with their implementing Regulations, in each case, as amended from time to time): the International Security and Development Cooperation Act (ISDCA) (22 U.S.C. §23499aa-9 et seq.); the Patriot Act; and the Trading with the Enemy Act (TWEA) (50 U.S.C. §5 et seq.).

"**SEC**" means the United States Securities and Exchange Commission.

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"**SEC Reports**" has the meaning specified in **Section 4.9(b).** 

"**Securities**" means any Capital Stock, voting trust certificates, certificates of interest or participation in any profit sharing Contractual Obligation or arrangement, loans, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, any other item commonly known as "security," any other item treated as "security" under the Securities Act, the Investment Company Act of 1940, the Investment Advisers Act of 1940 or any other Regulation of the United States, any State, province or any political subdivision of either of them and any certificate of interest, share or participation in temporary or interim certificates for the purchase or acquisition of, or any option, warrant, right to subscribe to, purchase or acquire, or any Derivative valued by reference to, any item otherwise qualifying as Security hereunder.

"**Securities Act**" has the meaning specified in the recitals.

"**Short Sales**" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act.

"**Solvent**" means, with respect to any Person, that on the date of determination such Person is able to pay all liabilities of such Person as such liabilities mature and does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

**"Standard Enforceability Exceptions"** means (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally; (ii) as limited by Regulations relating to the availability of specific performance, injunctive relief or other equitable remedies; and (iii) insofar as indemnification and contribution provisions may be limited by applicable Regulations.

**"Stock Equivalents"** means all Securities and Indebtedness convertible into or exchangeable for Capital Stock or any other Stock Equivalent and all warrants, options, scrip rights, calls or commitments of any character whatsoever, and all other rights or options or other arrangements (including through a conversion or exchange of any other property) to purchase, subscribe for or acquire, any Capital Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable.

"**Subsequent Financing**" has the meaning specified in **Section 4.7** **(a).**

"**Subsequent Financing Notice**" has the meaning specified in **Section 4.7(b)**.

"**Subsidiary**" means, with respect to any Person, (a) if such Person is the Company, any subsidiary of the Company as set forth in, or otherwise required to be set forth in the Disclosure Certificate, whether before, on or after the date hereof, and (b) in any case, any other Person (other than natural persons) the management of which is, directly or indirectly, controlled by, or of which an aggregate of fifty percent (50%) or more of the outstanding Voting Stock is, at the time, owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of such Person.

"**Taxes**" means any present or future taxes, levies, imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever nature, including income, receipts, excise, property, sales, use, transfer, license, payroll, withholding, social security and franchise taxes now or hereafter imposed or levied by the United States or any other Governmental Authority and all interest, penalties, additions to tax and similar liabilities with respect thereto, but excluding, in the case of any Purchaser, taxes imposed on or measured by the net income or overall gross receipts of such Purchaser.

"**Third Party Exchange Transfer**" has the meaning specified in **Section 4.6(b).**

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"**Trading Day**" means a day on which the Principal Trading Market for the Common Stock is open for trading; **provided**, that, if the Common Stock does not trade on any Trading Market, "Trading Day" shall mean "Business Day".

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed, designated or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

"**Transaction Documents**" means this Agreement, the Disclosure Certificate, the Certificate of Designations, each Warrant, the Registration Rights Agreement, each Lock-Up Agreement, the Transfer Agent Instruction Letter, the Closing Statement, each Subsequent Financing Notice, each Notice of Conversion and each other agreement, notice and other document executed in connection with the transactions contemplated hereunder.

"**Transaction Securities**" means the Purchased Securities and the Issuable Securities.

"**Transfer Agent**" means VStock Transfer, LLC and any successor transfer agent for the Company's Common Stock.

"**Transfer Agent Instruction Letter**" means the letter from the Company to the Transfer Agent, duly acknowledged and agreed by the Transfer Agent, which instructs the Transfer Agent to issue the Issuable Securities pursuant to the Transaction Documents, in the form attached hereto as **Exhibit E** with such changes satisfactory to each Initial Purchaser.

"**UCC**" means the Uniform Commercial Code as from time to time in effect in the State of Nevada, or the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of the definitions related to or otherwise used in such provisions, as applicable.

"**Variable-Priced Equity-Linked Instrument**" has the meaning specified in **Section 4.6(a)**.

"**Voting Stock**" means Capital Stock of any Person (i) having ordinary power to vote in the election of any member of the board of directors or any manager, trustee or other controlling Persons of such Person (irrespective of whether, at the time, Capital Stock of any other class or classes of such entity shall have or might have voting power by reason of the happening of any contingency) and (ii) any Capital Stock of such Person convertible or exchangeable without restriction at the option of the holder thereof into Capital Stock of such Person described in clause (i) of this definition.

"**Warrant**" means the Warrants issued hereunder by the Company to each Initial Purchaser, in the form attached hereto as **Exhibit B** with such changes satisfactory to such Initial Purchaser.

"**Warrant Shares**" means the shares of Common Stock that may be purchased upon exercise of a Warrant in accordance with the terms of such Warrant.

**ARTICLE II PURCHASE AND SALE** 

**2.1 Closing**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Purchase.** On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and each Initial Purchaser agree, severally and not jointly, to purchase, a number of shares of Series D Preferred Stock set forth in **Schedule I** for such Initial Purchaser**,** and a number of Warrants set forth in **Schedule I** for such Initial Purchaser, in exchange for the Purchase Price set forth in **Schedule I** for such Initial Purchaser. In the case of the Series D Preferred Stock, this Purchase Price reflects the original issue discount shown on **Schedule I**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Mechanics**. At the Closing, (i) each Initial Purchaser shall deliver to the Company, without set off or counterclaim, via wire transfer to an account designated by the Company, such Initial Purchaser's Purchase Price in immediately available Dollars, (ii) the Company shall deliver to such Initial Purchaser, as set forth in **Section 2.2(a)**, its Purchased Securities and (iii) the Company and such Initial Purchaser shall deliver to each other the other items set forth in **clauses (a)** and **(b)** of **Section 2.2** respectively. Upon satisfaction of the terms and conditions set forth in **Section 2.3**, such Closing shall occur remotely by electronic exchange of Closing documentation using DocuSign or a similar service or, if the parties mutually agree, physically at any location chosen by the parties.

**2.2 Deliveries.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Deliveries to Initial Purchasers.** On or prior to the Closing, the Company shall deliver or cause to be delivered to each Initial Purchaser the following, each dated as of the Closing Date and in form and substance satisfactory to the Initial 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;(i) this Agreement, duly executed 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;(ii) the Disclosure Certificate, duly executed by the Company 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;(iii) the Series D Preferred Stock duly issued by the Company, equal to the amount set forth opposite for such Initial Purchaser on **Schedule I**, registered in the name of such Initial 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;(iv) Warrants duly issued by the Company, to purchase the number of shares of Common stock set forth for such Initial Purchaser on **Schedule I**, registered in the name of such Initial 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;(v) the Registration Rights Agreement, duly executed 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;(vi) Lock-Up Agreements duly executed by each officer and director 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;(vii) the Transfer Agent Instruction Letter, duly executed by the Transfer Agent in addition 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;(viii) legal opinions of counsel to the Company (including local counsel as may be requested by such Purchaser) in form and substance acceptable to such Initial 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;(ix) a certificate from each officer of each Company Party with respect to corporate authorization and incumbency, each in form and substance acceptable to such Initial Purchaser, attaching organizational documents, duly-adopted resolutions approving the Transaction Documents and good standing certificates of such Company 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;(x) an additional certificate from the Company, in form and substance acceptable to such Initial Purchaser, certifying as to the occurrence of various Closing conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a closing statement, duly executed by the Company, attaching a flow of funds, each in form and substance acceptable to such Initial Purchaser (the **"Closing Statement**"); 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;(xii) such other opinions, statements, agreements and other documents as such Initial Purchaser may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Deliveries to the Company.** On or prior to the Closing, each Initial Purchaser shall deliver or cause to be delivered to the Company, as applicable, the following, each duly executed by such Initial Purchaser and dated as of 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;(i) 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;(ii) the Registration Rights Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Lock-Up Agreements.

**2.3 Closing Conditions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Conditions to the Company's Obligations.** The obligations of the Company pursuant to **Section 2.1(a)** in connection with the Closing are subject to the satisfaction, or waiver in accordance with this Agreement, of the following conditions on or before 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;(i) the representations and warranties of each Purchaser contained herein shall be true and correct as of the Closing Date (unless expressly made as of an earlier date herein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements required to be performed by any Initial Purchaser on or prior to the Closing Date (other than the obligations set forth in **Section 2.1(a)** to be performed at the Closing) shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the delivery by each Purchaser of the items such Purchaser is required to deliver prior to the Closing Date pursuant to **Section 2.2(b)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conditions to the Initial Purchasers' Obligations.** The respective obligations of each Initial Purchaser pursuant to **Section 2.1(a)** in connection with the Closing are subject to the satisfaction, or waiver in accordance with this Agreement, of the following conditions on or before the Closing Date, both before and after giving effect to 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;(i) the representations and warranties of each Company Party contained in any Transaction Document shall be true and correct as of the Closing Date (unless expressly made as of an earlier date herein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements required to be performed by any Company Party or any on or prior to the Closing Date pursuant to any Transaction Document (other than the obligations set forth in **Section 2.1(a)** to be performed at the Closing) shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the items that the Company is required to deliver on or prior to the Closing Date pursuant to **Section 2.2(a)** shall have been delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there shall exist no Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no Material Adverse Effect shall have occurred from the date hereof through the Closing Date; 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;(vi) any other conditions to the Closing or the obligations of such Initial Purchaser contained herein or in the other Transaction Documents shall have been satisfied.

**2.4 Post-Closing Deliveries.** The Company shall deliver or cause to be delivered to the Initial Purchaser the following items by the following deadlines, each in form and substance satisfactory to the Initial Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within ten (10) Business Days following the end of the calendar month containing the Closing, proof of receipt of the Purchase Price from each party receiving a payment at Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one (1) Trading Day of any Person becoming a new Transfer Agent hereunder, a new Transfer Agent Instruction Letter issued by such new Transfer Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon request by the Initial Purchaser, such other opinions, statements, agreements and other documents as the Purchaser may reasonably require to effect the transactions contemplated in the Transaction Documents.

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**2.5 Direct Listing Closing.** On the date of the Direct Listing, upon the terms and subject to the conditions set forth herein (including, for the avoidance of doubt, the conditions set forth in Sections 2.2 and 2.3), the Company shall issue and sell to the Initial Purchaser, and the Initial Purchaser shall purchase from the Company, for an aggregate purchase price of $4,000,000, such number of shares of Series D Preferred Stock and Warrants as shall be set forth in Schedule I for such Initial Purchaser. The purchase and sale of such securities shall be consummated substantially concurrently with the Direct Listing. At such closing, (i) the Initial Purchaser shall deliver to the Company, without set off or counterclaim, via wire transfer to an account designated by the Company, the purchase price in immediately available Dollars, (ii) the Company shall deliver to the Initial Purchaser the applicable Purchased Securities as set forth in Section 2.2(a), and (iii) the Company and the Initial Purchaser shall deliver to each other the other items set forth in Sections 2.2(a) and 2.2(b), respectively. The obligations of the parties at the Direct Listing Closing shall be subject to the satisfaction or waiver of the conditions set forth in Sections 2.2 and 2.3, and the Company shall make such deliveries and take such actions as are required under Section 2.4 with respect to post-closing items. The Direct Listing Closing may occur remotely by electronic exchange of documentation or at such other place as the parties may mutually agree.

**ARTICLE III REPRESENTATIONS AND WARRANTIES**

**3.1 Representations and Warranties of the Company Parties**. The Company hereby makes the following representations and warranties as to each Company Party (and, to the extent provided in the any other Transaction Document, each other Company Party makes the following representations and warranties as, and to the extent applicable to, such Company Party) to each Purchaser as of the date hereof and the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Subsidiaries**. All direct and indirect Subsidiaries of the Company are set forth in the Disclosure Certificate, which Disclosure Certificate is deemed a part hereof. The Company owns, directly or indirectly, all Capital Stock and all Stock Equivalents of each of its Subsidiaries free and clear of any Liens, other than as set forth in the Disclosure Certificate on the date hereof, and all of the issued and outstanding shares of Capital Stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Organization and Qualification**. Each Company Party is a Person having the corporate form listed in the Disclosure Certificate, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization listed in the Disclosure Certificate and is duly qualified or licensed to transact business in its jurisdiction of organization, the jurisdiction of its principal place of business, and except where the failure to do so would not have a Material Adverse Effect, any other jurisdiction where such qualification is necessary to conduct its business or own the property it purports to own – and no Proceeding exists or has be instituted or threatened in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. Each Company Party has the right, power and authority to enter into and discharge all of its obligations under each Transaction Document to which it purports to be a party and has the right, power, authority, Permits and License Agreements to own its property and to carry on its business as presently conducted. No Company Party is engaged in the business of extending credit (which shall not include intercompany credit among the Company Parties) for the purpose of purchasing or carrying margin stock or any cryptocurrency, token or other blockchain asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Authorization; Enforcement**. The execution, delivery, performance by each Company Party of its obligations, and exercise by such Company Party of its rights under the Transaction Documents, including, if applicable, the sale of Purchased Securities under this Agreement, (i) have been duly authorized by all necessary corporate actions of such Company Party, (ii) except for the Required Filings, do not require any Consents or Permits that have not been obtained prior to the date hereof and each such Permit or Consent is in full force and effect and not subject of any pending or, to the best of any Company Party's knowledge, threatened, attack or revocation, and (iii) are not and will not be in conflict with or prohibited or prevented by or create a breach under (A) except for those that do not have a Material Adverse Effect, any Regulation or Permit, (B) any corporate governance document or resolution or (C) except for those that do not have a Material Adverse Effect, any Contractual Obligation or provision thereof binding on such Company Party or affecting any property of such Company Party. Upon execution and delivery thereof, each Transaction Document to which such Company Party purports to be a party shall constitute the legal, valid and binding obligation of such Company Party, enforceable against such Company Party in accordance with its terms, subject only to the Standard Enforceability Exceptions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance of the Transaction Securities**. Each Transaction Security is duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued in compliance with all applicable Regulations, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents or by applicable Regulations. The Company has reserved for issuance of the Issuable Securities from its duly authorized Capital Stock the number of shares of Common Stock required by **Section 4.5(a)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Capitalization**. The capitalization of the Company is as set forth in the Disclosure Certificate, which Disclosure Certificate also includes the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date hereof. The Company has not issued any Capital Stock or Stock Equivalent since the date of the most recent financial statements provided to the Initial Purchaser except (i) as set forth in the Disclosure Certificate, (ii) for the issuance of shares of Common Stock to employees pursuant to the Company's employee stock purchase plans and (iii) pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recent financial statements provided to the Initial Purchaser as set forth in the Disclosure Certificate. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in, or triggered by, the transactions contemplated by the Transaction Documents (including the issuance of the Transaction Securities in accordance with the terms of the applicable Transaction Documents), except as set forth in the Disclosure Certificate. There are no outstanding Stock Equivalents with respect to any Common Stock, and there are no Contractual Obligations by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents except as set forth in the Disclosure Certificate. The issuance and sale of the Transaction Securities will not obligate the Company to issue shares of Common Stock or any other securities to any Person (other than to any Purchaser) and will not result in a right of any holder of securities issued by any Company Party to adjust the exercise, conversion, exchange or reset price under any Stock Equivalent, except as set forth in the Disclosure Certificate. All of the outstanding shares of Capital Stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all securities Regulations, and no such outstanding share was issued in violation of any preemptive right or similar or other right to subscribe for or purchase securities or any other existing Contractual Obligation. No further approval or authorization of any stockholder or the Board of Directors, and no other Permit or Consent, is required for the issuance and sale of the Transaction Securities. Except as set forth in the Disclosure Certificate on the date hereof, there are no stockholders' agreements, voting agreements or other similar Contractual Obligations with respect to the Company's Capital Stock or Stock Equivalents to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's stockholders or other equity investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Private Company Financial Statements**. The Company has furnished or made available to each Initial Purchaser true, complete, and correct copies of the consolidated financial statements of the Company and its Subsidiaries as of and for the fiscal years ended December 31, 2024 and December 31, 2023, including balance sheets, income statements, statements of cash flows and any related notes (collectively, the "**Financial Statements**"). The Financial Statements (A) have been prepared in accordance with GAAP consistently applied, except as may be disclosed in the notes thereto or, in the case of unaudited interim statements, subject to customary year-end adjustments and the absence of footnotes, (B) fairly present in all material respects the consolidated financial position, results of operations and cash flows of the Company and its consolidated Subsidiaries as of the dates and for the periods indicated, and (C) are consistent with the books and records of the Company and its Subsidiaries in all material respects. The Company has no material liabilities or obligations, whether accrued, absolute, contingent, or otherwise, that are not disclosed in the Financial Statements or otherwise disclosed in writing to the Initial Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Material Adverse Effects; Undisclosed Events, Liabilities or Developments**. Since the date of the latest audited financial statements disclosed in the Disclosure Certificate: (i) there has been no event that has had, or could reasonably be expected to result in, a Material Adverse Effect, (ii) no Company Party has incurred any Indebtedness or other liability (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required by GAAP to be reflected in the Company's financial statements and not required to be disclosed in filings made with the SEC, (iii) no Company Party has altered its fiscal year or accounting methods; (iv) no Company Party has declared or made any Restricted Payment or entered in any Contractual Obligation to do so, (v) no Company Party has issued any Security to any officer, director or other Affiliate, and (vi) there has been no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to any Company Party, their Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by any Company Party under applicable securities Regulations at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Litigation**. Except as set forth in the Disclosure Certificate, there is no Proceeding (and, to the knowledge of the Company Parties, no such Proceeding has been threatened) against any Company Party of any Subsidiary of any Company Party or any current or former officer or director of any Company Party or any Subsidiary of any Company Party in its capacity as such which (i) adversely affects or challenges the legality, validity or enforceability of any Transaction Document or Transaction Security, (ii) involves the SEC or otherwise involves violations of securities Regulations or (iii) could, assuming an unfavorable result, have or reasonably be expected to result in a Material Adverse Effect, and none of the Company Parties, their Subsidiaries, or any director or officer of any of them, is or has been the subject of any Proceeding involving a claim of violation of or liability under securities Regulations or a claim of breach of fiduciary duty. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Labor Relations**. There is (i) no unfair labor practice at any Company Party, (ii) no unfair labor practice complaint pending (or, to the knowledge of any Company Party, threatened) against any Company Party or any Subsidiary of any Company Party before the National Labor Relations Board, (iii) no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is pending (or, to the knowledge of any Company Party, threatened) against any Company Party or any Subsidiary of any Company Party before the National Labor Relations Board, (iv) no strike, work stoppage or other labor dispute in existence (or, to the knowledge of any Company Party, threatened) involving any Company Party or any Subsidiary of any Company Party, (v) no union representation question existing with respect to the employees of any Company Party or any Subsidiary of any Company Party, as the case may be, (vi) no union organization activity that is taking place at any Company Party or any Subsidiary of any Company Party, except, in each case with respect to any matter specified in clauses (i) through (vi) above, for such matters that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of any Company Party's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with such Company Party or such Subsidiary, and none of the Company Parties nor any of their Subsidiaries is a party to a collective bargaining agreement. To the knowledge of the Company, the continued service to the Company Parties and their Subsidiaries of the executive officers of the Company Parties and their Subsidiaries is not, and is not expected to be, in violation of any material term of any Contractual Obligation in favor of any third party and does not subject any Company Party or any Subsidiary of any Company Party to any Loss with respect to any of the foregoing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Compliance**. No Company Party and no Subsidiary thereof, except as set forth in the Disclosure Certificate or as could not have or reasonably be expected to result in a Material Adverse Effect: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has any Company Party or any Subsidiary thereof received notice of a claim that it is in default under or that it is in violation of, any Contractual Obligation (whether or not such default or violation has been waived); (ii) is or has been in violation of any Regulation (including any judgment, decree or order of any Governmental Authority), and to the knowledge of each Company Party, no Person has made or threatened to make any claim that such a violation exists (including relating to taxes, environmental protection, occupational health and safety, product quality and safety, employment or labor matters) or (iii) has incurred, or could reasonably be expected to incur Losses relating to compliance with Regulations (including clean-up costs under environmental Regulations), nor have any such Losses been threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Permits**. Each Company Party and its Subsidiaries possess all Permits, each issued by the appropriate Governmental Authority, that are necessary to conduct their respective businesses as described in the Disclosure Certificate and which failure to possess could reasonably be expected to result in a Material Adverse Effect and no Company Party nor any Subsidiary thereof has received any notice of Proceedings relating to the revocation or modification of any such Permit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Title to Assets; Insurance**. Each Company Party and their Subsidiaries have good and marketable title in fee simple to all real property owned by them and good title in fee simple to all personal property owned or purported to be owned by any of them that is material to the business of any Company Party or any Subsidiary of any Company Party, in each case free and clear of all Liens except as set forth in the Disclosure Certificate and except for (i) Liens that do not materially affect the value of any such property and do not materially interfere with the use made and proposed to be made of such property by the Company Parties and their Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by any Company Party or any Subsidiary of the Company Parties (and any personal property if such lease is material to the business of any Company Party or any Subsidiary of any Company Party) are held by them under valid, subsisting and enforceable leases with which the Company Parties and their Subsidiaries party thereto are in compliance. The Company Parties and each of their Subsidiaries are insured by nationally reputable insurers against such losses and risks and in such amounts as management of the Company Parties believe to be prudent and customary in the businesses in which the Company Parties and their Subsidiaries are engaged. The Company Parties have no reason to believe that they will not be able to renew their existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue their business and, in each case, at a cost that would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Intellectual Property**. Each Company Party and each Subsidiary of the Company Parties have, or have rights to use, all Intellectual Property Rights they purport to have or have rights to use, which, in the aggregate for all such Company Party and such Subsidiary, constitute all Intellectual Property Rights necessary or required for use in connection with the businesses of the Company Parties and their Subsidiary as presently conducted. No Company Party and no Subsidiary of any Company Party has received a notice (written or otherwise) that any of the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, and, to the knowledge of each Company Party and its Subsidiaries, no event has occurred that permits, or would permit after notice or passage of time or both, the revocation, suspension or termination of such rights. No Company Party and no Subsidiary of any Company Party has received, since the date of the latest audited financial statements listed in the Disclosure Certificate, a written notice of a claim, nor has such a claim been threatened or could reasonably be expected to be made, and no Company Party and no Subsidiary of any Company Party otherwise has any knowledge that any slogan or other advertising device, product, process, method, substance or other Intellectual Property Right or goods or services bearing or using any Intellectual Property Right presently contemplated to be sold by or employed by Intellectual Property Right of any Company Party or any Subsidiary of any Company Party violate or infringe upon the rights of any Person, except as could not reasonably be expected to have a Material Adverse Effect. To the knowledge of each Company Party and its Subsidiaries, all such Intellectual Property Rights are enforceable (subject only to the Standard Enforceability Exceptions) and there is no existing infringement by another Person of any of the Intellectual Property Rights. Each Company Party and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Company Party and no Subsidiary of any Company Party has any Intellectual Property Right registered, or subject to pending applications, in the United States Patent and Trademark Office or any similar office or agency in the United States, any State thereof, any political subdivision thereof or in any other country, other than those set forth in the Disclosure Certificate on the date hereof (or any later updates acceptable to each Purchaser), or has granted any licenses with respect thereto other than as set forth in the Disclosure Certificate on the date hereof (or any later updates acceptable to each Purchaser). On the date hereof, the Disclosure Certificate also sets forth all Contractual Obligations or other arrangements of any Company Party or any Subsidiary of any Company Party as in effect on the date hereof pursuant to which such Company Party or such Subsidiary has a license or other right to use any Intellectual Property Right owned by another Person and the dates of the expiration of such Contractual Obligations or other arrangements (collectively, together with such Contractual Obligations or other arrangements as may be entered into by any Company Party or any Subsidiary of any Company Party after the date hereof, the "**License Agreements**"). All material License Agreements and related rights are in full force and effect, no default or event of default exists with respect thereto in respect of the obligations of licensor or with respect to any royalty or other payment obligations of any Company Party or any Subsidiary of any Company Party or any obligation of any Company Party or any Subsidiary of any Company Party with respect to manufacturing standards, quality control or specifications and each such Company Party or such Subsidiary is in compliance with the terms thereof in all material respects and no owner, licensor or other party thereto has sent any notice of termination or its intention to terminate such license or rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Transactions with Related Parties**. Except as set forth in the Disclosure Certificate, no Company Party and no Subsidiary of any Company Party is a party to any Contractual Obligation or other transaction with any Related Party that is not a Company Party or Subsidiary of a Company Party, including (a) investments by any Company Party or any Subsidiary thereof in such other Related Party, whether in Capital Stock, Stock Equivalents, other Securities, Indebtedness owing by such Related Party or otherwise, or Indebtedness owing to any such other Related Party and (b) transfers, sales, leases, assignments or other acquisitions or dispositions of any asset, in each case except for (x) transactions in the ordinary course of business on a basis no less favorable to the Company Parties and their Subsidiaries as would be obtained in a comparable arm's length transaction with a Person not a Related Party and (y) salaries and other director or employee or other staff compensation, including expense reimbursements and employee benefits, of the Company Parties and their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Internal Accounting Controls**. The Company Parties and their Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Effective as of the Direct Listing, the Company and its Subsidiaries shall have established disclosure controls and procedures for the Company and its Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed in the reports the Company is required to file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Certain Fees**. There is no Person (other than Maxim Group LLC and a Company Covered Person) that has been or will be paid (directly or indirectly) remuneration (including brokerage, finder's fee, commissions or similar fees) for solicitation of the Purchaser in connection with the sale of any Transaction Securities. No Purchaser has or shall have any obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this **Section 3.1(p)** that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **Private Placement**. Assuming the accuracy of each Purchaser's representations and warranties set forth in **Section 3.2**, no registration under the Securities Act is required for the offer and sale of the Transaction Securities by the Company to the Purchasers as contemplated hereby. The issuance and sale of the Transaction Securities under the Transaction Documents does not contravene the Regulations of any Trading Market of any Securities of any Company Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **Registration Rights**. Except as set forth in the Disclosure Certificate, no Person (other than as part of the Transaction Documents) has any right to cause any Company Party or any Subsidiary of any Company Party to effect the registration under the Securities Act of any Securities of any Company Party or any Subsidiary of any Company Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Registration and Listing Requirements.** The Company has taken no action designed to, or which to its knowledge is likely to have the effect of, denying the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating denying such registration. The Company has not, in the twelve (12) months preceding the date hereof, received notice from any Trading Market on which the Common Stock may be, is or has been listed or quoted (if any) to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company has no reason to believe that it will not be in compliance with all such listing and maintenance requirements of the Nasdaq Global Market within six (6) months from the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **Application of Takeover Protections**. The Company and the Board of Directors (or equivalent body) have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's Articles of Incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable as a result of any Purchaser or any Company Party fulfilling their obligations or exercising their rights under the Transaction Documents, including as a result of the Company's issuance of the Transaction Securities and the ownership of the Transaction Securities by any Purchaser or any Affiliate of any Purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **MNPI**. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, each Company Party confirms that none of the Company Parties, their Affiliates, or agents or counsel or any other Person acting on behalf of the foregoing has provided any Purchaser, any Purchaser Party or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that each Purchaser will rely on the foregoing representation in effecting transactions in securities of the Company. Each Company Party acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in **Section 3.2**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **No Integrated Offering**. Assuming the accuracy of each Purchaser's representations and warranties set forth in **Section 3.2**, no Company Party, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Purchased Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the Securities of the Company Parties are or may be listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **No General Solicitation**. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Transaction Securities by any form of general solicitation or general advertising. The Company has offered the Transaction Securities for sale only to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Foreign Corrupt Practices**. No Company Party and no Related Party of any Company Party, has done any of the following, directly or indirectly (including through agents, contractors, trustees, representatives and advisors): (i) made contributions or payments of, or reimbursement for, gifts, entertainment or other expenses, in each case that could reasonably be viewed as unlawful under U.S. or other Regulations related to foreign or domestic political activity or (ii) made payments to U.S. or other officials, judges, employees or other staff members of any Governmental Authority or other Persons viewed as government officials under any Regulation or to any foreign or domestic political parties, elected or union officials or campaigns in order to obtain, retain or direct business or obtain any improper advantage, and no part of the proceeds of the sale of Purchased Securities hereunder will be used, directly or indirectly, to fund any such payment; (iii) failed to disclose fully any contribution or other payment made by any Company Party or any Subsidiary of any Company Party (or made by any Person acting on the behalf of any of the foregoing) which could reasonably be viewed as in violation of U.S. or other Regulations; or (iv) any other activity in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, or any other Regulation sanctioning or purporting to sanction bribery, corruption and other improper payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **Accountants**. The Company's accounting firm is M&K CPAS, PLLC. To the knowledge and belief of the Company, such accounting firm is a registered public accounting firm as required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **No Disagreements with Accountants and Lawyers**. There are no disagreements of any kind presently existing, or reasonably anticipated by any Company Party to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company's ability to perform any of its obligations under any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **No Fiduciary or Advisory Relationship**. The Company acknowledges and agrees that each Purchaser is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby and has no business relationship with any Company Party or any of their Subsidiaries other than as an investor in Securities of the Company. The Company further acknowledges that no Purchaser is acting as a financial, legal, tax, investment or other advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser, any Purchaser Party or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' acquisition of the Purchased Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **Regulation M Compliance**. The Company has not, and to its knowledge no Company Party, Subsidiary of any Company Party or no one acting on any of their behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Transaction Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Transaction Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Transaction Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **Stock Option Plans**. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **Sanctions**. No Company Party and no Related Party of any Company Party, directly or indirectly (including through agents, contractors, trustees, representatives or advisors) (a) is in violation of any Sanctions Law or engages in, or conspire or attempts to engage in, any transaction evading or avoiding any prohibition in any Sanction Law, (b) is a Sanctioned Person or derive revenues from investments in, or transactions with Sanctioned Persons, (c) has any assets located in Sanctioned Jurisdictions or (d) deals in, or otherwise engages in any transactions relating to, any property or interest in property blocked pursuant to any Regulation administered or enforced by the U.S. Office of Foreign Assets Control ("**OFAC**"). The Company will not use, directly or indirectly, any part of the proceeds of the sale of Purchased Securities hereunder to fund, and none of the Company or the Company Parties, either directly or indirectly (including through agents, contractors, trustees, representatives or advisors), are engaged in any operations involving, the financing of any investments or activities in, or any payments to, a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **U.S. Real Property Holding Corporation**. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **Regulated Entities**. No Company Party and no Affiliate of any Company Party is 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**"). No Company Party and no Subsidiary or Affiliate of any Company Party owns or controls, directly or indirectly, individually or in the aggregate, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent 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. No Company Party and no Subsidiary or Affiliate of any Company Party, either individually or in the aggregate, directly or indirectly, exercise or has the ability to exercise a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. The Company is not an "investment company" and is not a company "controlled" by an "investment company," within the meaning of the Investment Company Act of 1940. The Company is not subject to regulation under the Public Utility Holding Company Act of 2005, the Federal Power Act, the Interstate Commerce Act or the Investment Company Act of 1940 or to any other Regulation or Permit limiting the Company's ability to incur indebtedness for borrowed money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **Use of Proceeds.** The proceeds of the sale of Purchased Securities hereunder shall be used as set forth in the Disclosure Certificate. No Company Party shall, nor shall any Subsidiary of any Company Party, use the proceeds of the sale of Purchased Securities hereunder (A) for the purpose of purchasing or carrying of "margin security" or "margin stock" within the meaning of Regulations U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 221 and 224, (B) for the compensation of executive officer and management or to make distributions, or repay Indebtedness owing to, any holder of any Security of the Company or (C) in any manner that might cause the purchase of the Series D Preferred Stock or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **Promotional Stock Activities**. No Company Party, no Subsidiary of any Company Party and none of their officers, directors, managers, affiliates or agents have engaged in any stock promotional activity that could give rise to a complaint, inquiry, or trading suspension by the SEC alleging (i) a violation of the anti-fraud provisions of the federal securities laws, (ii) violations of the anti-touting provisions, (iii) improper "gun-jumping; or (iv) promotion without proper disclosure of compensation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Tax Status**. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company Parties (i) have made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) have paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) have set aside on their respective books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes of any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company Parties know of no basis for any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **Seniority**. Except as set forth in the Disclosure Certificate on the date hereof, no Indebtedness or other claim against any Company Party is senior in right of payment or liquidation preference to the Series D Preferred Stock or the obligations associated therewith, whether with respect to dividends, liquidation, dissolution, or otherwise, other than capital lease obligations (which is senior only as to the property covered thereby).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **AML/CTF Regulations**. The operations of the Company Parties and their Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970 and other applicable money laundering and counter-terrorism financing Regulations (collectively, the "**AML/CTF Regulations**"), and no Proceeding by or before any Governmental Authority involving any Company Party or any Subsidiary of any Company Party with respect to any AML/CTF Regulation is pending or, to the knowledge of any Company Party or any such Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) **Disqualification Events**. No Company Party, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of any Company Party, no beneficial owner of twenty percent (20%) or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as such term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (as each such term is used and understood in Rule 506(d) of Regulation D under the Securities Act, each a "**Company Covered Person**") is (i) subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D under the Securities Act except for the events listed in Rule 506(d)(2) or (d)(3) of Regulation D under the Securities Act or (ii) is subject to any event that would result in a disciplinary disclosure under Item 11 of Form ADV if such Person was a "supervised person" (as defined for purposes of such Form ADV) of an investment adviser (a "**Disqualification Event**"). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **Subsidiary Rights**. Each Company Party has the unrestricted right to vote, and (subject to limitations imposed by applicable Regulation) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by any Company Party or any Subsidiary of any Company Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **Shell Company Status.** The Company has never been, and is not presently, an issuer identified as an entity that fits within the definition of "shell company" under Section 12b-2 and Rule 144 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **Full Disclosure**. All of the disclosures furnished on behalf of, and all of the representations and warranties made by, any Company Party in any Transaction Document and all statements contained in the Disclosure Certificate or any certificate or other document furnished or to be furnished to any Purchaser or any Purchaser Party or their attorneys or advisors pursuant to any Transaction Document are true and correct and none contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading. The Company Parties have responded to all questions in the due diligence questionnaire (and any amendment or additional questions or questionnaires) provided by the Initial Purchaser prior to the date hereof completely and truthfully and have provided in response all of the information available to them that would reasonably be qualified as responsive thereto, except where such Company Parties have indicated to the Initial Purchaser that specific information could not be provided and why. The press releases disseminated by the Company Parties during the twelve months preceding the date of this Agreement, taken as a whole, do not contain any untrue statement of a material fact or omit 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 and when made, not misleading.

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**3.2 Representations and Warranties of Each Purchaser**. Each Purchaser, severally and not jointly, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein in which case they shall be accurate as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Organization; Authority**. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, subject only to the Standard Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Own Account**. Such Purchaser understands that the Purchased Securities are "restricted securities" and have not been registered under the Securities Act or any applicable state securities law. Such Purchaser is acquiring the Transaction Securities acquired as of the date this representation is made as principal for its own account, in the ordinary course of business, and not with a view to or for distributing or reselling such securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any such Transaction Security in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of any such Securities in violation of the Securities Act or any applicable state securities law; **provided**, that nothing in this **clause (b)** shall be construed to limit such Purchaser's ability to sell such Securities or to require such Purchaser to hold any such Securities for any minimum or other specific term and such Purchaser reserves the right to dispose of any of such Securities at any time in accordance with an exemption from the registration requirements of the Securities Act and applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Purchaser Status**. At the time such Purchaser was offered or otherwise purchased or acquired the Purchased Securities, it was, and as of the date hereof it is, and on each date on which it converts the Series D Preferred Stock or otherwise acquires Issuable Securities it is and will be, a sophisticated investor accustomed to transactions like the purchase of the Purchased Securities hereunder and an "accredited investor" as defined under the Securities Act and the Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Experience of Such Purchaser**. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Purchased Securities and, at the present time, is able to afford a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **General Solicitation**. Such Purchaser is not acquiring any Purchased Security as a result of any advertisement, article, notice or other communication regarding Purchased Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Certain Transactions and Confidentiality**. Other than consummating the transactions contemplated hereunder, such Purchaser has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed any purchases or sales, including Short Sales, of the Securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, if such Purchaser is a multi-managed investment vehicle (whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets), the representation set forth above in this **clause (f)** shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to acquire the Purchased Securities covered by this Agreement.

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Each Company Party acknowledges and agrees that the representations and warranties of each Purchaser set forth in **Section 3.2** shall not modify, amend or affect any Purchaser's right to rely on the representations and warranties of any Company Party contained in this Agreement or in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby.

**ARTICLE IV OTHER AGREEMENTS OF THE PARTIES**

**4.1 Transfer Restrictions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transaction Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Transaction Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in **Section 4.1(b)**, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, at the Company's sole expense in the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Transaction Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Purchaser agrees, severally but not jointly, to the imprinting, for as long as is required by this **Section 4.1(b)**, of a legend on all of the Purchased Securities in the following form:

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY [CONVERTIBLE][EXCHANGEABLE] HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS, AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON [CONVERSION] [EXERCISE] OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company acknowledges and agrees that each Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of its Transaction Securities to a financial institution that is a sophisticated investor and an "accredited investor" as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Transaction Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the Company's expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Transaction Securities may reasonably request in connection with a pledge or transfer of the Transaction Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No certificate evidencing any Transaction Security shall contain any legend (including the legend set forth in **Section 4.1(b)**) in the following cases: (i) while a registration statement covering the resale of such Transaction Security is effective under the Securities Act; (ii) following any sale of such Transaction Security pursuant to Rule 144; (iii) if such Transaction Security is eligible for sale under Rule 144; or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC). The Company shall upon request of any Purchaser and at the Company's sole expense cause its counsel (or at such Purchaser's option, exercised in its sole discretion, counsel selected by such Purchaser) to issue a legal opinion to the Transfer Agent promptly after any of the events described in (i)-(iv) in the preceding sentence to effect the removal of any legend (including that described in **Section 4.1(b)**), with a copy to such Purchaser and its broker. If all or any portion of any Purchased Security is converted or exercised, respectively, at a time when there is an effective registration statement to cover the resale of the Issuable Securities, or if any Transaction Security may be sold under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) then such Issuable Security or Transaction Security shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this **Section 4.1(c)**, it will, no later than two (2) Trading Days following the delivery by any Purchaser to the Company or the Transfer Agent of a certificate representing a Transaction Security issued with a restrictive legend (such second (2<sup>nd</sup>) Trading Day being referred to as the "**Legend Removal Date**" of such Transaction Securities of such Purchaser), instruct the Transfer Agent to deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this **Section 4.1(c)**. Certificates for the Transaction Securities subject to legend removal hereunder shall be transmitted by the Transfer Agent to such Purchaser by crediting the account of such Purchaser's prime broker with the Depository Trust Company System as directed by such Purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition to such Purchaser's other available remedies, the Company shall pay to such Purchaser, in cash, as partial liquidated damages and not as a penalty, $1,000 per Trading Day for each Trading Day after the Legend Removal Date for such Transaction Securities of such Purchaser until such certificate is delivered without a legend. Nothing herein shall limit such Purchaser's right to pursue actual damages for the Company's failure to deliver certificates representing any Transaction Securities as required by the Transaction Documents, and each Purchaser shall have, severally and not jointly, the right to pursue all remedies available to it at law or in equity including a decree of specific performance and/or injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Conversion Procedures**. The form of "Notice of Conversion" (each a "**Notice of Conversion**") included in the Series D Preferred Stock of any Purchaser sets forth the totality of the procedures required of such Purchaser in order to convert such Series D Preferred Stock. Without limiting the preceding sentences, no ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be required in order to convert the Series D Preferred Stock. No additional legal opinion, other information or instructions shall be required of any Purchaser to convert the Series D Preferred Stock. The Company shall honor conversions of the Series D Preferred Stock, and shall deliver Transaction Securities in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

**4.2 No Claims Under Stockholder's Rights Plan**. No claim will be made or enforced by any Company Party or, with the consent of any Company Party, by any other Person, that any Purchaser Party is an "acquiring person" (or similar or equivalent term) under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser Party could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Transaction Securities under the Transaction Documents or under any other agreement between the Company and any Purchaser Party.

**4.3 Acknowledgment of Dilution**. The Company acknowledges that the issuance of the Transaction Securities may result in dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including its obligation to issue the Transaction Securities pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.

**4.4 Integration**. The Company shall not engage in any Sale, offer for Sale or engage in any solicitation of offers to buy, any Security (or otherwise negotiate in respect of any of the foregoing) that would be integrated with (i) the offer or sale of the Transaction Securities in a manner that would require the registration under the Securities Act of the sale of the Transaction Securities or (ii) the offer or sale of the Transaction Securities for purposes of the Regulations of any Trading Market of any Securities of any Company Party in a manner that would require shareholder approval prior to the closing thereof, unless such shareholder approval is obtained before such closing.

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**4.5 Reservation and Listing.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall reserve for issuance of the Issuable Securities from its duly authorized Capital Stock a number of shares of Common Stock at least equal to the higher of the Reserve Amount or such amount as may then be required to fulfill its obligations in full under the Transaction Documents. Upon a reverse stock split or increase in the authorized Common Stock of the Company, the Company will immediately instruct the Transfer Agent to reserve at least the new amount applicable under this **Section 4.5(a)** after giving effect to such stock split or increase. In addition, the Company shall update with the Transfer Agent at least monthly the amount reserved pursuant to this **Section 4.5(a)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Reserve Amount on such date, then the Board of Directors shall amend the Company's Articles of Incorporation (or equivalent governing document) to increase the number of authorized but unissued shares of Common Stock to the Reserve Amount at such time, as soon as possible and in any event not later than the 60<sup>th</sup> day after such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall, if applicable: (i) in the time and manner required by the Principal Trading Market for the Common Stock, prepare and file with such Principal Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Reserve Amount on the date of such application; (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing or quotation on such Principal Trading Market as soon as possible thereafter; (iii) provide to each Purchaser evidence of such listing or quotation; and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the Reserve Amount on such date on such Principal Trading Market or any other Trading Market for such Common Stock.

**4.6 Issuances of Variable-Priced Equity-Linked Instruments and Exchanges Transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Issuance of Variable-Priced Equity-Linked Instruments.** For as long as any shares of Series D Preferred Stock, Warrant or Obligation remains outstanding, no Company Party shall effect, or enter into any Contractual Obligation to effect, any issuance by any Company Party or any Subsidiary of a Variable-Priced Equity-Linked Instrument. "**Variable-Priced Equity-Linked Instrument**" means (A) any Stock Equivalent convertible into, exercisable or exchangeable for, or carrying the right to receive, shares of Common Stock or any other Securities of any Company Party either (1) at any conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for such Common Stock or Securities at any time after the initial issuance of such Stock Equivalent, or (2) with a conversion, exercise or exchange price that is subject to being reset on more than one occasion at some future date at any time after the initial issuance of such Stock Equivalent due to a change in the market price of such Common Stock or Securities since such initial issuance (other than customary "preemptive" or "participation" rights or "weighted average" or "full-ratchet" anti-dilution provisions or in connection with fixed-price rights offerings and similar transactions), and (B) any amortizing, convertible Stock Equivalent that amortizes prior to its maturity date, where any Company Party is required or has the option to (or any investor in such transaction has the option to require such Company Party to) make such amortization payments in shares of Common Stock or other Securities which are valued at a price that is based upon and/or varies with the trading prices of or quotations for Common Stock or other Securities at any time after such initial issuance of such Stock Equivalent (regardless of whether making such payments in such manner is subject to various conditions). Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any issuance of any Variable-Priced Equity-Linked Instrument (without the need for the posting of any bond or similar item, which the Company hereby expressly and irrevocably waives the requirement for), which remedy shall be in addition to any right to collect damages. Notwithstanding the foregoing, the term "Variable-Priced Equity-Linked Instrument" shall exclude: (i) an Equity Line of Credit extended by Ascent Partners Fund LLC or its designee or affiliate ("Ascent"); and (ii) all Securities to be issued in connection with, or which become issuable as a result of, an additional private placement of preferred stock and warrants by the Company to Ascent concurrently with the Direct Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Exchange Transactions.** For as long as any Series D Preferred Stock, Warrant or Obligation remains outstanding, no Company Party, no Related Party of any Company Party will, directly or indirectly (including through agents, contractors, trustees, representatives or advisors): (a) solicit, initiate, encourage or accept any other inquiries, proposals or offers from any Person relating to any exchange (i) of any Security of any Company Party for any other Security of any Company Party, except to the extent consummated pursuant to the terms of Stock Equivalents of the Company as in effect as of the date hereof and disclosed in the Disclosure Certificate on the date hereof or (ii) of any Indebtedness for any Security of, or claim against, any Company Party (any such transaction described in clauses (i) or (ii), an "**Exchange Transaction**"); (b) enter into, effect, alter, amend, announce or recommend to its stockholders any Exchange Transaction with any Person; or (c) participate in any discussions, conversations, negotiations or other communications with any Person regarding any Exchange Transaction, or furnish to any Person any information with respect to any Exchange Transaction, or otherwise cooperate in any way, assist or participate in, facilitate or encourage, any effort or attempt by any Person to seek an Exchange Transaction involving any Company Party. Notwithstanding the foregoing, the definition of "Exchange Transaction" shall not include the conversion of debt to Preferred Shares by Eastward Fund Management, LLC. For as long as any Series D Preferred Stock, Warrant or Obligation remains outstanding, no Company Party and no Related Party of any Company Party, will, either directly or indirectly (including through agents, contractors, trustees, representatives or advisors), cooperate in any way, assist or participate in, facilitate or encourage any effort or attempt by any Person to effect any acquisition of securities or indebtedness of, or claim against, the Company by such Person from an existing holder of such securities, indebtedness or claim in connection with a proposed exchange of such securities or indebtedness of, or claim against, the Company (whether pursuant to Section 3(a)(9) or 3(a)(10) of the Securities Act or otherwise) (a "**Third Party Exchange Transfer**"). The Company Parties and each of their Related Parties shall immediately cease and cause to be terminated all existing discussions, conversations, negotiations and other communications with any Persons with respect to any of the foregoing. For all purposes of this Agreement, violations of the restrictions set forth in this **Section 4.6(b)** by any Company Party, or any Subsidiary or Affiliate of any Company Party, or any officer, employee, director, agent or other representative of any Company Party or any Subsidiary or Affiliates of any Company Party shall be deemed a direct breach of this **Section 4.6(b)** by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Other Offerings.** For as long as any share of Series D Preferred Stock, Warrant or Obligation remains outstanding, except with the consent of the Required Purchasers and except for Exempt Issuances, no Company Party shall, without the consent of the Required Purchasers, directly or indirectly, issue, offer, Sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, Sale, grant of any option or right to purchase or other disposition of) any Indebtedness, equity-linked lined of credit, factoring or other financing arrangement or Security (including any "equity security" (as that term is defined under Rule 405 promulgated under the Securities Act), or otherwise amend, modify, waive or alter any terms of conditions of any Security outstanding as of the date hereof to decrease the exercise, conversion and/or exchange price, as applicable, thereunder or otherwise increase the aggregate number of shares of Common Stock issuable in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Purchaser shall, severally and not jointly, be entitled to obtain injunctive relief against any Company Party to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Most Favorable Terms.** For so long as any Series D Preferred Stock, Warrant or any Obligation remains outstanding, if the Company grants, issues, Sell or modifies any term of, any Securities (including the Series D Preferred Stock or Warrants) or Indebtedness in the future or has entered into on or prior to the date of this Agreement, or shall in the future enter into, any Contractual Obligation with any purchaser or holder of any Securities or Indebtedness of the Company, in each case that provides any purchaser or holder of any such Security or Indebtedness with any term that is more favorable than a term available to the Purchasers in the Transaction Documents, the Company shall notify each Purchaser of such term in writing on or before the date that is three (3) Trading Days after the date of such grant, issuance, Sale or modification or, as the case may be, of execution of such Contractual Obligation, and each Purchaser shall have the right, by notifying the Company of its election to do so, to elect in writing within thirty (30) days of the receipt of such notice to elect to have such terms apply to such Transaction Documents. Upon effective delivery of such notice from a Purchaser, the applicable Transaction Documents shall, automatically and without any further action (and notwithstanding the requirements of **Section 6.3)**, be deemed to be amended to include such more favorable term (and, if applicable, replace any less favorable term). On the next Trading Day following receipt of such notice and request from such Purchaser, the Company shall deliver an acknowledgment of such amendment in form and substance satisfactory to such Purchaser in its sole discretion; **provided**, that the Company's failure to timely provide such acknowledgement shall not change the effectiveness of such amendment.

**4.7 Right of First Refusal.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the next eighteen (18) full calendar months following the Closing, upon any issuance by any Company Party of Common Stock, any other Capital Stock or Stock Equivalents or other Indebtedness or other equity or debt or hybrid securities, including any preferred Capital Stock, Equity Line of Credit and convertible Indebtedness, whether for cash consideration or a combination of units thereof, (a "**Subsequent Financing**"), each Purchaser shall have the right to participate up to its Pro Rata Portion (measured against all Purchasers) of (i) in the case of any issuance qualifying as an Equity Line of Credit, 100% and (ii) otherwise, 33.33% of such issuance (the "**Participation Maximum**") on the same terms, conditions and price provided for in the Subsequent Financing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least three (3) Trading Days (eight (8) hours in case of a Subsequent Financing structured as a public offering or as an "overnight" deal or other similar transaction) prior to the closing of a Subsequent Financing, the Company shall deliver to each Purchaser a written notice of its intention to effect a Subsequent Financing ("**Pre-Notice**"), which Pre-Notice shall ask such Purchaser if it wants to review the details of such financing (each additional notice containing such details, a "**Subsequent Financing Notice**"). The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Persons through or with whom such Subsequent Financing is proposed to be effected, the Pro Rata Portion of the Participation Maximum of such Purchaser, an inquiry as to whether such Purchaser is willing to participate above their Pro Rata Portion (and what is the maximum amount such Purchaser is willing to commit), and shall include a term sheet or similar document relating thereto as an attachment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Purchaser desires to participate in such Subsequent Financing, such Purchaser must provide written notice to the Company within one (1) Trading Day of receipt of the Subsequent Financing Notice (eight (8) hours in the event of a Subsequent Financing structured as a public offering or as an "overnight" deal or other similar transaction) that such Purchaser is willing to participate in the Subsequent Financing, the maximum amount for which such Purchaser would be willing to participate if it is allocated to it (up to the Participation Maximum), and representing and warranting that the Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At first, each Purchaser shall first have the right to purchase its Pro Rata Portion (measured against all Purchasers) of the Participation Maximum. If some Purchasers have declined to participate in such Subsequent Financing, and some portion of the Participation Maximum remains unallocated, each Purchaser having agreed to participate above its current allocation shall be allocated its Pro Rata Portion (measured against all Purchaser having so agreed) of the next dollar – and so on and so forth until the Participation Maximum shall be fully allocated or all Purchasers shall have been given their desired allocation in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The transaction documents related to any Subsequent Financing applicable to any Purchaser participating in such Subsequent Financing shall not include any term or provision whereby such Purchaser shall be required to agree to any restrictions on trading as to any of the Transaction Securities. In addition, the transaction documents related to the Subsequent Financing shall not include any requirement to consent to any amendment to or termination of, or grant any waiver, release or other modification or the like under or in connection with, this Agreement, without the prior written consent of the number of Purchasers required hereunder to consent to this amendment, termination, waiver, consent, release or other modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this **Section 4.7(f)** and unless otherwise agreed to by the applicable Purchaser, the Company shall either confirm in writing to each Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that each Purchaser will not be in possession of any material, non-public information, by the fifth (5<sup>h</sup>) Trading Day following delivery of the Subsequent Financing Notice. If by such fifth (5<sup>th</sup>) Trading Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by the Purchaser, such transaction shall be deemed to have been abandoned and the Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, this **Section 4.7** shall not apply in respect of an Exempt Issuance or to any issuance of "Permitted Debt" (as defined under the Certificate of Designations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Section 4.7 shall terminate if, at the time of the Direct Listing, the Purchaser has not purchased preferred stock of the Company for an aggregate purchase price of at least $5,000,000.

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**4.8 Public Disclosures and Notices.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the date of the Direct Listing, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act once obtained and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time during after the Direct Listing and ending at such time that all of the Transaction Securities have been sold or may be sold by the Purchasers without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a "**Public Information Failure**") then, in addition to any Purchaser's other available remedies, the Company shall pay to each Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell its Transaction Securities, an amount in cash equal to two percent (2.0%) of the aggregate Purchase Price of such Purchaser's Purchased Securities on the day of a Public Information Failure and on every thirtieth (30<sup>th</sup>) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for such Purchaser to transfer pursuant to Rule 144 any Transaction Securities. The payments to which such Purchaser shall be entitled pursuant to this **Section 4.8(b)** are referred to herein as "**Public Information Failure Payments**." Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3<sup>rd</sup>) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments when required by the preceding sentence, such Public Information Failure Payments shall bear interest at the rate of two percent (2.0%) per month (accruing and due daily and prorated for partial months) until paid in full. Nothing herein shall limit each Purchaser's right to pursue actual damages for the Public Information Failure, and each Purchaser shall have the right to pursue all remedies available to it at law or in equity including a decree of specific performance and/or injunctive relief and recovery of loss profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall immediately notify each Purchaser in writing of (i) any Disqualification Event relating to any Company Covered Person and (ii) any event that, with the passage of time, would become such a Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall immediately notify each Purchaser in writing of the occurrence of any Default, Event of Default and any other failure to comply with any Warrant or any other Transaction Document. Each Company Party shall promptly (and in any event within five (5) Business Days) provide to each Purchaser Party any documents or other information requested by such Purchaser Party to determine compliance with any provision of any Transaction Document.

**4.9 Securities Laws Disclosures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Disclosure of Transaction Documents.** The Company shall publicly disclosure the Transaction Documents by including such Transaction Documents as exhibits to the registration statement for the Direct Listing. The Company represents and warrants to, and agree with, each Purchaser Party that, from and after such disclosure, it shall have publicly disclosed all material, non-public information delivered to any Purchaser Party or their Related Parties (or their respective agents, contractors, trustees, representatives and advisors) by any Company Party (including through agents, contractors, trustees, representatives and advisors) in connection with the transactions contemplated by the Transaction Documents. Thereafter, to the extent any new Transaction Document (including any notice provided thereunder) could be argued to include any material non-public information, the Company shall: (i) prior to the Direct Listing include such Transaction Documents as exhibits to a pre-effective amendment to the registration statement for the Direct Listing; and (ii) from and after the Direct Listing, within two (2) Trading Days disclose such Transaction Document on Form 8-K. From and after such disclosure, the Company represents and warrants to each Purchaser Party that it shall have publicly disclosed (and shall ensure that as part of such disclosure and thereafter it shall publicly disclose within two (2) Trading Days) all material, non-public information delivered to any Purchaser Party or any of their Related Parties (or their respective agents, contractors, trustees, representatives and advisors) by any Company Party or any of their Affiliates or any of their respective Related Parties (or their respective agents, contractors, trustees, representatives and advisors), in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon such disclosure, any and all confidentiality or similar obligations under any Contractual Obligation, whether written or oral, between any Company Party, any of their Affiliates or any of their respective Related Parties (or their respective agents, contractors, trustees, representatives and advisors), on the one hand, and any Purchaser Party or any of their Related Parties (or their respective agents, contractors, trustees, representatives and advisors), on the other hand, shall immediately terminate and, from and after such disclosure, no such obligations shall be valid, even if entered into after the date of this Agreement (unless such obligation specifically mentions and refers to this **clause (a)** as inapplicable in a writing signed by such Purchaser Party), including "click through" agreements and confidentiality clauses incorporated in larger agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Financing Statements and Other Periodic Filings.** From and after the date the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall timely file all reports, schedules, forms, statements, and other documents required to be filed by it under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, taking into account any extensions of time duly granted by the SEC (the foregoing materials, including any exhibits and documents incorporated by reference therein, and including any registration statements and prospectuses, collectively, the "SEC Reports"). All SEC Reports shall comply in all material respects with the requirements of the Securities Act and the Exchange Act and shall not, when filed (or, if amended or supplemented, then as of the date of such amendment or supplement), contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. The financial statements and other financial data included in the SEC Reports shall comply in all material respects with applicable accounting requirements and SEC rules and regulations and shall fairly present in all material respects the consolidated financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of the dates and for the periods indicated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Investor Access**. For so long as any Initial Purchaser holds any securities of the Company, the Company shall deliver to such Initial Purchaser, upon request, copies of its Financial Statements (including quarterly and annual financial statements), and such other material financial or corporate information reasonably requested by such Initial Purchaser. If the Company becomes subject to SEC reporting obligations, it shall be deemed to have satisfied such delivery obligations to the extent such materials are made publicly available on the SEC's EDGAR website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Private Transaction.** This is a private transaction negotiated with, and tailored to, each Purchaser and no Securities were offered or sold to any Purchaser by means of any form of general solicitation or general advertising. This transaction does not rely on Regulation D under the Securities Act (and, therefore, the Company does not intend or need to file a Form D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Press Releases.** The Company and the Initial Purchasers shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and no Company Party or Initial Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Initial Purchaser, or without the prior consent of the Initial Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by Regulation, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Irrespective of the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the SEC or any Trading Market or any other Governmental Authority, without the prior written consent of such Purchaser, except as required by Regulations, in which case the Company shall provide to such Purchaser prior notice of such disclosure permitted under this **clause (e)**.

**4.10 Custodians; Freely Tradeable and Trading Markets Listing**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DWAC.** The Company shall ensure that its shares of Common Stock are and remain eligible for the "Deposit and Withdrawal at Custodian" (DWAC) service of the Deposit Trust Corporation and not subject to any restriction or limitation imposed by or on behalf of the Deposit Trust Corporation on any of its services or any other restriction or limitation on the use of the services provided by the Deposit Trust Corporation (DTC chill).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Freely Tradeable.** The Company shall ensure that all Issuable Securities are "freely tradeable" following the consummation of the Direct Listing. For the purposes of this **Section 4.10(b)**, such shares shall be deemed "**freely tradeable**" if such shares are eligible for resale pursuant to (i) Rule 144 (provided the Company is compliant with its current public information requirements) promulgated by the SEC pursuant to the Securities Act or such shares are the subject of a then effective registration statement or (ii) an effective "shelf" or resale registration statement under the Securities Act, in customary form, is effective under the Securities Act, registering the resale of such Transaction Securities by such security holder and names such holder as a selling security holder thereunder, and such registration statement is reasonably acceptable such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Trading Markets.** Following the consummation of the Direct Listing, the Company shall use its best efforts to ensure that all Issuable Securities are listed or quoted for uninterrupted trading on a Trading Market.

**4.11 Trading Activities of Purchasers**. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Company that (i) no Purchaser has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling Transaction Securities of the Company or from entering into Short Sales or Derivatives based on securities issued by the Company or to hold the Transaction Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser, specifically including Short Sales or Derivatives, before or after the Closing, as well as the closing of any future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities, (iii) each Purchaser, and counter-parties in Derivatives to which any Purchaser is a party, directly or indirectly, may presently have a "short" position in the shares of Common Stock and (iv) no Purchaser shall be deemed to have any affiliation with or control over any arm's length counter-party in any Derivative. The Company further understands and acknowledges that (y) each Purchaser may engage in hedging activities at various times during the period that the Transaction Securities are outstanding, including, during the periods that the value of the Issuable Securities deliverable with respect to Transaction Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities and Derivatives do not constitute a breach of any of the Transaction Documents.

**4.12 Material Non-Public Information**. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, each Company Party covenants and agrees that neither it, nor any of its Affiliates, nor any other Person acting on its behalf, will provide any Purchaser, any Purchaser Party or their respective agents or counsel with any information that any Company Party believes constitutes material non-public information, unless prior thereto such information is disclosed to the public, or such Purchaser shall have entered into a written agreement with the Company regarding the confidentiality and use of such information. There has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control (as each such term is defined in the Certificate of Designations) that has not been consummated. No Purchaser has been provided by any Company Party or any Related Party of any Company Party any information, that constitutes, or may constitute, material non-public information with respect to any Company Party. The Company understands and confirms that each Purchaser shall be relying on the foregoing representations, warranties and covenants in effecting transactions in securities of the Company.

**4.13 Credit Reports and Inquiries**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Credit Reports.** Each Company Party authorizes the Purchaser Parties, their agents and representatives and any credit reporting agency engaged by any Purchaser Party, to (i) investigate any references given or any other statements or data obtained from or about the Company Parties for the purpose of the Transaction Documents, (ii) obtain consumer business credit reports on the Company Parties, (iii) contact personal and business references provided by any Company Parties, at any time now or for so long as any amounts remains unpaid under the Transaction Documents, and (iv) share information regarding the Company Parties' performance under this Agreement with affiliates and unaffiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Credit Inquiries.** Each Company Party hereby authorizes the Purchasers (but they shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Company Party.

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**4.14 Indemnification of Each Purchaser Party**. Each Company Party shall, jointly and severally, indemnify against, and hold harmless from, each Purchaser, its Related Parties, each Person who controls any of them (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and their agents, contractors, trustees, representatives and advisors (each, a "**Purchaser Party**") any and all Losses that any Purchaser Party may suffer or incur as a result of or relating to any of the following: (a) the execution, existence, administration, performance or enforcement by any Purchaser Party of any of the Transaction Documents or consummation of any transaction described therein, including any real or alleged untrue statement of a material fact, or real or alleged omission of any material fact, in any SEC Report, including any registration statement, or any prospectus or any amendment or supplement thereto, (b) the existence of, perfection of, a Lien upon or the Sale or collection of, or any other damage, Loss, failure to return or other realization upon any collateral, (c) any representation or warranty of any Company Party or any of their Related Parties in any Transaction Document being untrue when made or the failure of any Company Party or any of their Related Parties (whether directly or through their agents, contractors, trustees, representatives and advisors) to observe, perform or discharge any of the covenants or duties under any of the Transaction Documents, or (d) any Proceeding, whether or not any Purchaser Party is a party thereto (including Proceedings instituted by any Governmental Authority or any holder of any equity interest in, or other direct or indirect investor in, the Company who is not an Affiliate of such Purchaser Party) with respect to any of the Transaction Documents or the transactions contemplated therein. Additionally, if any Taxes (excluding Taxes imposed upon or measured solely by the net income of the recipient of any payment made under any Transaction Document, but including any intangibles tax, stamp tax, recording tax or franchise tax) shall be imposed on any Company Party or Purchaser Party, whether or not lawfully payable, on account of the execution or delivery of this Agreement, or the execution, delivery, issuance or recording of any of the other Transaction Documents, or the creation or repayment of any of obligations hereunder, by reason of any applicable Regulations now or hereafter in effect, each Company Party shall, jointly and severally, pay (or shall promptly reimburse such Purchaser Party for the payment of) all such Taxes, including any interest, penalties, expenses and other Losses with respect thereto), and will indemnify and hold the Purchaser Parties harmless from and against all Losses arising therefrom or in connection therewith. **The foregoing indemnities shall not apply to Losses (x) incurred by any Purchaser Party as a result of its own gross negligence or willful misconduct as determined by a final non-appealable order of a court of competent jurisdiction or (y) incurred by any Purchaser Party and directly and solely caused by the Company Parties including in SEC Reports or any prospectus or any amendment or supplement thereto information about such Purchaser Party provided by such Purchaser Party and approved by such Purchaser Party for inclusion in such filing.** Notwithstanding anything to the contrary in any Transaction Document, the obligations of the Company Parties with respect to each indemnity given by them in this Agreement or any of the other Transaction Documents in favor of the Purchaser Parties shall survive the termination of this Agreement. The indemnification required by this **Section 4.14** shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnification contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against any Company Party or others and any liabilities any Company Party may be subject to pursuant to any Regulation.

**ARTICLE V [RESERVED]**

**ARTICLE VI MISCELLANEOUS** 

**6.1 Termination and Survival**. This Agreement may be terminated by each Purchaser, as to the Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the Company and the other Purchasers, if the Closing has not occurred on or before the tenth (10<sup>th</sup>) Business Day following the date hereof. Termination of this Agreement will not affect the right of any party to sue for any breach by any other party (or parties) prior to such termination. The representations and warranties, covenants and other provisions hereof shall survive the Closing and the delivery of the Purchased Securities. Notwithstanding any termination of any Transaction Document, the reimbursement and indemnities to which the Purchaser Parties are entitled under the provisions of any Transaction Document shall continue in full force and effect and shall protect the Purchaser Parties against events arising after such termination as well as before.

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**6.2 Fees and Expenses**. Whether or not the transactions contemplated hereby shall be consummated or any Purchased Securities shall be purchased, the Company agrees to pay promptly to each Purchaser Party, or reimburse each Purchaser Party for, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all the actual and reasonable costs, fees and expenses of negotiation, preparation, execution and closing of any Transaction Document and the transfer of any Transaction Security in connection therewith and the consummation of the other transactions contemplated thereby, in each case on or about the Closing Date, including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the actual and reasonable costs, fees and expenses of negotiation, preparation, execution and closing of any Transaction Document and the issuance, delivery and transfer of any Transaction Security in connection therewith and the consummation of the other transactions contemplated thereby, in each case after the Closing Date, including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all the costs, fees and expenses of preparation, printing and distribution of any registration statement or prospectus for any Transaction Securities, of any other registration statement or prospectus, of any amendment or supplement to any of the foregoing, or of the Transfer Agent (including any fees required for same-day processing of any instruction letter delivered by the Company and any Notice of Conversion, exercise notice or other Transaction Document delivered after the Closing by any Purchaser Party) and all other costs and expenses (including stamp taxes and other taxes and duties levied) incurred in connection with the delivery to, or exercise or conversion by, any Purchaser of any Transaction Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all the actual and reasonable costs, fees and expenses of administration of the Transaction Documents, including the transfer of the Transaction Securities to the Purchasers and the removal of any legend thereon, and preparation, execution and closing of any consents, amendments, waivers or other modifications thereto, including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith and in connection with any other documents or matters requested by such Company Party (including through agents, contractors, trustees, representatives and advisors) or otherwise prepared or delivered in connection with any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all the actual and reasonable costs, fees, expenses and disbursements of any auditors, accountants, consultants or appraisers used in connection with the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all actual documented costs, fees and expenses (including the fees, expenses and disbursements of any appraisers, consultants, legal counsel, including allocated costs of internal counsel, advisors and agents employed or retained by such Purchaser Party) and costs of settlement, incurred by any Purchaser Party in enforcing any obligation owed hereunder or under the other Transaction Documents. or in collecting any payments due from any Company Party hereunder or under the other Transaction Documents (including in connection with the sale of, collection from, or other realization upon any collateral or the enforcement of any guaranty) or in any other Proceeding hereunder or under any Transaction Document (including the costs, fees and expenses of any investment bank hired pursuant to any dispute resolution provision of the Certificate of Designations) or in connection with any negotiations, reviews, refinancing or restructuring of the credit arrangements provided hereunder, including in the nature of a "work out" or pursuant to any insolvency or bankruptcy Proceedings.

The foregoing shall be in addition to, and shall not be construed to limit, any other provisions of the Transaction Documents regarding indemnification and costs and expenses to be paid by the Company Parties.

**6.3 Modifications and Signatures**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Entire Agreement.** This Agreement and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior negotiations, agreements, and understandings, whether written or oral, of the parties hereto, which the parties acknowledge have been merged into such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Amendments**. No amendment, modification or termination of any provision of this Agreement or any other Transaction Document shall be effective without the written consent of the Company and the Required Purchasers (or such other number of Purchasers as expressly stated in other provisions of the Transaction Documents); **provided**, that (i) if any such amendment, modification or termination disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of holders of a majority of the Series D Preferred Stock held by such disproportionately impacted Purchaser (or group of Purchasers) shall also be required and (ii) this clause (b) may only be modified with the consent of all Purchasers. No waiver or consent shall be effective against any party unless given in writing by such party and then any such waiver shall then be effective only in the specific instance and for the specific purpose for which it was given. Where the consent or waiver of the Purchasers generally (and not each Purchaser) is required, it may be given by the Required Purchasers. Any modification effected in accordance with accordance with this **Section 6.3(b)** shall be binding upon each Purchaser and holder of Purchased Securities and the Company Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Beneficiaries; Successors and Assigns.** Except as otherwise expressly provided in any other Transaction Document with respect to such Transaction Document, this Agreement and the other Transaction Documents shall bind and inure solely to the benefit of the Company Parties, the other Purchaser Parties, and their respective successors and, if permitted, assigns; **provided**, that no Company Party may assign any part of this Agreement or any other Transaction Document, or any right, obligation, benefit, title or interest hereunder or thereunder, without the Required Purchasers' prior written consents and any assignment done without such consents shall be void *ab initio*. Unless otherwise expressly provided in any Transaction Document, each Purchaser may Sell, or Sell, issue, negotiate or grant participations in, all or any part of any right, obligation, benefit, title or interest under, including any remedy under, any Transaction Security or Transaction Document without the consent of any Company Party; **provided**, that any transferee of the Purchased Securities shall agree in a writing for the benefit of the Company Parties to be bound, with respect to such transferred Purchased Securities, by the provisions of the Transaction Documents that apply to "Purchasers" (and any attempt to effect such transfer without securing such agreement shall be null and void but any such agreement shall be effective to make such transferee a party to this Agreement as a Purchaser and to be bound by, and benefit from, the provisions of this Agreement applying to a Purchaser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Implied Waivers or Notice Rights***.* No notice to or demand on any Company Party, whether or not in any Proceeding, pursuant to any Transaction Document shall entitle any Company Party to any other or further notice (except as specifically required hereunder or under any other Transaction Document) or demand in similar or other circumstances. The failure by any Purchaser Party at any time or times to require strict performance by any Company Party of any provision of this Agreement or any of the other Transaction Documents or the granting of any waiver or indulgence shall not waive, affect or otherwise diminish any right of any Purchaser Party thereafter to demand strict compliance and performance with such provision, shall not affect, or operate a waiver under, any other provision of any Transaction Document (except as specifically mentioned) and shall not constitute a course of dealing by such Purchaser Party at variance with the terms of this Agreement or any other Transaction Document (and therefore, among other things, shall not be construed to require any notice by such Purchaser Party of its intent to require strict adherence to the terms of such Transaction Document in the future). No waiver of any Default or Event of Default or any default under or breach of any provision, condition or requirement of this Agreement or any other Transaction Document shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. None of the foregoing actions shall in any way affect the ability of each Purchaser Party, in its discretion, to exercise any rights available to it under this Agreement, the other Transaction Documents or under applicable Regulations, except as specifically agreed in any written waiver or other modification made in accordance with accordance with this **Section 6.3(d)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Counterparts**. This Agreement and each Transaction Document may be executed in counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and both of which, when taken together, shall constitute but one and the same Agreement. In proving this Agreement in any Proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Delivery of an executed signature page of this Agreement and each other Transaction Document by email or other electronic transmission shall be as effective as delivery of a manually executed counterpart by hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Electronic Signatures***.* Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Agreement or in any other Transaction Document are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including emailed electronic signatures. The Company expressly agrees that this Agreement and all other Transaction Documents are "transferable records" as defined in applicable Regulations relating to electronic transaction and that it may be created, authenticated, stored, transmitted and transferred in a manner consistent with and permitted by such applicable Regulations.

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**6.4 Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices, requests, demands, and other communications to either party hereto given under this Agreement or any other Transaction Document shall be in writing (including email) and shall be given to such party at the physical address or send to the email address set forth in the signature pages hereof or at such other physical address or email address as such party may hereafter specify for the purpose of notice to the Purchasers and the Company in accordance with the provisions of this **Section 6.4(a)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each such notice, request or other communication shall be effective (i) if given by mail, three (3) Business Days after such communication is deposited in the U.S. Mail with first class postage pre-paid, addressed to the noticed party at the address specified herein, (ii) if by nationally recognized overnight courier, when delivered with receipt acknowledged in writing by the noticed party, (iii) if given by personal delivery, when duly delivered with receipt acknowledged in writing by the noticed party or (iv) if given by email, when delivered (receipt by the sender of a receipt using the "return receipt" function or receipt of a reply email being presumptive evidence of receipt thereof); **provided**, that if such email is not sent prior to the last trading hour of the Principal Trading Market of the Transaction Securities on a Trading Day, such email shall be deemed to have been sent at the opening of trading on the next Trading Day for such Principal Trading Market. Any notice that must be given "**promptly**" or "**immediately**" shall be given by email. Any written notice, request or demand that is not sent in conformity with the provisions hereof shall nevertheless be effective on the date that such notice, request or demand is actually received by the individual to whose attention at the noticed party such notice, request or demand is required to be sent.

**6.5 Set-Off**. In addition to any rights now or hereafter granted under applicable Regulations and not by way of limitation of any such rights, each Purchaser Party is hereby authorized by the Company Parties at any time or from time to time, without notice or demand to any Company Party or to any other Person, any such notice or demand being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, time or demand, provisional or final, including indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other indebtedness or other amounts at any time held or owing by such Company Party to or for the credit or the account of any Company Party or any of their Related Parties against and on account of any amounts due by any Company Party or any of their Related Parties to any Purchaser Party under any Transaction Documents (including from the purchase price to be disbursed hereunder for the purchase of the Purchased Securities), irrespective of whether or not such amounts are then due and payable or are contingent or unmatured. If, as a result of such set off, appropriate or application, such Purchaser Party receives more than it is owed under any Transaction Document, it shall hold such amounts in trust for the other Purchaser Parties and transfer such amounts to the other Purchaser Parties ratably according to the amounts they are owed on the date of receipt.

**6.6 Governing Law; Courts.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Except as otherwise expressly provided in any other Transaction Document, this Agreement, the other Transaction Documents and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan.** Each Company Party (i) accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of such courts, (ii) irrevocably and unconditionally waives any objection, including any objection to the laying of venue, whether based on the grounds of *forum non conveniens* or on the fact that such jurisdiction is improper or otherwise, or any other objection that such party is not subject to the jurisdiction of such courts, that it may now or hereafter have to the bringing of any Proceeding in that jurisdiction, (iii) irrevocably and unconditionally consents to the service of process of any court referred to above in any Proceeding by the mailing of copies of the process to the parties hereto as provided in **Section 6.4** and (iv) irrevocably and unconditionally agrees that a final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service effected as provided in this manner will become effective ten (10) calendar days after the mailing of the process. Notwithstanding the foregoing, nothing contained in any Transaction Document shall affect the right of any Purchaser Party to serve process in any other manner permitted by applicable Regulations or commence Proceedings or otherwise proceed against any Company Party in any other jurisdiction.

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**6.7 Severability**. Any provision of any Transaction Document being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of any Transaction Document or any part of such provision in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby or thereby is not affected in any manner adverse to any party. In addition, upon any determination that any such term or other provision is invalid, illegal or incapable of being enforced, the parties hereto will negotiate in good faith to modify the relevant Transaction Document so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

**6.8 Rescission and Withdrawal Right**. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser Party exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser Party may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; **provided**, that, in the case of a rescission by any Purchaser of a conversion or exercise of any Transaction Security, such Purchaser shall be required to return any Issuable Security subject to such rescinded conversion or exercise.

**6.9 Replacement of Certificates**. If any certificate or instrument evidencing any Transaction Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Transaction Securities.

**6.10 Remedies.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each Purchaser (severally and not jointly) and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Company Party shall fail to discharge any covenant, duty or obligation hereunder or under any of the other Transaction Documents, each Purchaser may, in its discretion at any time, for the account and at the expense of the Company Parties jointly and severally, pay any amount or do any act required of such Company Party hereunder or under any of the other Transaction Documents or otherwise lawfully requested by any Purchaser (including buying-in Transaction Securities in the Principal Trading Market of such Transaction Securities in case of failure by the Company to deliver Transaction Securities). All fees, costs and expenses incurred by any Purchaser in connection with the taking of any such action shall be reimbursed to such Purchaser by the Company Parties, jointly and severally, on demand, with interest at the highest interest rate that may be applicable, whether in the absence or during an Event of Default, to amounts due under the Transaction Documents from the date such payment is made or such costs or expenses are incurred to the date of payment thereof. Any payment made or other action taken by any Purchaser under this **clause (b)** shall be without prejudice to any right to assert, and without waiver of, any breach of any Transaction Document and without prejudice to any Purchaser Party's right to proceed thereafter as provided herein or in any of the other Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The remedies provided in this Agreement and all other Transaction Documents shall be cumulative and in addition to all other remedies available under any Transaction Document, whether at law or in equity (including a decree of specific performance and/or other injunctive relief).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in any Transaction Document shall limit any Purchaser Party's rights to pursue actual and consequential damages for any failure by any Company Party to comply with the terms of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Company Party acknowledges and agrees that any Event of Default will cause irreparable harm to each Purchaser Party and the remedy at law for any such breach may be inadequate. Therefore, in the event of any such Event of Default, each such Purchaser Party shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

**6.11 Marshaling; Payment Set Aside**. No Purchaser Party shall be under any obligation to marshal any property in favor of any Company Party or any other party or against or in payment of any amount due under any Transaction Document. To the extent that any Company Party makes a payment or payments to any Purchaser Party pursuant to any Transaction Document or any Purchaser Party enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to any Company Party, a trustee, receiver or any other Person under any Regulation (including any bankruptcy law, 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, the Obligations repaid, the Transaction Documents and all Liens, rights and remedies thereunder, 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.

**6.12 Usury**. To the extent it may lawfully do so, each Company Party 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 Proceeding that may be brought by any Purchaser Party in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of each Company Party under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable Regulations (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 in the nature of interest that any Company Party may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents 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 the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable Regulations. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by any Company Party to any Purchaser Party with respect to any Obligation, such excess shall be applied by such Purchaser Party to any outstanding Obligation or be refunded to the Company, the manner of handling such excess to be at the election of the Purchaser Party.

**6.13 Liquidated Damages**. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

**6.14 Further Assurances**. The Company Parties agree to take such further actions as each Purchaser shall reasonably request from time to time in connection herewith to evidence, give effect to or carry out this Agreement and the other Transaction Documents and any of the transactions contemplated hereby or thereby.

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**6.15 Interpretation**. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of any Transaction Document. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. Except as otherwise expressly provided in any Transaction Document, if the last or appointed day for a payment, the taking of any action or the expiration of any right required or granted under any Transaction Document shall not be a Business Day, then such payment may be made, such action may be taken or such right may be exercised on the next succeeding Business Day. As used in any Transaction Document, references to the singular will include the plural and vice versa and references to the masculine gender will include the feminine and neuter genders and vice versa, as appropriate. When used in any Transaction Document, unless otherwise expressly provided in such Transaction Document, (a) the words "**hereof**," "**herein**" and "**hereunder**" and words of similar import refer to such Transaction Document as a whole and not to any particular provision of such Transaction Document, (b) recital, article, section, subsection, schedule and exhibit references are references with respect to such Transaction Document unless otherwise specified, (c) any reference to any agreement shall include a reference to all recitals, appendices, exhibits and schedules to such agreement and, unless the prior written consent of any party is required hereunder and is not obtained, shall be a reference to such agreement as waived, amended, restated, supplemented or otherwise modified and (d) any reference to a specific Regulation shall be to such Regulation, as modified from time to time, together with any successor or replacement Regulation, in each case as in effect at the time of determination. Unless the context otherwise requires, when used in any Transaction Document, the following terms have the following meaning: (t) "**asset**" and "**property**" have the same meaning and mean, "collectively, all rights and interests in tangible and intangible assets and properties, whether real, personal or mixed and including cash, capital stock, revenues, accounts, leasehold interests, contract rights and other rights under Permits and Contractual Obligations," (u) "**documents**" and "**documentation**" have the same meaning and mean "collectively, all documents, drafts, instruments, agreements, indentures, certificates, forms, opinions, powers of attorney, notices, summons, reports, financial statements and other writings, however evidenced, whether in physical or electronic form," (v) "**execution**," "**signed**," "**signature**" and words of like import shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Regulation, including the Federal Electronic Signatures in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act and any other similar state Regulation based on the Uniform Electronic Transactions Act, (w) "**incur**" means incur, create, make, issue, assume or otherwise become or remain directly or indirectly liable in respect of or responsible for, in each case whether directly or indirectly, as primary obligor or guarantor or endorser, and the terms "**incurrence**" and "**incurred**" and similar derivatives shall have correlative meanings, (x) "**including**" means "including, without limitation," (y) "**knowledge**" of the any Company Party means the best knowledge of any officer, director or employee of such Company Party after due inquiry and (z) "**ordinary course of business**" means in the ordinary course of business, as conducted on the date hereof, consistent with past practices reflected in written disclosures made on or prior to the date hereof in accordance with this Agreement, together with such changes thereto as may be approved by the Required Purchasers in their sole discretion. The headings in this Agreement are included for convenience of reference only and will not affect in any way the meaning or interpretation of this Agreement. All references in this Agreement or any other Transaction Document to statutes and regulations shall include all amendments of same and implementing regulations and any successor statutes and regulations; to any instrument or agreement (including any of the Transaction Documents) shall include any and all modifications and supplements thereto and any and all restatements, extensions or renewals thereof to the extent such modifications, supplements, restatements, extensions or renewals of any such documents are permitted by the terms hereof and thereof. An Event of Default shall be deemed to exist at all times during the period commencing on the date that such Event of Default occurs to the date on which such Event of Default is waived in writing pursuant to the Transaction Documents. Whenever in any provision of any Transaction Document, any Purchaser is authorized to take or decline to take any action (including making any determination) in the exercise of its "**discretion**," such provision shall be understood to mean that such Purchaser may take or refrain to take such action in its sole discretion. References to times of the day in any Transaction Document shall refer to Eastern Time. In the computation of periods of time from a specified date to a later specified date, the word "**from**" means "from and including," the words "**to**" and "**until**" each mean "to but excluding" and the word "**through**" means "to and including." Time is of the essence of this Agreement and the other Transaction Documents. No provision of this Agreement or any of the other Transaction Documents shall be construed against or interpreted to the disadvantage of any party hereto by any Governmental Authority by reason of such party having or being deemed to have structured, drafted or dictated such provision. "**month**" (but not "calendar month") means each period from a date of determination to the day in the next calendar month numerically-corresponding to such date (**provided,** that, if such calendar month does not have any such numerically-corresponding day, such numerically-corresponding day shall be deemed to be the last day of such calendar month). The reporting entity relied upon for the determination of trading price and trading volume shall be Bloomberg, L.P.

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**6.16 Waiver of Jury Trial and Certain Other Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **The parties hereto hereby irrevocably and unconditionally waive, to the fullest extent permitted by applicable Regulations, any right that they may have to trial by jury of any claim or cause of action or in any Proceeding, directly or indirectly based upon or arising out of, under or in connection with, this Agreement or any Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no other party, no Purchaser Party and no Affiliate of any of them and no attorney, agent or other representative of any of the foregoing has represented, expressly or otherwise, that any Person would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Company Party acknowledges and agrees that the foregoing waivers are a material inducement to the Purchasers to enter into and accept this Agreement. Each Company Party has reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial rights following consultation with such legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. This **Section 6.16(b)** shall not restrict a party from exercising remedies under the UCC or from exercising pre- or post-judgment remedies under applicable Regulations.

***[*** ***Signature Pages Follow]***

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**In witness whereof**, each of the undersigned has duly executed this Agreement as of the date first written above.

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| **TG-17, Inc.** | **TG-17, Inc.** |  |
| By: |  | Address for Notices: |
| Name: | Doron Kempel | 18 West 18th Street, 6th Floor |
| Title: | CEO | New York, NY 10011 |
|  |  | Email: Doron.Kempel@ourbond.com |

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 ****

***[*** ***Signature Pages for Initial Purchaser Follow]***

 ****

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|:---|
| **ASCENT PARTNERS FUND LLC**, |
| as Purchaser |
| By: |
| Name: |
| Title: |
| Address for Notices: |
| 19505 Biscayne Blvd., Suite 2350 |
| Aventura, FL 33180 |
| legal@ascentpartnersllc.com |

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**SECURITIES PURCHASE AGREEMENT**

**SCHEDULE I**

**PURCHASERS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Closing** | **Purchaser** | **Shares of Series D Preferred Stock** | **Warrants<br> (Number)** | **Series D Preferred Stock and Warrants<br> (Purchase Price)** |
| **Initial Closing** | Ascent Partners Fund LLC | 109891 | 22000000 | $1000000 |
| **Direct Listing Closing** | Ascent Partners Fund LLC | 439561 |  | $4000000 |

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**SECURITIES PURCHASE AGREEMENT**

![](ex10-12_001.jpg)

**EXHIBIT A**

**FORM OF CERTIFICATE OF DESIGNATIONS**

**SECURITIES PURCHASE AGREEMENT** 

**EXHIBIT B**

**FORM OF WARRANTS**

**SECURITIES PURCHASE AGREEMENT**

**EXHIBIT C**

**FORM OF REGISTRATION RIGHTS AGREEMENT**

**SECURITIES PURCHASE AGREEMENT**

**EXHIBIT D**

**FORM OF LOCK-UP AGREEMENT**

**SECURITIES PURCHASE AGREEMENT**

**EXHIBIT E**

**FORM OF TRANSFER AGENT INSTRUCTION LETTER**

**SECURITIES PURCHASE AGREEMENT**

## Exhibit 10.13

**Exhibit 10.13**

![](ex10-13_001.jpg)

**REGISTRATION RIGHTS AGREEMENT**

This **Registration Rights Agreement** (this "**Agreement**"), dated as of October 27, 2025, is entered into by and among TG-17, Inc., a Nevada corporation (together with its successors and, if permitted, assigns, the "**Company**"), and the holders identified on the signature pages hereto (each, together with its successors and, if permitted, assigns, and together with each other holder of Registrable Securities from time to time, a "**Holder**").

**WHEREAS,** pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each of the Holders (the "**Purchase Agreement**"), the Holders shall acquire certain Transaction Securities (as defined therein), which may result in the Holders holding Registrable Securities (as defined below); and

**WHEREAS,** the Company has agreed to register the Registrable Securities;

**Now, therefore**, in consideration of the representations, warranties and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**1.** **Definitions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used but not defined herein are used as defined in the Purchase Agreement or, if not defined therein, encompass all items covered by the definition of such term in the Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this Agreement, the following terms shall have the following meanings:

"**Advice**" has the meaning specified in **Section 3(c)**.

**"Black Out Period"** has the meaning specified in **Section 3(e)**.

'**Discontinuation Event"** has the meaning specified in **Section 3(c)**.

'**Discontinuation Notice"** has the meaning specified in **Section 3(c)**.

"**Effectiveness Deadline**" means, with respect to the Initial Registration Statement required to be filed hereunder, the twenty five (25) calendar days following the Direct Listing; **provided,** that, in the event the Company is notified by the SEC that the Registration Statement will not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth (5th) Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, **provided, further**, that, if such Effectiveness Deadline falls on a day that is not a Trading Day, then the Effectiveness Deadline shall be the next succeeding Trading Day.

"**Effectiveness Period**" has the meaning specified in **Section 2(c)**.

"**Event**" has the meaning specified in **Section 2(e)**.

"**Event Date**" has the meaning specified in **Section 2(e)**.

"**Filing Date**" means, (i) with respect to the Initial Registration Statement, the fifth (5<sup>th</sup>) calendar day after the Direct Listing, (ii) with respect to any additional Registration Statements which may be required pursuant to **Sections 2(a)(ii)(1), 2(a)(ii)(2)** or **2(a)(iii)**, the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities and (iii) with respect to any Registration Statement to be filed pursuant to **Section 2(a)(iv),** the later of (A) the **"Filing Date"** for the Initial Registration Statement and (B) if applicable, the earlier of (1) thirty (30) days after the filing of a registration statement covered by **Section 2(a)(ii)** that relates to an underwritten primary offering of Securities of the Company or (2) the date such offering has been withdrawn.

"**Initial Registration Statement**" means a registration statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration of the resale by the Purchaser of the Registrable Securities under the Securities Act, which registration statement provides for the resale from time to time of the Registrable Securities as provided herein.

"**Losses**" has the meaning specified in **Section 5**.

"**Prospectus**" means any prospectus included in any Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the SEC pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

**"Required Holders**" means Holders of a majority of the Registrable Securities, assuming, for purposes of this definition, that all Stock Equivalents convertible or exchangeable into Registrable Securities shall have been so converted or exchanged.

"**Registrable Securities**" means, as of any date of determination, all Issuable Securities, including (a) all of the shares of Common Stock then issued and issuable upon conversion in full of the Series D Preferred Stock (assuming on such date the shares of Series D Preferred Stock are converted in full without regard to any conversion limitations therein), (b) all of the shares of Common Stock then issued and issuable in connection with any anti-dilution or any remedies provisions in the Series D Preferred Stock (without giving effect to any limitations on conversion therein), (c) all of the shares of Common Stock then issued and issuable upon exercise in full of all Warrants, (d) all of the shares of Common Stock then issued and issuable in connection with any anti-dilution or any remedies provisions of the Warrants and (e) any Securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; **provided,** that "**Registrable Securities**" shall cease to include (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) any Securities with respect to which, and for so long as, the following is true: (x) a Registration Statement with respect to the sale of such Securities is declared effective by the SEC under the Securities Act and such Securities have been disposed of by the Holders in accordance with such effective Registration Statement, (y) such Securities have been previously sold in accordance with Rule 144, or (z) such Securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such Securities and any Securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such Securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.

"**Registration Statement**" means any registration statement required to be filed hereunder pursuant to **Section 2(a)** or otherwise filed with respect to any Registrable Security, including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

"**Rule 415**" means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

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"**Rule 424**" means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

"**Selling Stockholder Questionnaire**" has the meaning specified in **Section 3(a)**.

"**SEC Guidance**" means (i) any publicly-available written or oral guidance of the SEC staff, or any comments, requirements or requests of the SEC staff and (ii) the Securities Act and related Regulations.

**2.** **Registration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Registration Statements.**

&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) Initial. No later than the applicable Filing Date, the Company shall file with the SEC the Initial Registration Statement relating to the resale by the Holders of all (or, if lower, the highest number as the SEC will permit) of the Registrable 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;(ii) Additional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the Company has filed a Registration Statement and the SEC informs the Company that all of the Registrable Securities listed in such Registration Statement cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform each Holder and shall, as soon as practicable but not later than the applicable Filing Date, use its best efforts to file amendments to such Registration Statement as required by the SEC, covering the maximum number of Registrable Securities permitted to be registered by the SEC (on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering), (x) with respect to filing on Form S-3 or other appropriate form, subject to the provisions of Section 2(f) and (y) with respect to the payment of liquidated damages, subject to the provisions of Section 2(e); provided, that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including Compliance and Disclosure Interpretation 612.09.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Otherwise, if, at any time during the Effectiveness Period, the number of Registrable Securities exceeds 100% of the number of shares of Common Stock then registered in a Registration Statement, then the Company shall file, as soon as practicable but not later than the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the number of such Registrable 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;(iii) Piggy-Back Registrations. If, at any time during the Effectiveness Period, no effective Registration Statement covers all of the Registrable Securities and the Company intends to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity Securities (other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity Securities to be issued solely in connection with any acquisition of any entity or business or equity Securities issuable in connection with the Company's stock option or other employee benefit plans), then the Company shall deliver to each Holder a written notice of such determination and, if within fifteen (15) days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall, as soon as practicable but not later than the applicable Filing Date, include in such registration statement all or any part of such Registrable Securities such Holder requests to be registered; provided, that the Company shall not be required to register any Registrable Securities pursuant to this Section 2(a)(iii) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the SEC pursuant to the Securities Act or that are the subject of a then effective Registration Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Demand. As soon as practicable but nevertheless on or prior to the applicable Filing Date, the Company shall, upon written demand of any Holder, register, on at most two (2) occasions for each Holder, all or any portion of the Registrable Securities of such Holder; provided, that the Company shall not be required to file such a Registration Statement with respect to Registrable Securities already covered under another previously-filed Registration Statement or that such Holder has requested to be included in another registration statement pursuant to Section 2(a)(iii) above. Within thirty (30) days after effective delivery of such written demand by such Holder, the Company shall file a registration statement with the SEC covering the portion of the Registrable Securities identified in such Demand Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Form Used.** The Company shall use its best efforts to maintain eligibility for use of Form S-1 (or any successor form thereto) for the registration of the resale of Registrable Securities. If Form S-1 is not available for the registration of the resale of Registrable Securities pursuant to **Subsections (a)(i),** (**a)(ii)** or **(a)(iv)** of **Section 2**, the Company shall (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available; **provided,** that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effectiveness Period.** Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement (other than the Initial Registration Statement) filed under this Agreement (including under **Section** (**a)(ii)**) to be declared effective under the Securities Act within sixty (60) days after the filing thereof, but in any event no later than the applicable Effectiveness Deadline, and shall use its best efforts to keep all Registration Statements covering Registrable Securities continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement have been sold by the Holders (the "**Effectiveness Period**"). The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall immediately notify the Holders of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness with the SEC, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration Statement, file a final Prospectus with the SEC as required by Rule 424. Failure to so notify the Holders within one (1) Trading Day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under **Section 2(e)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Reduced Coverage.** Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to **Section 2(e)** if the SEC or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the SEC for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, the Company shall reduce or eliminate any Securities to be included by any Person other than a Holder, except to the extent that such reduction or elimination would result the Company being unable to meet the initial listing standards for direct listings on the Nasdaq Global 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;(ii) second, the Company shall, unless the Required Holders instruct the Company to treat Warrant Shares like Convertible Shares under this Section 2(d)(ii) (in which case the Company shall do so), reduce or eliminate any Registrable Securities consisting of Warrant Shares (applied to the Holders on a pro rata basis based on the number of unregistered Warrant Shares); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, the Company shall reduce Registrable Securities represented by Conversion Shares (applied, in the case that some Conversion Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Conversion Shares held by such Holders); provided, that each Holder shall have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement and shall have the option to transfer its pro rata share to another Holder.

In the event of a cutback hereunder, the Company shall give each Holder at least five (5) Trading Days prior written notice along with the calculations as to such Holder's allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its best efforts to file with the SEC, as promptly as allowed by SEC or SEC Guidance provided to the Company or to registrants of Securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Partial Liquidated Damages.** Provided that no Default or Event of Default exists, if (i) a Registration Statement required to be filed hereunder is not filed on or prior to its Filing Date or if the Company files such Registration Statement without providing the Holders the opportunity to review and comment on the same as required by **Section 3(a)**, (ii) except with regard to the Initial Registration Statement, the Company fails to file with the SEC a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the SEC pursuant to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be "reviewed" or will not be subject to further review, (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the SEC in respect of such Registration Statement within ten (10) calendar days after the receipt of comments by or notice from the SEC that such amendment is required in order for such Registration Statement to be declared effective, (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the SEC by the Effectiveness Deadline, or (v) during the Effectiveness Period of a Registration Statement, after such Registration Statement has become effective, (A) a Discontinuation Event arises or such Registration Statement otherwise ceases for any other reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or (B) a Black Out Period arises or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities and, in each case, **Section 2(a)** and **(b) above**, occurs for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach, an "**Event**" and the expiration of the grace period for such Event specified above, the "**Event Date**"), then, in addition to any other rights the Holders may have hereunder or under applicable Regulation, on each such Event Date and on each monthly anniversary of each such Event Date thereafter (if the applicable Event shall not have been cured by such date) or any pro rata portion thereof, until the applicable Event is cured or sixty (60) calendar days after the applicable Event Date, whichever occurs first, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of two percent (2.0%) multiplied by the Purchase Price paid by such Holder for the Purchased Securities pursuant to the Purchase Agreement; **provided,** that the maximum amount payable thereunder shall not exceed 4% of such Purchase Price paid by such Holder. If the Company fails to pay any partial liquidated damages to any Holder pursuant to this **Section 2(e)** in full within seven (7) days after the date payable, the Company shall pay interest thereon at a rate equal to 12% (or such lesser maximum amount that is permitted to be paid by applicable Regulation) to such Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **No Holder Underwriter.** Notwithstanding anything to the contrary contained herein but subject to comments by the SEC, in no event shall the Company be permitted to name any Holder or affiliate of a Holder as an underwriter without the prior written consent of such Holder.

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**3.** **Registration Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Review of Document.** Not less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of the Holders, and (ii) cause its officers, directors, managers, staff, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to any Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Required Holders shall reasonably object, **provided,** that, the Company is notified of such objection in writing no later than five (5) Trading Days after all Holders have been so furnished copies of a Registration Statement or one (1) Trading Day after all Holders have been furnished copies of any related Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex A (a "**Selling Stockholder Questionnaire**") on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4<sup>th</sup>) Trading Day following the date on which such Holder receives draft materials in accordance with this **Section 3(a)**. The Company shall not distribute any offering material in connection with any offering or sale that includes any Registrable Securities except for Registration Statements (including Prospectuses) approved by the Required Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Compliance with Regulations and SEC Requests.** The Company shall (i) comply with all applicable Regulations applicable to Registration Statements, as well as all requests by the SEC and other Governmental Authorities, and the offer and sale of Securities thereunder (including Sales done, subject to this Agreement, using the intended methods of disposition by the Holders), including ensuring that all such Registration Statements, offers and sales conform to the requirements of, and comply with the Exchange Act, the Securities Act and all other applicable Regulations, including meeting the requirements of Rule 415, (ii) prepare and file with the SEC such amendments, including post-effective amendments, to Registration Statements (including Prospectuses) as may be necessary to comply with applicable Regulations or otherwise to keep such Registration Statements continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the SEC such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (iii) cause the related Prospectus to be amended or supplemented by any Prospectus supplement, as may be required by Regulations and the SEC (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iv) respond as promptly as reasonably practicable to any comments received from the SEC with respect to a Registration Statement or any amendment thereto and provide promptly to the Holders, without charge, true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (**provided**, that the Company shall redact any information contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), (v) use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (A) any order stopping or suspending the effectiveness of a Registration Statement, or (B) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment and (vi) deliver or make available to the Investor through the SEC's website (<u>www.sec.gov</u>), true and complete copies of all Registration Statements, including Prospectuses and amendments and supplements, and all other SEC Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notices to Holders; Discontinuation Events.** The Company shall notify the Holders of Registrable Securities to be sold as promptly as possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing and, if requested by any Holder, confirm such notice in writing no later than one (1) Trading Day following the day of such filing) of all of the following: (i)(A) any proposal to file any Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement, (B) any notice by the SEC to the Company on whether there will be a "review" of such Registration Statement and any written comment on such Registration Statement received by the Company from the SEC, and (C) the effectiveness of any Registration Statement or any post-effective amendment, (ii) any request by the SEC or any other Governmental Authority for amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) the issuance by the SEC or any other Governmental Authority of any stop order or other Regulation suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose and (v) the occurrence of any event (including the passage of time) that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other document to ensure that such Registration Statement, Prospectus or other document will not contain any untrue statement of a material fact and will not omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (any event described in **clauses (iii)** through **(v)** above a "**Discontinuation Event"** and any notice given hereunder pursuant to any such clauses, a "**Discontinuation Notice**"**)**, **provided,** that any Discontinuation Notice shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made; and, **provided, further,** that, in no event shall any notice sent pursuant to this **Section 3(c)** contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of any Discontinuation Notice, such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the "**Advice**") by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Amendments After Discontinuation Events.** Promptly upon the occurrence of any event contemplated pursuant to **clause (c)(ii)** above or a Discontinuation Event contemplated by **Section 3(c)** above, the Company shall prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company sends a Discontinuation Notice under **Section 3(c)** above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this **Section 3(d)** to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to **Section 2(e)**, for a period not to exceed sixty (60) calendar days (which need not be consecutive days) in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Black Out Periods.** The Company may, from time to time by notice to the Holders, suspend the use of the Registration Statement during certain periods (each a "**Black Out Period**") in the event that the Company determines in its sole discretion in good faith that such suspension is necessary during such Black Out Period to (i) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (ii) amend or supplement the Registration Statement or any related Prospectus so that the Registration Statement or such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading**; provided**, that (w) no such Black Out Period shall be longer than 90 days, (x) the Black Out Periods established during any calendar year shall not have more than 120 days in the aggregate, (y) no Black Out Period shall be more restrictive or longer than any comparable restriction imposed on Sales of equity Securities by the Company's directors and senior officers and (z) each Black Out Period shall immediately end upon public disclosure of the material non-public information that caused such Black Out Period to be established. The Holders agrees that, during such Black Out Periods, they shall not sell any Registrable Securities of the Company pursuant to the Registration Statement; **provided**, that, for the avoidance of doubt, the Holders may Sell such Registrable Securities pursuant to any available exemption from registration, subject to compliance with applicable Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Confirmed Copy.** The Company shall furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement (including amendments and supplements), including Prospectuses, financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the SEC; **provided,** that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form. Subject to the terms of this Agreement, the Company hereby consents to the use of each Registration Statement (including Prospectuses and all amendments and supplements thereto) by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Registration Statement, except after the giving of any Discontinuation Notice pursuant to **Section 3(c)** above and during a Black Out Period.

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|:---|:---|
| ![](ex10-13_002.jpg) | - 7 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Resales.** The Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company shall pay the filing fee required by such filing within two (2) Trading Days of receipt of a request therefor. Prior to any resale of Registrable Securities by a Holder, the Company shall use its best efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by each Holder under the securities or Blue Sky Regulations of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; **provided,** that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction. If requested by a Holder, the Company shall cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request. The Company may require from each selling Holder a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and the name(s) of the natural persons thereof that have voting and dispositive control over the Common Stock underlying the Series D Preferred Stock. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three (3) Trading Days of the Company's request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to all Holders until such information is delivered to the Company.

4. Registration Expenses. In addition to, and not in substitution for, any other provision in any Transaction Document requiring any Company Party to reimburse expenses, the Company shall pay (or, if applicable, reimburse the Holders and their Related Parties for) all costs, fees and expenses incident to the performance of or compliance with, this Agreement by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement, including (a) all registration, filing and other fees, costs and expenses (including fees, costs and expenses of counsel to the Company and of the independent registered public accountants of the Company) in connection with this Agreement or the transactions contemplated herein, including (i) filing SEC Reports and other filings with Governmental Authorities, (ii) filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (iii) compliance with applicable state or other securities Regulations, including Blue Sky Regulations and (iv) filings that may be required to be made by any broker through which a Holder intends to Sell Registrable Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale, (b) printing fees, costs and expenses (including fees, costs and expenses of printing Registration Statements, Prospectuses and certificates for Registrable Securities), (c) messenger, telephone and delivery fees, costs and expenses, (d) internal expenses of the Company incurred in connection with this Agreement or any transaction contemplated herewith (including all salaries and expenses of its officers, managers, directors and staff performing legal or accounting duties), (e) fees, costs and expenses in corrected in connection with any annual audit, (f) fees, costs and expenses incurred in connection with the listing of the Registrable Securities on any Trading Market or other securities exchange, (g) fees, costs and expenses of counsel for the Company, including in connection with Blue Sky qualifications or exemptions of the Registrable Securities, (h) Securities Act and similar liability insurance for the Company and (i) fees, costs and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In no event shall the Company be responsible for any broker or similar commissions of any Holder, except as otherwise provided in any other Transaction Document.

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| | |
|:---|:---|
| ![](ex10-13_002.jpg) | - 8 - |

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5. Indemnification. The Company shall, notwithstanding any termination of this Agreement, in addition to and not in substitution or limitation for, any other indemnification provision by the Company, indemnify and hold harmless each Holder, the officers, directors, managers, managing members, members, partners, advisors, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), staff members (whether or not classified as employees or independent contractors), investment advisors and (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, managers, managing members, members, stockholders, staff members (whether or not classified as employees or independent contractors), partners, advisors, agents (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable Regulation, from and against any and all losses, claims, damages, liabilities, costs (including attorneys' fees) and expenses (collectively, "Losses"), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any other securities Regulation, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (x) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto or (y) in the case of an occurrence of a Discontinuation Event, the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 2(c), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity is in addition and not in substitution for any other indemnification provision in any Transaction Document and shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders.

**6.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Remedies.** In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by Regulation and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Other Registration Statements.** The Company shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the SEC; **provided** that (i) the Company may file amendments to registration statements filed prior to the date of this Agreement and (ii) the Company may file registration statements with respect to any offering of Securities marketed to the general public.

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|:---|:---|
| ![](ex10-13_002.jpg) | - 9 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Compliance.** Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Notices.** All notices, requests and demands to or upon any Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Successors and Assigns.** This Agreement shall be binding upon, and inure to the benefit of, the Company, the Holders and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Required Holders (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). Each Holder may assign this Agreement in whole or in part to the extent permitted by **Section 6.3(c) (Beneficiaries, Successors and Assigns)** of the Purchase Agreement, as well as applicable securities Regulations and in connection with the assignment of any Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendments**. No amendment, modification or termination of any provision of this Agreement shall be effective without the written consent of the Company and the Required Holders; **provided**, that (i) if any such amendment, modification or termination disproportionately and adversely impacts a Holder (or group of Holders), the consent of holders of a majority of the Registrable Shares held by such disproportionately impacted Holder (or group of Holders) shall also be required and (ii) this sentence in this **Section 6(f)** may only be modified with the consent of all Holders. In addition, as provided by **Section 6.3(b)** of the Purchase Agreement, no waiver or consent shall be effective against any party unless given in writing by such party and then any such waiver shall then be effective only in the specific instance and for the specific purpose for which it was given. Where the consent or waiver of the Holders generally (and not each Holder) is required, it may be given by the Required Holders. Any modification effected in accordance with accordance with this **Section 6 (f)** shall be binding upon each Holder and the Company. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Entire Agreement; Counterparts; Electronic Signatures**. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Agreement and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Agreement may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Inconsistent Agreements.** Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its Securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** The Company hereby agrees to take, promptly after any Holder's request, such further actions, including executing or causing to be executed and delivering to such Holder such further documents, as such Holder shall reasonably request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Cumulative Remedies; Several Obligations of Holders.** The remedies provided herein are cumulative and not exclusive of any other remedies provided by Regulation. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing contained herein or in any other Transaction Document, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.

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|:---|:---|
| ![](ex10-13_002.jpg) | - 10 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Agreement and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware **(**without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the Delaware state courts sitting in Wilmington, DE or the federal courts of the United States of America for the District of Delaware sitting in Wilmington, DE; **provided**, that any Holder may bring Proceedings in other jurisdictions to enforce any Transaction Document. **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Waiver of Jury Trial. Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Agreement or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Interpretation.** This Agreement is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI (Miscellaneous)** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Article IV (Other Agreements of the Parties)** thereof, which contains indemnification obligations, and **Sections 3.1 (Representations and Warranties of the Company Parties)** and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of each Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

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|:---|:---|
| ![](ex10-13_002.jpg) | - 11 - |

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**In witness whereof**, each of the undersigned has duly executed this Agreement as of the date first written above.

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| |
|:---|
| TG-17, INC. |
| By: |
| Name: |
| Title: |

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Date signed:

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| | |
|:---|:---|
| Ascent Partners Fund LLC,<br> as Holder | Ascent Partners Fund LLC,<br> as Holder |
| By: |  |
| Name: |  |
| Title: | Authorized Signatory |

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Date signed:

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| | |
|:---|:---|
| ![](ex10-11_002.jpg) | **REGISTRATION RIGHTS AGREEMENT** |

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**ANNEX A**

**TG-17, INC.**

**Selling Stockholder Notice and Questionnaire**

The undersigned beneficial owner of shares of Common Stock (the "**Registrable Securities**") of TG-17, INC. (the "**Company**") understands that the Company has filed or intends to file with the Securities and Exchange Commission (the "**SEC**") a registration statement (the "**Registration Statement**") for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the "**Securities Act**"), of the Registrable Securities in accordance with the terms of the Registration Rights Agreement (the "**Registration Rights Agreement**") by and among the Company, the undersigned and the other Holders of Registrable Securities, dated as of October 27, 2025. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein has the meanings ascribed thereto in the Registration Rights Agreement.

Certain legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

**NOTICE**

The undersigned beneficial owner (the "**Selling Stockholder**") of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

**QUESTIONNAIRE**

1. Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Full
 Legal Name of Selling Stockholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Full
 Legal Name of Registered Holder (if not the same as (a) above) through which Registrable
 Securities are held:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Full
 Legal Name of Natural Control Person (which means a natural person who directly or indirectly
 alone or with others has power to vote or dispose of the Securities covered by this Questionnaire):

2. Address for Notices to Selling Stockholder:

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| |
|:---|
| Telephone: _____________________________ |
| Email: _____________________________ |
| Contact Person: _____________________________ |

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3. Broker-Dealer Status:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Are
 you a broker-dealer?

Yes ☐ No ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 "yes" to Section 3(a), did you receive your Registrable Securities as compensation
 for investment banking services to the Company?

Yes ☐ No ☐

Note: If "no" to Section 3(b), the SEC's staff has indicated that you should be identified as an underwriter in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Are
 you an affiliate of a broker-dealer?

Yes ☐ No ☐

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|:---|:---|
| ![](ex10-13_002.jpg) | - 2 - |

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(d) If
 you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable
 Securities in the ordinary course of business, and at the time of the purchase of the Registrable
 Securities to be resold, you had no agreements or understandings, directly or indirectly,
 with any person to distribute the Registrable Securities?

Yes ☐ No ☐

Note: If "no" to Section 3(d), the SEC's staff has indicated that you should be identified as an underwriter in the Registration Statement.

4. Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.

Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any Securities of the Company other than the Registrable Securities and the Transaction Securities pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Type
 and Amount of other Securities beneficially owned by the Selling Stockholder:

5. Relationships with the Company:

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity Securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

State any exceptions here:

The undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective; **provided,** that the undersigned shall not be required to notify the Company of any changes to the number of Securities held or owned by the undersigned or its affiliates.

By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.

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|:---|:---|
| ![](ex10-13_002.jpg) | - 3 - |

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**IN WITNESS WHEREOF**, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

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| | |
|:---|:---|
| Date: | Beneficial Owner: |
|  | By: |
|  | Name: |
|  | Title: |

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PLEASE EMAIL A .PDF COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

**TG-17, Inc.**

18 West 18th Street, 6th Floor

New York, NY 10011

Email: <u>Doron.Kempel@ourbond.com</u>

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| | |
|:---|:---|
| ![](ex10-13_002.jpg) | - 4 - |

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## Exhibit 10.14

**Exhibit 10.14**

![](ex10-14_001.jpg)

**SECURITIES PURCHASE AGREEMENT**

This **Securities Purchase Agreement** (this "**Agreement**") is dated as of October 27, 2025, by and between TG-17, Inc., a Nevada corporation (together with the person surviving the Liquidity Event and their successors and, if permitted, assigns, the "**Company**"), and Ascent Partners Fund LLC, a Delaware limited liability company (together with its successors and assigns, including any other holder of Purchased Securities, the "**Purchaser**").

**WHEREAS,** subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (together with the Regulations promulgated thereunder, the "**Securities Act**"), the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company for cash and other valuable consideration, the Purchased Securities as defined and described more fully in this Agreement; and

**WHEREAS, Schedule I** contains a list of terms defined in this Agreement or in other Transaction Documents, all of which are used in this Agreement and the other Transaction Documents as so defined;

**NOW, THEREFORE,** in consideration of the representations, warranties and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I PURCHASES AND SALES**

**1.1 Effective Date and Closings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Effective Date.** This Agreement shall be effective on the date on which the conditions set forth in **Section 1.3 (Condition to Effective Date)** shall have been satisfied or duly waived (the **"Effective Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Regular Closings.** On a trading day that (A) is after the Effective Date and on or before 36-months after the Effective Date (the **"Termination Date"**), (B) occurs as promptly as practicable after the date on which the conditions set forth in **Section 1.4** shall have been satisfied or duly waived and (C) is a trading day proposed by the Company and reasonably acceptable to the Purchaser (each a **"Regular Closing Date**"), upon the terms and subject to the conditions set forth herein (including satisfaction of all the conditions set forth in **Section 1.4**), the Company may, but shall have no obligation to, deliver to the Purchaser a notice in the form attached hereto as **Exhibit A1** with such changes acceptable to the Purchaser and the Company each in their sole discretion, (an **"Advance Notice"**) to request to sell a number of shares of Common Stock set forth in such Advance Notice (the **"Closing Date Securities"** and, collectively in the aggregate for all such Closings and together with the Adjustment Securities (as defined below) and any other Common Stock to be purchased at a Expanded Closing pursuant to **clause (c) below**, the **"Purchased Securities**") to the Purchaser for a gross purchase price (each a **"Regular Purchase Price"**) equal to 96% of the lowest VWAP of the Common Stock in the ten (10) trading days immediately prior to the Closing Date (each closing of such purchase and sale being referred to herein as a **"Regular Closing**"); **provided**, 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;(i) without the consent of the Purchaser, the Regular Purchase Price paid at any Closing shall not exceed the lower of (a) $500,000 and (b) 100% of the average Daily Traded Value of the Common Stock on the ten (10) trading days immediately preceding such Closing Date. Except as agreed by the Purchaser in its sole discretion, the dollar amount set forth in this **clause (i)** shall be lowered (but not raised), if applicable, to reflect the consummation of any reorganization, recapitalization, non-cash dividend, share split and other similar transaction.

**"Daily Traded Value"** means, on any Trading Day, the product of (a) the daily trading volume of the Common Stock on the Principal Trading Market during regular trading hours, as reported by Bloomberg, L.P., and (b) the VWAP of the Common Stock for that Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Regular Purchase Price to be paid at Closing would be less than the Regular Floor Price, the Purchaser shall have the option to reject such Advance Notice by notice to the Company, in which case such Advance Notice shall automatically, and without any further action by the Company, be void and without further force or effect;

**"Regular Floor Price"** means twenty percent (20%) of the reference price for the Common Stock on the Nasdaq Stock Market (or such other national securities exchange on which the Common Stock is then listed) as of the opening of trading on Effective Date; **provided,** that, such amount shall be lowered (if applicable) to reflect any reduction in the price per share of Common Stock caused by any reorganization, recapitalization, non-cash dividend, share split or other similar transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if 96% of the lowest VWAP for the Common Stock (the **"Adjusted Price**") in the ten (10) trading days immediately following the Closing Date (the **"Adjustment Period"**) is lower than such Regular Purchase Price per share, then the Company shall, on the trading day immediately following the end of the Adjustment Period, issue additional Purchased Securities (the **"Adjustment Securities"**) to the Purchaser so as to ensure that the aggregate number of shares of Purchased Securities received by the Purchaser for such Regular Closing equals the number of shares it would have received if the Regular Purchase Price per share had been equal to the Adjusted Price; provided that the Adjustment Period may end on the date on which the Purchaser has entered into committed, binding trades to sell all of the Purchased Securities delivered at such Regular Closing;

**provided, further,** that in no event shall any Purchased Securities be issued or sold hereunder in connection with a Regular Closing unless such Purchased Securities shall be subject to an effective Registration Statement; and

**provided, further**, that if any Advance Notice requests a Regular Closing that would not comply with any of the foregoing, the number of shares of Common Stock requested in such Advance Notice shall, if possible, automatically, and without any further action by the Company, be reduced to the highest number of such shares that would cause such requested Closing to comply with all such clauses.

"**VWAP**" means, for or as of any date for any Security, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the dollar volume-weighted average price for such Security on the Principal Trading Market for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "VWAP" function; 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) if Bloomberg does not report such a price, the dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg; 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) if no dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average of the highest Closing Bid Price and the lowest Closing Ask Price of any of the market makers for such Security on such date as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); 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;(D) if the VWAP cannot be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined by the Company and the Purchaser.

All such determinations made in the calculation of **"VWAP"** shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

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|:---|:---|
| ![](ex10-14_002.jpg) | <br>-2- |

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"**Closing Bid Price**" and "**Closing Sale Price**" means, for any Security as of any 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;(A) the last closing bid price and last closing trade price, respectively, for such Security on the Principal Trading Market for such Security, as reported by Bloomberg; 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) if such Principal Trading Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be), then the last bid price or last trade price, respectively, of such Security prior to 4:00:00 p.m., New York time, as reported by Bloomberg; 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) if such Security no longer trades on its Principal Trading Market, then the last closing bid price or last trade price, respectively, of such Security on the principal Trading Market where such Security is listed or traded as reported by Bloomberg; 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;(D) if such Security no longer trades on a Trading Market, the last closing bid price or last trade price, respectively, of such Security in the over-the-counter market on the electronic bulletin board for such Security as reported by Bloomberg; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if no closing bid price or last trade price, respectively, is reported for such Security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such Security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) if the **"Closing Bid Price"** or the **"Closing Sale Price"** cannot be calculated for a Security on a particular date based on the foregoing, the "**Closing Bid Price"** and the **"Closing Sale Price"** of such Security on such date shall be the fair market value as mutually determined by the Company and the Purchaser; 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;(G) if the Company and the Purchaser are unable to agree upon the fair market value of such Security, then such dispute shall be resolved, and such fair market value (and therefore the **"Closing Bid Price"** and **"Closing Sale Price"**) shall be determined, in accordance with the procedures set forth in **Section 5.6**.

All such determinations made in the calculation of **"Closing Bid Price"** or **"Closing Sale Price"** shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Expanded Closings.** On a trading day (i) that is after the Effective Date and on or before the Termination Date and (ii) on which the conditions set forth in **Section 1.4** shall have been satisfied or duly waived (each a **"Expanded Closing Date**" and, collectively and together with all Regular Closing Dates, the "**Closing Dates"**), upon the terms and subject to the conditions set forth herein (including satisfaction of all the conditions set forth in **Section 1.4**), the Company may, but shall have no obligation to, deliver to the Purchaser an Advance Notice to request to sell Purchased Securities to the Purchaser (each closing of such purchase and sale being referred to herein as a **"Expanded Closing**" and, collectively and together with the Regular Closings, the **"Closings"**) for a gross purchase price (each a **"Expanded Purchase Price"** and, collectively and together with each Regular Purchase Price, the **"Purchase Prices**") equal to the lower of (x) the average of the daily VWAP on the trading day immediately preceding such Expanded Closing Date and the daily VWAP on such Expanded Closing Date and (y) 96% of the lowest VWAP for all trading days in the period beginning immediately following such Expanded Closing Date and ending on the earlier of (x) ten (10) trading days after and (y) the date when the Purchaser shall have entered into committed, binding trades to sell all of the Purchased Securities purchased at such Expanded Closing (each a **"Expanded Pricing Period"**); **provided**, that, without the consent of the Purchaser, the Expanded Purchase Price paid in connection with any Expanded Closing shall not exceed $5,000,000. Except as agreed by the Purchaser in its sole discretion, the dollar amount set forth in this **clause (b)(i)** shall be lowered (but not raised), if applicable, to reflect the consummation of any reorganization, recapitalization, non-cash dividend, share split and other similar transaction.

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| ![](ex10-14_002.jpg) | <br>-3- |

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**"Official Closing Price"** means the closing price used by the Regulations of the Principal Trading Market in their calculations for purposes of the Regulations requiring shareholder approval of issuances that equal or exceed 20% which, (a) if such Principal Trading Market is one of the Nasdaq markets, shall be the Nasdaq Official Closing Price (as reflected on nasdaq.com) for a share of Common Stock and (b) if such Principal Trading Market is one of the NYSE markets, shall be the official closing price for a share of Common Stock as reported on the consolidated tape; and

**provided, further,** that in no event shall any Purchased Securities be issued or sold hereunder in connection with an Expanded Closing unless such Purchased Securities shall be subject to an effective Registration Statement; and

**provided, further**, that if any Advance Notice requests a Closing that would not comply with any of the foregoing, the number of shares of Common Stock requested in such Advance Notice shall, if possible, automatically, and without any further action by the Company, be reduced to the highest number of such shares that would cause such requested Closing to comply with all such clauses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Effective Date Shares.** On the Effective Date, the Purchaser shall earn a one-time, non-refundable fee consisting of 970,874 shares of Common Stock (the "**Effective Date Shares**"), payable on the Effective Date or in accordance with Section 5.1 herein. Notwithstanding the foregoing, the number of Effective Date Shares that may be sold by the Purchaser on any trading day shall not exceed five percent (5%) of the average daily volume of the Common Stock on such day, as reported by Bloomberg or another mutually agreed source. The Effective Date Shares shall be in addition to, and not in substitution for, any other payment due hereunder, including expense reimbursements and indemnities.

**"Transaction Securities"** means the Effective Date Shares and the Purchased Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Mechanics**.

&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) **Regular Closings.** For each Regular Closing, (A) on the Closing Date, the Purchaser shall deliver to the Company without set off or counterclaim unless otherwise agreed in writing by the Company, via wire transfer to an account designated by the Company, the Purchase Price for such Closing in immediately available dollars and the Company shall deliver to the Purchaser the Closing Date Securities therefor and (B) on the trading day immediately following the end of the Adjustment Period, the Company shall deliver to the Purchaser a settlement document in the form attached hereto as **Exhibit A2**, together with the Additional Securities (if any) due in respect of such 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;(ii) **Expanded Closings.** For each Expanded Closing, (A) on the Closing Date, the Company shall deliver to the Purchaser the Purchased Securities for such Closing and (B) on the business day next following the end of the Expanded Pricing Period for such Closing, the Purchaser shall deliver to the Company, without set off or counterclaim unless otherwise agreed in writing by the Company, via wire transfer to the account designated by the Company, the Purchase Price for such Closing in immediately available dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Advance Notices.** Except to the extent agreed by the Purchaser in its sole discretion, to be effective, an Advance Notice must be delivered (A) in the case of an Advance Notice for a Regular Closing, not later than 9 a.m. on the Closing Date and (B) in the case of an Advance Notice for an Expanded Closing, on or after 8:01 a.m. and on or before 9:29 a.m. on the Closing Date. Except to the extent the Purchaser agrees in its sole discretion, no new Advance Notice may be effectively delivered until all Purchased Securities shall have been delivered (including any Adjustment Securities) and all Closings shall have occurred under all Advance Notices previously delivered. If an Advance Notice is effectively delivered hereunder, subject to the terms and conditions set forth herein, the Closing thereunder shall occur. Effective delivery of an Advance Notice hereunder creates an unconditional contract between the Purchaser and the Company to purchase the applicable Purchased Shares at such Closing in exchange for the applicable Purchase Price in accordance with the terms hereof and due, in the case of a Regular Closing, on the Closing Date and, in the case of a Expanded Closing, on the business day immediately following the end of the Expanded Pricing Period**.** Subject to applicable Regulations, the Purchaser may Sell any right, title or interest in any Purchased Securities in the period after the effective delivery of an Advance Notice therefor and prior to the earlier of (x) the Closing therefor or (y) the receipt of a notice of a Suspension Event for such Advance Notice from the Company. If a Suspension Event occurs after the delivery of such Advance Notice, the Company shall notify the Purchaser and, upon effective delivery of such notice, any Advance Notice for which the Closing has not yet occurred shall be deemed to be cancelled automatically and with no further action except to the extent of Purchased Securities Sold by the Purchaser in reliance upon such notice; **provided**, that, if the Purchaser Sold any right, title or interest in the Purchased Securities prior to the delivery of such notice of a Suspension Event, in addition to any other remedy, the Purchaser shall be entitled to indemnification for any resulting Loss pursuant to **Section 4.6**.

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| ![](ex10-14_002.jpg) | <br>-4- |

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**"Suspension Event"** means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except for requests made in connection with investigations by the SEC disclosed in the SEC Documents, receipt of any request for additional information by the SEC or any other governmental authority during the period of effectiveness of the Registration Statement or any request for amendments to Registration Statements or Prospectus Supplements;

&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 occurrence of a Discontinuation 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;(C) the occurrence of any event that makes or threatens to make any statement made in the Registration Statement or any related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any changes to the Registration Statement or any such Prospectus or any such document so that, (x) in the case of the Registration Statement (or any such document incorporated by reference therein), it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or (y) in the case of any Prospectus (or any document incorporated by reference therein), it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&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 occurrence of any other event that requires amending the Registration Statement or issuing a Prospectus Supplement to comply with the Securities Act or any other Regulation;

&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 Company's reasonable determination that a post-effective amendment to the Registration Statement would be required under applicable Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the Common Stock no longer being registered under Section 12(b) or 12(g) of the Exchange 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;(G) the Common Stock no longer being authorized for listing on its Principal Trading 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 occurrence of a Black Out Period; 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;(I) the Company failing to make correctly, completely and in a timely manner any filing required of it as a reporting company under the Exchange Act.

**"Black Out Period"**, **"Discontinuation Event," "Prospectus"** and **"Registration Agreement"** have the meanings specified in the Registration Rights Agreement.

**"Prospectus Supplement"** means any prospectus supplement to a Prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act, including any prospectus supplement to be filed in accordance with 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;(iv) **DWAC-Eligible Securities Delivered.** All Transaction Securities shall be DWAC Eligible and any book-entry, physical or other certificate may be cancelled upon delivery, either directly or by notice to the Transfer Agent. No fractional shares shall be issued and fractional amounts shall be rounded up to the next higher whole number of shares.

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| ![](ex10-14_002.jpg) | <br>-5- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Buy-In Option**. In addition to any other rights available to the Purchaser, including indemnification as described in **Section 1.1(e)(i)** and seeking specific performance and injunctions pursuant to **Section 5.11**, if, at any Closing, the Company fails for any reason to deliver to the Purchaser the Purchased Securities and their certificate by the Closing Date for such Closing pursuant to **clause (b)** above, the Purchaser may purchase (in an open market transaction or otherwise) Purchased Securities (a "**Buy-In**"), then the Company shall pay in cash to the Purchaser (in addition to any other remedies available to or elected by the Purchaser) the amount, if any, by which the Purchaser's total purchase price (including any brokerage commissions and all costs and expenses) for the Purchased Securities so purchased exceeds the Purchase Price for such Purchased Securities at such Closing. Nothing herein shall require the Purchaser to choose to execute a Buy-In and nothing herein limit the Purchaser's right to pursue any other remedies available to it hereunder, at law or in equity including specific performance and injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Beneficial Ownership Limitation**. Anything else in the Transaction Documents notwithstanding, the Company shall not issue or sell any Purchased Securities to the Purchaser, and the Purchaser shall not have the right to purchase any Purchased Securities, to the extent that, and only to the extent that, after giving effect to such issuance, the Purchaser, together with the Purchaser's Affiliates, and any persons acting as a group together with the Purchaser or any of the Purchaser's Affiliates (collectively, the "**Attribution Parties**") would beneficially own Common Stock in excess of 9.99% of the number of shares of the Common Stock outstanding (as the same may be increased on decreased in accordance with this **Section 1.1(f)**, the **"Beneficial Ownership Limitation"**); **provided,** that the Purchaser may, upon not less than sixty-one (61) days' prior notice to the Company and effective at the end of such 61-day period (up to, and in any case not exceeding, 9.99%), increase such percentage and may, with prior notice to the Company, decrease such percentage. When calculating the Beneficial Ownership Limitation, the number of shares of Common Stock beneficially owned by the Purchaser and its Attribution Parties shall exclude the number of shares of other Common Stock (i) issuable but not yet issued and not requested to be issued pursuant to this Agreement and (ii) issuable upon the exercise or conversion of the unexercised or unconverted portion of any other Securities of the Company (including any other Purchased Securities and any other warrants and other convertible, exchangeable or similar Securities) beneficially owned by the Purchaser or any of its Attribution Parties and subject to a limitation on conversion or exercise analogous to the limitation contained herein. No prior determination pursuant to this **Section 1.1(f)** shall have any effect on the applicability of the provisions of this **Section 1.1(f)** with respect to any subsequent determination. Except as set forth above, for purposes of this **Section 1.1(f)**, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this **Section 1.1(f)** applies, the determination of whether to purchase Purchased Securities (in relation to other Securities owned by the Purchaser together with any Attribution Parties) shall be in the sole discretion of the Purchaser. To ensure compliance with this restriction, the Purchaser will be deemed to represent to the Company each time it delivers the Purchase Price at a Closing that the issuance of the Purchased Securities corresponding to such Purchase Price has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination; **provided**, that if the Purchaser determines that the issuance of Purchased Securities corresponding to the Purchase Price requested in an Advance Notice would violate this restriction, the Purchaser may notify the Company and tender a lower Purchase Price corresponding to the issuance of a number of Purchased Securities that would not violate this restriction and the Advance Notice shall, automatically and without any action from the Company, be deemed to be amended to reflect such new Purchase Price and the corresponding amount of Purchased Securities. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this **Section 1.1(f)**, in determining the number of outstanding shares of Common Stock, the Purchaser may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of the Purchaser, the Company shall promptly (and in any event within one (1) trading day) confirm in writing to the Purchaser the number of shares of Common Stock then outstanding. Irrespective of such reliance, the Purchaser shall in its calculation give effect to the conversion or exercise of such Stock Equivalents by the Purchaser or its Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The provisions of this **Section 1.1(f)** shall not be strictly interpreted in accordance with its terms as maybe necessary to correct any portion of this **Section 1.1(f)** that may be defective or inconsistent with the intended beneficial ownership limitations contained herein as they relate to applicable Regulations of the SEC or to make changes or supplements necessary or desirable to properly give effect to such limitation.

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| ![](ex10-14_002.jpg) | <br>-6- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Trading Fee Surcharge**. In addition to the Purchase Price, if the daily VWAP of the Common Stock is less than $1.00 per share on the Closing Date, the Company shall pay to the Purchaser the incremental difference in documented trading fees incurred for such Closing as a result of the price being below $1.00 per share. Such incremental trading fee shall be added to the discount for a "Regular Purchase Price" or "Expanded Purchase Price," as applicable.

**1.2 Other Deliveries.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **On the Effective Date.** On or prior to each Closing Date, each of the Company and the Purchaser shall deliver or cause to be delivered to the other party the items identified in **Section I** of the closing list attached hereto as **Schedule II** (the **"Closing List**") as being delivered to such party on or prior to such Closing, each dated as of the Closing Date for such Closing and in form and substance satisfactory to the party receiving them. In addition, the Company shall deliver to the Purchaser, such other opinions, statements, agreements and other documents as the Purchaser may require for such Closing, each in form and substance satisfactory to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **At Each Closing.** On or prior to each Closing Date, each of the Company and the Purchaser shall deliver or cause to be delivered to the other party the items identified in **Section II** of the Closing List as being delivered to such party on or prior to such Closing, each dated as of the Closing Date for such Closing and in form and substance satisfactory to the party receiving them. In addition, the Company shall deliver to the Purchaser, such other opinions, statements, agreements and other documents as the Purchaser may require for such Closing, each in form and substance satisfactory to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Post-Closing.** The Company shall deliver or cause to be delivered to the Purchaser the items identified in **Section III** of the Closing List by the deadlines identified therein, each in form and substance satisfactory to the Purchaser, along with, upon request by the Purchaser, such other opinions, statements, agreements and other documents as the Purchaser may reasonably require to effect the transactions contemplated in the Transaction Documents.

**1.3 Conditions to Effective Date.** The effectiveness of this Agreement pursuant to **Section 1.1(a)** and the occurrence of the Effective Date subject to the satisfaction, or waiver in accordance with this Agreement, of the following conditions on or before the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of the Purchaser and the Company contained in any Transaction Document shall be true and correct as of the Effective Date (unless expressly made as of an earlier date herein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all obligations, covenants and agreements contained in any Transaction Document and\ required to be performed by the Purchaser or the Company on or prior to the Effective Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the delivery by each of the Purchaser and the Company of the items each is required to deliver prior to the Effective Date pursuant to **Section 1.2(a)**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Material Adverse Effect shall have occurred from the date hereof through the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Liquidity Event shall have been fully completed in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) from the date hereof through the Effective Date, trading in the shares of Common Stock shall not have been suspended by the SEC or the Principal Trading Market for such Common Stock and, at any time prior to the Effective Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on Securities of the Company whose trades are reported by such service or on any Trading Market for such Securities, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Purchaser, and without regard to any factors unique to the Purchaser, makes it impracticable or inadvisable to purchase the Purchased Securities;

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| ![](ex10-14_002.jpg) | <br>-7- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company meets the current public information requirements under Rule 144 in respect of the Transaction Securities, where "**Rule 144**" means Rule 144 promulgated by the United States Securities and Exchange Commission (the **"SEC"**) pursuant to the Securities Act, as such rule may be amended from time to time, or any similar Regulation hereafter adopted by the SEC having substantially the same effect as such rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Consents and Permits listed in the Disclosure Certificate as required to be obtained prior to the Effective Date have been obtained by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other conditions to the Effective Date or the obligations of the Purchaser contained herein or in the other Transaction Documents shall have been satisfied.

**1.4 Conditions to Closings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **To the Company's Obligations.** The obligations of the Company pursuant to **Section 1.1 (Effective Date and Closings)** in connection with each Closing are subject to the satisfaction, or waiver in accordance with this Agreement, of the following conditions on or before the Closing Date for such 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;(i) the representations and warranties of the Purchaser contained herein shall be true and correct as of such Closing Date (unless expressly made as of an earlier date herein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements required to be performed by the Purchaser on or prior to such Closing Date (other than the obligations set forth in **Section 1.1 (Effective Date and Closings)** to be performed on the Closing Date for such Closing) shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the delivery by the Purchaser of the items the Purchaser is required to deliver prior to such Closing Date pursuant to **Section 1.2(b) (Other Deliveries; At Each Closing)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **To the Purchaser's Obligations.** The obligations of the Purchaser pursuant to **Section 1.1 (Effective Date and Closings)** in connection with each Closing are subject to the satisfaction, or waiver in accordance with this Agreement, of the following conditions (the **"Closing Conditions"**) on or before the Closing Date for such Closing, both before and after giving effect to such 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;(i) the items that the Company is required to deliver on or prior to such Closing Date pursuant to **Section 1.2(b) (Other Deliveries; At Each Closing)** shall have been delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) all Purchased Securities that have been required to be delivered pursuant to any Transaction Documents prior to such Closing Date shall have been delivered when required (including provisions requiring the removal of any legend on any Purchased Security) and (B) any obligation due and payable to any Purchaser Party on or prior to such Closing Date shall have been fully satisfied within at most five (5) business days of its due 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;(iii) after giving effect to such Closing (and including all Purchased Securities requested to be purchased under such Advance Notice and any other outstanding Advance Notice), the aggregate number of Transaction Securities acquired hereunder shall not exceed the amount of such Transaction Securities registered under the Registration Statement in effect as of the Closing Date for such Closing;

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| ![](ex10-14_002.jpg) | <br>-8- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) after giving effect to such Closing, the aggregate Purchase Price for all Closings having occurred hereunder shall not exceed $300,000,000 (the **"Maximum Aggregate Purchase Price"**); **provided**, that the Purchaser may, in its sole discretion, choose to honor an Advance Notice for an Expanded Closing if, after giving effect to the Closing thereunder, the aggregate Purchase Price for all Closings having occurred hereunder does not exceed 115% of the Maximum Aggregate 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;(v) after giving effect to such Closing (and including all Purchased Securities requested to be purchased under the Advance Notice for such Closing and any other outstanding Advance Notice), the aggregate number of Purchased Securities purchased at all Closings shall not exceed the Exchange Cap, calculated as of the Effective Date, unless, to the extent permitted by the Regulations of such Principal Trading Market, (A) the Company's stockholders have approved such issuance in accordance with the Regulations of such Principal Trading Market, (B) the Average Purchase Price equal or exceeds the Minimum Price or (C) the Company has obtained, for the benefit of, delivered to, and in form and substance satisfactory to, the Purchaser, a written opinion of outside counsel that such issuance and sale is otherwise permitted by the Regulations of such Principal Trading Market;

**"Average Purchase Price"** means, as of any date, the average Purchase Price per share for the Transaction Securities obtained by dividing (i) the aggregate Purchase Price for all Purchased Securities purchased hereunder on or before such date by (ii) the aggregate number of shares of Transaction Securities issued hereunder on or before such date, and rounding the result to the nearest tenth of a cent.

**"Exchange Cap"** means, as of any date, the aggregate number of shares of Common Stock that the Company may sell hereunder to the Purchaser on such date without breaching the Regulations of the Principal Trading Market for the Common Stock, which, if the Principal Trading Market for the Common Stock is on Nasdaq or the NYSE, shall not be higher than 19.9% of the number of issued and outstanding shares of Common Stock as of such date, calculated in accordance with the Regulations of such Principal Trading Market.

**"Minimum Price"** means the lower (a) the Official Closing Price on the trading day immediately preceding the Effective Date and (ii) the average Official Closing Price for the five (5) trading days immediately preceding the Effective 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;(vi) all Transaction Securities acquired by the Purchaser at or prior to such Closing Date shall be registered pursuant to Section 12(b) or 12(g) of the Exchange Act and approved for listing on the Principal Trading Market and the Company shall have duly submitted an official notice of such issuance to such Principal Trading 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;(vii) all representations and warranties made by the Company or otherwise to the Purchaser in any Transaction Document (including in the Advance Notice for such Closing) or any other Contractual Obligation with, or any other report, financial statement, document, written statement or certificate made or delivered to, the Purchaser shall be true and correct as of each date when made or deemed made, as well as on such Closing Date, in each case, unless expressly made as of an earlier date herein in which case they shall be accurate as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) from and after the date hereof, the Company shall have complied with all covenants, provisions and agreements contained in any Transaction Document (other than the obligations set forth in **clause (i)** or **(ii)**, as the case may be, of **Section 1.1(e)** to be performed on the Closing Date for such Closing) including, if applicable, **Sections 1.2(c) (Other Deliveries; Post Closing)**, **4.3 (DWAC Eligible; Freely Tradeable and Listed)** and **4.4 (Transfer Restrictions)**, and any past failure to comply therewith shall have been cured prior to such Closing Date within the period specified in such covenant, agreement or provision or, if no such period is specified, within the earlier to occur of (A) five (5) trading days after notice of such failure sent by the Purchaser to the Company and (B) ten (10) trading days after the Company has become or should have become aware of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) no Suspension Event shall have occurred and be continuing:

&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) the Company shall not have publicly or privately announced to the Purchaser the Company's intention to fail to honor any provision of any Transaction Document;

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| ![](ex10-14_002.jpg) | <br>-9- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) there shall not have occurred from and after the date hereof any breach, default or event of default (without regard for any cure period therefor provided therein) under any Indebtedness of any Company Group Member (A) having (individually or in the aggregate for all such Indebtedness) an aggregate maximum principal amount or commitment greater than one hundred and fifty thousand dollars ($150,000), or (B) any such Indebtedness shall become or be declared due and payable prior to the date on which it would otherwise become due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) there shall not have occurred from and after the date hereof any breach, default or event of default (without regard to any grace or cure period provided in the applicable agreement, document or instrument or any subsequent waiver or other modification thereto) under any other Contractual Obligation to which any Company Group Member is obligated that, if determined adversely to any Company Group Member, could reasonably be expected to result in any injunction affecting any Company Group Member or any Loss to the Company Group Members in excess of one hundred and fifty thousand dollars ($150,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) there shall not have occurred from and after the date hereof any monetary judgment, writ or similar final process shall be entered or filed against any Company Group Member, any Subsidiary of any Company Group Member or any of their assets for an injunction or for monetary damages of more than one hundred and fifty thousand dollars ($150,000), and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of forty-five (45) calendar 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;(xiv) there shall not have occurred from and after the date hereof any levy upon or seizure or attachment of, or any uninsured loss of or damage to, any asset of any Company Group Member or any Subsidiary of any Company Group Member having an aggregate fair value or repair cost (as the case may be) in excess of one hundred and fifty thousand dollars ($150,000) individually or in the aggregate, and any such levy, seizure or attachment shall not be set aside, bonded or discharged within thirty (30) days after the date 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;(xv) none of the following shall have occurred from and after the date hereof: (A) any Company Group Member or any Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) of any Company Group Member shall commence a case or other Proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or similar Regulation of any jurisdiction relating to the Company or any such Subsidiary or any Proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any of its assets, (B) any such case or other Proceeding shall be commenced against any Company Group Member or any such Subsidiary by any other person and such case or other Proceeding is not dismissed within forty-five (45) days after commencement, (C) any Company Group Member or any such Subsidiary shall be adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding is entered, (D) any Company Group Member or any such Subsidiary shall generally not pay its debts as such debts become due, shall admit in writing its inability to pay its debts as they mature or shall make a general assignment for the benefit of creditors, (E) any Company Group Member or any such Subsidiary thereof shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (F) any Company Group Member or any such Subsidiary, by any act or failure to act, shall expressly indicate its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action (including convening a meeting of the board) to authorize or otherwise for the purpose of effecting any of the foregoing;

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| ![](ex10-14_002.jpg) | <br>-10- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) no Change of Control shall have occurred from after the date hereof;

"**Change of Control**" means the occurrence of any of the following: (a) any person or group of persons (within the meaning of the Exchange Act) shall have acquired legal or beneficial ownership (within the meaning of Rule 13d-3 of the SEC under the Exchange Act) of (i) 50% prior to any initial public offering of the Common Stock and (ii) 20% thereafter or more of the issued and outstanding Voting Stock of any Company Group Member or any Subsidiary of any Company Group Member (whether on an as converted, fully diluted basis or without taking into account any potential conversion or dilution of Stock Equivalents), other than by acquiring such Common Stock directly in an offering made to the general public, (b) during any period of twelve consecutive calendar months, individuals who, at the beginning of such period, constituted the board of directors of the Company (together with any new directors whose election by the board of directors of the Company or whose nomination for election by the stockholders of the Company was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such period or whose elections or nomination for election was previously so approved) cease for any reason other than death or disability to constitute a majority of the directors then in office or (c) the Company shall cease to own and control all of the economic and voting rights associated with all of the outstanding Capital Stock of the other Company Group Members and their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) no Material Adverse Effect shall have occurred from the date hereof through such 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;(xviii) the Company shall not, from and after the date hereof, have consummated any Fundamental Transaction, amend its charter documents in any manner that materially and adversely affects any rights of the Purchaser or change the nature of its business from the business conducted by it on 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;(xix) no date or record date for any stockholder's meeting or any corporate action falls during the period starting one trading day prior to the delivery of the Advance Notice for such Closing and ending one trading day following the end of the Adjustment Period (or as the case may be, the Pricing Period) for such 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;(xx) From 180 days prior the date hereof, trading in the shares of Common Stock shall not have been suspended by the SEC or the Principal Trading Market for such Common Stock and, at any time prior to such Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on Securities of the Company whose trades are reported by such service or on any Trading Market for such Securities, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Purchaser, and without regard to any factors unique to the Purchaser, makes it impracticable or inadvisable to purchase the Purchased Securities on such 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;(xxi) the Company shall have filed all SEC Reports required under all applicable Regulations during the twelve-month period immediately preceding such 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;(xxii) the Company has duly notified the SEC and its Principal Trading Market as may be required under their respective Regulations of the issuance of all Transaction Securities to be issued on or prior to such Closing Date pursuant to this Agreement (including filing a Listing of Additional Shares Notification Form with its Principal Trading Market if 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;(xxiii) the Company shall have obtained all Permits and Consents, and shall have filed with Governmental Authorities all documents, listed in the Disclosure Certificate as required to be obtained or filed prior to such Closing Date or otherwise required for the offer and sale of the Transaction Securities issued on or before such 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;(xxiv) from and after the date hereof, (A) the Common Stock shall not have become "penny stock" as defined in Regulations for purposes of 3(a)(51) of the Exchange Act, (B) there shall be a Trading Market for the Common Stock and the Common Stock shall be eligible for listing or quotation for trading thereon and shall be eligible to resume listing or quotation for trading thereon within five (5) trading days and (C) the transfer of shares of Common Stock through the Depository Trust Company System shall remain available for the "Deposit and Withdrawal at Custodian" (DWAC) service of the Deposit Trust Corporation and shall not be subject to any restriction or limitation imposed by or on behalf of the Deposit Trust Corporation on any of its services or any other restriction or limitation on the use of the services provided by the Deposit Trust Corporation (DTC chill); and

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| ![](ex10-14_002.jpg) | <br>-11- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) any other conditions to the obligations of the Purchaser on such Closing Date contained herein or in the other Transaction Documents shall have been satisfied.

**ARTICLE II REPRESENTATIONS AND WARRANTIES**

**2.1 Representations and Warranties of the Company Group Members**. The Company hereby makes the following representations and warranties as to each Company Group Member to the Purchaser as of the date hereof and each Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Disclosure Schedule.** All of the representations and warranties set forth on the Disclosure Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Full Disclosure**. All of the disclosures furnished on behalf of, and all of the representations and warranties made by, any Company Group Member in any Transaction Document and all statements contained in the Disclosure Certificate or any certificate or other document furnished or to be furnished to the Purchaser or any Purchaser Party or their attorneys or advisors pursuant to any Transaction Document are true and correct and none contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading. The Company Group Members have responded to all questions in the due diligence questionnaire (and any amendment or additional questions or questionnaires) provided by the Purchaser prior to the date hereof completely and truthfully and have provided in response all of the information available to them that would reasonably be qualified as responsive thereto, except where such Company Group Members have indicated to the Purchaser that specific information could not be provided and why. The press releases disseminated by the Company Group Members during the twelve months preceding the date of this Agreement, taken as a whole, do not contain any untrue statement of a material fact or omit 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 and when made, not misleading.

**2.2 Representations and Warranties of the Purchaser**. The Purchaser hereby represents and warrants as of the date hereof and as of each Closing Date to the Company as follows (unless as of a specific date therein in which case they shall be accurate as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Organization; Authority**. The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms, subject only to the Standard Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Own Account**. The Purchaser understands that the Purchased Securities and Effective Date Shares are "restricted securities" and have not been registered under the Securities Act or any applicable state securities law. The Purchaser is acquiring the Transaction Securities acquired as of the date this representation is made as principal for its own account, in the ordinary course of business, and not with a view to or for distributing or reselling such Transaction Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any such Security in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of any such Securities in violation of the Securities Act or any applicable state securities law; **provided**, that nothing in this **clause (b)** shall be construed to limit the Purchaser's ability to sell such Securities or to require the Purchaser to hold any such Securities for any minimum or other specific term and the Purchaser reserves the right to dispose of any such Securities at any time in accordance with an exemption from the registration requirements of the Securities Act and applicable state securities laws.

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| ![](ex10-14_002.jpg) | <br>-12- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Purchaser Status**. On the date hereof, on the Effective Date and on each other date the Purchaser is offered or otherwise purchases or acquires any Purchased Securities or any Effective Date Share, it is and will be a sophisticated investor accustomed to transactions like the purchase of the Purchased Securities hereunder and an "accredited investor" as defined under the Securities Act and the Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Experience of The Purchaser**. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment in the Purchased Securities and, at the present time, is able to afford a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **General Solicitation**. The Purchaser is not acquiring any Purchased Security or Effective Date Share as a result of any advertisement, article, notice or other communication regarding Purchased Securities or Effective Date Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Certain Transactions and Confidentiality**. Other than consummating the transactions contemplated hereunder, the Purchaser has not directly or indirectly, nor has any person acting on behalf of or pursuant to any understanding with the Purchaser, executed any purchases or sales, including any "short sale" (as defined in Rule 200 of Regulation SHO of the Exchange Act) (**"Short Sale"**), of the Securities of the Company during the period commencing as of the time that the Purchaser first received a term sheet (written or oral) from the Company or any other person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, if the Purchaser is a multi-managed investment vehicle (whereby separate portfolio managers manage separate portions of the Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of the Purchaser's assets), the representation set forth above in this **clause (f)** shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to acquire the Purchased Securities and Effective Date Shares covered by this Agreement.

Each Company Group Member acknowledges and agrees that the representations and warranties of the Purchaser set forth in **Section 2.2** shall not modify, amend or affect the Purchaser's right to rely on the representations and warranties of any Company Group Member contained in this Agreement or in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby.

**2.3 Credit Reports and Inquiries**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Credit Reports.** Each Company Group Member authorizes the Purchaser Parties, their agents and representatives and any credit reporting agency engaged by any Purchaser Party, to (i) investigate any references given or any other statements or data obtained from or about the Company Group Members for the purpose of the Transaction Documents, (ii) obtain consumer business credit reports on the Company Group Members, (iii) contact personal and business references provided by any Company Group Members, at any time now or for so long as any amounts remains unpaid under the Transaction Documents, and (iv) share information regarding the Company Group Members' performance under this Agreement with affiliates and unaffiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Credit Inquiries.** Each Company Group Member hereby authorizes the Purchaser (but it shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Company Group Member.

**ARTICLE III Negative covenants**

**3.1 Negative Covenants**. From and after the date hereof, and until the Termination Date, no Company Group Member shall, and no Company Group Member shall permit any of its Subsidiaries to, directly or indirectly, do, or enter into any Contractual Obligation or arrangement to do, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Asset Sales.** Sell substantially all of its assets;

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| ![](ex10-14_002.jpg) | <br>-13- |

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**"Sale"** means a sale, lease or sublease (as lessor or sublessor), sale and leaseback, conveyance, transfer, assignment or other disposition to, or any exchange of property (other than cash and cash equivalents) with, any person of, or any other transaction permitting any person to acquire, in one transaction or a series of transactions, any right, title or interest in, all or any part of a business or any property of any kind (other than cash and cash equivalents) including a sale, factoring at maturity, collection of or other disposal, with or without recourse, of any notes or accounts receivable and including acquiring or Selling any Derivative intended to transfer, or having the effect of transferring, any risk relating to any such right, title or interest in such business or property, including any risk of Loss relating to holding any such right, title or interest. To **"Sell"** shall have a correlative meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Fundamental Transactions.** consummate a Fundamental Transaction, amend its charter documents in any manner that materially and adversely affects any rights of the Purchaser or change the nature of its business from the business conducted by it on the date hereof;

"**Fundamental Transaction**" means any of the following transactions, whether effected directly or indirectly or through on or a series of related transactions: (i) any merger or consolidation of the Company, (ii) any merger or consolidation of any other Company Group Member with or into another person that is not a Company Group Member; (iii) any Sale or license of any right, title or interest in the assets of any Company Group Member, other than to a Company Group Member and other than transactions in the ordinary course of business and transactions that, individually or in the aggregate, affect less than 10% of the market value of the consolidated assets of the Company Group Members, (iv) the completion of any purchase offer, tender offer or exchange offer (whether by the Company or another person) pursuant to which holders of Common Stock Sell, tender or exchange their shares for other Securities, cash or property, and (v) any other corporate reorganization, Securities purchase or other business combination involving the Company or, if all surviving entities are not a Company Group Member, any other Company Group Member, including any spin-off or scheme of arrangement of any Company Group Member, any reorganization, recapitalization or reclassification of the Common Stock, any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other Securities, cash or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Related Party Transactions.** enter into any other transaction with, or make any other payment to, any Related Party of the Company that is not a Company Group Member or Subsidiary of any Company Group Member, including (A) investments by any Company Group Member or any Subsidiary thereof in such other Related Party, whether in Capital Stock, Stock Equivalents, other Securities, Indebtedness owing by such Related Party or otherwise, or Indebtedness owing to any such other Related Party and (B) Sales, whether by such Related Party or any Company Group Member, of any asset), except for (x) payments with respect to Indebtedness disclosed on the SEC Reports prior to the date hereof, (y) transactions in the ordinary course of business on a basis no less favorable to the Company Group Members and their Subsidiaries as would be obtained in a comparable arm's length transaction with a person that is not a Related Party and that are expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval) and (z) salaries and other director or employee or other staff or agent compensation, including expense reimbursements and employee benefits, of the Company Group Members and their Subsidiaries that, in the case of officers, directors and employees, staff and agents that are also Related Parties even if their employee, staff or agent relationship is not taken into account, does not include any increase from the compensation in effect on, and disclosed to the Purchaser on or before the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Use of Proceeds.** fail to use the Purchase Price as represented in **Schedule 12** of the Disclosure Certificate (including by being engaged in operations involving the financing of any investments or activities in, or any payments to, any Sanctioned Person) or fail to provide a certification to the Purchaser with respect to any of the foregoing items in this **Section 3.1(d)** upon the Purchaser's request; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Compliance with Sanctions, Permits and other Regulations.** directly or indirectly (including through agents, contractors, trustees, representatives or advisors) (a) be in violation of any Sanctions Law or engage in, or conspire or attempt to engage in, any transaction evading or avoiding any prohibition in any Sanctions Law, (b) be a Sanctioned Person or derive revenues from investments in, or transactions with Sanctioned Persons, (c) have any assets located in Sanctioned Jurisdictions, (d) deal in, or otherwise engage in any transactions relating to, any property or interest in property blocked pursuant to any Regulation administered or enforced by OFAC or (e) fail to comply with any material Regulations or Contractual Obligations applicable to it or fail to obtain or comply with any material Permits.

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| ![](ex10-14_002.jpg) | <br>-14- |

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**3.2 Limits on Future Issuances.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Exchange Transactions.** Prior to the Termination Date, no Company Group Member, no Related Party of any Company Group Member will, directly or indirectly (including through agents, contractors, trustees, representatives or advisors): (a) solicit, initiate, encourage or accept any other inquiries, proposals or offers from any person relating to any exchange (i) of any Security of any Company Group Member for any other Security of any Company Group Member, except to the extent consummated pursuant to the terms of Stock Equivalents of the Company as in effect as of the date hereof and disclosed in the Disclosure Certificate on the date hereof or (ii) of any Indebtedness for any Security of, or claim against, any Company Group Member (any such transaction described in clauses (i) or (ii), an "**Exchange Transaction**"); (b) enter into, effect, alter, amend, announce or recommend to its stockholders any Exchange Transaction with any person; or (c) participate in any discussions, conversations, negotiations or other communications with any person regarding any Exchange Transaction, or furnish to any person any information with respect to any Exchange Transaction, or otherwise cooperate in any way, assist or participate in, facilitate or encourage, any effort or attempt by any person to seek an Exchange Transaction involving any Company Group Member. Prior to the Termination Date, no Company Group Member and no Related Party of any Company Group Member, will, either directly or indirectly (including through agents, contractors, trustees, representatives or advisors), cooperate in any way, assist or participate in, facilitate or encourage any effort or attempt by any person to effect any acquisition of securities or indebtedness of, or claim against, the Company by such person from an existing holder of such securities, indebtedness or claim in connection with a proposed exchange of such securities or indebtedness of, or claim against, the Company (whether pursuant to Section 3(a)(9) or 3(a)(10) of the Securities Act or otherwise) (a "**Third Party Exchange Transfer**"). The Company Group Members and each of their Related Parties shall immediately cease and cause to be terminated all existing discussions, conversations, negotiations and other communications with any persons with respect to any of the foregoing. For all purposes of this Agreement, violations of the restrictions set forth in this **Section 3.2** by any Company Group Member, or any Subsidiary or Affiliate of any Company Group Member, or any officer, employee, director, agent or other representative of any Company Group Member or any Subsidiary or Affiliates of any Company Group Member shall be deemed a direct breach of this **Section 3.2** by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No At the Market Offerings or Equity-Lines of Credit.** Prior to the Termination Date, except with the consent of the Purchaser and except for facilities led by the Purchaser, no Company Group Member and no Subsidiary of any Company Group Member shall (i) effect, or enter into any Contractual Obligation to effect, any "at-the-market" offering for any Capital Stock or (ii) enter into any Equity Line of Credit or draw on any existing Equity Line of Credit.

**"Equity Line of Credit"** means any transaction involving a Contractual Obligation of any person with a counterparty whereby such person has an option to Sell its Securities to such counterparty over an agreed period of time and at future determined price or price formula, other than customary "preemptive" or "participation" rights or "weighted average" or "full-ratchet" anti-dilution provisions and other than in connection with fixed-price rights public offerings and similar transactions that are not Variable-Priced Equity-Linked Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchaser shall be entitled to obtain injunctive relief against any Company Group Member to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

**3.3 No Claims Under Stockholder's Rights Plan**. No claim will be made or enforced by any Company Group Member or, with the consent of any Company Group Member, by any other person, that any Purchaser Party is an "acquiring person" (or similar or equivalent term) under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser Party could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Transaction Securities under the Transaction Documents or under any other agreement between the Company and any Purchaser Party.

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| ![](ex10-14_002.jpg) | <br>-15- |

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**3.4 No Integration**. The Company shall not engage in any Sale, offer for Sale or engage in any solicitation of offers to buy, any Security (or otherwise negotiate in respect of any of the foregoing) that would be integrated with (i) the offer or sale of the Transaction Securities in a manner that would require the registration under the Securities Act of the sale of the Transaction Securities or (ii) the offer or sale of the Transaction Securities for purposes of the Regulations of any Trading Market of any Securities of any Company Group Member in a manner that would require shareholder approval prior to the closing thereof, unless such shareholder approval is obtained before such closing.

**ARTICLE IV affirmative covenants**

**4.1 Reservation and Listing.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall reserve for issuance of the Purchased Securities from its duly authorized Capital Stock a number of shares of Common Stock at least equal to such amount as may then be required to fulfill its obligations in full under the Transaction Documents (for the avoidance of doubt, the Company shall be considered obligated to issued Purchased Securities at a proposed Closing for the purpose of this **Section 4.1** as soon as an Advance Notice for such proposed Closing shall be effectively delivered hereunder). Upon the effective delivery of an Advance Notice hereunder, or a reverse stock split or increase in the authorized Common Stock of the Company, the Company will immediately instruct the Transfer Agent to reserve at least the new amount applicable under this **Section 4.1(a)** after giving effect to such Advance Notice, stock split or increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall, after the Liquidity Event: (i) in the time and manner required by the Principal Trading Market for the Common Stock, prepare and file with such Principal Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to the amount required to be reserved under this **Section 4.1** on the date of such application; (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing or quotation on such Principal Trading Market as soon as possible thereafter; (iii) provide to the Purchaser evidence of such listing or quotation; and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the such amount required under this **Section 4.1** on such date on such Principal Trading Market or any other Trading Market for such Common Stock.

**4.2 Disclosures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Material Non-Public Information.** Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, each Company Group Member covenants and agrees that none of it, any of its Related Parties or any other person acting on their behalf, will provide the Purchaser, any Purchaser Party or their respective agents or counsel with any information that constitutes, could constitute, or that any Company Group Member believes constitutes or could constitute, material non-public information, unless prior thereto such information is disclosed to the public or the Purchaser shall have entered after the date hereof into a written agreement with the Company regarding the confidentiality and use of such information. There has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control that has not been consummated. Each Company Group Member represents and warrants that the Purchaser has not been provided by any Company Group Member or any Related Party of any Company Group Member, or any other person acting on their behalf, any information, that constitutes, may constitute, or that any such person believes constitutes or may constitute, material non-public information with respect to any Company Group Member. Any non-disclosure agreement entered into between the Purchaser and any Company Group Member is terminated as provided in **clause (b) below**. Therefore, in the absence of any new agreement after the date hereof regarding such matters, the Purchaser does not have any duty of confidentiality (or a duty not to trade on the basis of material non-public information) to any Company Group Member any of their Related Parties, or any other person acting on their behalf, and is governed only by applicable Regulations. Each Company Group Member understands and confirms that the Purchaser is and shall be relying on the foregoing representations, warranties and covenants in effecting transactions in Transaction Securities and any other Securities of the Company.

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| ![](ex10-14_002.jpg) | <br>-16- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Disclosure of Transaction Documents.** The Company shall, as part of the next amendment to be filed after the date of this Agreement to its pending Registration Statement on Form S-1 (File No. 333-290750), include the Transaction Documents as exhibits thereto, together with a description of the material terms of the Transaction Documents to the extent required under Regulation S-K under the Securities Act. The Company represents and warrants to, and agree with, each Purchaser Party that, from and after such disclosure, it shall have publicly disclosed all material, non-public information delivered to any Purchaser Party or their Related Parties (or their respective agents, contractors, trustees, representatives and advisors) by any Company Group Member (including through agents, contractors, trustees, representatives and advisors) in connection with the transactions contemplated by the Transaction Documents. Thereafter, to the extent any new Transaction Document (including any notice provided thereunder) could be argued to include any material non-public information, the Company shall within two (2) trading days disclose such Transaction Document on Form 8-K or 1-U, as applicable. From and after such disclosure, the Company represents and warrants to each Purchaser Party that it shall have publicly disclosed (and shall ensure that as part of such disclosure and thereafter it shall publicly disclose within two (2) trading days) all material, non-public information delivered to any Purchaser Party or any of their Related Parties (or their respective agents, contractors, trustees, representatives and advisors) by any Company Group Member or any of their Affiliates or any of their respective Related Parties (or their respective agents, contractors, trustees, representatives and advisors), in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon such disclosure, any and all confidentiality or similar obligations under any Contractual Obligation, whether written or oral, between any Company Group Member, any of their Affiliates or any of their respective Related Parties (or their respective agents, contractors, trustees, representatives and advisors), on the one hand, and any Purchaser Party or any of their Related Parties (or their respective agents, contractors, trustees, representatives and advisors), on the other hand, shall immediately terminate and, from and after such disclosure, no such obligations shall be valid, even if entered into after the date of this Agreement (unless such obligation specifically mentions and refers to this **clause (a)** as inapplicable in a writing signed by such Purchaser Party), including "click through" agreements and confidentiality clauses incorporated in larger agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Form D Filing.** This is a private transaction negotiated with, and tailored to, the Purchaser and no Securities were offered or sold to the Purchaser by means of any form of general solicitation or general advertising. This transaction does not rely on Regulation D under the Securities Act and, therefore, the Company does not intend or need to file a Form D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Press Releases and other Public Disclosures.** The Company and the Purchaser shall consult with each other in issuing other press releases and making any other public disclosure with respect to the transactions contemplated hereby, and none of the Purchaser or any Company Group Member shall issue any such public disclosure without each other's prior consent, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by Regulation, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Irrespective of the foregoing, the Company shall not publicly disclose the name of the Purchaser, or include the name of the Purchaser in any filing with the SEC or any Trading Market or any other Governmental Authority, without the prior written consent of the Purchaser, except as required by Regulations, in which case the Company shall provide to the Purchaser prior notice of such disclosure permitted under this **clause (d)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Use of Purchaser Trademark.** Notwithstanding anything else in any Transaction Document, no Company Group Member shall, and each Company Group Member shall ensure that their Subsidiaries do not, publicly disclose the name, trademark, service mark, symbol, logo (or any abbreviation, contraction or simulation thereof) of, or otherwise refer to, the Purchaser or any other Purchaser Party (including in any filing with the SEC, regulatory agency or Trading Market for any Securities of any Company Group Member or their Subsidiaries, including any Form 8-K or, as applicable, Form 1-U filing) without the prior consent of the Purchaser (including in any press release, letterhead, public announcement or marketing material), except, and then only after consulting with such Purchaser, to the extent required to do so under applicable Regulations (including as required in any registration statement filed with the SEC). None of the Company Group Members and their Affiliates shall represent that any Company Group Member or any of its Affiliates, any product or service of the Company Group Members or their Affiliates, or any know how or policy or practice of the Company Group Members or their Affiliates has been approved or endorsed by any Purchaser Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Financing Statements and Other Periodic Filings.** Following the Liquidity Event, (i) the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and shall not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder) to terminate or suspend its reporting and filing obligations under the Exchange Act and (ii) the Company shall timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act. Whether or not the Company shall be subject to the Exchange Act, the Company shall meet the current public information requirements of Rule 144(c) under the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Public Information Failure Payments.** At any time during the period commencing from the six (6)-month anniversary of the date hereof and ending at such time that all of the Transaction Securities have been sold or may be sold by the Purchaser without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a "**Public Information Failure**") then, in addition to the Purchaser's other available remedies, the Company shall pay to the Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell its Transaction Securities, an amount in cash equal to two percent (2.0%) of the aggregate Purchase Price of the Purchaser's Purchased Securities on the day of a Public Information Failure and on every thirtieth (30<sup>th</sup>) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchaser to transfer pursuant to Rule 144 any Transaction Securities. The payments to which the Purchaser shall be entitled pursuant to this **Section 4.2(g)** are referred to herein as "**Public Information Failure Payments**." Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3<sup>rd</sup>) business day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments when required by the preceding sentence, such Public Information Failure Payments shall bear interest at the rate of two percent (2.0%) per month (accruing and due daily and prorated for partial months) until paid in full. Nothing herein shall limit the Purchaser's right to pursue actual damages for the Public Information Failure, and the Purchaser shall have the right to pursue all remedies available to it at law or in equity including a decree of specific performance and/or injunctive relief and recovery of loss profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Disclosures to the Purchaser.** The Company shall immediately notify the Purchaser in writing of the occurrence of any of the following, and any event that reasonably could cause any of the following to occur or that, with the passage of time or the giving of notice or both, would become any of the following: (i) any Suspension Event, (ii) any Disqualification Event relating to any Company Covered Person, (iii) any Change of Control, (iv) any Material Adverse Effect, (v) any Closing Condition becoming untrue at any time and (vi) any failure to comply with any Transaction Document. Each Company Group Member shall promptly (and in any event within five (5) business days) provide to each Purchaser Party any documents or other information requested by such Purchaser Party to determine compliance with any provision of any Transaction Document, to Sell any Transaction Security or to enforce its rights under any Transaction Document.

**4.3 DWAC Eligible, Freely Tradeable and Listed**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DWAC.** The Company shall ensure that (i) its shares of Common Stock are and remain eligible at the Depository Trust Company (**"DTC**") for full services pursuant to DTC's operational arrangements, including transfer through DTC's Deposits/Withdrawal at Custodian (**"DWAC"**) system, and not subject to any restriction or limitation imposed by or on behalf of the Deposit Trust Corporation on any of its services or any other restriction or limitation on the use of the services provided by the Deposit Trust Corporation (i.e., a "DTC chill"), (ii) the Company has been approved (without revocation) by the DTC's underwriting department, (iii) the Transfer Agent is approved as an agent in the DTC's Fast Automated Securities Transfer Program, (iv) all Transaction Securities are otherwise eligible for delivery via DWAC, and (v) the Transfer Agent does not have a policy prohibiting or limiting delivery of the Transaction Securities via DWAC (**"DWAC Eligible**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Freely Tradeable.** Subject to the terms and conditions of the Registration Rights Agreement, following the Liquidity Event, the Company shall ensure that all Transaction Securities (including the Effective Date Shares) are freely tradeable. For the purposes of this Agreement, such shares shall be deemed "**freely tradeable**" if such shares are eligible for resale pursuant to (i) Rule 144 (provided the Company is compliant with its current public information requirements) promulgated by the SEC pursuant to the Securities Act or such shares are the subject of a then effective registration statement or (ii) an effective "shelf" or resale registration statement under the Securities Act, in customary form and reasonably acceptable to all of the holders thereof, is effective under the Securities Act, registering the resale of such Transaction Securities by all such holders and names all such holders as selling security holders thereunder.

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| ![](ex10-14_002.jpg) | <br>-18- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Trading Markets.** Following the Liquidity Event, the Company shall ensure that the shares of Common Stock are trading, and shall continue to trade uninterrupted, on the Principal Trading Market and all other Trading Markets for such Common Stock. All of the shares of Common Stock issued or issuable pursuant to the Transaction Documents (including the Effective Date Shares) shall be listed or quoted for trading, and the Company shall use its best efforts to ensure that such shares continue to be listed or quoted for trading interrupted, on the Principal Trading Market and each such other Trading Market. **"Liquidity Event"** means the shares of Common Stock being listed for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange.

**4.4 Transfer Restrictions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transaction Securities may only be disposed of in compliance with applicable securities Regulations. In connection with any transfer of Transaction Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in **Section 4.4(b)**, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, at the Company's sole expense in the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Transaction Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser agrees to the imprinting, for as long as is required by this **Section 4.4**, of a legend on all of the Purchased Securities in the following form:

[THIS SECURITY HAS NOT] [NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS [CONVERTIBLE][EXCHANGEABLE] HAVE] BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS, AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [CONVERSION] [EXERCISE] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company acknowledges and agrees that the Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of its Transaction Securities to a financial institution that is a sophisticated investor and an "accredited investor" as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and, if required under the terms of such arrangement, the Purchaser may transfer pledged or secured Transaction Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the Company's expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Transaction Securities may reasonably request in connection with a pledge or transfer of the Transaction Securities.

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| ![](ex10-14_002.jpg) | <br>-19- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No certificate evidencing any Transaction Security shall contain any legend (including the legend set forth in **Section 4.4(b)**) in the following cases: (i) while a registration statement covering the resale of such Transaction Security is effective under the Securities Act; (ii) following any sale of such Transaction Security pursuant to Rule 144; (iii) if such Transaction Security is eligible for sale under Rule 144; or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC). The Company shall upon request of the Purchaser and at the Company's sole expense cause its counsel (or at the Purchaser's option, exercised in its sole discretion, counsel selected by the Purchaser) to issue a legal opinion to the Transfer Agent promptly after any of the events described in (i)-(iv) in the preceding sentence to effect the removal of any legend (including that described in **Section 4.4(b)**), with a copy to the Purchaser and its broker. If any Transaction Security may be sold under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) then such Transaction Security shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this **Section 4.4(c)**, it will, no later than two (2) trading days following the delivery by the Purchaser to the Company or the Transfer Agent of a certificate representing a Transaction Security issued with a restrictive legend (such second (2<sup>nd</sup>) trading day being referred to as the "**Legend Removal Date**" of such Transaction Securities of the Purchaser), instruct the Transfer Agent to deliver or cause to be delivered to the Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this **Section 4.4**. Certificates for the Transaction Securities subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser's prime broker with the Depository Trust Company System as directed by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition to the Purchaser's other available remedies, the Company shall pay to the Purchaser, in cash, as partial liquidated damages and not as a penalty, $1,000 per trading day for each trading day after the Legend Removal Date for such Transaction Securities of the Purchaser until such certificate is delivered without a legend. Nothing herein shall limit the Purchaser's right to pursue actual damages for the Company's failure to deliver certificates representing any Transaction Securities as required by the Transaction Documents, and the Purchaser shall have the right to pursue all remedies available to it at law or in equity including a decree of specific performance and/or injunctive relief.

**4.5 Trading Activities of Purchaser**. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Company that (i) the Purchaser has not been asked by the Company to agree, nor has the Purchaser agreed, to desist from purchasing or selling Transaction Securities of the Company or from entering into Short Sales or Derivatives based on securities issued by the Company or to hold the Transaction Securities for any specified term, (ii) past or future open market or other transactions by the Purchaser, specifically including Short Sales or Derivatives, before or after any Closing, as well as the closing of any future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities, (iii) the Purchaser, and counter-parties in Derivatives to which the Purchaser is a party, directly or indirectly, may presently have a "short" position in the shares of Common Stock and (iv) the Purchaser shall not be deemed to have any affiliation with or control over any arm's length counter-party in any Derivative. The Company further understands and acknowledges that (y) the Purchaser may engage in hedging activities at various times during the period that the Transaction Securities are outstanding, including, during the periods that the number of Adjustment Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities and Derivatives do not constitute a breach of any of the Transaction Documents.

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| ![](ex10-14_002.jpg) | <br>-20- |

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**4.6 Indemnification of Each Purchaser Party**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Company Group Member shall, jointly and severally, indemnify against, and hold harmless from, the Purchaser, its Related Parties, each person who controls any of them (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and their agents, contractors, trustees, representatives and advisors (each, a "**Purchaser Party**") any and all Losses that any Purchaser Party may suffer or incur as a result of or relating to any of the following: (a) the execution, existence, administration, performance or enforcement by any Purchaser Party of any of the Transaction Documents or consummation of any transaction described therein, including any real or alleged untrue statement of a material fact, or real or alleged omission of any material fact, in any SEC Report, including the Registration Statement, the Prospectus, any Prospectus Supplement and any other registration statement or prospectus or any amendment or supplement thereto, (b) the existence of, perfection of, a Lien upon or the Sale or collection of, or any other damage, Loss, failure to return or other realization upon any asset, (c) any representation or warranty of any Company Group Member or any of their Related Parties in any Transaction Document being untrue when made or the failure of any Company Group Member or any of their Related Parties (whether directly or through their agents, contractors, trustees, representatives and advisors) to observe, perform or discharge any of the covenants or duties under any of the Transaction Documents, or (d) any Proceeding, whether or not any Purchaser Party is a party thereto (including Proceedings instituted by any Governmental Authority or any holder of any equity interest in, or other direct or indirect investor in, the Company who is not an Affiliate of such Purchaser Party) with respect to any of the Transaction Documents or the transactions contemplated therein. Additionally, if any Taxes (excluding Taxes imposed upon or measured solely by the net income of the recipient of any payment made under any Transaction Document, but including any intangibles tax, stamp tax, recording tax or franchise tax) shall be imposed on any Company Group Member or Purchaser Party, whether or not lawfully payable, on account of the execution or delivery of this Agreement, or the execution, delivery, issuance or recording of any of the other Transaction Documents, or the creation or repayment of any of obligations hereunder, by reason of any applicable Regulations now or hereafter in effect, each Company Group Member shall, jointly and severally, pay (or shall promptly reimburse such Purchaser Party for the payment of) all such Taxes, including any interest, penalties, expenses and other Losses with respect thereto), and will indemnify and hold the Purchaser Parties harmless from and against all Losses arising therefrom or in connection therewith. **The foregoing indemnities shall not apply to Losses (x) incurred by any Purchaser Party as a result of its own gross negligence or willful misconduct as determined by a final non-appealable order of a court of competent jurisdiction or (y) incurred by any Purchaser Party and directly and solely caused by the Company Group Members including in SEC Reports or any prospectus or any amendment or supplement thereto information about such Purchaser Party provided by such Purchaser Party and approved by such Purchaser Party for inclusion in such filing.** Notwithstanding anything to the contrary in any Transaction Document, the obligations of the Company Group Members with respect to each indemnity given by them in this Agreement or any of the other Transaction Documents in favor of the Purchaser Parties shall survive the Sale of the Transaction Securities and the termination of this Agreement. The indemnification required by this **Section 4.6** shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnification contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against any Company Group Member or others and any liabilities any Company Group Member may be subject to pursuant to any Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Losses"** means all liabilities, amounts due, rights, demands, covenants, duties, obligations (including indebtedness, receivables and other contractual obligations), claims, damages, Proceedings and causes of actions, settlements, judgments, damages, losses (including reductions in yield), debts, responsibilities, fines, penalties, sanctions, commissions and interest, disbursements, Taxes, interest, charges, costs, fees and expenses (including fees, charges, and disbursements of financial, legal and other advisors, consultants and professionals and, if applicable, any value-added and other taxes and charges thereon), in each case of any kind or nature, whether joint or several, whether now existing or hereafter arising and however acquired and whether or not known, asserted, direct, contingent, liquidated, due, consequential, actual, punitive or treble. "**Taxes"** means any present or future taxes, levies, imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever nature, including income, receipts, excise, property, sales, use, transfer, license, payroll, withholding, social security and franchise taxes now or hereafter imposed or levied by the United States or any other Governmental Authority and all interest, penalties, additions to tax and similar liabilities with respect thereto, but excluding, in the case of the Purchaser, taxes imposed on or measured by the net income or overall gross receipts of the Purchaser.

**4.7. Shareholder Approval.** The Company shall, within twenty (20) calendar days following the execution of this Agreement, duly call and convene a meeting of its shareholders (or seek written consent, if permitted by applicable law and its organizational documents) for the purpose of approving the issuance of all Purchased Securities contemplated by this Agreement, including but not limited to any issuance that may exceed 20% of the Company's outstanding Common Stock or otherwise trigger shareholder approval requirements under such regulations. The Company shall use its reasonable best efforts to obtain such shareholder approval and shall promptly notify the Purchaser of the results of such meeting or consent solicitation. Failure to obtain such shareholder approval within forty-five (45) calendar days following the execution of this Agreement shall constitute a material breach of this Agreement.

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**ARTICLE V MISCELLANEOUS**

**5.1 Termination and Survival**. This Agreement shall terminate on the Termination Date or, if earlier, the (a) the date on which the Purchaser shall have, in the aggregate, a Purchase Price equal to the Maximum Aggregate Purchase Price, (b) the date either party hereto effectively delivers notice to the other party of such termination, which notice may be given regardless of whether any Advance Notice has been issued and the Closing thereunder has not yet occurred (in which case such Advance Notice shall be deemed to be null and void). In addition, this Agreement may be terminated by the Purchaser by written notice to the Company, if the Effective Date has not occurred on or before January 31, 2026. Termination of this Agreement will not affect the right of any party to sue for any breach by any other party (or parties) prior to such termination (including any failure by the Company to pay the Purchase Price or any fee, cost, expense or indemnity for which it is liable hereunder) and will not affect any obligation of the Company to deliver Adjustment Securities to the Purchaser with respect to a Closing having previously occurred. The representations and warranties, covenants and other provisions hereof shall survive each Closing and the delivery of the Purchased Securities. Notwithstanding any termination of any Transaction Document, the reimbursement and indemnities to which the Purchaser Parties are entitled under the provisions of any Transaction Document shall continue in full force and effect and shall protect the Purchaser Parties against events arising after such termination as well as before. If the Company terminates this Agreement prior to the Effective Date, the Company shall issue the Effective Date Shares on the date of such termination in accordance with applicable provisions in this Agreement.

**5.2 Fees and Expenses**. Whether or not the transactions contemplated hereby shall be consummated or any Purchased Securities shall be purchased, the Company agrees to pay promptly to each Purchaser Party, or reimburse each Purchaser Party for, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all the actual and reasonable costs, fees and expenses of negotiation, preparation, execution and closing of any Transaction Document and the transfer of any Transaction Security in connection therewith and the consummation of the other transactions contemplated thereby, in each case on or about the Effective Date, including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith; **provided**, that such reimbursement obligation shall not exceed $30,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the actual and reasonable costs, fees and expenses of negotiation, preparation, execution and closing of any Transaction Document and the issuance, delivery and transfer of any Transaction Security in connection therewith and the consummation of the other transactions contemplated thereby, in each case after the Effective Date, including in connection with any subsequent Closing and including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all the costs, fees and expenses of preparation, printing and distribution of any SEC Report or the Registration Statement, the Prospectus or any Prospectus Supplement, of any other registration statement or prospectus, of any amendment or supplement to any of the foregoing, or of the Transfer Agent (including any fees required for same-day processing of any instruction letter delivered by the Company and any other Transaction Document delivered after the Effective Date by any Purchaser Party) and all other costs and expenses (including stamp taxes and other taxes and duties levied) incurred in connection with the delivery to the Purchaser of any Transaction Securities, including the filing of any Form 13D, 13G or any other form with the SEC in connection with Transaction Securities (or the filing of any other form with any other Governmental Authority required in connection therewith) and any communication with, or Proceeding before, any Governmental Authority in connection therewith any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all the actual and reasonable costs, fees and expenses of administration of the Transaction Documents, including the issuance, delivery, transfer, exercise or conversion of any Transaction Security and the removal of any legend thereon, the preparation, execution and closing of any consents, amendments, waivers or other modifications to any Transaction Document or any Transaction Security and the execution of new Transaction Documents, including in each case the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith and in connection with any other documents or matters requested by such Company Party (including through agents, contractors, trustees, representatives and advisors) or otherwise prepared or delivered in connection with any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all the actual and reasonable costs, fees, expenses and disbursements of any auditors, experts, accountants, appraisers, consultants, advisors or agents used in connection with any of the foregoing or otherwise in connection with any Transaction Document, in each case whether or not any such person is jointly engaged with any Company Party or any other person; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all costs, fees and expenses (including the fees, expenses and disbursements of any auditors, experts, accountants, appraisers, consultants, advisors (including legal counsel, including allocated costs of internal counsel, advisors and agents employed or retained by such Purchaser Party and any investment bank, mediator, arbitrator or other party engaged to resolve any dispute or any other Proceeding, in each case whether or not any such person is jointly engaged with any Company Party or any other person), incurred by any Purchaser Party in enforcing any obligation owed hereunder or under the other Transaction Documents. or in collecting any payments due from any Company Party hereunder or under the other Transaction Documents or in any other Proceeding hereunder or under any Transaction Document (including costs of settlement) or in connection with any negotiations, reviews, refinancing or restructuring of the credit arrangements provided hereunder, including in the nature of a "work out" or pursuant to any insolvency or bankruptcy Proceedings.

The foregoing shall be in addition to, and shall not be construed to limit, any other provisions of the Transaction Documents regarding indemnification and costs and expenses to be paid by the Company Group Members. Expenses shall be paid within 30 days after delivery of a demand therefor by the Purchaser. Any obligation to pay any amount or deliver any Security to any Purchaser Party under any Transaction Document that is not fulfilled when due shall bear interest at 24% per annum (which, in the case of an obligation to deliver Securities, shall be payable as additional Securities of the same type), from the date such obligation is due to the date it is fulfilled, calculated on the basis of a 360-day year consisting of twelve thirty (30)-day periods, for the actual number of days occurring, in whole or in part, in such period. Any payment of any obligation to the Purchaser or any other Purchaser Party, and any delivery of any Security under any Transaction Document to the Purchaser or any other Purchaser Party, received after 3 p.m. on any day shall be deemed received (i) on the next business day, in the case of any such payment and (ii) on the next trading day, in the case of any such delivery.

**5.3 Modifications and Signatures**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Entire Agreement.** This Agreement and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior negotiations, agreements, and understandings, whether written or oral, of the parties hereto, which the parties acknowledge have been merged into such documents, including any non-disclosure agreements or obligations of the Purchaser that may exist, all of which are hereby terminated pursuant to **Section 4.2(b)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Amendments**. No amendment, modification or termination of any provision of this Agreement or any other Transaction Document shall be effective without the written consent of the Company and the Purchaser. No waiver or consent shall be effective against any party unless given in writing by such party and then any such waiver shall then be effective only in the specific instance and for the specific purpose for which it was given. Any modification effected in accordance with accordance with this **Section 5.3(b)** shall be binding upon the Purchaser, each other holder of Purchased Securities and the Company Group Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Beneficiaries; Successors and Assigns.** Except as otherwise expressly provided in any other Transaction Document with respect to such Transaction Document, this Agreement and the other Transaction Documents shall bind and inure solely to the benefit of the Company Group Members, the Purchaser, the other Purchaser Parties, and their respective successors and, if permitted, assigns; **provided**, that no Company Group Member may assign, Sell, or Sell, issue, negotiate or grant participations in, all or any part of any right, obligation, benefit, title or interest under, including any remedy under, this Agreement or any other Transaction Document, without the Purchaser's prior written consent and any assignment done without such consent shall be void *ab initio*. Unless otherwise expressly provided in any Transaction Document, the Purchaser may Sell, or Sell, issue, negotiate or grant participations in, all or any part of any right, obligation, benefit, title or interest under, including any remedy under, any Transaction Security or Transaction Document without the consent of any Company Group Member; **provided**, that any transferee of the rights, titles and obligations of the Purchaser under Transaction Documents shall agree in a writing for the benefit of the Purchaser and the Company to be bound, with respect to, and to the extent of, such Transaction Documents, by the provisions of the Transaction Documents that apply to the Purchaser and any such agreement shall be effective, to the extent of such transfer, to make such transferee a party to such Transferred Documents as the Purchaser and to be bound by, and benefit from, the provisions of such Transaction Documents applying to the Purchaser and shall, to the extent of such transfer, relieve the Purchaser of all of its obligations hereunder with respect to any event occurring after the effective date of such agreement; **provided**, **further**, that, upon the effectiveness of any such transfer, the Company shall agree to execute and deliver to the existing Purchaser and the new Purchasers new Transaction Documents (including this Agreement), each of which shall be identical to the existing Transaction Documents except that they shall, mutatis mutandis and in proportion to such transfer, reflect the identity of the new Purchasers after giving effect to, and to the extent of, such assignment (which may include the existing Purchaser) and, in the case of a partial transfer, their respective allocations of the Maximum Aggregate Purchase Price (as well as ratable allocations of the limits set forth in **Sections 1.1(b)** and **1.1(c)**), as well as, if requested by the existing Purchaser or any new Purchaser, appropriate conforming changes to other provisions of any Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Implied Waivers or Notice Rights***.* No notice to or demand on any Company Group Member, whether or not in any Proceeding, pursuant to any Transaction Document shall entitle any Company Group Member to any other or further notice (except as specifically required hereunder or under any other Transaction Document) or demand in similar or other circumstances. The failure by any Purchaser Party at any time or times to require strict performance by any Company Group Member of any provision of this Agreement or any of the other Transaction Documents or the granting of any waiver or indulgence shall not waive, affect or otherwise diminish any right of any Purchaser Party thereafter to demand strict compliance and performance with such provision, shall not affect, or operate a waiver under, any other provision of any Transaction Document (except as specifically mentioned) and shall not constitute a course of dealing by such Purchaser Party at variance with the terms of this Agreement or any other Transaction Document (and therefore, among other things, shall not be construed to require any notice by such Purchaser Party of its intent to require strict adherence to the terms of such Transaction Document in the future). No waiver of any Closing Condition, and no any default under or breach of any provision, condition or requirement of, this Agreement or any other Transaction Document shall be deemed to be a continuing waiver in the future or a waiver of any other or subsequent Closing Condition, default or breach of, or a waiver of any other provision, condition or requirement of, this Agreement or any other Transaction Document; nor shall any failure, delay or omission of any party to exercise any right, power or privilege under this Agreement or any other Transaction Document waive, or otherwise impair in any manner, the exercise of such or any other right, power or privilege under this Agreement or any other Transaction Document. None of the foregoing actions shall in any way affect the ability of each Purchaser Party, in its discretion, to exercise any rights available to it under this Agreement, the other Transaction Documents or under applicable Regulations, except as specifically agreed in any written waiver or other modification made in accordance with accordance with this **Section 5.3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Counterparts**. This Agreement and each Transaction Document may be executed in counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and both of which, when taken together, shall constitute but one and the same Agreement. In proving this Agreement in any Proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Delivery of an executed signature page of this Agreement and each other Transaction Document by email or other electronic transmission shall be as effective as delivery of a manually executed counterpart by hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Electronic Signatures***.* Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Agreement or in any other Transaction Document are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including emailed electronic signatures. The Company expressly agrees that this Agreement and all other Transaction Documents are "transferable records" as defined in applicable Regulations relating to electronic transaction and that it may be created, authenticated, stored, transmitted and transferred in a manner consistent with and permitted by such applicable Regulations.

**5.4 Notices.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices, requests, demands, and other communications to either party hereto given under this Agreement or any other Transaction Document shall be in writing (including email) and shall be given to such party at the physical address or send to the email address set forth in the signature pages hereof or at such other physical address or email address as such party may hereafter specify for the purpose of notice to the Purchaser and the Company in accordance with the provisions of this **Section 5.4**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each such notice, request or other communication shall be effective (i) if given by mail, three (3) business days after such communication is deposited in the U.S. Mail with first class postage pre-paid, addressed to the noticed party at the address specified herein, (ii) if by nationally recognized overnight courier, when delivered with receipt acknowledged in writing by the noticed party, (iii) if given by personal delivery, when duly delivered with receipt acknowledged in writing by the noticed party or (iv) if given by email, when delivered (receipt by the sender of a receipt using the "return receipt" function or receipt of a reply email being presumptive evidence of receipt thereof); **provided**, that, if the Common Stock is listed on a Trading Market and such email is not sent prior to the last trading hour of the Principal Trading Market of the Common Stock on a trading day, such email shall be deemed to have been sent at the opening of trading on the next trading day for such Principal Trading Market. Any notice that must be given **"promptly"** or **"immediately"** shall be given by email. Any written notice, request or demand that is not sent in conformity with the provisions hereof shall nevertheless be effective on the date that such notice, request or demand is actually received by the individual to whose attention at the noticed party such notice, request or demand is required to be sent.

**5.5 Set-Off**. In addition to any rights now or hereafter granted under applicable Regulations and not by way of limitation of any such rights, each Purchaser Party is hereby authorized by the Company Group Members at any time or from time to time, without notice or demand to any Company Group Member or to any other person, any such notice or demand being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, time or demand, provisional or final, including indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other indebtedness or other amounts at any time held or owing by such Company Group Member to or for the credit or the account of any Company Group Member or any of their Related Parties against and on account of any amounts due by any Company Group Member or any of their Related Parties to any Purchaser Party under any Transaction Documents (including from the purchase price to be disbursed hereunder for the purchase of the Purchased Securities), irrespective of whether or not such Purchaser Party shall have made any demand hereunder and although such obligations and liabilities, or any of them, may be contingent or unmatured. If, as a result of such set off, appropriate or application, such Purchaser Party receives more than it is owed under any Transaction Document, it shall hold such amounts in trust for the other Purchaser Parties and transfer such amounts to the other Purchaser Parties ratably according to the amounts they are owed on the date of receipt.

**5.6 Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of a dispute between any Company Group Member and the Purchaser relating to or in connection with - or, when an agreement between any Company Group Member and the Purchaser is required hereunder, an inability to agree on - a Closing Bid Price, a Closing Sale Price, a VWAP or a fair market value (as the case may be) (including a dispute relating to the determination of any of the foregoing), the Company or the Purchaser (as the case may be) shall submit the dispute to the other party, by notice delivered as provided in **Section 5.4 (Notices)**, (i) if by the Company, within two (2) trading days after the occurrence of the circumstances giving rise to such dispute or (ii) if by the Purchaser, at any time after the Purchaser learned of the circumstances giving rise to such dispute. If the Purchaser and the Company are unable to promptly resolve such dispute on or prior to the second (2<sup>nd</sup>) trading day following such initial notice of such dispute, then the Purchaser may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser and the Company shall each deliver to such investment bank (i) a copy of the initial dispute submission so delivered in accordance with **clause (a)** and (ii) written documentation (together with such copy of such submission, the **"Required Dispute Documentation**") supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5<sup>th</sup>) trading day immediately following the date on which such investment bank is selected hereunder (the "**Dispute Submission Deadline**"). If either party fails to deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then such party shall no longer be entitled to (and hereby waives its right to) deliver or submit any document or other supporting evidence to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline. Unless otherwise agreed to in writing by both the Company and the Purchaser or otherwise requested by such investment bank, neither the Company nor the Purchaser shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute other than the Required Dispute Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and the Purchaser shall ensure that such investment bank determines the resolution of such dispute and notify the Company and the Purchaser of such resolution no later than ten (10) trading days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Company Group Member expressly acknowledges and agrees that (i) this **Section 5.6** constitutes an agreement to arbitrate between the Company and the Purchaser (and constitutes an arbitration agreement) and that the Purchaser is authorized to apply for an order to compel arbitration in order to compel compliance with this **Section 5.6**, (ii) the terms of this Agreement and each other applicable Transaction Document shall serve as the basis for the selected investment bank's resolution of any dispute resolved under this **Section 5.6**, such investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are required to be made by such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Agreement and any other applicable Transaction Documents, (iii) as described in **Section 5.7 (Governing Law; Courts**), the Purchaser (and only the Purchaser), in its sole discretion, shall have the right to submit any dispute described in this **Section 5.6** to any state or federal court and other Governmental Authorities in lieu of utilizing the procedures set forth in this **Section 5.6** and (iv) nothing in this **Section 5.6** shall limit the Purchaser from obtaining any injunctive relief or other equitable remedies (including with respect to any matters described in this **Section 5.6**).

**5.7 Governing Law; Courts.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Except as otherwise expressly provided in any other Transaction Document, this Agreement, the other Transaction Documents and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Any such Proceeding shall be brought exclusively in the state or federal courts sitting in the City of new York, Borough of Manhattan;; provided, that the Purchaser and any Purchaser Party may bring Proceedings in other jurisdictions to enforce any Transaction Document.** Each Company Group Member (i) accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of such courts, (ii) irrevocably and unconditionally waives any objection, including any objection to the laying of venue, whether based on the grounds of *forum non conveniens* or on the fact that such jurisdiction is improper or otherwise, or any other objection that such party is not subject to the jurisdiction of such courts, that it may now or hereafter have to the bringing of any Proceeding in that jurisdiction, (iii) irrevocably and unconditionally consents to the service of process of any court referred to above in any Proceeding by the mailing of copies of the process to the parties hereto as provided in **Section 5.4 (Notices)** and (iv) irrevocably and unconditionally agrees that a final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service effected as provided in this manner will become effective ten (10) calendar days after the mailing of the process. Notwithstanding the foregoing, nothing contained in any Transaction Document shall affect the right of any Purchaser Party to serve process in any other manner permitted by applicable Regulations or commence Proceedings or otherwise proceed against any Company Group Member in any other jurisdiction.

**5.8 Severability**. Any provision of any Transaction Document being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of any Transaction Document or any part of such provision in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby or thereby is not affected in any manner adverse to any party. In addition, upon any determination that any such term or other provision is invalid, illegal or incapable of being enforced, the parties hereto will negotiate in good faith to modify the relevant Transaction Document so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

**5.9 Rescission and Withdrawal Right**. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser Party exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser Party may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

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**5.10 Replacement of Certificates**. If any certificate or instrument evidencing any Transaction Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Transaction Securities.

**5.11 Remedies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser will be entitled to specific performance under the Transaction Documents. Including with respect to the delivery of Purchased Securities at any Closing. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations of any Company Group Member contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Company Group Member shall fail to discharge any covenant, duty or obligation hereunder or under any of the other Transaction Documents, the Purchaser may, in its discretion at any time, for the account and at the expense of the Company Group Members jointly and severally, pay any amount or do any act required of such Company Group Member hereunder or under any of the other Transaction Documents or otherwise lawfully requested by the Purchaser (including buying replacement Securities in the Principal Trading Market of such Securities in case of failure by the Company to deliver Securities). All fees, costs and expenses incurred by the Purchaser in connection with the taking of any such action shall be reimbursed to the Purchaser by the Company Group Members, jointly and severally, on demand, with interest accruing daily thereon at the rate specified in **Section 5.2 (Fees and Expenses)**. Any payment made or other action taken by the Purchaser under this **clause (b)** shall be without prejudice to any right to assert, and without waiver of, any breach of any Transaction Document and without prejudice to any Purchaser Party's right to proceed thereafter as provided herein or in any of the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The remedies provided in this Agreement and all other Transaction Documents shall be cumulative and in addition to all other remedies available under any Transaction Document, whether at law or in equity (including a decree of specific performance and/or other injunctive relief).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in any Transaction Document shall limit any Purchaser Party's rights to pursue actual and consequential damages for any failure by any Company Group Member to comply with the terms of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Company Group Member acknowledges and agrees that any breach of or default under any Transaction Document will cause irreparable harm to each Purchaser Party and the remedy at law for any such breach may be inadequate. Therefore, in the event of any such breach or default, each such Purchaser Party shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

**5.12 Marshaling; Payment Set Aside**. No Purchaser Party shall be under any obligation to marshal any property in favor of any Company Group Member or any other party or against or in payment of any amount due under any Transaction Document. To the extent that any Company Group Member makes a payment or payments to any Purchaser Party pursuant to any Transaction Document or any Purchaser Party enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to any Company Group Member, a trustee, receiver or any other person under any Regulation (including any bankruptcy law, 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, the Transaction Documents and all rights and remedies thereunder, 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.

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| | |
|:---|:---|
| ![](ex10-14_002.jpg) | <br>-27- |

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**5.13 Usury**. To the extent it may lawfully do so, each Company Group Member 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 Proceeding that may be brought by any Purchaser Party in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of each Company Group Member under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable Regulations (the "**Maximum Rate**") and, without limiting the foregoing, in no event shall any rate of interest, when aggregated with any other sums in the nature of interest that any Company Group Member may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents 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 the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable Regulations. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by any Company Group Member to any Purchaser Party with respect to any obligation owing under any Transaction Document, such excess shall be applied to any other outstanding obligation under any Transaction Document or be refunded to the Company, the manner of handling such excess to be at the election of the Purchaser.

**5.14 Liquidated Damages**. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

**5.15 Further Assurances**. The Company Group Members agree to take such further actions as the Purchaser shall reasonably request from time to time in connection herewith to evidence, give effect to or carry out this Agreement and the other Transaction Documents and any of the transactions contemplated hereby or thereby.

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| | |
|:---|:---|
| ![](ex10-14_002.jpg) | <br>-28- |

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**5.16 Interpretation**. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of any Transaction Document. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. Except as otherwise expressly provided in any Transaction Document, if the last or appointed day for a payment, the taking of any action or the expiration of any right required or granted under any Transaction Document shall not be a business day, then such payment may be made, such action may be taken or such right may be exercised on the next succeeding business day. As used in any Transaction Document, references to the singular will include the plural and vice versa and references to the masculine gender will include the feminine and neuter genders and vice versa, as appropriate. When used in any Transaction Document, unless otherwise expressly provided in such Transaction Document, (a) the words "**hereof**," "**herein**" and "**hereunder**" and words of similar import refer to such Transaction Document as a whole and not to any particular provision of such Transaction Document, (b) recital, article, section, subsection, schedule and exhibit references are references with respect to such Transaction Document unless otherwise specified, (c) any reference to any agreement shall include a reference to all recitals, appendices, exhibits and schedules to such agreement and, unless the prior written consent of any party is required hereunder and is not obtained, shall be a reference to such agreement as waived, amended, restated, supplemented or otherwise modified and (d) any reference to a specific Regulation shall be to such Regulation, as modified from time to time, together with any successor or replacement Regulation, in each case as in effect at the time of determination. Unless the context otherwise requires, when used in any Transaction Document, the following terms have the following meaning: (p) **"person"** means an individual, partnership, corporation, incorporated or unincorporated association, limited liability company, limited liability partnership, joint stock company, land trust, business trust or unincorporated organization, or a government or agency, department or other subdivision thereof or other entity of any kind, (q) "**asset**" and "**property**" have the same meaning and mean, "collectively, all rights and interests in tangible and intangible assets and properties, whether real, personal or mixed and including cash, capital stock, revenues, accounts, leasehold interests, contract rights and other rights under Permits and Contractual Obligations," (r) "**documents**" and "**documentation**" have the same meaning and mean "collectively, all documents, drafts, instruments, agreements, indentures, certificates, forms, opinions, powers of attorney, notices, summons, reports, financial statements and other writings, however evidenced, whether in physical or electronic form," (s) "**execution**," "**signed**," "**signature**" and words of like import shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Regulation, including the Federal Electronic Signatures in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act and any other similar state Regulation based on the Uniform Electronic Transactions Act, (t) "**incur**" means incur, create, make, issue, assume or otherwise become or remain directly or indirectly liable in respect of or responsible for, in each case whether directly or indirectly, as primary obligor or guarantor or endorser, and the terms "**incurrence**" and "**incurred**" and similar derivatives shall have correlative meanings, (u) "**including**" means "including, without limitation," (v) "**knowledge**" of the any Company Group Member means the best knowledge of any officer, director or employee of such Company Group Member after due inquiry, (w) "**ordinary course of business**" means in the ordinary course of business, as conducted on the date hereof, consistent with past practices reflected in written disclosures made on or prior to the date hereof in accordance with this Agreement, together with such changes thereto as may be approved by the Purchaser in its sole discretion, (x) **"dollar"** and the sign **"$"** each mean the lawful money of the United States of America, (y) **"business day"** means any day except Saturdays, Sundays, any day that is a federal holiday in the United States and any day on which the Federal Reserve Bank of New York is not open for business. The headings in this Agreement are included for convenience of reference only and will not affect in any way the meaning or interpretation of this Agreement and (z) **"trading day"** means a day on which the Principal Trading Market for the Common Stock is open for trading; **provided**, that "**trading day**" shall not include, unless the Purchaser otherwise agrees, any day on which the Common Stock is scheduled to trade thereon for less than four and a half hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or, if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m.); **provided**, **further** that, if the Common Stock does not trade on any Trading Market, **"trading day"** shall mean "business day". All references in this Agreement or any other Transaction Document to statutes and regulations shall include all amendments of same and implementing regulations and any successor statutes and regulations; to any instrument or agreement (including any of the Transaction Documents) shall include any and all modifications and supplements thereto and any and all restatements, extensions or renewals thereof to the extent such modifications, supplements, restatements, extensions or renewals of any such documents are permitted by the terms hereof and thereof. Whenever in any provision of any Transaction Document, the Purchaser is authorized to take or decline to take any action (including making any determination) in the exercise of its "**discretion**," such provision shall be understood to mean that the Purchaser may take or refrain to take such action in its sole discretion. References to times of the day in any Transaction Document shall refer to Eastern Time. In the computation of periods of time from a specified date to a later specified date, the word "**from**" means "from and including," the words "**to**" and "**until**" each mean "to but excluding" and the word "**through**" means "to and including." Time is of the essence of this Agreement and the other Transaction Documents. No provision of this Agreement or any of the other Transaction Documents shall be construed against or interpreted to the disadvantage of any party hereto by any Governmental Authority by reason of such party having or being deemed to have structured, drafted or dictated such provision. "**month**" (but not "calendar month") means each period from a date of determination to the day in the next calendar month numerically-corresponding to such date (**provided,** that, if such calendar month does not have any such numerically-corresponding day, such numerically-corresponding day shall be deemed to be the last day of such calendar month). **"rounding"** means, with respect to shares of Common Stock, rounding according to the Regulations of the Principal Trading Market or, if not such Regulations exists or if such Regulations shall be ambiguous, perfectly even results shall be rounded up. The reporting entity relied upon for the determination of trading price and trading volume shall be Bloomberg, L.P.

**5.17 Waiver of Jury Trial and Certain Other Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **The parties hereto hereby irrevocably and unconditionally waive, to the fullest extent permitted by applicable Regulations, any right that they may have to trial by jury of any claim or cause of action or in any Proceeding, directly or indirectly based upon or arising out of, under or in connection with, this Agreement or any Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no other party, no Purchaser Party and no Affiliate of any of them and no attorney, agent or other representative of any of the foregoing has represented, expressly or otherwise, that any person would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Company Group Member acknowledges and agrees that the foregoing waivers are a material inducement to the Purchaser to enter into and accept this Agreement. Each Company Group Member has reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial rights following consultation with such legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. This **Section 5.17** shall not restrict a party from exercising pre- or post-judgment remedies under applicable Regulations.

***[*** ***Signature Pages Follow]***

 ****

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| | |
|:---|:---|
| ![](ex10-14_002.jpg) | <br>-29- |

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**In witness whereof**, each of the undersigned has duly executed this Agreement as of the date first written above.

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| | | |
|:---|:---|:---|
| **TG-17, Inc.** | **TG-17, Inc.** | Address for Notices: |
|  |  | 18 West 18th Street, 6th Floor |
| By: |  | New York, NY 10011 |
|  |  | Email: Doron.Kempel@ourbond.com |
| Name: | Doron Kempel |  |
| Title: | CEO |  |

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***[*** ***Signature Page for the Purchaser Follows]***

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| | |
|:---|:---|
| ![](ex10-14_002.jpg) | <br>-30- |

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| |
|:---|
| **ASCENT PARTNERS FUND LLC**,<br> as Purchaser |
| By: |
| Name: |
| Title: |
| Address for Notices: |
| 19505 Biscayne Blvd., Suite 2350 |
| Aventura, FL 33180 |
| legal@ascentpartnersllc.com |

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| | |
|:---|:---|
| ![](ex10-14_002.jpg) | **SECURITIES PURCHASE AGREEMENT** |

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**SCHEDULE I**

**INDEX OF DEFINED TERMS**

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| | |
|:---|:---|
| **Defined Term** | **Location of Definition** |
| Adjusted Price | Section 1.1(b)(iii) |
| Adjustment Period | Section 1.1(b)(iii) |
| Adjustment Securities | Section 1.1(b)(iii) |
| Advance Notice | Section 1.1(c) |
| Affiliate | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| AML/CTF Regulation | Disclosure Certificate (Schedule 11 – Sanctions and Compliance) |
| Attribution Parties | Section 1.1(f) |
| Average Purchase Price | Section 1.4(b)(iv) |
| Beneficial Ownership Limitation | Section 1.1(f) |
| Black Out Period | Section 1.1(e)(i) |
| Buy-In | Section 1.1(e)(v) |
| Capital Lease | Disclosure Certificate (Schedule 5 – Indebtedness and Liens) |
| Capital Stock | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| Change of Control | Section 1.4(b)(xvi) |
| Closing | Section 1.1(c) |
| Closing Bid Price | Section 1.1(b)(iii) |
| Closing Condition | Section 1.4(b) |
| Closing Date | Section 1.1(c) |
| Closing Date Securities | Section 1.1(b) |
| Closing List | Section 1.2(a) |
| Closing Sale Price | Section 1.1(b)(iii) |
| Closing Statement | Closing List |
| Common Stock | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| Common Stock Equivalent | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| Company Covered Person | Disclosure Certificate (Schedule 12 – Issuance of Transaction Securities) |
| Company Group Member | Disclosure Certificate (Lead-In) |
| Consent | Disclosure Certificate (Schedule 6 – Consents) |
| Contractual Obligation | Disclosure Certificate (Schedule 4 – Contractual Obligations and Regulations) |
| Copyrights | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| Daily Traded Value | Section 1.1(b)(i) |
| Derivative | Disclosure Certificate (Schedule 5 – Indebtedness and Liens) |
| Disclosure Certificate | Closing List |
| Discontinuation Event | Section 1.1(e)(i) |
| Dispute Submission Deadline | Section 5.6(b) |
| Disqualification Event | Disclosure Certificate (Schedule 12 – Issuance of Transaction Securities) |
| DTC | Section 4.3(a) |

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**SECURITIES PURCHASE AGREEMENT**

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| | |
|:---|:---|
| DWAC | Section 4.3(a) |
| DWAC Eligible | Section 4.3(a) |
| Equity Line of Credit | Section 3.2(b) |
| Effective Date | Section 1.1(a) |
| Effective Date Shares | Section 1.1(d) |
| Evaluation Date | Disclosure Certificate (Schedule 10 – Financial Statements) |
| Exchange Act | Disclosure Certificate (Schedule 12 – Issuance of Transaction Securities) |
| Exchange Cap | Section 1.4(b)(iv) |
| Exchange Transaction | Section 3.2(a) |
| Expanded Closing | Section 1.1(c) |
| Expanded Pricing Period | Section 1.1(c) |
| Expanded Closing Date | Section 1.1(c) |
| Expanded Purchase Price | Section 1.1(c) |
| Floor Price | Section 1.1(b)(ii) |
| Fundamental Transaction | Section 3.1(b) |
| GAAP | Disclosure Certificate (Schedule 10 – Financial Statements) |
| Guaranty Obligation | Disclosure Certificate (Schedule 5 – Indebtedness and Liens) |
| Governmental Authority | Disclosure Certificate (Schedule 3 – Permits) |
| Indebtedness | Disclosure Certificate (Schedule 5 – Indebtedness and Liens) |
| Intellectual Property | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| Internet Domain Name | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| IP Ancillary Rights | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| IP License | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| Legend Removal Date | Section 4.4(c) |
| Lien | Disclosure Certificate (Schedule 5 – Indebtedness and Liens) |
| Liquidity Event | Section 4.3(c) |
| Losses | Section 4.6(b) |
| Material Adverse Effect | Disclosure Certificate (Lead-In) |
| Maximum Aggregate Purchase Price | Section 1.4(b)(iv) |
| Maximum Rate | Section 5.13 |
| Minimum Price | Section 1.4(b)(iv) |
| OFAC | Disclosure Certificate (Schedule 11 – Sanctions and Compliance) |
| Official Closing Price | Section 1.1(c) |
| Patents | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| Permit | Disclosure Certificate (Schedule 3 – Permits) |
| Principal Trading Market | Disclosure Certificate (Schedule 12 – Issuance of Transaction Securities) |
| Proceeding | Disclosure Certificate (Schedule 7 - Proceedings) |
| Prospectus | Section 1.1(e)(i) |
| Prospectus Supplement | Section 1.1(e)(i) |
| Public Information Failure | Section 4.2(g) |
| Public Information Failure Payments | Section 4.2(g) |
| Purchase Price | Section 1.1(c) |

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**SECURITIES PURCHASE AGREEMENT**

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| | |
|:---|:---|
| Purchased Security | Section 1.1(b) |
| Purchaser Party | Section 4.6 |
| Registration Rights Agreement | Closing List |
| Registration Statement | Section 1.1(e)(i) |
| Regular Closing | Section 1.1(b) |
| Regular Closing Date | Section 1.1(b) |
| Regular Floor Price | Section 1.1(b)(ii) |
| Regular Purchase Price | Section 1.1(b) |
| Regulation | Disclosure Certificate (Schedule 4 – Contractual Obligations and Regulations) |
| Related Party | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| Required Dispute Documentation | Section 5.6(b) |
| Required Filings | Disclosure Certificate (Schedule 6 – Consents) |
| Rule 144 | Section 1.3(f) |
| Sale (or Sell) | Section 3.1(a) |
| Sanctioned Jurisdiction | Disclosure Certificate (Schedule 11 – Sanctions and Compliance) |
| Sanctioned Person | Disclosure Certificate (Schedule 11 – Sanctions and Compliance) |
| Sanctioned Laws | Disclosure Certificate (Schedule 11 – Sanctions and Compliance) |
| SEC | Section 1.3(f) |
| SEC Reports | Disclosure Certificate (Schedule 10 – Financial Statements OR Lead-In) |
| Securities Act | Recitals to this Agreement |
| Securities | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| Short Sale | Section 2.2(f) |
| Software | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| Standard Enforceability Exceptions | Disclosure Certificate (Schedule 6 – Consents) |
| Stock Equivalent | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| Subsidiary | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| Suspension Event | Section 1.1(e)(i) |
| Tax | Section 4.6(b) |
| Third Party Exchange Transfer | Section 3.2(a) |
| Termination Date | Section 1.1(b) |
| Trademark | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| Trade Secret | Disclosure Certificate (Schedule 2 – Intellectual Property) |
| Trading Market | Disclosure Certificate (Schedule 12 – Issuance of Transaction Securities) |
| Transaction Document | Closing List |
| Transaction Securities | Section 1.1(d) |
| Transfer Agent Instruction Letter | Closing List |
| Voting Stock | Disclosure Certificate (Schedule 1-A – Corporate Information) |
| VWAP | Section 1.1(b)(iii) |

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**SECURITIES PURCHASE AGREEMENT**

**SCHEDULE II**

**CLOSING LIST**

**SECURITIES PURCHASE AGREEMENT**

**EXHIBIT A1**

**FORM OF ADVANCE NOTICE**

**SECURITIES PURCHASE AGREEMENT**

**ADVANCE NOTICE**

Dated ____________ __, 20__ Notice Number: __________

The undersigned, _________________, a ___________ (together with its successors and, if permitted, assigns, the "**Company**"), hereby elects to sell to _________________, a ___________ (together with its successors and, if permitted, assigns, the "**Purchaser**") the shares of common stock of the Company (the **"Common Stock"**) listed below pursuant to, and subject to the terms and conditions of, the Securities Purchase Agreement, by and between the Company and the Purchaser (as the same may be amended or otherwise modified from time to time, the **"Purchase Agreement";** capitalized terms used but not defined herein are used as defined in the Purchase Agreement, including those defined by reference to other agreements in **Schedule I** thereto**)**, shares of common stock (the "**Common Stock**"), of the Company in the quantities and as of the dates set forth below. This is an irrevocable Advance Notice pursuant to **Section 1.1 (Advance Notices)** of the Purchase Agreement.

This is an Advance Notice for ☐ a Regular Closing ☐ an Expanded Closing *(check one)*.

The undersigned, having the name and occupying the position at the Company specified on the signature page below **DOES HEREBY CERTIFY**, for the benefit of the Purchaser and each other Purchaser Party, that he has reviewed the Purchase Agreement and the other Transaction Documents executed on the date hereof and that each of the following is true on the date hereof, both before and after giving effect to the purchase of the Purchased Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Schedule I** hereto is true, correct and complete and reflects, with accurate calculations, the issuance requested in this Advance Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the Closing Conditions are and will be satisfied both as of the date hereof and the proposed Closing Date.

This Advance Notice is a Transaction Document and, as such is subject to various provisions of the Purchase Agreement applicable to Transaction Documents, including, among others, choice of law, forum, and waiver of jury trial.

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| |
|:---|
| By: |
| Name: |
| Title: |

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**SECURITIES PURCHASE AGREEMENT**

Please deliver the shares of Common Stock purchased in connection with this notice as follows:

Delivery Instructions:

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| |
|:---|
| Ascent Partners Fund LLC |
| By: |
| Name: |
| Title: |

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**SECURITIES PURCHASE AGREEMENT**

**Schedule I**

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| | |
|:---|:---|
| **Proposed Closing Date:<sup>1</sup>** | ___________ __, 20__ |
| **Requested Number of Closing Date Shares:** | __________________ |
| Outstanding shares before the Closing Date: | ___________________ |
| Outstanding shares after the Closing Date: | ___________________ |
| Registered shares before the Closing Date: | ___________________ |
| Registered shares after the Closing Date: | ___________________ |
| Reserved shares before the Closing Date: | ___________________ |
| Reserved shares after the Closing Date: | ___________________ |
| Exchange Cap (if applicable) shares before the Closing Date: | ___________________ |
| Exchange Cap (if applicable) shares after the Closing Date: | ___________________ |

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<sup>1</sup> Must be a trading day.

**SECURITIES PURCHASE AGREEMENT**

**EXHIBIT A2**

**FORM OF SETTLEMENT DOCUMENT**

**(REGULAR CLOSING)**

**SECURITIES PURCHASE AGREEMENT**

**ADJUSTMENT SECURITIES SETTLEMENT DOCUMENT**

**(REGULAR CLOSING)**

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| | |
|:---|:---|
| Regular Closing Date (Start of Adjustment Period): | _____________ __, 20__ |
| End of Regular Adjustment Period: | _____________ __, 20__ |
| Adjusted Price: | $__________________ |
| Regular Purchase Price per share: | $__________________ |
| Total Shares to be delivered (after Adjustment Period):**<sup>2</sup>** | __________________ |
| Shares already delivered (Closing Date Securities): | __________________ |
| Shares to be delivered (Adjustment Securities): | __________________ |

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This settlement document accurately reflects our calculation of the Adjustment Securities, is a Transaction Document and, as such is subject to various provisions of the Purchase Agreement applicable to Transaction Documents, including, among others, choice of law, forum, and waiver of jury trial.

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|:---|
| By: |
| Name: |
| Title: |

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<sup>2</sup> Due only if the Adjusted Price is lower than the Regular Purchase Price.

**SECURITIES PURCHASE AGREEMENT**

Please deliver the shares of Common Stock purchased in connection with this notice as follows:

Delivery Instructions:

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| |
|:---|
| Ascent Partners Fund LLC |
| By: |
| Name: |
| Title: |

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**SECURITIES PURCHASE AGREEMENT**

**ADJUSTED PRICE SETTLEMENT DOCUMENT**

**(EXPANDED CLOSING)**

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| | |
|:---|:---|
| Expanded Closing Date (Start of Expanded Pricing Period): | ___________ __, 20__ |
| End of Expanded Pricing Period:<sup>3</sup> | ___________ __, 20__ |
| Expanded Purchase Price per share:<sup>4</sup> | $__________________ |
| Total Expanded Purchase Price: | __________________ |

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This settlement document accurately reflects our calculation of the Expanded Purchase Price, is a Transaction Document and, as such is subject to various provisions of the Purchase Agreement applicable to Transaction Documents, including, among others, choice of law, forum, and waiver of jury trial.

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| |
|:---|
| Ascent Partners Fund LLC |
| By: |
| Name: |
| Title: |

---

Please deliver the shares of Common Stock purchased in connection with this notice as follows:

Delivery Instructions:

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| |
|:---|
| By: |
| Name: |
| Title: |

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<sup>3</sup> The earlier of (x) ten (10) trading days after the Expanded Closing Date and (y) the date when the Purchaser shall have entered into committed, binding trades to sell all of the Purchased Securities purchased at such Expanded Closing.

<sup>4</sup> The lower of (x) the average of the daily VWAP on the trading day immediately preceding the Expanded Closing Date and the daily VWAP on the Expanded Closing Date and (y) the Pricing Percentage of the lowest VWAP for all trading days in the Expanded Pricing Period.

**SECURITIES PURCHASE AGREEMENT**

![](ex10-14_001.jpg)

**EXHIBIT B**

**FORM OF REGISTRATION RIGHTS AGREEMENT**

**SECURITIES PURCHASE AGREEMENT**

**EXHIBIT C**

**FORM OF TRANSFER AGENT INSTRUCTION LETTER**

**SECURITIES PURCHASE AGREEMENT**

## Exhibit 10.15

**Exhibit 10.15**

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**REGISTRATION RIGHTS AGREEMENT**

This **Registration Rights Agreement** (this "**Agreement**"), dated as of October 27, 2025, is entered into by and among TG-17, Inc., a Nevada corporation (together with its successors and, if permitted, assigns, the "**Company**"), and the holder identified on the signature pages hereto (together with its successors and, if permitted, assigns, and together with each other holder of Registrable Securities from time to time, the "**Holder**").

**WHEREAS,** pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and the Holder (the "**Purchase Agreement**"; capitalized terms used but not defined herein are used as defined in the Purchase Agreement, including by reference in **Schedule II** thereof to definitions in other Transaction Documents), the Holder shall acquire certain Purchased Securities (as defined therein), which may result in the Holder holding Registrable Securities (as defined below); and

**WHEREAS,** the Company has agreed to register the Registrable Securities;

**Now, therefore**, in consideration of the representations, warranties and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**1.** **Registration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Registration Statements.**

&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) Initial. No later than the applicable Filing Date, the Company shall file with the SEC the Initial Registration Statement relating to the resale by the Holder of all (or, if lower, the highest number that, in the good faith estimate and mutual agreement of the Holder and the Company, the SEC will permit) of the Registrable Securities.

"**Direct Listing**" means the listing of shares of Common Stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act.

"**Initial Registration Statement**" means a Registration Statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration of the resale by the Holder of the Registrable Securities under the Securities Act, which Registration Statement provides for the resale from time to time of the Registrable Securities as provided herein.

"**Filing Date**" means, (i) with respect to the Initial Registration Statement, the fifth (5<sup>th</sup>) business day after the Effective Date, (ii) with respect to any additional Registration Statements which may be required pursuant to **Section 1(a)(ii) (Registration Statements; Additional)** or **Section 1(a)(iii) (Registration Statements; Piggyback Registrations)**, the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities and (iii) with respect to any Registration Statement to be filed pursuant to **Section 1(a)(iv) (Registration Statements; Demand),** the later of (A) the **"Filing Date"** for the Initial Registration Statement and (B) if applicable, the earlier of (1) thirty (30) days after the filing of a registration statement covered by **Section 1(a)(ii) (Registration Statements; Additional)** that relates to an underwritten primary offering of Securities of the Company or (2) the date such offering has been withdrawn.

"**Registration Statement**" means any registration statement required to be filed hereunder pursuant to this **Section 1(a) (Registration Statements; Initial)** or otherwise filed with respect to any Registrable Security, including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

"**Registrable Securities**"<sup>1</sup> means, as of any date of determination, all Effective Date Shares and Purchased Securities and other Securities of the Company held by the Holder, including (a) all of the shares of Common Stock then issued and issuable upon exercise in full of the Warrant, (b) all of the shares of Common Stock then issued and issuable in connection with any anti-dilution or any remedies provisions of the Warrant and (c) any Securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; **provided,** that **"Registrable Securities"** shall cease to include (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) any Securities with respect to which, and for so long as, the following is true: (x) a Registration Statement with respect to the sale of such Securities is declared effective by the SEC under the Securities Act and such Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (y) such Securities have been previously sold in accordance with Rule 144, or (z) such Securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the Holder (assuming that such Securities and any Securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such Securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.

"**SEC Guidance**" means (i) any publicly-available written or oral guidance of the SEC staff, or any comments, requirements or requests of the SEC staff and (ii) the Securities Act and related Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Additional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the Company has filed a Registration Statement and the SEC informs the Company that all of the Registrable Securities listed in such Registration Statement cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform the Holder and shall, as soon as practicable but not later than the applicable Filing Date, use its best efforts to file amendments to such Registration Statement as required by the SEC, covering the maximum number of Registrable Securities permitted to be registered by the SEC (on Form S-3, or such other form available to register for resale the Registrable Securities as a secondary offering), (x) with respect to filing on Form S-3, or other appropriate form, subject to the provisions of Section 1(f) (No Holder Named as Underwriter); provided, that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including Compliance and Disclosure Interpretation 612.09.

"**Rule 415**" means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Otherwise, if, at any time during the Effectiveness Period, the number of Registrable Securities exceeds 100% of the number of shares of Common Stock then registered in a Registration Statement, then the Company shall file, as soon as practicable but not later than the applicable Filing Date, an additional Registration Statement covering the resale by the Holder of not less than the number of such Registrable Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Piggyback Registrations. If, at any time during the Effectiveness Period, no effective Registration Statement covers all of the Registrable Securities and the Company intends to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity Securities (other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity Securities to be issued solely in connection with any acquisition of any entity or business or equity Securities issuable in connection with the Company's stock option or other employee benefit plans), then the Company shall deliver to the Holder a written notice of such determination and, if within fifteen (15) days after the date of the delivery of such notice the Holder shall so request in writing, the Company shall, as soon as practicable but not later than the applicable Filing Date, include in such registration statement all or any part of such Registrable Securities the Holder requests to be registered; provided, that the Company shall not be required to register any Registrable Securities pursuant to this Section 1(a)(iii) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the SEC pursuant to the Securities Act or that are the subject of a then effective Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Demand. As soon as practicable but nevertheless on or prior to the applicable Filing Date, the Company shall, upon written demand of the Holder, register, on at most two (2) occasions, all or any portion of the Registrable Securities of the Holder; provided, that the Company shall not be required to file such a Registration Statement with respect to Registrable Securities already covered under another previously-filed Registration Statement or that the Holder has requested to be included in another registration statement pursuant to Section 1(a)(iii) (Piggyback Registrations). Within thirty (30) days after effective delivery of such written demand by the Holder, the Company shall file a registration statement with the SEC covering the portion of the Registrable Securities identified in such Demand Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Form Used.** The Company shall use its best efforts to maintain eligibility for use of Form S-1 (or any successor form thereto) for the registration of the resale of Registrable Securities. If Form S-1 is not available for the registration of the resale of Registrable Securities pursuant to **Sections 1(a)(i) (Registration Statements; Initial), 1(a)(ii)(Registration Statements; Additional)** or **1(a)(iv)(Registration Statements; Demand)**, the Company shall (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available; **provided,** that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effectiveness Period.** Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement filed under this Agreement (including under **Section 1**(**a)(ii) (Registration Statements; Additional)**) to be declared effective under the Securities Act within sixty (60) days after the filing thereof, but in any event no later than the applicable Effectiveness Deadline, and shall use its best efforts to keep all Registration Statements covering Registrable Securities continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement have been sold (the period between the date such Registration Statement is effective and the date on which all such Registrable Securities have been sold being the "**Effectiveness Period**"). The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. on a trading day. The Company shall immediately notify the Holder of the effectiveness of a Registration Statement on the same trading day that the Company telephonically confirms effectiveness with the SEC, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. on the trading day after the effective date of such Registration Statement, file a final Prospectus with the SEC as required by Rule 424. Failure to so notify the Holder within one (1) trading day of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under **Section 1(e) (Partial Liquidated Damages)**.

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"**Effectiveness Deadline**" means, with respect to the Initial Registration Statement required to be filed hereunder, (i) if the SEC indicates that it will not review the Initial Registration Statement, the twenty fifth (25<sup>th</sup>) calendar day following the Effective Date; or (ii) if the SEC indicates that it will review the Initial Registration Statement and issue a comment letter, the sixtieth (60<sup>th</sup>) calendar day following the Effective Date); **provided,** that, in the event the Company is notified by the SEC that the Registration Statement will not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth (5th) trading day following the date on which the Company is so notified if such date precedes the dates otherwise required above, **provided, further**, that, if such Effectiveness Deadline falls on a day that is not a trading day, then the Effectiveness Deadline shall be the next succeeding trading day.

"**Prospectus**" means any prospectus included in any Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the SEC pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

"**Rule 424**" means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Reduced Coverage.** Notwithstanding any other provision of this Agreement, if the SEC or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the SEC for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by the Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, the Company shall reduce or eliminate any Securities to be included by any person other than the Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, the Company shall, unless the Holder instruct the Company to treat the shares of Common Stock that may be purchased upon exercise of the Warrant like regular shares of Common Stock under this Section 1(d)(ii) (in which case the Company shall do so), reduce or eliminate any Registrable Securities consisting of such shares of Common Stock; provided, that, in the case of this Section 1(d)(ii), the Holder shall have the right to designate which of its Registrable Securities shall be omitted from such Registration Statement.

In the event of a cutback hereunder, the Company shall give the Holder at least five (5) trading days prior written notice thereof. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its best efforts to file with the SEC, as promptly as allowed by SEC or SEC Guidance provided to the Company or to registrants of Securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Partial Liquidated Damages.** Provided that no Default or Event of Default exists, if (i) a Registration Statement required to be filed hereunder is not filed on or prior to its Filing Date or if the Company files such Registration Statement without providing the Holder the opportunity to review and comment on the same as required by **Section 2(a) (Review of Document)**, (ii) the Company fails to file with the SEC a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the SEC pursuant to the Securities Act, within five (5) trading days of the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be "reviewed" or will not be subject to further review, (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the SEC in respect of such Registration Statement within ten (10) calendar days after the receipt of comments by or notice from the SEC that such amendment is required in order for such Registration Statement to be declared effective, (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the SEC by the Effectiveness Deadline, or (v) during the Effectiveness Period of a Registration Statement, after such Registration Statement has become effective, (A) a Discontinuation Event arises or such Registration Statement otherwise ceases for any other reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or (B) a Black Out Period arises or the Holder is otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities and, in each case **clauses (v)(A)** and **(B) above**, occurs for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach, an "**Event**" and the expiration of the grace period for such Event specified above, the "**Event Date**"), then, in addition to any other rights the Holder may have hereunder or under applicable Regulation, on each such Event Date and on each monthly anniversary of each such Event Date thereafter (if the applicable Event shall not have been cured by such date), until (and including) the applicable Event is cured or sixty (60) calendar days after the applicable Event Date, whichever occurs first (and on such date, a pro rata amount thereof shall be paid), the Company shall pay to the Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of two percent (2.0%) multiplied by the Purchase Price paid by the Holder for the Purchased Securities pursuant to the Purchase Agreement (such amount to accrue daily based on a 30 day-month); **provided,** that the maximum amount payable thereunder shall not exceed 4% of such Purchase Price paid by the Holder. If the Company fails to pay any partial liquidated damages to the Holder pursuant to this **Section 1(e)** in full within seven (7) days after the date payable, the Company will pay interest thereon at a rate equal to the rate equal to the rate set forth in **Section 5.2 (Fees and Expenses)** of the Purchase Agreement (or such lesser maximum amount that is permitted to be paid by applicable Regulation) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **No Holder Named as Underwriter.** Notwithstanding anything to the contrary contained herein but subject to comments by the SEC, in no event shall the Company be permitted to name the Holder or affiliate of the Holder as an underwriter without the prior written consent of the Holder.

**2.** **Registration Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Review of Document.** Not less than three (3) trading days prior to the filing of each Registration Statement and not less than one (1) trading day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to the Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of the Holder, and (ii) cause its officers, directors, managers, staff, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to the Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holder shall reasonably object, **provided,** that, the Company is notified of such objection in writing no later than five (5) trading days after the Holder has been so furnished copies of a Registration Statement or one (1) trading day after the Holder has been furnished copies of any related Prospectus or amendments or supplements thereto. The Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex A (a "**Selling Stockholder Questionnaire**") on a date that is not less than two (2) trading days prior to the Filing Date or by the end of the fourth (4<sup>th</sup>) trading day following the date on which the Holder receives draft materials in accordance with this **Section 2(a)**. The Company shall not distribute any offering material in connection with any offering or sale that includes any Registrable Securities except for Registration Statements (including Prospectuses) approved by the Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Compliance with Regulations and SEC Requests.** The Company shall (i) comply with all applicable Regulations applicable to Registration Statements, as well as all requests by the SEC and other Governmental Authorities, and the offer and sale of Securities thereunder (including Sales done, subject to this Agreement, using the intended methods of disposition by the Holder), including ensuring that all such Registration Statements, offers and sales conform to the requirements of, and comply with the Exchange Act, the Securities Act and all other applicable Regulations, including meeting the requirements of Rule 415, (ii) prepare and file with the SEC such amendments, including post-effective amendments, to Registration Statements (including Prospectuses) as may be necessary to comply with applicable Regulations or otherwise to keep such Registration Statements continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the SEC such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (iii) cause the related Prospectus to be amended or supplemented by any Prospectus supplement, as may be required by Regulations and the SEC (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iv) respond as promptly as reasonably practicable to any comments received from the SEC with respect to a Registration Statement or any amendment thereto and provide promptly to the Holder, without charge, true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (**provided**, that the Company shall redact any information contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), (v) use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (A) any order stopping or suspending the effectiveness of a Registration Statement, or (B) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment and (vi) deliver or make available to the Investor through the SEC's website (<u>www.sec.gov</u>), true and complete copies of all Registration Statements, including Prospectuses and amendments and supplements, and all other SEC Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notices to Holder; Discontinuation Events.** The Company shall notify the Holder as promptly as possible (and, in the case of (i)(A) below, not less than one (1) trading day prior to such filing and, if requested by the Holder, confirm such notice in writing no later than one (1) trading day following the day of such filing) of all of the following: (i)(A) any proposal to file any Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement, (B) any notice by the SEC to the Company on whether there will be a "review" of such Registration Statement and any written comment on such Registration Statement received by the Company from the SEC, and (C) the effectiveness of any Registration Statement or any post-effective amendment, (ii) any request by the SEC or any other Governmental Authority for amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) the issuance by the SEC or any other Governmental Authority of any stop order or other Regulation suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose and (v) the occurrence of any event (including the passage of time) that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other document to ensure that such Registration Statement, Prospectus or other document will not contain any untrue statement of a material fact and will not omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (any event described in **clauses (iii)** through **(v)** above a "**Discontinuation Event"** and any notice given hereunder pursuant to any such clauses, a **"Discontinuation Notice**"**)**, **provided,** that any Discontinuation Notice shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made; and, **provided, further,** that, in no event shall any notice sent pursuant to this **Section 2(c)** contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries. By its acquisition of Registrable Securities, the Holder agrees that, upon receipt of any Discontinuation Notice, the Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the "**Advice**") by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Amendments After Discontinuation Events.** Promptly upon the occurrence of any event contemplated pursuant to **clause (ii)** of **Section 2(c)) (Notices to Holders; Discontinuation Events) above** or a Discontinuation Event contemplated by **Section 2(c) (Notices to Holders; Discontinuation Events) above**, the Company shall prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company sends a Discontinuation Notice under **Section 2(c) (Notices to Holders; Discontinuation Events) above** to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holder shall suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this **Section 2(d)** to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to **Section 1(e) (Liquidated Damages)**, for a period not to exceed sixty (60) calendar days (which need not be consecutive days) in any 12-month period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Black Out Periods.** The Company may, from time to time by notice to the Holder, suspend the use of the Registration Statement during certain periods (each a **"Black Out Period"**) in the event that the Company determines in its sole discretion in good faith that such suspension is necessary during such Black Out Period to (i) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (ii) amend or supplement the Registration Statement or any related Prospectus so that the Registration Statement or such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading**; provided**, that (w) no such Black Out Period shall be longer than 90 days, (x) the Black Out Periods established during any calendar year shall not have more than 120 days in the aggregate, (y) no Black Out Period shall be more restrictive or longer than any comparable restriction imposed on Sales of equity Securities by the Company's board of directors and senior officers and (z) each Black Out Period shall immediately end upon public disclosure of the material non-public information that caused such Black Out Period to be established. The Holder agrees that, during such Black Out Periods, they shall not sell any Registrable Securities of the Company pursuant to the Registration Statement; **provided**, that, for the avoidance of doubt, the Holder may Sell such Registrable Securities pursuant to any available exemption from registration, subject to compliance with applicable Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Confirmed Copy.** The Company shall furnish to the Holder, without charge, at least one conformed copy of each such Registration Statement (including amendments and supplements), including Prospectuses, financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such person, and all exhibits to the extent requested by such person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the SEC; **provided,** that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form. Subject to the terms of this Agreement, the Company hereby consents to the use of each Registration Statement (including Prospectuses and all amendments and supplements thereto) by the Holder in connection with the offering and sale of the Registrable Securities covered by such Registration Statement, except after the giving of any Discontinuation Notice pursuant to **Section 2(c) (Notices to Holders; Discontinuation Events) above** and during a Black Out Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Resales.** The Company shall cooperate with any broker-dealer through which the Holder proposes to resell its Registrable Securities in effecting a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by the Holder, and the Company shall pay the filing fee required by such filing within two (2) business days of receipt of a request therefor. Prior to any resale of Registrable Securities by the Holder, the Company shall use its best efforts to register or qualify or cooperate with the Holder in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky Regulations of such jurisdictions within the United States as the Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; **provided,** that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction. If requested by the Holder, the Company shall cooperate with the Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any the Holder may request. The Company may require from the Holder a certified statement as to the number of shares of Common Stock beneficially owned by the Holder and the names of the natural persons thereof that have voting and dispositive control over such Common Stock as well as over the Purchased Securities. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because the Holder fails to furnish such information within three (3) trading days of the Company's request, any liquidated damages that are accruing at such time as to the Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended until such information is delivered to the Company.

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| | |
|:---|:---|
| ![](ex10-15_002.jpg) | - 7 - |

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3. Registration Expenses. In addition to, and not in substitution for, any other provision in any Transaction Document requiring any Company Group Member to reimburse expenses, the Company shall pay (or, if applicable, reimburse the Holder and its Related Parties for) all costs, fees and expenses incident to the performance of or compliance with, this Agreement by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement, including (a) all registration, filing and other fees, costs and expenses (including fees, costs and expenses of counsel to the Company and of the independent registered public accountants of the Company) in connection with this Agreement or the transactions contemplated herein, including (i) filing SEC Reports and other filings with Governmental Authorities, (ii) filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (iii) compliance with applicable state or other securities Regulations, including Blue Sky Regulations and (iv) filings that may be required to be made by any broker through which the Holder intends to Sell Registrable Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale, (b) printing fees, costs and expenses (including fees, costs and expenses of printing Registration Statements, Prospectuses and certificates for Registrable Securities), (c) messenger, telephone and delivery fees, costs and expenses, (d) internal expenses of the Company incurred in connection with this Agreement or any transaction contemplated herewith (including all salaries and expenses of its officers, managers, directors and staff performing legal or accounting duties), (e) fees, costs and expenses in corrected in connection with any annual audit, (f) fees, costs and expenses incurred in connection with the listing of the Registrable Securities on any Trading Market or other securities exchange, (g) fees, costs and expenses of counsel for the Company, including in connection with Blue Sky qualifications or exemptions of the Registrable Securities, (h) Securities Act and similar liability insurance for the Company and (i) fees, costs and expenses of all other persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In no event shall the Company be responsible for any broker or similar commissions of the Holder, except as otherwise provided in any other Transaction Document.

4. Indemnification. The Company shall, notwithstanding any termination of this Agreement, in addition to and not in substitution or limitation for, any other indemnification provision by the Company, indemnify and hold harmless the Holder, each person who controls the Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, managers, managing members, members, stockholders, staff members (whether or not classified as employees or independent contractors), partners, advisors, agents (and any other persons with a functionally equivalent role of a person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling person, to the fullest extent permitted by applicable Regulation, from and against any and all losses, claims, damages, liabilities, costs (including attorneys' fees) and expenses (collectively, "Losses"), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any other securities Regulation, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (x) such untrue statements or omissions are based solely upon information regarding the Holder furnished in writing to the Company by the Holder expressly for use therein, or to the extent that such information relates to the Holder or the Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by the Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto or (y) in the case of an occurrence of a Discontinuation Event, the use by the Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified the Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by the Holder and prior to the receipt by the Holder of the Advice contemplated in Section 2(c) (Notices to Holder; Discontinuation Events), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holder promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity is in addition and not in substitution for any other indemnification provision in any Transaction Document and shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by the Holder.

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| | |
|:---|:---|
| ![](ex10-15_002.jpg) | - 8 - |

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**5.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Remedies.** In the event of a breach by the Company or by the Holder of any of their respective obligations under this Agreement, the Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by Regulation and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and the Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Other Registration Statements.** The Company shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the SEC; **provided** that (i) the Company may file amendments to registration statements filed prior to the date of this Agreement and (ii) the Company may file registration statements with respect to any offering of Securities marketed to the general public, including an unallocated shelf registration statement on Form S-3, if the Company is eligible to use Form S-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Compliance.** The Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Notices.** All notices, requests and demands to or upon the Holder or the Company hereunder shall be effected in the manner provided for in **Section 5.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Successors and Assigns.** This Agreement shall be binding upon, and inure to the benefit of, the Company, the Holder and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Holder (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). The Holder may assign this Agreement in whole or in part to the extent permitted by **Section 5.3(c) (Beneficiaries, Successors and Assigns)** of the Purchase Agreement, as well as applicable securities Regulations and in connection with the assignment of any Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendments**. No amendment, modification or termination of any provision of this Agreement shall be effective without the written consent of the Company and the Holder. In addition, as provided by **Section 5.3(b) (Amendments)** of the Purchase Agreement, no waiver or consent shall be effective against any party unless given in writing by such party and then any such waiver shall then be effective only in the specific instance and for the specific purpose for which it was given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Entire Agreement; Counterparts; Electronic Signatures**. As described in **Section 5.3(a) (Entire Agreement)** of the Purchase Agreement, this Agreement and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Agreement may be executed in counterparts as provided in **Section 5.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 5.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Inconsistent Agreements.** Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its Securities, that would have the effect of impairing the rights granted to the Holder in this Agreement or otherwise conflicts with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** The Company hereby agrees to take, promptly after the Holder's request, such further actions, including executing or causing to be executed and delivering to the Holder such further documents, as the Holder shall reasonably request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Cumulative Remedies.** The remedies provided herein are cumulative and not exclusive of any other remedies provided by Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 5.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Agreement and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware **(**without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the state or federal courts sitting in the City of New York, Borough of Manhattan; **provided**, that the Holder may bring Proceedings in other jurisdictions to enforce any Transaction Document. **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Waiver of Jury Trial**. **Each party hereto hereby agree to Section 5.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Agreement or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Interpretation.** This Agreement is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article V (Miscellaneous)** thereof, including **Sections 5.3(d) (No Implied Waivers or Notice Rights), 5.5 (Set off), 5.7 (Severability)** and **5.11 (Marshaling, Payments Set Aside)** but also **Article III (Negative Covenants)** and **Article IV (Affirmative Covenants)** thereof, which contains indemnification obligations, and **Sections 2.1 (Representations and Warranties of the Company Group Members)** and **5.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of the Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

 ****

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| | |
|:---|:---|
| ![](ex10-15_002.jpg) | - 9 - |

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**In witness whereof**, each of the undersigned has duly executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| TG-17. INC. | TG-17. INC. |
| By: |  |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |
| Date signed: | Date signed: |

---

Ascent Partners Fund LLC,

as the Holder

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| | |
|:---|:---|
| By: |  |
| Name: |  |
| Title: | Authorized Signatory |
| Date signed: | Date signed: |

---

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| | |
|:---|:---|
| ![](ex10-11_002.jpg) | **REGISTRATION RIGHTS AGREEMENT** |

---

![](ex10-15_001.jpg)

 

**ANNEX A**

**TG-17, INC.**

**Selling Stockholder Notice and Questionnaire**

The undersigned beneficial owner of shares of Common Stock (the "**Registrable Securities**") of TG-17, Inc. (the "**Company**") understands that the Company has filed or intends to file with the Securities and Exchange Commission (the "**SEC**") a registration statement (the "**Registration Statement**") for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the "**Securities Act**"), of the Registrable Securities in accordance with the terms of the Registration Rights Agreement (the "**Registration Rights Agreement**") by and between the Company and the undersigned, dated as of October [__], 2025. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein has the meanings ascribed thereto in the Registration Rights Agreement.

Certain legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

**NOTICE**

The undersigned beneficial owner (the "**Selling Stockholder**") of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

**QUESTIONNAIRE**

1. Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Full
 Legal Name of Selling Stockholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Full
 Legal Name of Registered Holder (if not the same as (a) above) through which Registrable
 Securities are held:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Full
 Legal Name of Natural Control Person (which means a natural person who directly or indirectly
 alone or with others has power to vote or dispose of the Securities covered by this Questionnaire):

2. Address for Notices to Selling Stockholder:

Telephone: __________________

Email: ______________________

Contact Person: _______________

3. Broker-Dealer Status:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Are
 you a broker-dealer?

Yes ☐ No ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 "yes" to Section 3(a), did you receive your Registrable Securities as compensation
 for investment banking services to the Company?

Yes ☐ No ☐

Note: If "no" to Section 3(b), the SEC's staff has indicated that you should be identified as an underwriter in the Registration Statement.

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| | |
|:---|:---|
| ![](ex10-15_002.jpg) | - 2 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Are
 you an affiliate of a broker-dealer?

Yes ☐ No ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable
 Securities in the ordinary course of business, and at the time of the purchase of the Registrable
 Securities to be resold, you had no agreements or understandings, directly or indirectly,
 with any person to distribute the Registrable Securities?

Yes ☐ No ☐

Note: If "no" to Section 3(d), the SEC's staff has indicated that you should be identified as an underwriter in the Registration Statement.

4. Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.

Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any Securities of the Company other than the Registrable Securities and the Transaction Securities pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Type
 and Amount of other Securities beneficially owned by the Selling Stockholder:

5. Relationships with the Company:

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity Securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

State any exceptions here:

The undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective; **provided,** that the undersigned shall not be required to notify the Company of any changes to the number of Securities held or owned by the undersigned or its affiliates.

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| | |
|:---|:---|
| ![](ex10-15_002.jpg) | - 3 - |

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By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Date:______________________________________

---

| |
|:---|
| Beneficial Owner: |
| By: |
| Name: |
| Title: |

---

PLEASE EMAIL A .PDF COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

[______________________]

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| | |
|:---|:---|
| ![](ex10-15_002.jpg) | - 4 - |

---

## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation in this Registration Statement on Form S-1 of our report dated June 10, 2025, of TG-17 Inc., relating to the audit of the consolidated financial statements as of December 31, 2024 and 2023, and for the periods then ended, and the reference to our firm under the caption "Experts" in the Registration Statement.

*/s/ M&K CPA's, PLLC*

The Woodlands, Texas

November 12, 2025

## Ex-Filing

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

**Exhibit 107**

**Calculation of Filing Fee Tables**

**S-1/A**

(Form Type)

**TG-17, Inc.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering Price<br> Per Unit<sup>(1)</sup>** | **Market<br> Value of<br> Securities<sup>(2)</sup>** | **Fee Rate** | **Amount of<br> Registration<br> Fee** | **Carry<br> Forward<br> Form Type** | **Carry<br> Forward<br> File Number** | **Carry<br> Forward<br> Initial<br> effective date** | **Filing Fee<br> Previously Paid<br> In Connection<br> with Unsold<br> Securities<br> to be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity | Common Stock; par value $0.0001 | 457 (f) | 25783879 | $12.43 | $320493616 | 0.00013810 | $44260.17 |  |  |  |  |
| Fees Previously Paid | Equity | Common Stock; par value $0.0001 | 457 (f) | 8290298 | 12.36 | 102468083 | 0.00013810 | $14150.85 |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities | None. |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $422961699 |  | $58411.02 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | 102468083 |  | $14150.85 |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $44260.17 |  |  |  |  |

---

(1) Estimated
solely for purposes of calculating the amount of the registration fee pursuant to Rule 457(f) under the Securities Act.

(2) Based
 on third-party valuation.