# EDGAR Filing Document

**Accession Number:** 0002035321
**File Stem:** 0001062993-25-016398
**Filing Date:** 2025-10
**Character Count:** 1196751
**Document Hash:** f494068b4b58f267b6203507deb919c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016398.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001062993-25-016398

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 72

**FILED AS OF DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Frontieras North America
- **CENTRAL INDEX KEY:** 0002035321

**ORGANIZATION NAME:**
- **EIN:** 872916838
- **STATE OF INCORPORATION:** WY

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12682
- **FILM NUMBER:** 251437879

**BUSINESS ADDRESS:**
- **STREET 1:** 7349 VIA PASEO DEL SUR
- **STREET 2:** 515-181
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 6025090950

**MAIL ADDRESS:**
- **STREET 1:** 1000 MAIN STREET SUITE 2300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

## Part

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**FORM 1-A OFFERING CIRCULAR**

AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT.

THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF ANY SUCH STATE.

THE COMPANY MAY ELECT TO SATISFY ITS OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING INVESTORS A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF THE SALE THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING STATEMENT IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.

**REGULATION A OFFERING CIRCULAR UNDER THE SECURITIES ACT OF 1933**

**DATED OCTOBER 30, 2025**

**FOR**

**FRONTIERAS NORTH AMERICA, INC., A WYOMING CORPORATION**

![](form1axz001.jpg)

1000 Main Street Suite 2300

Houston, TX 77002

(602) 509-0950

<u>www.frontieras.com</u>

**UP TO 3,387,533 SHARES OF CLASS C COMMON STOCK**

**Minimum Purchase per Investor: 136 shares of non-voting Class C Common Stock ($1,003.68), plus a 3% Investor Processing Fee.**

Frontieras North America, Inc. ("Frontieras," "Company," "Issuer," "we," "us," or "our") is offering a minimum amount of 13,551 shares of our non-voting Class C Common Stock (our "Class C Common Stock" or the "Securities") at a price of $7.38 per share for gross proceeds of not less than $103,006.38 (the "Target Offering Amount") and up to 3,387,533 shares of our non-voting Class C Common Stock ("Class C Common Stock") at a price of $7.38 per share, for a Maximum Offering Amount of $25,749,993.35(the "Maximum Offering Amount"). The Company will charge investors a fee ("Investor Processing Fee") of 3% of their investment amounts up to a maximum fee of $80 per transaction. The Target Offering Amount and Maximum Offering Amount includes the Investor Processing Fee total for all investments. The Company must raise an amount equal to or greater than the Target Offering Amount by the date that is twelve months from the date this offering is qualified by the SEC (the "Offering Deadline"). Unless the Company receives investment commitments, which are fully paid for and meet all other requirements set by this Offering, in an amount not less than the Target Offering Amount by the Offering Deadline, no Securities will be sold in this Offering, all investment commitments will be cancelled, and all committed funds will be returned. For more information on the securities offered hereby, please see the item titled "Securities Being Offered" on page 72.

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The minimum investment amount is $1,003.68, plus a 3% processing fee per investor. Investors cannot purchase fractional shares of Class C Common Stock. Investors whose purchase of Class C Common Stock is accepted shall be referred to herein individually as a "Stockholder" or collectively as the "Stockholders." Stockholders of the Company shall be subject to the terms of the Articles of Incorporation and the Amendment to the Articles of Incorporation thereto (collectively, the "Articles of Incorporation") (see Exhibits 2.1 - Articles of Incorporation, Exhibit 2.2 - Articles of Amendment and Article V Text), and the Bylaws of the Company (the "Bylaws") (see Exhibit 2.3 - Bylaws of Frontieras North America (collectively, the "Governing Documents").

The sale of Shares will commence within two calendar days from when this Offering statement (as may be amended, this "Offering Statement") is qualified by the SEC. The Shares will be sold on a "best efforts" and ongoing basis to investors who meet the Investor Suitability standards as set forth herein (the "Offering"). The Offering will terminate on the earliest to occur of (i) the date subscriptions for the Maximum Offering Amount have been accepted, (ii) the date which is three years from the date our Offering Statement, as amended, is initially qualified by the Commission, or (iii) any earlier date on which we elect to terminate the offering.

The Company has authorized 500,000,000 shares of Class A Common Stock, 250,000,000 shares of Class B Common Stock, and 250,000,000 shares of Class C Common Stock. Our affiliate, Frontier Applied Sciences, Inc.("FAS") together with our executive officers and directors beneficially own or control, directly or indirectly, Class B Common Stock ("Class B Common Stock") shares. Class B Common Stock shares entitle the holder to ten (10) votes per Class B Common Stock share, which is ten (10) times the voting power of the Class A Common Stock. Other than voting rights, the Company's Class C Common Stock and Class A Common Stock have the same rights, preferences and privileges.

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| | | | |
|:---|:---|:---|:---|
| | Price to<br>Public | Underwriting, <br>discount and <br>commissions (1)(2) | Proceeds to <br>Issuer before <br>expenses |
| Price per share (2) | $7.38 | $0.33 | $7.05 |
| Investor Processing fee per share | $0.22 | $0.01 | $0.21 |
| Price per share plus processing fee | $7.60 | $0.34 | $7.26 |
| Total investment minimum without processing fee | $1003.68 | $45.17 | $958.51 |
| Total investment minimum with processing fee | $1033.79 | $46.52 | $987.27 |
| Total Maximum with processing fee (3) | $25749993.35 | $1158749.70 | $24591243.65 |

---

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(1) The Company has engaged DealMaker Securities, LLC, a FINRA/SIPC registered broker-dealer ("Broker") and its affiliates, to perform broker-dealer administrative and compliance related functions in connection with this offering. The Broker does not purchase any securities from the issuer with a view to sell those for the issuer as part of the distribution of the security. We will pay accountable expenses of $10,000 per month not to exceed $30,000 prior to the commencement of the Offering. Once the Offering commences, we will pay $10,000 per month, and up to $250,000 for supplemental marketing not to exceed $322,000. The Broker will also receive up to 4.5% of the amount raised from the sale of Shares in this Offering. Please see "Plan of Distribution" for additional information.

(2) Each investor will be required to pay an Investor Processing Fee to the Company at the time of subscription to help offset transaction costs equal to 3.0% of the subscription price per Share, up to a maximum fee of $80 per transaction. No Shares will be issued in consideration for the Investor Processing Fee. The Broker and its affiliates will receive compensation on this fee. The Investor Processing Fee will be counted towards the Maximum Offering Amount and the individual investor limitations for non-accredited investors. The Investor Processing Fee will be rounded to the nearest whole dollar. The Company may waive the requirement to pay the Investor Processing Fee, on a case-by-case basis, for any reason or no reason at all. See "Plan of Distribution" for more details.

(3) Total proceeds to be raised by the Company include up to $24,999,992.63 from the sale of Shares and up to $749,999.81 in Investor Processing Fees to the Company.

Our common stock is not listed on any national securities exchange, quotation system or the Nasdaq stock market and there is no market for our securities. There is no guarantee, and it is unlikely, that an active trading market will develop in our securities.

This Offering is being made pursuant to Tier 2 of Regulation A (Regulation A Plus), following the Form 1-A offering circular disclosure format.

Investing in our shares of non-voting Class C Common Stock is speculative and involves substantial risk. You should purchase these securities only if you can afford a complete loss of your investment. See "Risk Factors" to read about the more significant risks you should consider before buying our shares of Class C Common Stock.

In offering the shares of Class C Common Stock on behalf of the Company, our Officers will rely on the safe harbor from broker-dealer registration set forth in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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

NO PERSON HAS BEEN AUTHORIZED IN CONNECTION WITH THIS OFFERING TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THAT INFORMATION AND THOSE REPRESENTATIONS SPECIFICALLY CONTAINED IN THIS OFFERING CIRCULAR; ANY OTHER INFORMATION OR REPRESENTATIONS SHOULD NOT BE RELIED UPON. ANY PROSPECTIVE PURCHASER OF THE SECURITIES WHO RECEIVES ANY OTHER INFORMATION OR REPRESENTATIONS SHOULD CONTACT THE COMPANY IMMEDIATELY TO DETERMINE THE ACCURACY OF SUCH INFORMATION AND REPRESENTATIONS. NEITHER THE DELIVERY OF THIS OFFERING CIRCULAR NOR ANY SALES HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE AN IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY OR IN THE INFORMATION SET FORTH HEREIN SINCE THE DATE OF THIS OFFERING CIRCULAR SET FORTH ABOVE.

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PROSPECTIVE PURCHASERS SHOULD NOT REGARD THE CONTENTS OF THIS OFFERING CIRCULAR OR ANY OTHER COMMUNICATION FROM THE COMPANY AS A SUBSTITUTE FOR CAREFUL AND INDEPENDENT TAX AND FINANCIAL PLANNING. EACH POTENTIAL INVESTOR IS ENCOURAGED TO CONSULT WITH HIS, HER OR ITS OWN INDEPENDENT LEGAL COUNSEL, ACCOUNTANT AND OTHER PROFESSIONALS WITH RESPECT TO THE LEGAL AND TAX ASPECTS OF THIS INVESTMENT AND WITH SPECIFIC REFERENCE TO HIS, HER OR ITS OWN TAX SITUATION, PRIOR TO SUBSCRIBING FOR SHARES OF CLASS C COMMON STOCK. THE PURCHASE OF SHARES OF CLASS C COMMON STOCK BY AN INDIVIDUAL RETIREMENT ACCOUNT, KEOGH PLAN OR OTHER QUALIFIED RETIREMENT PLAN INVOLVES SPECIAL TAX RISKS AND OTHER CONSIDERATIONS THAT SHOULD BE CAREFULLY CONSIDERED.

THE INFORMATION CONTAINED IN THIS OFFERING CIRCULAR HAS BEEN SUPPLIED BY THE COMPANY. THIS OFFERING CIRCULAR CONTAINS SUMMARIES OF DOCUMENTS NOT CONTAINED IN THIS OFFERING CIRCULAR, BUT ALL SUCH SUMMARIES ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCES TO THE ACTUAL DOCUMENTS. COPIES OF DOCUMENTS REFERRED TO IN THIS OFFERING CIRCULAR, BUT NOT INCLUDED AS AN EXHIBIT, WILL BE MADE AVAILABLE TO QUALIFIED PROSPECTIVE INVESTORS UPON REQUEST. RULE 251(D)(3)(I)(F) DISCLOSURE. RULE 251(D)(3)(I)((F) PERMITS REGULATION A OFFERINGS TO CONDUCT ONGOING CONTINUOUS OFFERINGS OF SECURITIES FOR MORE THAN THIRTY (30) DAYS AFTER THE QUALIFICATION DATE IF: (1) THE OFFERING COMMENCES WITHIN TWO (2) DAYS AFTER THE QUALIFICATION DATE; (2) THE OFFERING WILL BE MADE ON A CONTINUOUS AND ONGOING BASIS FOR A PERIOD THAT MAY BE IN EXCESS OF THIRTY (30) DAYS FROM THE INITIAL QUALIFICATION DATE; (3) THE OFFERING WILL BE IN AN AMOUNT THAT, AT THE TIME THE OFFERING CIRCULAR IS QUALIFIED, IS REASONABLY EXPECTED TO BE OFFERED AND SOLD WITHIN TWO (2) YEARS FROM THE INITIAL QUALIFICATION DATE; AND (4) THE SECURITIES MAY BE OFFERED AND SOLD ONLY IF NOT MORE THAN THREE (3) YEARS HAVE ELAPSED SINCE THE INITIAL QUALIFICATION DATE OF THE OFFERING, UNLESS A NEW OFFERING CIRCULAR IS SUBMITTED AND FILED BY THE COMPANY PURSUANT TO RULE 251(D)(3)(I)((F) WITH THE SEC COVERING THE REMAINING SECURITIES OFFERED UNDER THE PREVIOUS OFFERING; THEN THE SECURITIES MAY CONTINUE TO BE OFFERED AND SOLD UNTIL THE EARLIER OF THE QUALIFICATION DATE OF THE NEW OFFERING CIRCULAR OR THE ONE HUNDRED EIGHTY (180) CALENDAR DAYS AFTER THE THIRD ANNIVERSARY OF THE INITIAL QUALIFICATION DATE OF THE PRIOR OFFERING CIRCULAR.

THE COMPANY INTENDS TO OFFER SHARES OF CLASS C COMMON STOCK DESCRIBED HEREIN ON A CONTINUOUS AND ONGOING BASIS PURSUANT TO RULE 251(D)(3)(I)(F).

The use of projections or forecasts in this Offering is prohibited. No one is permitted to make any oral or written predictions about the cash benefits or tax consequences you will receive from your investment in our shares of Class C Common Stock.

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Generally, no sale may be made to you in this Offering if the aggregate purchase price you pay is more than ten (10%) percent of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, Investors are encouraged to review rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, investors are encouraged to refer to www.investor.gov.

The date of this Offering Circular is October 30, 2025.

**[Remainder of page intentionally left blank]**

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This offering circular (this "Offering Circular") contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Section** | **Page** |
| [Summary](#page_8) | [8](#page_8) |
| [Risk Factors](#page_10) | [10](#page_10) |
| [Dilution](#page_19) | [19](#page_19) |
| [Plan of Distribution](#page_26) | [26](#page_26) |
| [Use of Proceeds](#page_33) | [33](#page_33) |
| [Business](#page_35) | [35](#page_35) |
| [Description of Property](#page_50) | [50](#page_50) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#page_52) | [52](#page_52) |
| [Directors, Executive Officers and Significant Employees](#page_66) | [66](#page_66) |
| [Compensation of Directors and Executive Officers](#page_68) | [68](#page_68) |
| [Security Ownership of Management and Certain Securityholders](#page_70) | [70](#page_70) |
| [Interest of Management and Others in Certain Transactions](#page_71) | [71](#page_71) |
| [Securities Being Offered](#page_72) | [72](#page_72) |
| [Legal Matters](#page_75) | [75](#page_75) |
| [Experts](#page_75) | [75](#page_75) |
| [Where You Can Find Additional Information](#page_75) | [75](#page_75) |
| [Financial Statements](#page_77) | [F-1](#page_77) |

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**SUMMARY**

This summary highlights information contained elsewhere in this Offering Circular. This summary does not contain all of the information that you should consider before investing in our non-voting Class C Common Stock. You should read this entire Offering Circular carefully, including the "Risk Factors" section and our financial statements and the related notes included in this Offering Circular, before making an investment decision.

**The Company**

Frontieras North America, Inc. is a Wyoming corporation formed on March 25, 2021. The Company's business office is located in Houston, Texas, with additional operations in Scottsdale, Arizona. Frontieras is an affiliate of Frontier Applied Sciences, Inc. ("FAS"), a Nevada corporation. Frontieras operates as an advanced-materials technology development company focused primarily on the energy sector.

**Our Business**

Frontieras plans to develop refineries which will use our proprietary FASForm™ technology, an advanced form of coal processing that we believe is safer, cleaner, more efficient, and less expensive to build and operate than other coal reformation facilities. This technology, which we license exclusively from FAS for North America, uses a solid-vapor reactive fractionator process that does not consume coal but instead purifies and reforms it by extracting volatiles, moisture, and contaminants.

The primary products produced through our technology include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FASCarbon™ - A cleaner, high-energy solid carbon product

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquid hydrocarbons (diesel, naphtha, kerosene)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hydrogen and methane

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Byproducts including sulfuric acid and fertilizer

We plan to construct our first commercial-scale facility in Mason County, West Virginia, on a 183.4-acre site for which we currently hold an option to purchase. We have secured a 10-year feedstock agreement for up to 27 million tons of Pittsburgh #8 coal and have executed offtake agreements for 100% of our planned production.

**Offering Summary**

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| | |
|:---|:---|
| **Securities Offered** | **Up to 3,387,533 shares of non-voting Class C Common Stock** |
| Price per Share | $7.38 |
| Minimum Investment | $1,003.68 (136 shares) |
| Maximum Offering Amount | $25749993.35 |

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| | |
|:---|:---|
| Securities Outstanding Before the Offering as of June 30, 2025 | Class A Common Stock: 250,380,995<br>Class B Common Stock (voting only): 93,989,250<br>Class C Common Stock: 714,695 |
| Securities Outstanding After the Offering (at maximum raise) | Class A Common Stock: 250,380,995<br>Class B Common Stock (voting only): 93,989,250<br>Class C Common Stock: 4,102,228 |
| Use of Proceeds | Primarily to fund the continued development of our Mason County facility, including closing on the land purchase, engineering and design work, site preparation, equipment procurement, and working capital |

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**Previous and Current Capital Raises**

The Company has previously raised capital through several offerings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reg CF offering: $4,601,902 (closed April, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reg CF offering (1): $389,405+ (in progress - commenced September, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reg D 506(c) offering (2): Up to $15,000,000 (in progress - commenced June 9, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reg D 506(b) 2024-2025 offering: $1,260,000 (closed March 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reg D 506(b) 2023 Convertible Notes (3): $744,643 (closed various dates in 2023)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reg D 506(b) 2022-2023 offering: approximately $850,000 (closed December 31, 2023)

(1) The Company intends to terminate this Reg CF offering promptly upon the qualification of this Regulation A Offering and will not accept new Reg CF commitments thereafter.

(2) The Company intends this Reg D 506(c) offering to continue concurrently with the Regulation A Offering.

(3) These notes were settled through an option agreement with FAS, where noteholders applied proceeds to acquire options for FAS shares and additional Company shares held by FAS. This increased FAS's capital account in the Company by $744,643 as a contribution, with no dilution from new issuances. See MD&A and Note 4 to the unaudited interim financial statements for further details.

Each of the current open Reg CF and Reg D 506(c) offerings are conducted on a standalone basis, through separate webpages and subscription flows, at different price points and to different investor audiences. No investor's ability to participate in one offering is conditioned on participation in another. The Company will not cross-direct prospective investors between offerings and will maintain distinct marketing, legends and disclosure sets for each, to minimize any risk of "integration" across exemptions.

**Corporate Information**

Our principal executive offices are located at 1000 Main Street Suite 2300, Houston, TX 77002, and our telephone number is (602) 509-0950. Our website address is <u>www.frontieras.com</u>. Information contained on, or that can be accessed through, our website is not incorporated by reference into this Offering Circular.

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**RISK FACTORS**

Investing in our Class C Common Shares involves a high degree of risk and is suitable only for investors who can afford to lose their entire investment. You should carefully read all of the risk factors set forth below, together with the other information in this Offering Circular, before deciding whether to purchase the Shares. Additional risks and uncertainties that we do not currently know or that we now deem immaterial may also impair our business*.***

***Forward-looking statements.*** Many statements in this Offering Circular, including in this section, are forward-looking and involve substantial risks and uncertainties. These statements are qualified in their entirety by the "Cautionary Note Regarding Forward-Looking Statements" on page 6.

If any of the following risks occur, our business, financial condition and results of operations could be materially and adversely affected, and*you could lose all or part of your investment**.***

<u>**General Risks Related to our Business and Operations**</u>

**We have a limited operating history and have generated no revenue from operations.** The Company was formed on March 25, 2021, as a Wyoming corporation and has not yet commenced commercial operations or generated any revenue. For the nine months ended June 30, 2025, we had a net loss of approximately $1,742,445 and an accumulated deficit of $3,705,817. Early-stage companies in heavily regulated industries often experience delays, cost overruns and unforeseen expenses that could materially increase the time before we become cash-flow positive.

Until our first commercial refinery reaches sustained operation, we will need to rely on additional equity and debt financings to fund working capital. If construction or commissioning take longer than planned, we could exhaust our cash resources well before we generate positive cash flow, forcing us to raise funds on dilutive terms or to curtail our business plan.

**Our success depends entirely on the successful development and commercialization of our FASForm™ technology.** We plan to develop refineries that will use our licensed patented FASForm™ technology for coal processing. Our entire business strategy is centered on this proprietary process. While the technology has completed 12-months of pilot testing, it has never operated at the planned commercial throughput of 7,500 tons per day. Scale-up risks include lower-than-expected thermal efficiency, refractory failure, and unanticipated emissions profiles. If we are unable to successfully develop, implement, or commercialize the FASForm™ technology, if the technology fails to perform as expected, or if we encounter significant technical, regulatory, or commercial challenges in deploying the technology, our business may fail. The FASForm™ technology, while validated by us through pilot testing, has not been proven at commercial scale, and we cannot assure you that we will be able to successfully scale the technology or that it will achieve the anticipated economic and environmental benefits at commercial scale.

**We must raise and deploy approximately US $850 million before generating revenue, and adverse market conditions could block that funding.** Our first commercial-scale refinery in Mason County, West Virginia, is estimated to cost approximately $850 million to develop and construct. We plan to finance this with approximately 20% equity ($170 million) and 80% debt ($680 million). Even if this Offering is fully subscribed, we will require substantial additional funding from various sources, including debt financing, equity offerings, and potentially strategic partnerships. The development timeline for our first facility extends over two years, during which we will have significant ongoing expenses but no revenue. There is no assurance that we will be able to raise the necessary capital on acceptable terms or at all, complete construction of our facilities on schedule or within budget, or successfully commission and operate our facilities once completed.

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**Rising interest rates or tightening credit conditions could increase our cost of capital and reduce project returns.** Our plan assumes a substantial senior-debt component to finance construction of the first facility; while we currently have no outstanding debt and all prior convertible notes have been settled, future borrowings would be sensitive to benchmark rates and lender spreads. A 100-basis-point increase above our base-case assumptions would materially raise projected debt service and could require higher equity contributions, tighter covenants or additional collateral, delaying financial close or forcing us to seek dilutive equity.

**We have not yet acquired the real estate for our first refinery and face risks related to site development.** We have an amended Real Estate Option Agreement for approximately 183.4 acres in Mason County, West Virginia; the option currently expires on December 16, 2025. The purchase price is $25,000 per acre (approximately $4.6 million), and under the June 2025 amendment we are obligated to make non-refundable $50,000 monthly extension payments through closing, which are creditable to the purchase price. If we cannot raise sufficient funds from this Offering or obtain necessary debt financing to exercise the option and close, we may lose our rights to this site and need to identify alternative locations, which could result in significant delays and additional costs. Furthermore, even after acquiring the site, we face risks related to obtaining necessary permits, potential environmental issues, construction delays, cost overruns, and other development challenges. See Exhibit 6.2a - Real Estate Option Agreement and Exhibit 6.2b: Addendum No. 9 to Real Estate Option Agreement.

**We face significant execution risks during construction and commissioning.** Our first facility is projected to take 26 months from notice-to-proceed, but large industrial projects often experience cost overruns and delays. Shortages or price increases in skilled labor, specialty materials, or control systems could materially raise costs or extend schedules. If expenses exceed our 15% contingency or if commissioning reveals technical problems, we may need additional capital or to adjust offtake contracts. Because we rely on a single EPC consortium, contractor failure could require replacements on less favorable terms. Global supply-chain disruptions may also delay delivery of long-lead equipment, increasing carrying costs and reducing expected returns**.**

**Our operations involve significant industrial hazards, and our insurance may not cover all potential losses.** Handling coal, high-temperature process streams, hydrogen and sulfuric acid exposes us to explosions, fires, toxic releases and cyber-intrusions and our insurance policies, when bound, may not cover all of these risks. The policies will likely exclude certain environmental liabilities and acts of terrorism. A major incident could result in injuries, environmental remediation obligations and prolonged business interruption. Uninsured or under-insured losses could exceed our balance sheet and force us into bankruptcy.

**We rely on third-party rail and other logistics infrastructure that is not yet fully built out.** Our plant site is adjacent to the CSX rail network, but a dedicated spur and loading facilities must be engineered, permitted and constructed before start-up. Similarly, we will barge products in and out of our site, but barge moorings must be designed, permitted and constructed prior to facility start-up. Delays caused by weather, labor disputes, or FRA permitting could prevent timely delivery of feedstock or shipment of finished products. Because we will also barge products on the Ohio River, low-water events or lock maintenance could further disrupt logistics. Prolonged interruptions could trigger force-majeure clauses or penalties under any offtake agreements we prospectively enter into.

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**Our business depends on securing a long-term coal supply agreement that has not been executed.** We are negotiating for a multi-year contract to source Pittsburgh #8 coal, but no binding agreement is in place. If we cannot secure this agreement on acceptable terms, or if the supplier defaults, faces operational issues, or if coal prices rise significantly, our ability to operate economically could be materially impaired.

**We are exposed to commodity price volatility, and our planned offtake agreements are not yet finalized.** We have not yet executed binding multi-year agreements for the sale of our planned production. Even if finalized, pricing is expected to be tied to global benchmarks, which could result in reduced cash flow and an inability to service debt during downturns. Short-term swings may require additional borrowings to fund inventory or margin calls, and a prolonged decline in steel or transportation-fuel markets could lead counterparties to defer purchases or seek price concessions.

**We may face intense competition from larger, well-funded energy companies and alternative technologies.** Many incumbent refiners and chemical companies possess deeper financial resources, vertically integrated supply chains and established customer bases. They are actively developing cleaner coal, natural-gas and renewable alternatives that may achieve lower carbon intensity at lower cost. If a competitor commercializes a superior low-carbon process before we achieve scale, we could lose market share, face lower margins, and find it difficult to finance additional projects.

**Our management team has never operated a commercial-scale coal-refining facility, and we may struggle to hire qualified personnel.** Our management team, while experienced in related industries, has never operated a commercial-scale refining facility like the one we plan to build. Accordingly, we plan to mitigate this risk by hiring a nationally recognized Operations & Maintenance (O&M) firm, Consolidated Asset Management Services ("CAMS") to operate the facility on our behalf. CAMS must recruit approximately 25-30 skilled operators, maintenance staff and safety professionals in a competitive labor market. If CAMS cannot attract or retain key personnel-or if organized-labor actions disrupt operations-commissioning could be delayed and ongoing operations could suffer reduced reliability and higher costs. Furthermore, our operational success will depend on CAMS' ability to establish effective operational protocols, train personnel, ensure safety compliance, maintain equipment, and manage complex industrial processes.

**Severe weather, force-majeure events and cybersecurity threats could cause prolonged outages beyond our insurance coverage.** Our Mason County site lies within the Ohio River Valley, an area susceptible to floods, severe storms and extreme temperature swings. Climate change may increase the frequency or severity of such events. We intend to carry business-interruption insurance, but deductibles and exclusion clauses could leave us under-insured**.** As critical infrastructure, the facility could also be a target for cyber-intrusions or terrorist acts. A successful cyberattack on our process-control systems could trigger safety shutdowns, environmental releases or long outages, any of which could materially impair our financial performance.

**Conflicts of interest and related-party transactions with Frontier Applied Sciences, Inc. ("FAS") may result in decisions that are not in the best interests of all shareholders.** FAS owns approximately 26.8% of our outstanding shares and, through Class B super-majority shares held by our founders, FAS and our Founders together control about 94.6 % of Frontieras's voting rights. All three of our directors and several senior officers hold similar positions at FAS, giving FAS significant influence over decisions involving inter-company royalties, cost-sharing arrangements, service agreements and any future amendments to those arrangements. Subject to any fiduciary duties owed to our other shareholders under Wyoming law, FAS and its affiliates will be able to exercise complete influence over matters requiring shareholder approval, including the election of directors and approval of significant Company transactions, and will have control over the Company's management and policies. As such, FAS and its affiliates may have interests that are different from yours. For example, they may support proposals and actions with which you may disagree. The concentration of voting ownership could delay or prevent a change in control of the Company or otherwise discourage a potential acquirer from attempting to obtain control of the Company, which in turn could reduce the price potential investors are willing to pay for the Company. In addition, FAS and its affiliates could use their voting influence to maintain the Company's existing management, delay or prevent changes in control of the Company, issue additional securities which may dilute you, repurchase securities of the Company, enter into transactions with related parties or support or reject other management and board proposals that are subject to shareholder approval.

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Although we intend to recruit additional independent directors before construction financing, a board influenced by FAS affiliates may approve terms that favor FAS over our other shareholders. Potential conflicts include the timing and amount of royalty payments, allocation of overhead costs and prioritization of process improvements developed by FAS. The risk that our interests diverge from those of FAS is heightened by our reliance on FAS's proprietary technology, the termination risk of which is discussed under "Risks Related to Our Intellectual Property and Technology." Decisions driven by related-party considerations could reduce margins, restrict cash flow or otherwise impair the value of your investment.

<u>**Risks Related to Our Industry and Our Suppliers**</u>

**Changes in coal-mining regulation could interrupt our feed-stock supply or materially increase its cost.** Coal mining in the United States is governed by an extensive and evolving framework of federal, state and local laws covering mine-safety, land use, water-quality, reclamation, greenhouse-gas ("GHG") emissions and worker benefits. Our supplier must maintain numerous permits and approvals and comply with regulations administered by MSHA, the Office of Surface Mining, and state environmental agencies. Amendments to these rules-or new carbon-pricing or royalty schemes-could "delay or otherwise directly adversely affect our suppliers and, indirectly, our operations."

Should future legislation tighten GHG limits, impose higher reclamation bonding, or reinstate rules such as the 2016 "Stream Protection Rule," mining costs could rise or production volumes could be curtailed. If our supplier's permits are delayed, suspended or revoked, deliveries under anticipated coal contracts could fall short of required tonnage. We might then be forced to buy coal on the spot market-potentially at prices exceeding our refinery's economic breakeven-or to shut down operations until supply is restored.

**Labor disputes, safety incidents or geologic problems at our coal suppliers could severely curtail deliveries to us.** Coal production is labor-intensive and historically subject to strikes, accident-related shutdowns and unexpected geologic events such as roof falls or methane outbursts. Suppliers' mines face significant operational risks, some of which are outside of their control…many of which are not covered fully, or in some cases even partially, by insurance. Our long-term arrangements may not obligate the mine to make up tonnage lost to force-majeure events or compensate us for downstream losses.

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A strike of even a few weeks could disrupt the steady-state feed rate our process requires, forcing us to reduce throughput below nameplate capacity. Extended interruptions could also trigger penalties or termination rights under our offtake agreements, further harming cash flow.

<u>**Risks Related to Our Intellectual Property and Technology**</u>**.**

**We rely on a single 25-year, exclusive license from Frontier Applies Sciences, Inc. ("FAS"); termination or default would cripple our business.** On July 15, 2022 we entered into an exclusive U.S. and Canadian license with FAS that grants us the right to use and sub-license the FASForm™ patents and trademark in exchange for an annual fee per operating refinery; no royalties have yet been paid. Either party may terminate the license for specified breaches or insolvency; loss of the license would leave us without alternative technology and would likely require us to cease operations and impair project assets. This risk is somewhat mitigated by the fact that FAS and Frontieras share common management. See Exhibit 6.1 - License Agreement with Frontieras Applied Sciences, dated July 15, 2022.

**Our licensed patent protection may be insufficient or could expire before we realize a commercial return.** FAS owns U.S. Patent 9,926,492 (granted 2018) and Canadian Patent 2,796,353 (granted 2017) covering the Solid-Carbon Fractionation process; related filings exist in eight other coal-producing nations and disclosures have been made in 139 additional PCT countries. These process-based patents may be challenged, narrowed, invalidated or designed around, especially in jurisdictions with weaker IP enforcement. Key claims begin to expire in 2028**.** If competing technologies emerge or if courts limit the FASForm™ patent scope, we could lose pricing power and face reduced margins long before we have recouped the refinery's capital cost.

**We could face costly infringement or misappropriation claims that divert resources and delay commercialization.** The coal-conversion and advanced-materials fields are crowded with overlapping patents. Other companies may claim we infringe their IP and that litigation could force us to stop or delay selling product, pay damages or enter into royalty agreements. Even unfounded claims could cause us to expend significant legal fees and management time, delaying project milestones and increasing financing needs. An adverse judgment could bar us from using critical process steps or impose ongoing royalties that erode profitability.

**Our trade-secret and cybersecurity protections may be inadequate to prevent loss of proprietary know-how.** Beyond patents, FASForm™ depends on confidential process parameters, software logic and operating data stored in digital control systems. We rely on non-disclosure agreements, limited-access protocols and standard IT safeguards; however, insiders or cyber-intruders could still misappropriate key know-how. Once disclosed, trade secrets may lose protection permanently, enabling competitors to replicate our process without paying royalties. A successful cyberattack could also corrupt control recipes, cause safety shutdowns and trigger environmental liabilities. We intend to carry cyber-risk insurance but it may be insufficient to cover a major event.

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<u>**Risks Related to Regulation, Permitting and Litigation**</u>

**We must obtain and maintain multiple federal, state and local permits; delay, suspension or revocation of any key permit could halt the project**. The refinery requires air-emissions, wastewater-discharge, storm-water, wetlands, endangered-species and hazard-materials permits from the West Virginia Department of Environmental Protection, the U.S. Army Corps of Engineers and the U.S. Environmental Protection Agency. Public-notice and comment periods expose the permits to challenge by environmental groups or neighboring property owners. If any permit is delayed, suspended or revoked, construction could stop and we could incur standby costs that exhaust working capital before the plant generates revenue.

<u>**Risks Related to This Regulation A Offering**</u>

*The following risks arise from the structure, terms and mechanics of this Regulation A Tier 2 offering. They are distinct from the operational and industry risks described above. If any of these events occur, you could lose all or part of your investment, experience substantial dilution, or be unable to sell your securities.*

**If we do not raise sufficient capital, our business plans will be materially impaired.** Even with our September 2024-April 2025 Regulation CF raise of approximately $4,601,715 and cash of approximately $2,091,609 as of June 30, 2025, the proceeds of this Offering-even at the maximum-will fund only land purchase and early engineering; we will still need to raise substantially more capital to complete construction of the first facility.

**The offering price was arbitrarily determined and is not the result of arm's-length negotiation.** The $7.38 per Share price was set by our Board in its sole discretion after considering factors such as capital needs, comparable private-market transactions and desired post-money ownership percentages. The price bears no direct relationship to book value, assets, earnings or any established trading market. As a result, purchasers in this Offering could pay a price significantly higher than the intrinsic value of the Shares on the date of purchase.

**There is no public market for our shares and none may develop.** Our Class C Common Shares are not listed on any national securities exchange or quoted on any alternative trading system. Even if we later apply for a listing, there can be no assurance the application will be approved or that we will satisfy continued-listing standards. The share purchase agreement described above is contingent on a public listing and does not obligate any broker-dealer to make a market in the shares; consequently, investors may be forced to hold the Shares for an indefinite period and should not expect to liquidate their investment on favorable terms-if at all.

**Conducting concurrent exempt offerings could be deemed integrated with this offering, which could impair our ability to rely on exemptions and require us to modify, suspend, or rescind sales.** We have conducted, and may continue to conduct, other exempt offerings while this Regulation A Offering is in market, including a Rule 506(c) offering that commenced June 9, 2025. If multiple offerings were viewed as part of a single plan of financing, a regulator could assert that sales should be "integrated," which could adversely affect the availability of one or more exemptions. We have adopted structural and procedural safeguards to minimize this risk-separate webpages and subscription flows, tailored communications to distinct investor audiences, no cross-conditioning, and stand-alone acceptance of subscriptions-and we intend to terminate the September 2025 Reg CF offering no later than the date of qualification of this Regulation A Offering. Nevertheless, an adverse integration determination could affect one or more exemptions. See "-Plan of Distribution-Concurrent offerings; integration safeguards," and "Previous and Current Capital Raises."

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**Sales of additional securities-including draws under our share purchase agreement-will dilute existing shareholders and could depress the share price.** In November 2024, we entered into a share purchase agreement with an investor for up to $150,000,000 of our Class A Common Stock, exercisable only after a public listing. Draws are priced at 90% of the average daily closing price during the draw-down pricing period and are capped at 400% of the prior 30-day average trading volume; we may set a floor price and prohibit short sales during drawdowns. In connection with a public listing, we will issue warrants representing 6.15% of total equity and pay a 2% commitment fee within one year; if the Company is sold in a private transaction, a 2.5% fee on the total consideration is payable to the investor. Separately, we are conducting a private offering under Rule 506(c) for up to $15,000,000 that may continue alongside this Regulation A offering but will be marketed separately. Any securities sold in that private offering-potentially at prices and on terms different from those in this offering-will increase the number of outstanding shares and could create additional selling pressure. In addition, our equity incentive plan authorizes the issuance of equity awards (including options and restricted stock/units) that, upon grant, vesting or exercise, will further increase the number of outstanding shares. Collectively, issuances under the equity line facility (if we become publicly listed), the Rule 506(c) offering, and the equity incentive plan, will dilute existing shareholders and may place downward pressure on the market price*.*

**Investors will experience immediate and substantial dilution.** The net tangible book value of the Company as of June 30, 2025 was approximately $3,150,389 or $0.0125 per outstanding share. After giving effect to the sale of 3,387,533 Shares in this Offering at $7.38 per Share (maximum) and after deducting estimated Offering expenses of approximately $6,500.748.37, our net tangible book value would increase to approximately $21,649.634.17, or approximately $0.08 per Share, representing an immediate increase of approximately $0.07 per Share to existing shareholders and immediate dilution of $7.30 per Share to new investors. See "Dilution" beginning on page 19 for a detailed calculation.

**The Offering is not underwritten, and there is no minimum-subscription condition; we could close on insufficient funds.** We have engaged DealMaker Securities on a **best-efforts** basis. Because no underwriter is obligated to buy any Shares, and because we will close on and accept funds as subscriptions are received, we could complete the Offering with proceeds well below the USD $4,000,000 we estimate will be necessary to complete the acquisition of the are necessary to reach the next development milestone. If we raise less than that amount, we may have to seek additional financing sooner than planned, on terms that may be dilutive or otherwise adverse to investors.

**Investors in this Offering will hold Class C Shares with no voting power; Ownership and voting control is concentrated in management and affiliated entities**. Class C shares do not carry any votes, which each Class A Share carries one vote and each issued Class B Share carries 10 votes and is convertible into Class A on a one-for-one basis. Immediately after the maximum Offering, FAS and the founders will control approximately 78.70% of the voting power and will therefore be able to elect all directors, approve or block significant corporate transactions and determine the outcome of any matter submitted to shareholders-even if your interests conflict with those of FAS or the founders.

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**We may fail to qualify or to remain qualified for the Reg A Tier 2 exemption, which could require rescission of this Offering.** The availability of Tier 2 depends on our ongoing compliance with numerous rules, including limits on the amount of securities sold, filing of annual and semi-annual reports, and timely delivery of post-qualification amendments. Inadvertent non-compliance-such as late financial statements or a material misstatement-could cause the exemption to be unavailable, subjecting us to civil liability under Section 12(a)(1) of the Securities Act and obligating us to offer rescission to investors. Such an outcome could materially impair our finances and the value of your Shares.

<u>**Risks Related to Potential Future Public Offering**</u>

**We may be unable to complete a future public offering or list our Shares on a national securities exchange.** An IPO or direct listing requires favorable market conditions, audited financial statements that meet PCAOB standards, and SEC clearance of a Form S-1 registration statement. There is no assurance we will satisfy the quantitative or qualitative listing standards of a United State public exchange such as NYSE American or Nasdaq Capital Market, including minimum equity, round-lot holders and bid-price rules. If we cannot consummate a public offering, investors in this Offering could remain indefinitely locked into an illiquid security. The Share Purchase Agreement described in our Business Plan is also contingent on our becoming publicly listed; failure to qualify would terminate that source of follow-on capital. See Exhibit 6.4 - Share Purchase Agreement with GEM Global Yield.

**If our shares are deemed "penny stock," broker-dealer trading and resale activity could be restricted, further limiting liquidity**. Until our shares trade on a national securities exchange at a bid price of at least US $5.00, they will be classified as "penny stock" under Rule 3a51-1 of the Exchange Act. Broker-dealers must then deliver additional disclosure, make a special written suitability determination and receive your written consent before executing any trade. If we do obtain an exchange listing but the market price later falls below US $5.00 for an extended period, the penny-stock rules could again apply, further restricting liquidity and potentially depressing the market price.

**Even if we complete a public offering, our share price could be extremely volatile and decline significantly.** Newly listed development-stage energy companies often experience wide price swings due to limited float, small analyst coverage and sensitivity to project milestones. If negative news-such as construction delays, cost overruns or an offtake-contract termination-emerges shortly after listing, the market price could fall well below the IPO price and below the US $7.38 per Share you pay in this Offering. Thin trading volume may exaggerate price moves, making it difficult to exit a position without materially affecting the market.

**Future public-market financings will dilute your ownership and could depress the market price.** To fund the projected US $850 million refinery, we expect to raise additional equity pursuant to the GEM facility and/or follow-on offerings. Shares issued in an IPO (and subsequent registered offerings, warrant exercises or conversions of debt) will dilute the percentage ownership of investors in this Offering. Additional issuances at prices below the trading price-or at discounts embedded in the GEM purchase formula-could also place downward pressure on the market price of our shares and any preferred or debt securities we issue in the future could rank senior to the Shares in liquidation, further increasing your risk.

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**If we fail to establish or maintain effective internal controls over financial reporting, we could incur regulatory sanctions and lose investor confidence.** Post-IPO, we must provide management assessments-and, once we meet larger-accelerated-filer thresholds, auditor attestations-of internal control effectiveness. If audits reveal material weaknesses, we could be required to restate financial statements, incur remediation costs and become subject to SEC enforcement actions. Any of these outcomes could depress our share price and impair our ability to raise additional capital and remediation could require significant additional compliance costs and management attention.

*The risks described above are not exhaustive, and additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially and adversely affect our business. Before making an investment decision, you should carefully consider all of the information in this Offering Statement, including these risk factors. If any of the events described in these risk factors actually occur, our business, financial condition, results of operations, cash flow, and future prospects could be materially and adversely affected, and you could lose all or part of your investment.*

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**DILUTION**

If you purchase shares in this Offering, your interest will be diluted immediately to the extent of the difference between the public offering price per share of our Class C Common Stock and the pro forma net tangible book value ("NTBV") per share after this Offering. Dilution arises because the offering price is substantially higher than our NTBV per share.

**Share classes.** Class A Common Stock and Class C carry economic rights; Class C is non-voting. Class B carries 10 votes per share but no economic rights (no dividends; no liquidation proceeds) and generally votes together with Class A unless otherwise required by law.

**Net Tangible Book Value (NTBV) per Share**

As of June 30, 2025, NTBV was $3,150,389 and the Company had issued an aggregate of 251,095,690 Shares that carry economic rights (Class B Common Stock shares carry no economic rights; total issued common stock including all of Class A, Class B and Class C share classes was 345,084,940). This share value was used as the baseline for this dilution analysis.

**Offering assumptions.** Public offering price of $7.38 per share. Net proceeds are calculated after deduction for offering costs as further described in the Company's "Plan of Distribution".

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| | | | |
|:---|:---|:---|:---|
| | **$5 Million Raise** | **$15 Million Raise** | **$25 Million Raise** |
| Price per Share | $7.38 | $7.38 | $7.38 |
| Capital Raised (1) | $5150001.71 | $15449997.53 | $25749993.35 |
| Less: Offering Costs (Commission) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231750.08 | $695249.89 | $1158749.70 |
| Less: Offering Costs (marketing, processing, legal, audit) | $1222000.34 | $3281999.51 | $5341998.67 |
| Net Offering Proceeds | $3546251.24 | $11022748.21 | $18499245.17 |
| Net Tangible Book Value Pre-financing at June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3150388.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3150388.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3150388.00 |
| Net Tangible Book Value Post-financing | $6696639.24 | $14173136.21 | $21649633.17 |
| Shares outstanding before Offering | 251095690 | 251095690 | 251095690 |
| New shares issued | 677507 | 2032520 | 3387533 |
| NTBV per share before Offering | $0.0125 | $0.0125 | $0.0125 |
| NTBV per share after Offering | $0.0266 | $0.0560 | $0.0851 |
| Increase per share to existing shareholders | $0.0141 | $0.0434 | $0.0725 |
| Dilution per share to new investors | **$7.35** | **$7.32** | **$7.29** |

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\**Numbers rounded to the nearest hundredth or ten thousandth of a decimal place as displayed*

(1) Capital Raised excludes Investor Processing Fees equal to 3% of the investment amount, capped at $80 per transaction. Investor Processing Fees are intended to defray third-party payment processing costs. Our Dilution calculation assumes that Investor Processing Fees, net of a 4.5% broker commission on such fees, will fully cover those costs; accordingly, we exclude both Investor Processing Fees and third-party payment processing costs from the dilution math. The coverage break-even occurs at approximately 2.094% of gross subscriptions (roughly a $3,822 average investment under the $80 cap, which corresponds with our anticipated per investment average). If the Investment Processing Fees do not cover third party payment processor fees, we would fund a shortfall from offering proceeds. Each 1.0% shortfall would reduce net proceeds by about $250,000 and pro forma NTBV/share by about $0.00098 (based on the share count shown above).

![](form1axz002.jpg)

*Shares issued at $7.38 per share by raise size: 677,507 shares (gross $5,000,001.66), 2,032,520 shares (gross $14,999,997.60), and 3,387,533 shares (gross $24,999,993.54). Gross equals price × integer shares; Investor Processing Fees are paid by investors and are not included in gross proceeds calculation above.*

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**Ownership Dilution**

Using the $25,749,993.35 Maximum Offering Amount:

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| | | | |
|:---|:---|:---|:---|
| | **Shares** | **% Before Offering** | **% After Offering\*** |
| Existing stockholders as of June 30, 2025 (Class A + Class C) | 251095690 | 100.0% | 98.67% |
| New investors (max case; Class A + Class C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387533 | -- | 1.33% |
| **Total (Class A + Class C)** | 254483223 | 100.0% | 100.0% |

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\*Percentages rounded to nearest hundredth of a percentage point

*Both tables above exclude: (i)500,000 options granted in August 2025; and (ii) the balance of 49,500,000 shares from the 50,000,000-share stock option plan adopted in July, 2025 but (except for (i)) is unissued as of the date of this Offering. Any future awards, issuances or exercises would cause additional dilution and are not reflected here*.

<br>![](form1axz003.jpg)

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**Comparison with Prior Sales (price per share paid)**

The following shows prices paid by investors in prior rounds (gross subscription prices), not issuer net proceeds. (Net proceeds are addressed in "Use of Proceeds" and "Management Discussion & Analysis" and for CF in Form C.)

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| | | | |
|:---|:---|:---|:---|
| **Financing Round** | **Approx Shares** | **Gross Proceeds** | **Price/Share** |
| Rule 506(b) Reg D (2022–2023) | 170000 | $850000.00 | $5.00 *(post split)* |
| Rule 506(b) Reg D (2024–2025) | 209995 | $1260000.00 | $6.00 |
| Reg CF (2024–2025) – closed April 2025 (2) | 714695 | $4601902 | $6.73 |
| Reg CF (2025 – ongoing) | 57861 | $389405 | $6.73 |
| Current Reg A+ (max) | 3387533 | $24999993.54 | $7.38 |

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(1) all CF shares issued by June 30, 2025 were issued in this closed round. Initial subscriptions were accepted at $6.25 per share with certain time-based perks; the Company later increased the offering price to $6.73 per share, which applied to and reflects the majority of the total raise.\* *Gross proceeds above reflect Price × Shares. For crowdfunding rounds, platform-reported "amount raised" figures include investor-paid processing fees, which do not translate into shares but are counted for determining raise limits; therefore those figures can differ from price×shares*

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![](form1axz004.jpg)

**Future Dilution**

In addition to the immediate dilution described above, Stockholders will experience further dilution in several circumstances.

First, pursuant to a Share Purchase Agreement that provides for up to $150,000,000 of equity financing contingent upon a public listing, the Company is obligated to issue, on the listing date, warrants representing 6.15% of the Company's total equity. See Exhibit 6.4 - Share Purchase Agreement with GEM Global Yield. The issuance of these warrants would increase the number of Securities outstanding and reduce the percentage ownership of existing Stockholders; any subsequent exercises of such warrants would further dilute net tangible book value per share and the ownership interests of all Stockholders.

Second, the Company has granted options to purchase 500,000 shares to executive management and, in 2025, adopted a stock option plan reserving 49,500,000 shares that remain unissued as of the date of this Offering Circular. Any future grants or issuances under that plan and the exercise of outstanding options will result in additional dilution to purchasers in this Offering.

Third, we are conducting a Rule 506(c) private offering to accredited investors for a different class of securities (Class A Common Stock) that may continue while this Offering is in market but is marketed separately. Any securities sold in that private offering - potentially at prices and on terms different from those in this Offering - will increase the number of outstanding shares and dilute percentage ownership of existing Stockholders. The effect on NTBV/share will depend on the price and terms of any such securities relative to our post-offering NTBV/share illustrated above; issuances priced below that amount would decrease NTBV/share, while issuances priced above it would increase NTBV/share. For clarity, the Dilution table does not reflect any sales under the Rule 506(c) offering. See "Plan of Distribution-Concurrent offerings; integration safeguards." Fourth, we may from time to time issue additional equity or equity-linked securities (including warrants and convertible securities) to finance working capital, project development, or other corporate purposes; any such financings will dilute the ownership interests of existing Stockholders and could reduce net tangible book value per share and, if a trading market develops, the market price of our Class C Common Stock.

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Finally, while all Class C shares outstanding as of June 30, 2025 were issued in the closed Regulation CF offering, our ongoing Regulation CF offering contemplates the issuance of at least 125,000 shares; if and to the extent any such issuance occurring after the measurement date used in the dilution analysis and before that Regulation CF offering is terminated prior to qualification, such issuances would constitute additional dilution to purchasers in this Offering.

<u>Illustrative impact of warrants issued at listing.</u> Assume the Company completes this Offering at the maximum case and uses an economic basis (Class A + Class C) for share counts. Immediately prior to the Offering, there are 251,095,690 economic shares outstanding; immediately after the Offering, there are 254,483,223 economic shares outstanding (reflecting 3,387,533 new shares). Also assume that, upon a public listing, the Company issues warrants representing 6.15% of total equity pursuant to the November 2024 Share Purchase Agreement, with the warrants issued for nominal consideration and therefore not increasing net tangible assets upon issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Post-Offering (before warrants):<br>• Net tangible book value (NTBV): $21,649,634<br>• Shares outstanding (economic): 254,483,223<br>• NTBV per share: $0.0848

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warrant issuance at listing (no cash proceeds assumed):<br>The warrant coverage equals 6.15% of total equity at issuance. Based on 254,483,223 shares outstanding, this implies the issuance of 15,650,718 new warrant shares (4, 254,483,223 × 6.15%). The share count therefore increases to 271,005,813. Because no cash is received at issuance, NTBV remains $21,649,624.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pro forma (after warrants are issued):<br>• NTBV: $21,649,634 (unchanged)<br>• Shares outstanding: 270,133,941<br>• NTBV per share: $0.0801 (down from $0.0851), a decrease of about $0.0050

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effect on ownership percentages:

Investors who purchased 254,483,223 shares in this Offering would own approximately 1.33% immediately after the Offering (3,387,533 ÷ 254,483,223) and approximately 1.25% after the warrants are issued (3,387,533 ÷ 270,133,941), before giving effect to any exercises of the warrants or any future equity awards. If the warrants are later exercised for cash, resulting dilution from the increased Class A and Class C Common Stock Shares may be partially offset by the increase in NTBV from the exercise proceeds; the magnitude of any offset depends on the exercise price, the number of warrants exercised, and timing.

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<u>Illustrative impact of equity compensation</u>. Separately, the Company has 500,000 options outstanding and has adopted a 49,500,000-share stock option plan (unissued as of the date of this Offering Circular). If, solely for illustration, 10,000,000 options were granted and subsequently exercised for nominal consideration, Class A Common Stock and Class C Common Stock Shares outstanding would increase from 254,483,223 to 264,483,223 (economic basis), and-assuming no material change in NTBV from the option exercise-NTBV per share would decrease from $0.0851 to approximately $0.0818, with a corresponding reduction in each existing holder's percentage ownership. Actual dilution will depend on the number of options granted, their exercise prices, and the timing of exercises.

*The foregoing illustrations are for explanatory purposes only and are not forecasts. Actual dilution will vary based on the number and terms of securities issued, proceeds (if any) received by the Company, and timing.*

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**PLAN OF DISTRIBUTION**

The Company is offering up to 3,387,533 shares of its non-voting Class C Common Stock at a price of $7.38 per share. In addition to the share purchase price, each investor will be charged the Investor Processing Fee of 3% of the investment amount, capped at $80 per investor, to defray third-party payment and platform costs. The Investor Processing Fee is an expense collected to reimburse costs. It is not part of the per-share price, is not paid to the broker-dealer as securities compensation, and does not constitute share issued proceeds to the Company.

**Minimum, Escrow and Closings**

We are offering a minimum of 13,551 shares for a Target Offering Amount of $100,006.38. Investor funds for subscriptions received prior to reaching the Target Offering Amount will be placed in escrow with Enterprise Bank & Trust, a Missouri-chartered trust company with banking powers (the "Escrow Agent"), until the Target Offering Amount is met or exceeded and one or more closings occur. If the Target Offering Amount is not reached by the Offering Deadline (defined below), all investor funds held in escrow will be promptly returned without deduction.

After we meet the Target Offering Amount, we expect to hold rolling closings as additional subscriptions are received. We anticipate closing promptly after funds clear and subscriptions are accepted, and in any event no less frequently than every 30 days

**Offering Period; Termination**

The sale of shares will commence within two calendar days after the SEC qualifies the Offering Statement. The Offering will terminate on the earliest of (i) acceptance of subscriptions for the Maximum Offering Amount, (ii) the date that is three years from the initial qualification date, or (iii) an earlier date on which we elect to terminate the Offering.

**Broker-Dealer of Record; No** Recommendations or Solicitation

The Company has engaged DealMaker Securities ("Broker"), a broker-dealer registered with the SEC and member of FINRA/SIPC, to act as broker-dealer of record for administrative and compliance services only in connection with this Offering. Although this role differs from that of a traditional underwriter in that the Broker does not purchase any securities from the Company with a view to sell such for the Company as part of the distribution of the security, the Broker is a statutory underwriter under Section 2(a)(11) of the Securities Act of 1933. It has not been engaged to solicit investments or make investment recommendations. Affiliates of Broker have also been engaged to provide technology services and marketing advisory services, specifically Novation Solutions Inc. ("DealMaker") and DealMaker Reach, LLC ("Reach"). Offering information will be provided via the Company's website at www.invest.frontieras.com and the DealMaker subscription platform. See Exhibit 8.1 - Dealmaker Reg A Order Form.

**Compensation, Fees and Expenses**

The aggregate compensation payable to the Broker and its affiliates are described below.

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| | |
|:---|:---|
| **a.)** | **Administrative and Compliance Related Functions** |

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Broker will provide administrative and compliance related functions in connection with this offering, including

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● Reviewing investor information, including identity verification, performing Anti-Money Laundering ("AML") and other compliance background checks, and providing the Company with information on an investor in order for the Company to determine whether to accept such investor into the offering;

● If necessary, discussions with us regarding additional information or clarification on a Company-invited investor;

● Coordinating with third party agents and vendors in connection with performance of services;

● Reviewing each investor's subscription agreement to confirm such investor's participation in the offering and provide a recommendation to us whether or not to accept the subscription agreement for the investor's participation;

● Contacting and/or notifying us, if needed, to gather additional information or clarification on an investor;

● Providing a dedicated account manager;

● Providing ongoing advice to us on compliance of marketing material and other communications with the public, including with respect to applicable legal standards and requirements;

● Reviewing and performing due diligence on the Company and the Company's management and principals and consulting with the Company regarding same;

● Reviewing with the Company on best business practices regarding this raise in light of current market conditions and prior self-directed capital raises;

● Providing white labelled platform customization to capture investor acquisition through the Broker's platform's analytic and communication tools

● Reviewing with the Company on question customization for investor questionnaire;

● Reviewing with the Company on selection of webhosting services;

● Reviewing with the Company on completing template for the offering campaign page;

● Advising us on compliance of marketing materials and other communications with the public with applicable legal standards and requirements;

● Providing advice to the Company on preparation and completion of this Offering Circular;

● Advising the Company on how to configure our website for the offering working with prospective investors;

● Assisting the Company in the preparation of state, Commission and FINRA filings related to the Offering; and

● Working with Company personnel and counsel in providing information to the extent necessary.

Such services will not include providing any investment advice or any investment recommendations to any investor.

For these services, we have agreed to pay Broker a cash commission equal to four and one-half percent (4.5%) of the amount raised in the Offering not to exceed $1,518,750, if fully subscribed (including the maximum Investor Processing Fee total).

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| | |
|:---|:---|
| **b.)** | **Technology Services** |

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The Company has also engaged DealMaker, an affiliate of Broker, to create and maintain the online subscription processing platform for the Offering.

For these services, we have agreed to pay DealMaker a monthly compensation of $2,000, up to $6,000, in advance of the Offering commencing for accrued expenses expected to be incurred. We have agreed to pay compensation of $2,000 monthly, up to $18,000, after the Offering commences in relation to these services. The maximum compensation paid to DealMaker is $24,000 for the Offering.

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| | |
|:---|:---|
| **c.)** | **Marketing and Advisory Services** |

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The Company has also engaged Reach, an affiliate of the Broker, for certain marketing advisory and consulting services, including some supplemental services on a case-by-case basis. Reach will consult and advise on the design and messaging on creative assets, website design and implementation, paid media and email campaigns, advise on optimizing the Company's campaign page to track investor progress, and advise on strategic planning, implementation, and execution of Company's capital raise marketing budget.

For these ongoing services, we have agreed to pay Reach $8,000 per month up to $24,000, in advance of the Offering commencing for accountable expenses expected to be incurred. We have agreed to pay compensation of $8,000 monthly, up to $72,000, after the Offering commences. For supplemental marketing services we have agreed to compensation budget of $250,000 to be used on a case-by-case basis at the Company's discretion. For these services, we have agreed to pay Reach maximum compensation of $346,000.

The maximum compensation to be paid to Broker and affiliates is $1,528,749,70 of the Offering proceeds.

**Payment Processing & Holdback.** Amounts remitted to the Company after each closing may be net of a 5% holdback for 90 days to cover potential card/ACH chargebacks and network disputes, consistent with standard payment-processor terms. Following the holdback period, any retained amounts, less permitted offsets (if any), are released to the Company.

**FINRA Rule 5110**

All compensation to DMS and its affiliates will be paid in cash, so no securities compensation (and therefore no underwriter lock-up under Rule 5110(e)) is implicated.

**Transfer Agent and Registrar**

The Company has engaged DealMaker Transfer Agent LLC (operating as DealMaker Shareholder Services), an SEC-registered transfer agent, to act as transfer agent and registrar. Shares will be issued in book-entry form only. See Exhibit 8.1 - Dealmaker Reg A Order Form.

**Subscription Procedures; Acceptance of Subscriptions**

Investors will complete subscriptions through the DealMaker online platform linked from the Company's investment website. Each prospective investor will (i) complete an electronic subscription agreement (See Exhibit 3.1 - Form of Subscription Agreement), (ii) fund the purchase price by ACH, wire, debit/credit card or other available method through the platform's integrated payment solution, and (iii) provide information necessary for required KYC/AML and other compliance reviews.

All subscriptions are subject to Broker's administrative/compliance review and to the Company's acceptance or rejection, in whole or in part, in the Company's sole discretion. Funds will be transmitted to the Escrow Agent (prior to reaching the Target Offering Amount) or to the Company (after the Target Offering Amount is achieved), in each case consistent with the escrow and processing arrangements described above. If a subscription is not accepted (or is rejected in part), the corresponding funds (or portion thereof) will be promptly returned.

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**Investor Processing Fee** 

Each investor will be required to pay an Investor Processing Fee to the Company at the time of subscription equal to 3.0% of the subscription price per Share, up to a maximum fee of $80 per transaction. The Broker is paid 4.5% on amounts collected as Investor Processing Fees. These investor-paid fees are intended to defray third-party payment-processing fees. For this Offering, we assume Investor Processing Fees, net of the Broker's 4.5% on such fees, will fully cover approximately 2.0% third-party payment-processing fees; accordingly, Investor Processing Fees are not part of "price to public," and third-party payment processing fees are not included in our base-case offering expenses. Due to the $80 cap, the effective rate depends on average investment size; if actual investor mix results in lower effective fees, we will pay any shortfall from offering proceeds as described in "Use of Proceeds."

**Minimum Investment; Processing Fee Waiver.**

The minimum individual investment is 136 shares ($1,003.68, excluding any Investor Processing Fee). The Company may waive the Investor Processing Fee in its discretion for any investor or class of investors.

**Investor Qualification Standards** 

Our Shares are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act). "Qualified purchasers" include: (i) "accredited investors" under Rule 501(a)of Regulation D and (ii) all other investors so long as their investment in any of the interests of our Company does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). We reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A.

For an individual potential investor to be an "accredited investor" for purposes of satisfying one of the tests in the "qualified purchaser" definition, the investor must be a natural person who has:

1. an individual net worth, or joint net worth with the person's spouse, that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person and the mortgage on that primary residence (to the extent not negative equity), but including the amount of debt that exceeds the value of that residence and including any increase in debt on that residence within the prior 60 days, other than as a result of the acquisition of that primary residence; or

2. earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.

If the investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details. For purposes of determining whether a potential investor is a "qualified purchaser" annual income and net worth should be calculated as provided in the "accredited investor" definition under Rule 501 of Regulation D.

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In addition to the foregoing, each prospective investor must represent in writing that they meet, among other things, all of the following requirements:

● the prospective investor has received, reviewed, and understands this offering circular and its exhibits, including our Governing Documents. See Exhibits 2.1 - Articles of Incorporation, Exhibit 2.2 - Articles of Amendment and Article V Text, and Exhibit 2.3 - Bylaws of Frontieras North America.

● the prospective investor understands that an investment in shares involves substantial risks;

● the prospective investor's overall commitment to non-liquid investments is, and after their investment in interests will be, reasonable in relation to their net worth and current needs;

● the prospective investor has adequate means of providing for their financial requirements, both current and anticipated, and has no need for liquidity in this investment;

● the prospective investor can bear the economic risk of losing their entire investment in interests;

● the prospective investor has such knowledge and experience in business and financial matters as to be capable of evaluating the merits and risks of an investment in interests; and

● except as set forth in the subscription agreement, no representations or warranties have been made to the prospective investor by our Company or any partner, agent, employee, or affiliate thereof, and in entering into this transaction the prospective investor is not relying upon any information, other than that contained in this Regulation A Offering Statement of which this offering circular is a part, including its exhibits. See Exhibit 3.1 - Form of Subscription Agreement.

If you live outside the United States, it is your responsibility to fully observe the laws of any relevant territory or jurisdiction outside the United States in connection with any purchase, including obtaining required governmental or other consent and observing any other required legal or other formalities.

We will be permitted to make a determination that the subscribers of interests in this offering are qualified purchasers in reliance on the information and representations provided by the subscriber regarding the subscriber's financial situation. Before making any representation that your investment does not exceed applicable federal thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to http://www.investor.gov. We may accept or reject any subscription, in whole or in part, for any reason or no reason at all.

An investment in our interests may involve significant risks. Only investors who can bear the economic risk of the investment for an indefinite period of time and the loss of their entire investment should invest in our Shares.

**How to Subscribe** 

The offering will be conducted using the online subscription processing platform of Novation Solutions Inc. O/A DealMaker ("Technology Provider"), an affiliate of the Broker, through our website at www.invest.frontieras.com whereby investors in the offering will receive, review, execute, and deliver subscription agreements electronically. Payment of the purchase price for the Shares will be made through a third-party processor by ACH debit transfer or wire transfer or credit card to an account designated by us. In order to invest, you will be required to subscribe to the offering via the Company's website integrating DealMaker's technology and agree to the terms of the offering, subscription agreement, and any other relevant exhibit attached thereto.

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Investors may subscribe by tendering funds via wire, credit or debit card, or ACH only; checks will not be accepted. Investors will subscribe via the Company's website and investor funds will be processed via DealMaker's integrated payment solutions. Funds will be held in the Company's payment processor account until the Broker has reviewed the proposed subscription, and the Company has accepted the subscription. Funds released to the Company's bank account will be net funds (investment less payment for processing fees and a holdback equivalent to 5% for 90 days).

Investors will be required to complete a subscription agreement in order to invest. Any potential investor will have time to review the subscription agreement, along with their counsel, prior to making any final investment decision. The subscription agreement that investors will execute in connection with the offering provides that subscribers waive the right to a jury trial of any claim they may have against us arising out of or relating to the Agreement, excluding any claim under federal securities laws. If the Company opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable given the facts and circumstances of that case in accordance with applicable case law. Broker will review all subscription agreements completed by investors. After Broker has completed its review of a subscription agreement for an investment in the Company, and the Company has elected to accept the investor into the offering, the funds may be released to the Company.

The Company maintains the right to accept or reject subscriptions in whole or in part, for any reason or for no reason, including, but not limited to: in the event that an investor fails to provide all necessary information, even after further requests from the Company, in the event an investor fails to provide requested follow up information to complete background checks or fails background checks, and in the event the Company receives oversubscriptions in excess of the maximum offering amount. Investors will be required to agree to indemnify our Company for misrepresentations of the investor within the subscription agreement or supplemental disclosures. Nonetheless, we may not require, and are not requiring, investors to waive any claims or remedies they may have against our Company under the Securities Act or Exchange Act. Once an investor's interests have been issued, the investor will become a member of our Company.

**Payment Processing** 

The Company expects to incur third-party payment processing costs in relation to this Offering. Costs are estimated to be approximately 2% of total proceeds.

**Concurrent offerings; integration safeguards.**

The Company will conduct a Rule 506(c) private offering for Class A Common Stock marketed exclusively through an unaffiliated, FINRA-member broker-dealer under separate offering materials and subscription workflows, while this Regulation A offering is in market. To minimize any risk of "integration," we will (i) maintain separate landing pages, data rooms, subscription workflows and investor communications; (ii) keep security class and terms distinct; (iii) segregate marketing lists and tailor outreach to the eligible audience for each exemption; (iv) avoid cross-conditioning or suggesting that investment in one offering is contingent on the other (and we will not cross-direct prospective investors between offerings); and (v) review and accept subscriptions independently under the rules governing each exemption.

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The Company intends to terminate the September 2025 Reg CF offering no later than the date of qualification of this Regulation A Offering and will cease accepting new Reg CF commitments at that time.

**Additional Information Regarding this Offering Circular** 

We have not authorized anyone to provide you with information other than as set forth in this offering circular. Except as otherwise indicated, all information contained in this offering circular is given as of the date of this offering circular. Neither the delivery of this offering circular nor any sale made hereunder shall under any circumstances create any implication that there has been no change in our affairs since the date hereof.

From time to time, we may provide an "offering circular supplement" that may add, update or change information contained in this offering circular. We will also amend our Offering Statement annually while this Offering is open to include updated financial statements. Any statement that we make in this offering circular will be modified or superseded by any inconsistent statement made by us in a subsequent offering circular supplement or amendment. The Offering Statement we filed with the SEC includes exhibits that provide more detailed descriptions of the matters discussed in this offering circular. You should read this offering circular and the related exhibits filed with the SEC and any offering circular supplement together with additional information contained in our annual reports, semiannual reports and other reports and information statements that we will file periodically with the SEC.

The Offering Statement and all amendments, supplements and reports that we have filed or will file in the future can be read on the SEC website at www.sec.gov.

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**USE OF PROCEEDS**

We estimate that the net proceeds from this Offering, after payment of Offering expenses (including cash compensation equal to 4.5% of gross proceeds payable to DealMaker Securities LLC ("DMS") as broker-dealer of record and applicable monthly platform, marketing and technology fees), legal, audit and other costs, will be approximately $3.55 million if $5 million is raised, $11.02 million if $15 million is raised, and $18.5 million if $25 million is raised. See "Plan of Distribution" for additional details on broker-dealer compensation and fees.

**The following table summarizes our expected use of net proceeds across three illustrative raise scenarios:**

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| | | | |
|:---|:---|:---|:---|
| **Category** | **$5 Million Raise** | **$15 Million Raise** | **$25 Million Raise** |
| Offering Expenses(1) | $1453750.42 | $3977249.39 | $6500748.37 |
| Net Offering Proceeds(2) | $3546251.24 | $11022748.21 | $18499245.17 |

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**Planned Use of Net Proceeds**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **$5 Million <br>Raise** | **% of <br>Net** | **$15 Million <br>Raise** | **% of <br>Net** | **$25 Million <br>Raise** | **% of <br>Net** |
| Site Purchase (Mason County)(3) | $3031251.07 | 85.48% | $4000000.00 | 36.29% | $4000000.00 | 21.62% |
| Working Capital | $515000.17 | 14.52% | $1544999.75 | 14.02% | $2574999.33 | 13.92% |
| Project Site Engineering | **-** | **-** | $5477748.45 | 49.69% | $11924245.84 | 64.46% |

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(1) Offering Expenses include: (a) broker-dealer cash compensation equal to 4.5% of gross proceeds payable to Broker; (b) applicable technology and platform compensation, as well as marketing and advisory services pursuant to our arrangements with Broker and its affiliates; and (iii) all other marketing expenses associated with the Offering; see "Plan of Distribution." These amounts are treated as Offering expenses and are reflected in the "Offering Expenses" line items.

(2) Net Offering Proceeds excludes Investor Processing Fees equal to 3% of the investment amount, capped at $80 per transaction. Investor Processing Fees are intended to defray third-party payment-processing fees. We assume that Investor Processing Fees, net of a 4.5% broker commission on such fees, will fully cover approximately 2.0% third-party payment processing fees; accordingly, we exclude both Investor Processing Fees and third-party payment processing costs from the Use of Proceeds table. The coverage break-even occurs at approximately 2.094% of gross subscriptions (approximately a $3,822 average investment under the $80 cap). If Investor Processing Fees collected do not cover third party payment processing fees, we would fund a shortfall from offering proceeds; each 1.0% shortfall would reduce Net Offering Proceeds by about $250,000 at the $25,000,000 maximum raise (amounts scale proportionally at other raise sizes).

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(3) Anticipated balance remaining, by first closing of this Regulation A+ offering, to purchase approximately 183.4 acres in Mason County, West Virginia for our first commercial-scale facility, at a purchase price of $4,585,000 pursuant to our amended option agreement. After the funding of $500,000.17 Working Capital, Net Offering Proceeds would be applied to the Site Purchase payment prior to additional Working Capital funding.

**Narrative Description of Use of Proceeds**

<u>Capital Expenditures</u>**.** At the $5 million raise level, nearly all net proceeds will be directed toward capital expenditures, primarily the purchase of our Mason County project site. At higher raise levels, this category is capped at $4 million because land acquisition costs are not contemplated to increase.

<u>Working Capital.</u> We have allocated approximately 13.5% of net proceeds across all scenarios to working capital. These funds will be applied toward ongoing operations, including personnel, professional services, regulatory and compliance costs, marketing, and other general corporate needs.

<u>Project Site Engineering</u>**.** As raise amounts increase, a larger proportion of net proceeds will be devoted to final-phase project engineering, site preparation, and procurement of long-lead construction items. At the $25 million raise level, approximately two-thirds of net proceeds will be used for these purposes.

**Funding Sufficiency**

Even if the Maximum Offering Amount is raised, the Company will require substantial additional financing to complete development and construction of its first commercial-scale facility. Current estimates place the total capital cost of the project at approximately $850 million, of which management anticipates approximately 20% will be funded through equity and 80% through project-level debt. We are actively pursuing these additional sources of financing, including a $150 million equity commitment contingent upon achieving a public listing of our Class A Common Stock.

If we raise less than the maximum, our priorities will be: (i) exercising our option to acquire the Mason County site, (ii) maintaining sufficient working capital for operations, and (iii) advancing essential engineering to preserve project schedule and permits. Other expenditures may be deferred until additional financing is secured.

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**BUSINESS**

Frontieras North America, Inc. ("Frontieras," "we," "us," or "our") was incorporated on March 25, 2021, in Wyoming to commercialize the patented Solid-Carbon Fractionation ("SCF," marketed as FASForm™) process developed by our parent, Frontier Applied Sciences, Inc. ("FAS"). In July 2022 FAS contributed the SCF intellectual-property rights for the United States and Canada through an exclusive, renewable 25-year license (see Exhibit 6.1a - License Agreement with Frontieras Applied Sciences, dated July 15, 2022) and effected a partial share dividend to its stockholders. As a result of this spin-off, FAS now owns approximately 26.8% of our outstanding shares as of June 30, 2025.

On June 30, 2024, we executed a 5-for-1 stock split. As of September 30, 2024, we had 250,380,995 shares of Class A Common Stock and 93,989,250 shares of Class B Common Stock outstanding. Our Amended Articles of Incorporation authorized 500,000,000 shares of Class A Common Stock, 250,000,000 shares of Class B Common Stock, and 250,000,000 shares of Class C Common Stock.

We therefore operate as an independent clean-energy company while maintaining close technical collaboration with FAS.

**Founders' Vision and Corporate History**

The technology development journey began in 2010 when FAS filed its U.S. Provisional Patent, followed by international patent declarations in 2011. By 2018, FAS had secured U.S. Patent #9,926,492 and equivalent patents in eight other major coal-producing nations.<sup>1</sup>

In 2021, a test plant successfully demonstrated the technology's effectiveness across multiple coal types, achieving carbon conversion rates yielding 2.3 barrels per ton of liquid fuels, with results validated using ASTM protocols.<sup>2</sup> This accomplishment established the foundation for our current commercial development plans. Through our exclusive licensing agreement with FAS (effective July 22, 2022), we now hold the rights to commercialize this technology throughout the United States and Canada, supporting our plan to commercialize coal processing in a cost-competitive and lower-emission manner. Between 2023-2025, we executed a site option in Mason County, West Virginia, negotiated engineering, procurement, and construction (EPC) and offtake term sheets, and secured state incentives.<sup>3</sup>

**Industry Background and Context**

According to the U.S. Energy Information Administration (EIA), U.S. coal production is forecasted to reach 490 million short tons in 2026, a decline from 505 million tons in 2024, reflecting the ongoing transition to renewables and natural gas.<sup>4</sup> The United States holds approximately 249.8 billion short tons of recoverable coal reserves as of 2024, maintaining its position as the global leader in coal resources.<sup>5</sup> Global proven reserves are sufficient for more than a century of consumption at current rates.<sup>6</sup>

___________________________________<br><sup>1</sup> U.S. Patent and Trademark Office, "Method and Apparatus for Liquefaction and Distillation of Volatile Matter within Solid Carbonaceous Materials," U.S. Patent No. 9,926,492, granted March 27, 2018, <u>https://patents.google.com/patent/US9926492B2/en</u>

<sup>2</sup> Frontieras North America, Frontieras' New State-of-the-Art Energy Technology Harnesses Power of Coal to Meet Rising Energy Demands of AI and Robotics Era, 2024. <u>https://www.frontieras.com/news/frontieras-new-state-of-the-art-energy-technology-harnesses-power-of-coal-to-meet-rising-energy-demands-of-ai-and-robotics-era</u>

<sup>3</sup> West Virginia Department of Economic Development, Incentives and Financing, 2024, p. 2. <u>https://westvirginia.gov/incentives-and-financing/</u>

<sup>4</sup> U.S. Energy Information Administration (EIA), Short-Term Energy Outlook, April 2025. <u>https://www.eia.gov/outlooks/steo/</u>

<sup>5</sup> U.S. Energy Information Administration (EIA), Annual Coal Report, 2024. <u>https://www.eia.gov/coal/annual/</u>

<sup>6</sup> Worldometer, Global Coal Reserves, 2023. <u>https://www.worldometers.info/coal/</u>

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Coal remains one of the world's most abundant and widely distributed fossil fuels, contributing significantly to global electricity generation, with 17% of U.S. electricity (705 terawatt-hours) in 2025.<sup>7</sup> Global coal consumption reached a record 8.77 billion tons in 2024, with coal-fired electricity at 10,700 terawatt-hours, and is projected to stabilize at 8.7 billion tons through 2027, driven by demand in emerging economies like China, India, Indonesia, and Vietnam. Developed economies are increasingly adopting renewables, projected to account for 60% of global power generation by 2030.<sup>8</sup>

Rising demand from artificial intelligence (AI) and data centers could consume 6.7-12% of U.S. electricity by 2028, reinforcing the need for reliable baseload energy sources, with renewables projected to supply most of the incremental demand.<sup>9</sup>

Despite environmental pressures, coal retains significant cost advantages, sustaining demand for technologies that reduce its environmental impact. Our technology is intended to capture these advantages while reducing emissions. The coal industry's lag in adopting low-carbon technologies, such as Integrated Gasification Combined Cycle (IGCC), due to high capital costs, presents opportunities for innovative solutions like FASForm™.<sup>10</sup> Traditional oil refiners face rising carbon costs, estimated at $100 per metric ton by 2033, enhancing the appeal of lower cost fuels such as those produced by FASForm.<sup>11</sup>

The clean coal technology market is valued at approximately $4.2 billion in 2025 and projected to reach approximately $6.3 billion by 2035 (4.1% CAGR).<sup>12</sup> The energy transition presents both challenges and opportunities; U.S. policy support includes $1.5 billion in tax credits for coal-region projects, a January 2025 executive order prioritizing fossil fuel production, and approximately $500 billion in global transition investments by 2030.<sup>13</sup>

The liquid fuels market, which our technology can serve, offers substantial opportunities. Investment trends support this transition, with emerging economies requiring approximately $500 billion by 2030 to shift from unabated coal, much of it directed toward clean coal technologies like CCS and gasification.<sup>14</sup> The liquid fuels and materials markets that FASForm™ can serve are substantial, as summarized in the Market Opportunity table below:

___________________________________<br>

<sup>7</sup> See footnote 4.

<sup>8</sup> International Energy Agency (IEA), Coal Mid-Year Update, 2024, p. 12. <u>https://www.iea.org/reports/coal-mid-year-update-july-2024</u>; International Energy Agency (IEA), Future of Coal in the Energy Transition, 2024, p. 15. <u>https://www.iea.org/reports/future-of-coal-in-the-energy-transition</u>

<sup>9</sup> National Energy Technology Laboratory (NETL), Clean Coal Technologies: Challenges and Opportunities, 2023, p. 18. <u>https://www.netl.doe.gov/research/coal/energy-systems/clean-coal-technologies</u>

<sup>10</sup> International Energy Agency (IEA), Future of Coal in the Energy Transition, 2024, p. 15. <u>https://www.iea.org/reports/future-of-coal-in-the-energy-transition</u>

<sup>11</sup> International Energy Agency (IEA), Coal Mid-Year Update, 2024, p. 12. <u>https://www.iea.org/reports/coal-mid-year-update-july-2024</u>

<sup>12</sup> Future Market Insights, Clean Coal Technology Market Size & Forecast 2025-2035, 2025. <u>https://www.futuremarketinsights.com/reports/clean-coal-technology-market</u>

<sup>13</sup> U.S. Department of Treasury, Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond, May 15, 2024. <u>https://home.treasury.gov/news/featured-stories/anchoring-clean-energy-manufacturing-investments-in-coal-country-and-beyond</u>

<sup>14</sup> International Energy Agency (IEA), Coal in Net Zero Transitions, 2023. <u>https://www.iea.org/reports/coal-in-net-zero-transitions</u>

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| | | | |
|:---|:---|:---|:---|
| **Market** | **2025 Size** | **CAGR (2025-2030)** | **FASForm™ Alignment** |
| Diesel | $252.81B | 3.5% | Low-sulfur intermediates |
| Jet Fuel | $195.22B | 11.1% | Kerosene cut for SAF blending |
| Naphtha<sup>15</sup> | $198.43B | 4.4% | Petrochemical feedstock |
| Hydrogen<sup>16</sup> | $197.39B | 8.35% | Byproduct; 20M scf/day per facility |
| Metallurgical Coal<sup>17</sup> | $182.52B | 1.8% | FASCarbon™ as sulfur-free reductant |

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Coal's economic advantage persists, providing usable energy at approximately $2-$3 per MMBtu compared to $6-$12 for oil and natural gas.<sup>18</sup> With over 200 active coal-fired power plants in the United States and thousands more worldwide, the retrofit and upgrade market represents a significant opportunity for clean coal technologies.<sup>19</sup> Despite the global shift toward renewables, the International Energy Agency (IEA) projects that coal will remain a critical component of the energy mix for decades, particularly in regions with limited alternative energy resources and significant coal infrastructure.<sup>20</sup> The integration of clean coal technologies, supported by policies like the U.S. executive order designating coal as a mineral to boost domestic production, supports positioning our technology to compete in an enduring market while reducing emissions.<sup>21</sup>

**Our Technology - Solid Carbon Fractionation (FASForm™)**

The FASForm™ process, also known as Solid Carbon Fractionation (SCF), is a patented technology that transforms coal, lignite, oil shale, tar sands, and waste plastics into three high-value product streams, positioning it as a differentiated among clean coal technologies.<sup>22</sup> The technology produces *Clean Solid Carbon (FASCarbon™):* A low-emission, smokeless boiler fuel that serves as a cleaner alternative to raw coal for energy generation and metallurgical carbon for steel production. For each metric ton of raw coal or lignite feedstock, FASForm™ recovers a substantial amount of FASCarbon, which is virtually sulfur-free (90% less sulfur than Petcoke) and burns hotter with lower emissions than natural gas, enhancing its suitability for existing infrastructure.<sup>23</sup>

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<sup>15</sup> Global Market Insights, Global Diesel Market Report, 2023. <u>https://www.gminsights.com/industry-analysis/diesel-market</u>

<sup>16</sup> Markets and Markets, Hydrogen Generation Market Report, 2024. <u>https://www.marketsandmarkets.com/Market-Reports/hydrogen-generation-market-263.html</u>

<sup>17</sup> Technavio, Metallurgical Coal Market Analysis, 2025. <u>https://www.technavio.com/report/metallurgical-coal-market-industry-analysis</u>

<sup>18</sup> MIT, The Future of Coal in a Carbon-Constrained World, 2023 Update. <u>https://energy.mit.edu/research/future-coal-carbon-constrained-world/</u>

<sup>19</sup> Global Coal Plant Tracker, Global Energy Monitor, 2024. <u>https://globalenergymonitor.org/projects/global-coal-plant-tracker/</u>

<sup>20</sup> International Energy Agency (IEA), Future of Coal in the Energy Transition, 2024. <u>https://www.iea.org/reports/future-of-coal-in-the-energy-transition</u>

<sup>21</sup> White House, Reinvigorating America's Beautiful Clean Coal Industry and Amending Executive Order 14241, April 8, 2025. <u>https://www.whitehouse.gov/presidential-actions/2025/04/reinvigorating-americas-beautiful-clean-coal-industry-and-amending-executive-order-14241/</u>

<sup>22</sup> See footnote 12.

<sup>23</sup> Frontieras North America, From Theory to Breakthrough: How McKean and Witherspoon Used S.T.E.P. to Prepare Frontieras for the Big Beautiful Bill Era, July 15, 2025. <u>https://www.frontieras.com/news/from-theory-to-breakthrough-how-mckean-and-witherspoon-used-step-to-prepare-frontieras-for-the-big-beautiful-bill-era</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquid Hydrocarbons*: For each metric ton of feedstock, the process yields up to 2.3 barrels (60-115 US gallons or 230-345 liters) of segregated liquid intermediate fuels, including naphtha (chemical feedstock or gasoline intermediate), kerosene (jet fuel intermediate), and diesel, requiring only simple hydrotreating to produce finished fuels.<sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Valuable Gases*: The process generates hydrogen (over 20 million standard cubic feet per day) and methane gas. Hydrogen powers the facility, making it the first hydrogen-powered coal processing plant in the United States, while excess gas can be sold to external markets, supporting the $197.39 billion hydrogen market projected for 2025.<sup>25 26</sup>

**Differentiation from Historical Coal Processing Methods**

Unlike historical coal processing methods-such as crushing, washing, carbonization, gasification, and liquefaction-FASForm™ operates in a reducing atmosphere at slightly positive pressure and moderate temperature, avoiding combustion and direct CO₂ emissions.<sup>27 28</sup> Historical methods typically focus on preparing coal for combustion or producing a single product, often generating waste and higher emissions. For example, crushing and washing remove impurities but are limited to combustion preparation, while carbonization produces coke for steelmaking, releasing volatile compounds. Gasification and liquefaction, used to create syngas or liquid fuels, involve high temperatures (up to 450°C) and pressures (up to 200 bar), incurring energy penalties of up to 20% and producing waste like ash or slag.<sup>29 30</sup>

FASForm's technical innovations include:<sup>31</sup>

* Continuous Fractionation: Unlike historical methods that extract hydrocarbons as a single stream, FASForm™ fractionates volatiles into separate liquid fuel streams (naphtha, kerosene, diesel) within a continuous process, leveraging straightforward refinery and fluidized-bed reactor engineering. <sup>32</sup> Pilot testing using West Virginia coal validated yields of liquids, gases, and FASCarbon**.<sup>33</sup>**

___________________________________

<sup>24</sup> See footnote 24.

<sup>25</sup> See footnote 24

<sup>26</sup> See footnote 16.

<sup>27</sup> See "Method and Apparatus for Liquefaction and Distillation" patent as described in footnote 1.

<sup>28</sup> Frontieras North America, "Frontieras Validates Engineering Breakthrough," PRWeb, 2021.

<sup>29</sup> ScienceDirect, Direct Coal Liquefaction - an overview, 2023. <u>https://www.sciencedirect.com/topics/engineering/direct-coal-liquefaction</u>

<sup>30</sup> World Nuclear Association, Clean Coal Technologies, Carbon Capture & Sequestration, 2023. <u>https://world-nuclear.org/information-library/energy-and-the-environment/clean-coal-technologies</u>

<sup>31</sup> See footnote 1.

<sup>32</sup> Frontieras North America, "Frontieras North America Expands Breadth of Energy Yields with Production of Ammonium Sulfate Fertilizer," PRWeb, September 30, 2024, <u>https://www.prweb.com/releases/frontieras-north-america-expands-breadth-of-energy-yields-with-production-of-ammonium-sulfate-fertilizer-302260694.html</u>.

<sup>33</sup> Frontieras North America, "Frontieras Reaches Significant Milestone for Delivering Transformative Technology to the Energy Sector," PRWeb, January 19, 2022, <u>https://www.prweb.com/releases/frontieras-reaches-significant-milestone-for-delivering-transformative-technology-to-the-energy-sector-802515715.html</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Zero-Waste Design: The closed-loop system captures all byproducts, including excess water and hydrogen sulfide, which are combined to create fertilizer, contrasting with traditional methods that generate waste.<sup>34</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High Efficiency and Low Costs: FASForm™ produces up to 2.3 barrels of liquid fuels per ton of coal at significantly lower processing and capital costs than liquefaction or gasification, which require substantial energy inputs. Its simplicity reduces operational complexity, enabling cost-competitive operation (<$20/bbl fuel equivalent).<sup>35</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration with Existing Infrastructure: FASCarbon integrates seamlessly into existing steel and power plants, unlike historical products that may require additional processing to meet modern environmental standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hydrogen Integration: By producing and utilizing hydrogen to power the facility, FASForm™ reduces reliance on fossil fuels, a feature absent in historical methods.

These innovations position FASForm™ as a leader in clean coal technologies, complementing but not dependent on other approaches such as carbon capture and storage (CCS), which is projected to hold approximately 19.4% of the clean coal market in 2025.<sup>36</sup>

**Environmental and Economic Benefits**

Environmental Benefits: FASForm™ reduces net CO₂ emissions by 25-35%, according to Company internal estimates, compared to raw coal for steam or power generation, due to water removal, increased thermal value, and higher efficiency as supported by pilot testing and lifecycle assessments<sup>.37</sup>

FASCarbon's near sulfur-free composition significantly reduces SOₓ emissions, aligning with EPA regulations targeting hazardous air pollutants.<sup>38</sup>

___________________________________

<br><sup>34</sup> Frontieras North America, "Frontieras North America's No Waste Approach to Processing Hydrocarbons Supports a Renewed Look at Coal to Deliver Abundant, Affordable and Available Energy Globally," PRWeb, August 17, 2022, <u>https://www.prweb.com/releases/frontieras-north-america-s-no-waste-approach-to-processing-hydrocarbons-supports-a-renewed-look-at-coal-to-deliver-abundant-affordable-and-available-energy-globally-863286020.html</u>.

<sup>35</sup> Frontieras North America, "Frontieras North America and Topsoe Sign Technology License Agreement to Support First Commercial Facility," August 6, 2025, <u>https://www.frontieras.com/news/frontieras-north-america-and-topsoe-sign-technology-license-agreement-to-support-first-commercial-facility</u>.

<sup>36</sup> See footnote 12.

<sup>37</sup> Frontieras North America, "Frontieras Reaches Significant Milestone for Delivering Transformative Technology to the Energy Sector," PRWeb, January 19, 2022, https://www.prweb.com/releases/frontieras-reaches-significant-milestone-for-delivering-transformative-technology-to-the-energy-sector-802515715.html

<sup>38</sup> Environmental Protection Agency (EPA), National Emission Standards for Hazardous Air Pollutants, 2023. <u>https://www.epa.gov/stationary-sources-air-pollution/national-emission-standards-hazardous-air-pollutants</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The closed-loop system captures and utilizes all byproducts, including excess water and hydrogen sulfide, to produce fertilizer and other valuable products, eliminating waste.<sup>39</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By avoiding combustion during processing, the technology eliminates direct CO₂ emissions<sup>40</sup>

Economic Benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FASCarbon can be produced at costs competitive with raw coal, offering a cleaner alternative without significant price premiums, as demonstrated by pilot operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The global diesel market is valued at approximately $252.81 billion in 2025, and FASForm's liquid fuels are positioned to serve this demand.<sup>41</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetizing byproducts like hydrogen and fertilizer creates additional value from each ton of feedstock, enhancing profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a thermal fuel, FASCarbon's low contaminants, high energy value, and reduced shipping mass (due to moisture removal) make it a competitive export commodity, particularly for coal-dependent regions like China and India, where demand is projected at 8.7 billion tons in 2025.<sup>42</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The technology's economic viability is supported by government policies, including $1.5 billion in U.S. tax credits for clean energy projects in coal regions and global investments of $500 billion by 2030 for coal transitions.<sup>43 44</sup>

The Company projects that clean coal technologies like FASForm™ can achieve significant cost savings over traditional methods, with lower capital expenditure and operational costs compared to gasification or liquefaction.<sup>45 46</sup> The technology's ability to operate alongside over 200 U.S. coal-fired power plants and thousands globally enhances its market potential, capitalizing on coal's cost advantage of $2-$3 per MMBtu compared to $6-$12 for oil and natural gas.<sup>47 48</sup>

**Market and Policy Context**

FASForm™ aligns with the growing demand for cleaner coal solutions, driven by stringent regulations and global investments in sustainable energy. The technology supports the retrofit market for existing coal infrastructure and contributes to the clean energy transition, particularly in regions with limited alternative resources. U.S. policy support includes the April 2025 executive order designating coal as a critical mineral, $1.5 billion in clean-energy tax credits, and $500 billion in global transition investments by 2030.<sup>49 50</sup> FASForm's zero-waste and low-emission profile positions it favorably in the sustainable energy market, validated by its operational success and market alignment.<sup>51</sup>

___________________________________

<sup>39</sup> Frontieras North America, "Frontieras North America Combines Volatile Byproducts of Solid Carbon Fractionation Process to Create Environmentally-Friendly, High-Value Ammonium Sulfate Fertilizer," September 25, 2024, <u>https://www.frontieras.com/news/frontieras-north-america-combines-volatile-byproducts-of-solid-carbon-fractionation-process-to-create-environmentally-friendly-high-value-ammonium-sulfate-fertilizer</u>

<sup>40</sup> See footnote 1.

<sup>41</sup> See footnote 16.

<sup>42</sup> International Energy Agency (IEA), Coal Mid-Year Update, July 2024. <u>https://www.iea.org/reports/coal-mid-year-update-july-2024</u>

<sup>43</sup> See footnote 21.

<sup>44</sup> See footnote 14.

<sup>45</sup> See footnote 12.

<sup>46</sup> See footnote 29.

<sup>47</sup> See footnote 19.

<sup>48</sup> See footnote 18.

<sup>49</sup> See footnote 21.

<sup>50</sup> S. Department of Treasury, Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond, May 15, 2024. <u>https://home.treasury.gov/news/featured-stories/anchoring-clean-energy-manufacturing-investments-in-coal-country-and-beyond</u>

<sup>51</sup> See footnote 12.

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**First Commercial Facility: Mason County, West Virginia**

We plan to build our first commercial-scale facility in Mason County, West Virginia. This location offers several strategic advantages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Situated in the heart of coal country with easy access to our contracted feedstock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excellent transportation infrastructure with access to roads, CSX Rail, and the Ohio River

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appropriate zoning and utilities connections for industrial development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Favorable business climate with supportive state regulations and tax incentives

On March 10, 2022, we entered into a Real Estate Option Agreement for the purchase of approximately 183.4 acres of land in Mason County. The Option Agreement has been extended several times, with the current expiration date of December 16, 2025. We intend to use a portion of the proceeds from this Offering to complete the purchase of this property.

Project Specifications:

The design for the Mason County facility will incorporate the following annual production capacities:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Output** | &nbsp;&nbsp;**Annual Capacity** | &nbsp;&nbsp;**Key Uses** |
| &nbsp;&nbsp;Coal processed | &nbsp;&nbsp;2.7M tons | &nbsp;&nbsp;Feedstock |
| &nbsp;&nbsp;Hydrogen | &nbsp;&nbsp;7.5B scf | &nbsp;&nbsp;Internal power, industrial sale |
| &nbsp;&nbsp;Methane | &nbsp;&nbsp;4.4B scf | &nbsp;&nbsp;On-site power generation |
| &nbsp;&nbsp;Naphtha | &nbsp;&nbsp;1.6M bbl | &nbsp;&nbsp;Petrochemical feedstock |
| &nbsp;&nbsp;Kerosene | &nbsp;&nbsp;1.8M bbl | &nbsp;&nbsp;Jet fuel blending (SAF) |
| &nbsp;&nbsp;Diesel | &nbsp;&nbsp;2.8M bbl | &nbsp;&nbsp;Transport fuels |
| &nbsp;&nbsp;FASCarbon™ | &nbsp;&nbsp;1.6M tons | &nbsp;&nbsp;Steelmaking, boiler fuel |
| &nbsp;&nbsp;Fertilizer | &nbsp;&nbsp;135k tons | &nbsp;&nbsp;Agriculture |
| &nbsp;&nbsp;Sulfuric Acid | &nbsp;&nbsp;225k tons | &nbsp;&nbsp;Industrial markets |

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Construction of the facility is expected to begin within 6 months following the acquisition of the site and finalization of facility design and engineering. Construction will require approximately 200 contract workers over approximately 18-24 months.

**Supply Chain and Strategic Partnerships**

Our key commercial relationships and agreements , which are subject to finalization as we proceed on site design, construction and commercialization, are summarized below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Scope** |
| &nbsp;&nbsp;Feedstock | &nbsp;&nbsp;Regional supplier | &nbsp;&nbsp;Anticipated to be multi-year | &nbsp;&nbsp;27M tons Pittsburgh #8 coal |
| &nbsp;&nbsp;Offtake | &nbsp;&nbsp;Multiple counterparties | &nbsp;&nbsp;Anticipated to be multi-year | &nbsp;&nbsp;100% of facility output (diesel, naphtha, FASCarbon™, byproducts) |
| &nbsp;&nbsp;EPC | &nbsp;&nbsp;JEPCO (fka JOB Industrial)/ Performance Contractors | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Design and construction |
| &nbsp;&nbsp;O&M | &nbsp;&nbsp;CAMS | &nbsp;&nbsp;Master services (2025) | &nbsp;&nbsp;Operations, safety, asset mgmt. |
| &nbsp;&nbsp;Technology | &nbsp;&nbsp;Topsoe / KBC / Yokogawa | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Hydrotreating & control systems |

---

These agreements and arrangements are anticipated to provide secure feedstock, contracted offtake for 100% of production, and proven EPC and O&M capabilities through established industry partners. Collectively, these partnerships are expected to reduce execution risk and support financing and development of our first commercial facility. See Exhibit 6.3 - JEPCO Engineering Services Agreement.

**Technology Validation and Engineering Progress**

Our licensed FASForm™ technology has undergone extensive validation and engineering development:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2018, the U.S. Patent was granted as patent number 9,926,492, with additional patents granted in eight other major coal-producing nations.<sup>52</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2019, we retained JOB Industrial Services (JIS), an engineering firm, to assess FEL1, complete FEL2.

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52 See footnote 1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2021, a process demonstration unit completed 12 months of testing, running multiple successful tests on various coal types, including West Virginia coal. Products were tested by independent commercial labs utilizing American Society for Testing and Materials (ASTM) protocols. We have completed Front-End Loading (FEL) stages 1 and 2, with significant progress on FEL 3, which includes detailed engineering and design work.

**Intellectual Property**

The intellectual property we rely on for our SCF / FASCarbon™ processes is owned by Frontier Applied Sciences, Inc. and licensed exclusively to us for use in the United States and Canada. FAS owns significant intellectual property assets, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. patent #9926492 and Canadian patent #2796353

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trademark #97356096 (under review by the USPTO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Patents granted in 8 other coal-producing nations: Australia, India, Indonesia, South Africa, China, Russia, and Germany

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosures made in another 139 countries under the International Patent Cooperation treaty

On July 22, 2022, FAS and Frontieras entered into a licensing agreement pursuant to which FAS granted us an exclusive license to use the technology in the United States and Canada, including the right to sub-license the technology to third parties within this territory. As consideration, we have agreed to pay FAS an annual license fee of $950,000 per refinery which uses the licensed technology. This license has an initial term of 25 years.

**Target Markets and Growth Opportunities**

Frontieras North America will initially target the United States, leveraging its strong intellectual property position for the FASForm™ process, which produces FASCarbon™, liquid hydrocarbons, and hydrogen. Expansion into international markets, particularly Asia-Pacific and Europe, is planned based on favorable export opportunities, evolving energy policies, and robust global demand for cleaner energy products. The technology aligns with large global markets - hydrogen, diesel, naphtha, jet fuel, and metallurgical coal - collectively exceeding $1 trillion in 2025 (see Market Opportunity table above).

Target Customers Include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Steel Companies: Seeking cleaner carbon feedstocks, such as FASCarbon™, which is virtually sulfur-free (90% less sulfur than Petcoke) and suitable for steel production, reducing emissions to meet regulatory standards. FASCarbon™ is positioned as a sulfur-free alternative in the metallurgical coal market, particularly in Asia-Pacific, where steel demand remains a key driver of coal consumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Energy Companies: Looking for cost-effective, low-emission transport fuels like diesel and naphtha intermediates produced by FASForm, which require minimal hydrotreating. These multi-hundred-billion-dollar global markets (see table above) are growing due to industrial and petrochemical demand, creating opportunities for FASForm™ fuels.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-Volume Fuel Buyers (e.g., Refineries and Airlines): Aiming to hedge against fuel price volatility, particularly in the global jet fuel market ($195.22 billion in 2025), driven by aviation recovery and sustainable aviation fuel (SAF) demand. FASForm's kerosene output positions it to supply airlines, while its naphtha and diesel intermediates serve refineries, supported by favorable U.S. tax credits of $1.5 billion for clean energy projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilities/Independent Power Producers: With significant fossil-fuel power generation, seeking to comply with stringent EPA regulations on sulfur and CO₂ emissions.<sup>53</sup> FASCarbon's 25-35% lower CO₂ emissions and near sulfur-free profile enable utilities to retrofit over 200 U.S. coal-fired power plants, aligning with global investments of $500 billion by 2030 for coal transitions.<sup>54</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coal, Oil Sands, and Other High-Carbon Resource Producers: Seeking to expand exports with sustainable, higher-margin products. FASForm's ability to process coal, oil sands, and waste plastics into cleaner products like FASCarbon and hydrogen supports exports to regions like Asia-Pacific, where policies like China's hydrogen targets enhance demand.<sup>55</sup>

Growth Opportunities: The FASForm™ process is well-positioned to capitalize on global decarbonization trends and supportive energy policies. In the U.S., the executive order designating coal as a mineral to boost clean coal technologies<sup>56</sup> and $1.5 billion in tax credits for coal region projects<sup>57</sup> create a favorable domestic market, particularly for utilities and power producers. Internationally, Asia-Pacific's robust coal demand (8.7 billion tons in 2025) and Europe's Emissions Trading System drive export opportunities for FASCarbon and hydrogen, especially in steel and energy sectors.<sup>58</sup> The technology's zero-waste design and low-emission profile address controversies around clean coal by offering a bridge to net zero, competing with renewables in coal-dependent regions. These factors, combined with FASForm's cost-competitive production (aligned with coal's $2-$3 per MMBtu advantage), position it for significant growth in both domestic and global markets.

**Growth Strategy**:

Frontieras North America's vision for growth leverages the FASForm™ process to meet robust demand for clean energy products in markets exceeding $1 trillion in 2025, including hydrogen ($197.39 billion), diesel ($252.81 billion), and jet fuel ($195.22 billion).<sup>59</sup> Strategic initiatives focus on scaling operations, diversifying feedstocks and products, and expanding globally, capitalizing on supportive policies and FASForm's environmental advantages.

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<sup>53</sup> Environmental Protection Agency (EPA), National Emission Standards for Hazardous Air Pollutants, 2023. <u>https://www.epa.gov/stationary-sources-air-pollution/national-emission-standards-hazardous-air-pollutants</u>.

<sup>54</sup> International Energy Agency (IEA), Coal in Net Zero Transitions, 2023. <u>https://www.iea.org/reports/coal-in-net-zero-transitions</u>; Global Coal Plant Tracker, Global Energy Monitor, 2024. <u>https://globalenergymonitor.org/projects/global-coal-plant-tracker/</u>

<sup>55</sup> Mordor Intelligence, Hydrogen Gas Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025. <u>Hydrogen Gas Market</u>; international Energy Agency (IEA), Global Hydrogen Review 2023, 2023. <u>Global Hydrogen Review</u>

<sup>56</sup> White House, Reinvigorating America's Beautiful Clean Coal Industry and Amending Executive Order 14241, April 8, 2025. <u>Executive Order</u>

<sup>57</sup> See footnote 13.

<sup>58</sup> See footnote 4.

<sup>59</sup> Mordor Intelligence, Hydrogen Gas Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025. <u>https://www.mordorintelligence.com/industry-reports/hydrogen-gas-market</u>; Mordor Intelligence, Jet Fuel Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025. <u>https://www.mordorintelligence.com/industry-reports/jet-fuel-market</u>; Grand View Research, Naphtha Market Size, Share & Trends Analysis Report By Application, By Region, And Segment Forecasts, 2025-2030, 2025. <u>https://www.grandviewresearch.com/industry-analysis/naphtha-market</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Domestic Expansion: The company plans to build multiple FASForm™ facilities in West Virginia, which ranks fifth in U.S. energy production and can support 10 plants processing 10,000 tons per day each, equating to 36.5 million tons annually. These facilities will target markets like metallurgical coal ($182.52 billion in 2025) and diesel ($252.81 billion), secured by long-term coal feedstock agreements. Federal tax credits of $1.5 billion and the April 8, 2025, executive order promoting clean coal technologies, alongside West Virginia's tax incentives, streamline permitting and financing for rapid expansion.<sup>60</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Feedstock Diversification: Initially focused on coal, FASForm's ability to process lignite, oil sands, tar sands, and waste plastics opens new markets, such as recycling and oil sands regions like Canada. This flexibility reduces supply risks, enabling entry into the $198.43 billion naphtha market for petrochemicals and supporting circular economy trends for sustainable growth.<sup>61</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Product Diversification: The company aims to expand into advanced carbon materials like carbon fibers and graphene, specialized chemicals such as aromatics, and sustainable aviation fuels (SAF), driven by the jet fuel market's 11.07% growth rate through 2030.<sup>62</sup> FASForm's multi-product output-2.3 barrels of liquid fuels per ton, 20 million standard cubic feet per day of hydrogen, and high-energy FASCarbon-maximizes revenue across steel, chemical, and fuel applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. International Licensing: With licensed patents covering up to 85% of the global coal market, the Company will pursue sublicensing agreements and joint ventures in high-demand regions like Asia-Pacific, where coal consumption is projected at 8.7 billion tons in 2025. China's hydrogen production goals and Europe's Emissions Trading System create opportunities for FASForm's low-emission products, which reduce CO₂ by 25-35%, meeting stringent global standards.<sup>63</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Special Purpose Entity Structure: The planned SPE structure enables efficient project financing for each facility, attracting investors to a $1 trillion clean energy market.<sup>64</sup>By leveraging $1.5 billion in federal tax credits and $500 billion in global coal transition investments by 2030, the SPE model supports scalability and enhances investor returns.<sup>65</sup>

___________________________________

<sup>60</sup> Grand View Research, Naphtha Market Size, Share & Trends Analysis Report By Application, By Region, And Segment Forecasts, 2025-2030, 2025. <u>Naphtha Market</u>; U.S. Energy Information Administration (EIA), State Energy Data System (SEDS), 2022. <u>https://www.eia.gov/state/?sid=WV</u>; User-provided data, cross-verified with International Energy Agency (IEA), Coal Mid-Year Update, July 2024. <u>https://www.iea.org/reports/coal-mid-year-update-july-2024</u>; International Energy Agency (IEA), Coal in Net Zero Transitions, 2023. <u>https://www.iea.org/reports/coal-in-net-zero-transitions</u>

<sup>61</sup> Grand View Research, Naphtha Market Size, Share & Trends Analysis Report By Application, By Region, And Segment Forecasts, 2025-2030, 2025. <u>https://www.grandviewresearch.com/industry-analysis/naphtha-market</u>

<sup>62</sup> See footnote 42.

<sup>63</sup> International Energy Agency (IEA), Global Hydrogen Review 2023, 2023. <u>Global Hydrogen Review</u>

<sup>64</sup> See footnote 59

<sup>65</sup> U.S. Department of Treasury, Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond, May 15, 2024. <u>Treasury Report</u>; International Energy Agency (IEA), Coal in Net Zero Transitions, 2023. <u>https://www.iea.org/reports/coal-in-net-zero-transitions</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Future Carbon Credits: As carbon markets grow, FASForm's environmental benefits-25-35% CO₂ reduction, 90% less sulfur than petcoke, and zero-waste processing-position it to generate revenue through carbon credits or offsets.

These initiatives leverage FASForm's cost-competitive production (fuels at less than $20/barrel equivalent), zero-waste design, and supportive policy environment to support growth in domestic and global markets, positioning Frontieras North America to compete effectively in the clean energy sector.

**Competitive Landscape and Differentiation**

Frontieras North America faces competition from various technologies and fuels, including direct coal liquefaction, coal gasification, conventional crude oil refining, and renewable diesel/biofuel production. These approaches have established infrastructure and market adoption but carry higher costs, water usage, or emissions compared to FASForm™.

The following table summarizes key benchmarks across competing processes:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Criterion** | &nbsp;&nbsp; **FASForm™** | &nbsp;&nbsp; **Direct Coal <br>Liquefaction<sup>66</sup>** | &nbsp;&nbsp; **Gasification-FT<sup>67</sup>** | &nbsp;&nbsp; **Renewable <br>Diesel<sup>68</sup>** |
| &nbsp;&nbsp; Yield (bbl/ton) | &nbsp;&nbsp; 2.3 | &nbsp;&nbsp; 2-2.7 | &nbsp;&nbsp; 1.6-2.0 | &nbsp;&nbsp; 0.3-0.4 |
| &nbsp;&nbsp; Water Use (t/ton) | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 11-12 | &nbsp;&nbsp; 3-5 |
| &nbsp;&nbsp; Cost ($/bbl eq.)\* | &nbsp;&nbsp; <20 | &nbsp;&nbsp; 62-110 | &nbsp;&nbsp; 30-35 | &nbsp;&nbsp; 38-119 |
| &nbsp;&nbsp; Direct CO₂ |  | &nbsp;&nbsp; High | &nbsp;&nbsp; High | &nbsp;&nbsp; Medium |
| &nbsp;&nbsp; Multi-product | &nbsp;&nbsp; Yes | &nbsp;&nbsp; Limited | &nbsp;&nbsp; Syngas-heavy | &nbsp;&nbsp; Diesel only |

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\**All Canadian dollar amounts have been converted into U.S. dollars at C$1.37 = US$1.00, the Bank of Canada rate on September 30, 2024. Conversions are provided for convenience only and do not represent that the Canadian dollar amounts actually represent such U.S. dollar amounts.*

FASForm™ offers competitive advantages validated by pilot testing and third-party engineering assessments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost efficiency: production costs equivalent to less than US$20 per barrel, lower than liquefaction, gasification, or renewable diesel.

___________________________________

<sup>66</sup> National Energy Technology Laboratory (NETL), Coal to Liquids and Water Use, 2023; ScienceDirect, A techno-economic assessment of gas-to-liquid and coal-to-liquid plants, 2023. <u>https://www.sciencedirect.com/science/article/pii/S030626192031159X</u>; ScienceDirect, Direct Coal Liquefaction - an overview, 2023.<u>https://www.sciencedirect.com/topics/engineering/direct-coal-liquefaction</u>

<sup>67</sup> ScienceDirect, Optimization of coal-to-liquid processes; A way forward towards carbon neutrality, 2023. <u>https://www.sciencedirect.com/science/article/pii/S0959652623002945</u>; ScienceDirect, Indirect coal to liquid technologies, 2023. <u>https://www.sciencedirect.com/science/article/pii/S001623611831219X</u>

<sup>68</sup> Department of Energy, Hydrogen Production: Biomass Gasification, 2022. <u>https://www.energy.gov/eere/fuelcells/hydrogen-production-biomass-gasification</u>;ScienceDirect, Coal-to-Liquid Technology - an overview, 2023. <u>https://www.sciencedirect.com/topics/engineering/coal-to-liquid-technology</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental performance: no process water use, no direct CO₂ emissions during processing, and a 25-35% reduction in lifecycle CO₂ compared to raw coal combustion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product diversity: multi-product output including FASCarbon™, liquid fuels, and hydrogen, addressing markets collectively exceeding US$1 trillion in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Feedstock flexibility: ability to process coal, lignite, oil sands, tar sands, and waste plastics, reducing supply risk compared to competitors reliant on narrow inputs.

Taken together, these advantages support FASForm™'s ability to compete effectively in U.S. and global markets, particularly in coal-dependent regions seeking lower-emission solutions.

**Regulatory Environment and Compliance Strategy**

Frontieras North America's operations, centered on the FASForm™ process, are subject to a complex framework of federal, state, and local regulations, with a primary focus on environmental compliance and emissions. West Virginia, contributing 5.6% of U.S. total energy production in 2022 and ranking fifth nationally, serves as a strategic energy hub, offering a favorable regulatory environment for the Mason County facility.<sup>69</sup> This is reinforced by federal policies, including the April 8, 2025, executive order designating coal as a mineral to promote clean coal technologies and $1.5 billion in tax credits for clean energy projects in coal regions, aligning with West Virginia's pro-energy framework.<sup>70</sup>

*Key Regulatory Considerations*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental Permits: The facility requires air quality permits under the Clean Air Act, water discharge permits under the Clean Water Act, and waste management permits under the Resource Conservation and Recovery Act (RCRA). FASForm's zero-waste design, producing no CO₂ during processing and repurposing byproducts like hydrogen sulfide into fertilizer, ensures compliance with these requirements<sup>.71</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product Specifications: Liquid hydrocarbons (naphtha, kerosene, diesel) must meet EPA and ASTM fuel quality standards for transportation fuels, targeting high-growth markets such as diesel ($252.81 billion in 2025) and jet fuel ($195.22 billion in 2025, 11.07% CAGR to 2030).<sup>72</sup> FASForm's minimal hydrotreating process achieves low-sulfur and performance standards, supporting sustainable aviation fuel (SAF) demand.<sup>73</sup>

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<sup>69</sup> U.S. Energy Information Administration (EIA), State Energy Data System (SEDS), 2022. <u>https://www.eia.gov/state/?sid=WV</u><sup>70</sup> U.S. Department of Treasury, Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond, May 15, 2024. <u>https://home.treasury.gov/news/featured-stories/anchoring-clean-energy-manufacturing-investments-in-coal-country-and-beyond</u>; International Energy Agency (IEA), Coal in Net Zero Transitions, 2023. <u>https://www.iea.org/reports/coal-in-net-zero-transitions</u>; White House, Reinvigorating America's Beautiful Clean Coal Industry and Amending Executive Order 14241, April 8, 2025. <u>https://www.whitehouse.gov/presidential-actions/2025/04/reinvigorating-americas-beautiful-clean-coal-industry-and-amending-executive-order-14241/</u>

<sup>71</sup> National Energy Technology Laboratory (NETL), Coal to Liquids and Water Use, 2023. <u>https://www.netl.doe.gov/research/coal/energy-systems/gasification/gasifipedia/coal-to-liquids-water-use</u>; PRWeb, Frontieras North America Selects West Virginia for Site of its First FASForm Plant, April 13, 2022. <u>https://www.prweb.com/releases/frontieras-north-america-selects-west-virginia-for-site-of-its-first-fasform-plant-811929231.html</u>

<sup>72</sup> Mordor Intelligence, Jet Fuel Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025. <u>https://www.mordorintelligence.com/industry-reports/jet-fuel-market</u>; Grand View Research, Naphtha Market Size, Share & Trends Analysis Report By Application, By Region, And Segment Forecasts, 2025-2030, 2025. <u>https://www.grandviewresearch.com/industry-analysis/naphtha-market</u>

<sup>73</sup> ASTM International, ASTM D975 - Standard Specification for Diesel Fuel, 2023. <u>https://www.astm.org/d975-23.html</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emissions Regulations: Compliance with EPA's National Emission Standards for Hazardous Air Pollutants (NESHAP) and 2024 power plant emission standards is critical, targeting sulfur, nitrogen oxides, and CO₂.<sup>74</sup> FASForm's 25-35% CO₂ reduction and near sulfur-free FASCarbon (90% less sulfur than petcoke) align with these standards, reducing emissions for over 200 U.S. coal-fired power plants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transportation Regulations: Products transported by rail, truck, and barge must adhere to U.S. Department of Transportation (DOT) and Pipeline and Hazardous Materials Safety Administration (PHMSA) regulations. FASForm's high-energy, low-contaminant products, with reduced shipping mass due to moisture removal, streamline compliance and enhance transport efficiency.

*Compliance Strategy*: Frontieras North America is collaborating with environmental consultants and regulatory experts to ensure the Mason County facility design exceeds federal and state requirements, incorporating best practices for environmental protection. The facility leverages FASForm's zero-waste, low-emission profile-producing no CO₂ during processing, reducing CO₂ emissions by 25-35%, and utilizing a closed-loop system-to minimize compliance costs and environmental impact. Third-party validations from West Virginia pilot operations confirm alignment with air quality, water, and waste regulations, positioning the facility as a model for sustainable energy production.

West Virginia's supportive regulatory framework, facilitated by the West Virginia Economic Development Authority's tax incentives and streamlined permitting processes, enhances operational feasibility.<sup>75</sup> Federal support, including $1.5 billion in tax credits and the 2025 executive order, reduces regulatory barriers and financial risks.7<sup>6</sup> To address controversies around clean coal versus renewables, the company engages proactively with regulators, highlighting FASForm's environmental benefits and alignment with global emissions reduction policies supported by coal transition investments of approximately $500 billion by 2030.<sup>77</sup> This strategy ensures compliance while capitalizing on the growing demand for clean energy products in markets like hydrogen ($197.39 billion in 2025) and metallurgical coal ($182.52 billion in 2025).<sup>78</sup>

___________________________________

<sup>74</sup> Environmental Protection Agency (EPA), Power Plant Emission Standards, 2024. <u>https://www.epa.gov/stationary-sources-air-pollution/electric-utility-generating-units</u>

<sup>75</sup> West Virginia Department of Economic Development, Incentives and Financing, 2024. <u>https://westvirginia.gov/incentives-and-financing/</u>

<sup>76</sup> U.S. Department of Treasury, Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond, May 15, 2024. <u>https://home.treasury.gov/news/featured-stories/anchoring-clean-energy-manufacturing-investments-in-coal-country-and-beyond</u>; White House, Reinvigorating America's Beautiful Clean Coal Industry and Amending Executive Order 14241, April 8, 2025. <u>https://www.whitehouse.gov/presidential-actions/2025/04/reinvigorating-americas-beautiful-clean-coal-industry-and-amending-executive-order-14241/</u>

<sup>77</sup> International Energy Agency (IEA), Coal in Net Zero Transitions, 2023. <u>https://www.iea.org/reports/coal-in-net-zero-transitions</u>; International Energy Agency (IEA), Future of Coal in the Energy Transition, 2024. <u>https://www.iea.org/reports/future-of-coal-in-the-energy-transition</u>

<sup>78</sup> Mordor Intelligence, Hydrogen Gas Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025. <u>https://www.mordorintelligence.com/industry-reports/hydrogen-gas-market</u>; User-provided data, cross-verified with International Energy Agency (IEA), Coal Mid-Year Update, July 2024. <u>https://www.iea.org/reports/coal-mid-year-update-july-2024</u>

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**Company Statements and Testing History**

The Company has previously disclosed the results of pilot testing and development activities in public statements and press releases. The statements made in this Offering Circular regarding product performance and environmental characteristics reflect the Company's own experience and understanding based on its internal development work and pilot-scale operations. No third-party engineering reports or opinions are filed as exhibits or relied upon in connection with this Offering Circular.

**Legal Proceedings**

We are not currently a party to any pending legal proceedings that are material to our business.

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**DESCRIPTION OF PROPERTY**

**Mason County, West Virginia Facility Site**

On March 10, 2022, the Company entered into a Real Estate Option Agreement for the purchase of approximately **183.4 acres** of land located in Mason County, West Virginia. This site is intended to serve as the location of our first commercial-scale refinery. The Option Agreement grants us the exclusive right to purchase the land.

The current expiration of the Option Agreement is December 16, 2025, following several extensions. On June 26, 2025, the option period was extended with a new purchase price of $4,585,000 (adjusted to $25,000 per acre). To date, the Company has made option payments totaling $582,500, which are non-refundable and will be applied to the purchase price at closing. Under the most recent extension, we are required to make additional monthly payments of $50,000 beginning July 16, 2025 to maintain the option.

**Strategic Location Advantages**

The Mason County site provides several strategic advantages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Transportation Infrastructure:** Access to major highways, CSX rail lines (including an existing rail spur), and the Ohio River, facilitating transportation of raw materials and finished products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proximity to Coal Resources:** Located in West Virginia's coal region, providing access to our contracted Pittsburgh #8 coal supply. West Virginia is the second-largest coal producer in the nation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Utilities Access:** Existing connections for electricity, natural gas, and water.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Industrial Zoning:** The property is zoned for industrial use, which we believe will facilitate the permitting process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business Environment:** West Virginia offers a competitive business climate, ranked #10 for best business climate in Business Facilities 2021 State Rankings Report, with stable tax conditions.

**Planned Facility Infrastructure**

If we complete the purchase of the property, we plan to construct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Processing Units:** Core FASForm™ processing units and a renewable diesel refinery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Storage Facilities:** Tanks and storage areas for raw materials and finished products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Loading/Unloading Facilities:** Rail loading facilities and river barge moorings for material handling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Utilities Infrastructure:** Power generation, water treatment, and other utility systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Administrative Buildings:** Office space, control rooms, and supporting facilities.

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**Current Status**

We have not yet closed on the purchase of the property but intend to use a portion of the proceeds from this Offering to complete the purchase. Initial site assessments have been completed, including environmental reviews, geotechnical studies, and preliminary engineering evaluations, which have indicated that the site is suitable for our planned facility.

We have partnered with Consolidated Asset Management Services (CAMS) to provide operational support from construction and commissioning through maintenance and risk management. CAMS is expected to handle operational management, asset management, IT & cybersecurity, compliance, and risk management.

**Risk Mitigation Strategies**

To address potential risks associated with the property acquisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We maintain a shortlist of potential alternative sites with comparable strategic advantages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have proactively negotiated extensions to the Real Estate Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are prioritizing funding allocation for land acquisition through a phased fundraising approach.

The Company plans to form a special purpose entity (SPE) to develop and construct our first refinery and expects to own approximately seventy-nine percent (79%) of this SPE.

**Note:** Statements regarding our plans to purchase the property, construct a refinery, and operate the facility are forward-looking in nature and subject to the risks described under *Risk Factors*.

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes. This discussion contains forward-looking

statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed

below and elsewhere in this Offering Circular.

**OVERVIEW**

Frontieras North America, Inc. ("Frontieras," the "Company," "we," "us," or "our") is a Wyoming corporation formed on March 25, 2021, as a wholly-owned subsidiary of Frontier Applied Sciences, Inc.

("FAS"), a Nevada corporation. We are an energy and industrial technology development company focused primarily on the commodities sector.

Our business model centers on developing refineries utilizing a proprietary refining technology called FASForm™, which we have exclusively licensed from FAS for use in the United States and Canada. This technology uses a solid-vapor reactive fractionation process to purify and reform solid carbonaceous materials (including coal, lignite, oil shale, tar sands, and waste plastics) by extracting volatiles, moisture, and contaminants. The solid product produced from this process is a low-emission, smokeless boiler fuel or technical carbon called "FASCarbon™ " along with valuable liquid hydrocarbon fuels, gases, industrial chemicals and fertilizers.

Our proprietary FASForm™, technology creates significant competitive advantages in the energy sector through its innovative approach which unlocks the intrinsic value of coal. We extract valuable components such as hydrogen, methane, diesel, aviation fuels, naphtha, and FASCarbon™ from lower-grade coal, other carbonaceous materials, and waste plastics. This zero-waste process uses residuals to make large volumes of sulfuric acid and fertilizer.

**Recent Developments**

* Extended the Real Estate Option Agreement for our 183.4-acre site in Mason County, WV through December 16, 2025. As of June 30, 2025, we have invested $582,500 in this option agreement. Pursuant to the June 2025 amendment to this agreement, the purchase price was adjusted to $25,000 per acre, or $4,585,000 in total. We are obligated to make $50,000 monthly payments through the closing date, all of which are non-refundable but credited against the purchase price.

* Completed a Regulation CF offering launched in September 2024, which closed in April 2025, raising $4,601,175 of new working capital for our operations, less fundraising expenses.

* Secured 10-year contracts for both feedstock and off-take agreements, ensuring strong market demand and operational stability for our planned facility.

* In November 2024, we entered into a share purchase agreement with an investor for the sale of up to $150,000,000 of the Company's Class A Common Stock contingent upon achieving a public listing.

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* As of June 30, 2025, we had $2,091,609 of cash on our balance sheet, improving our liquidity position from the end of fiscal year 2024.

**RESULTS OF OPERATIONS**

**Year Ended September 30, 2024 Compared to September 30, 2023**

The following table summarizes our results of operations for the fiscal years ended September 30, 2024 and 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended <br>September 30, 2024** | **Fiscal Year Ended <br>September 30, 2023** | **Change<br>($)** | **Change <br>(%)** |
| Revenue | $0 | $0 | $0 | 0% |
| Operating Expenses | $1022285 | $562095 | $460190 | 81.9% |
| Net Loss | ($1022285) | ($562095) | $460190 | 81.9% |

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***Revenue***

We remained pre-revenue in 2024 and 2023, with plans to generate revenue once our first commercial facility becomes operational.

***Operating Expenses***

For the fiscal year ended September 30, 2024, our operating expenses were $1,022,285, compared to $557,507 in 2023, representing an increase of $464,778 or 83.4%. This increase was primarily driven by:

* An increase in the payment of professional fees to consultants and our operating principals which totaled $669,796 in 2024 compared to $400,386 in 2023

* Additional advertising and promotional expenses of $9,557 in 2024 compared to $2,150 in 2023

* Increased pre-development costs for our first commercial facility in Mason County, West Virginia

* Enhanced engineering and design expenses related to the FASForm™ technology implementation

* Higher general and administrative expenses to support our growth initiatives

***Net Loss***

For the fiscal year ended September 30, 2024, we incurred a net loss of $1,022,285, compared to a net loss of $562,095 for the fiscal year ended September 30, 2023, representing an increase of $460,190 or 81.9%. This increase in net loss was primarily due to the higher operating expenses described above, as we continued to invest in our growth strategy and preparations for our first commercial facility.

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**Nine Months Ended June 30, 2025 Compared to Nine Months Ended June 30, 2024**

The following table summarizes our unaudited results of operations for the nine months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br>June 30, 2025** | **Nine Months Ended <br>June 30, 2024** | **Change <br>($)** | **Change <br>(%)** |
| Revenue | $0 | $0 | $0 | 0% |
| Operating Expenses | $1769378 | $618964 | $1150414 | 185.9% |
| Net Loss | ($1742445) | ($656.978 | ($1085467) | 165.2% |

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***Revenue***

We remained pre-revenue in the nine months ended June 30, 2025 and 2024, with plans to generate revenue once our first commercial facility becomes operational.

***Operating Expenses***

For the first nine months of our fiscal year through June 30, 2025, our operating expenses were $1,769,378, compared to ($618,964) for the nine months ended June 30, 2024.

These increased operating expenses are comprised of $1,695,334 in general and administrative expenses and $74,044 in sales and marketing expenses, reflecting our continued investment in project development and preparing for the Mason County, WV project while securing necessary financing.

***Net Loss***

For the nine months ended June 30, 2025, we incurred a net loss of $1,742,445, compared to a net loss of $656,978 for the nine months ended June 30, 2024. As of June 30, 2025, our accumulated deficit was $3,705,817**.** Our net loss primarily reflects our operating and capital campaign expenses as we continue to operate in the pre-revenue development stage, partially offset by $27,358 of interest income for the nine months ended June 30, 2025.

**LIQUIDITY AND CAPITAL RESOURCES**

**Year Ended September 30, 2024 Compared to September 30, 2023**

***Current Liquidity Position***

As of September 30, 2024, our cash and cash equivalents were $66,438, and we had a working capital surplus of $331,260 compared to a working capital deficit of $84,588 in 2023. The Company had a net operating loss of $1,022,285 and an operating cash outflow of $960,104 during fiscal year 2024. These factors normally raise substantial doubt about the Company's ability to continue as a going concern.

However, subsequent to the fiscal year end, the Company successfully raised $4,601,715 through a Regulation CF offering that closed in April 2025, less offering expenses. As of June 30, 2025, the Company had $2,091,609 of cash on its balance sheet, significantly improving its liquidity position.

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***Cash Flow Analysis***

<u>Cash Flow from Operating Activities</u>

For the fiscal year ended September 30, 2024, net cash used in operating activities was $960,104, compared to $556,947 in 2023. The increase in cash used for operations was primarily driven by:

* Higher operating expenses, particularly payments to consultants and our operating principals

* Increased pre-development and engineering costs related to our Mason County facility

* Greater expenditures on advertising and promotion to support our capital raising activities

<u>Cash Flow from Investing Activities</u>

For the fiscal year ended September 30, 2024, net cash used in investing activities totaled $195,000 and primarily related to our continued investment in the real estate option agreement for our Mason County, West Virginia site, compared to $75,000 in 2023. These investments position us to proceed with site acquisition and development as we secure additional funding.

<u>Cash Flow from Financing Activities</u>

For the fiscal year ended September 30, 2024, net cash provided by financing activities totaled $1,045,982, which primarily came from equity investments, compared to $771,500 in 2023. Our financing activities in 2024 were focused on preparing for our Regulation CF offering, which was launched in September 2024 and successfully closed in April 2025, raising $4,601,715.

**Nine Months Ended June 30, 2025 Compared to Nine Months Ended June 30, 2024**

***Current Liquidity Position***

As of June 30, 2025, our cash and cash equivalents were $2,091,609, compared to $387,116 as of June 30, 2024. This liquidity position is primarily the result of our successful Regulation CF offering that closed in April 2025, which raised $4,601,715, less offering expenses. Our total assets as of June 30, 2025 were $3,303,775, which included:

* Cash and cash equivalents: $2,091,609

* DealMaker holdback: $126,865

* Deposits (including $582,500 for West Virginia land): $647,500

* Due diligence costs for West Virginia land: $382,971

* Other current assets: $54,831

As of June 30, 2025, our total liabilities were $416, which related to accrued expenses. Our stockholders' equity was $3,150,389, which included additional paid-in capital of $6,841,703, an accumulated deficit of ($3,705,817), and a net loss for the period of ($1,742,445).

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The substantial improvement in our cash position compared to September 30, 2024 provides us with greater financial flexibility to advance our Mason County project while we pursue additional financing to fully fund construction of our first commercial facility.

The Company has a net operating loss of $1,742,445, an operating cash outflow of $2,233,881 and liquid assets in cash of $2,091,609, which is less than a year's worth of cash reserves as of June 30, 2025. These factors normally raise substantial doubt about the Company's ability to continue as a going concern.

The Company's ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results.

Management has evaluated these conditions and plans to raise capital as needed to satisfy its capital needs. During the next twelve months, the Company intends to fund its operations through debt and/or equity financing.

However, there are no assurances that management will be able to continue to raise capital on terms acceptable to the Company. If it is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development, which could harm its business, financial condition, and operating results. The accompanying financial statements do not include any adjustments that might result from these uncertainties.

***Cash Flow Analysis***

<u>Cash Flow from Operating Activities</u>

For the nine months ended June 30, 2025, net cash used in operating activities was $2,233,881. The main components of our operating expenses during this period were professional fees as we focused on advancing our development plans and capital raising activities.

<u>Cash Flow from Investing Activities</u>

For the nine months ended June 30, 2025, our investing activities consisted of deposits related to our Mason County project site ($250,000). This investment is crucial for our project development as we prepare for construction of our first commercial facility.

<u>Cash Flow from Financing Activities</u>

For the nine months ended June 30, 2025, net cash provided by financing activities was $4,509,052, consisting of $1,260,020 proceeds from our 2024-2025 Regulation D offering and $4,601,715 proceeds from our Regulation CF offering that closed in April 2025, less offering expenses of $391,038 paid to our offering platform host Dealmaker, and legal, advertising and marketing expenses of $961,645 related to our capital campaign. This successful capital raise significantly improved our cash position and provided essential working capital to fund our ongoing operations and project development activities.

Overall, our cash flow profile reflects the pre-revenue nature of our business, with operating expenses and development costs funded primarily through equity financings. For the nine months ended June 30, 2025, we used approximately $2.2 million in cash for operating activities. While this equates to an average monthly burn rate of approximately $183,000, a portion of these expenses were non-recurring or front-loaded (including professional fees of approximately $260,000) and may not represent ongoing monthly cash use. As of June 30, 2025, we held $2,091,609 in cash and cash equivalents. Depending on the level of recurring operating expenses going forward, this balance is expected to provide approximately 10 months of runway. Historically, our liquidity has depended on periodic capital raises-including Regulation D private placements in 2023 and 2024 and our $4,601,715 Regulation CF raise in April 2025-and we expect to continue to require such financings until project-level debt and equity are secured. Future financing cycles will be closely tied to the pace of operating expenditures, progress on engineering and permitting milestones, and obligations under the Mason County real estate option agreement.

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***Capital Requirements and Future Funding Needs***

Our current business plan estimates total capital expenditures of approximately $850 million for our first commercial-scale facility, which will include both a FASForm™, unit and a Renewable Diesel unit. We anticipate funding construction through a combination of equity and debt, with approximately 20% of the total project cost ($170 million) from equity and 80% ($680 million) from debt.

In 2024, we entered into an agreement with Consolidated Asset Management (CAMS), a leading operator and asset manager in the energy sector, to provide operations and maintenance, safety and compliance, IT/OT cybersecurity, vendor management, and financial/administrative services for our planned Mason County facility. While the CAMS engagement mitigates execution and operational risks once the facility is financed, it also represents a material contractual obligation. We expect to incur significant costs under this agreement once project financing is secured and construction of the facility has begun.

As of June 30, 2025, we had invested $582,500 in option payments for our Mason County project site and are obligated to continue monthly payments of $50,000 through December 16, 2025. These amounts are non-refundable but will be applied to the purchase price of $4,585,000. Our ability to exercise this option and acquire the land is contingent on securing additional financing.

Our independent auditors' report for the fiscal year ended September 30, 2024 included an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. While our April 2025 Regulation CF capital raise improved liquidity and reduced immediate pressure, our continuation as a going concern remains dependent on our ability to secure substantial additional financing. We will require significant additional capital-well in excess of our current resources-to fund construction of our Mason County facility and execute our business plan.

Although we have entered into a $150 million share purchase agreement contingent on achieving a public listing, and we are actively pursuing project-specific institutional debt and equity, there can be no assurance that such financing will be available on the terms or timeline we expect. Failure to raise additional capital when needed would materially harm our ability to proceed with construction, satisfy obligations under our site option agreement, and continue operations.

Proceeds from this Regulation A+ Offering will primarily be used for:

- Purchasing our site in Mason County, West Virginia ($4,585,000, based on the amended purchase price of $25,000 per acre for 183.4 acres);

- Completing final-phase project engineering;

- Site preparation for development; and

- Procuring long-lead materials for construction.

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Following this Offering, we anticipate requiring additional capital to fully fund the construction of our first commercial facility. We are currently in discussions with potential lenders, institutions and insurance companies, regarding project debt/equity financing. We have also secured a commitment from an investor for up to $150 million in equity financing contingent upon achieving a public listing of our Common Stock.

***Trends and Uncertainties Affecting Liquidity and Capital Resources***

Our business plan assumes that a substantial portion of the $850 million capital cost for our Mason County, West Virginia facility will be procured through institutional sources. While we have entered into a $150 million share purchase agreement with an institutional investor, access to this capital is contingent upon our achieving a public listing of our Class A Common Stock. The timing and certainty of a public listing are outside of our control, and until such a listing occurs, we cannot rely on this source of financing. Finally, our current $850 million cost estimate for the Mason County facility is based on current engineering assumptions, but large-scale infrastructure projects are subject to inflationary pressures, supply chain constraints, and construction risks that may increase total costs. If project costs escalate materially, we will be required to raise additional capital, which could increase dilution or debt burden and may delay execution of our project.

**ISSUANCES OF EQUITY**

**Previous Regulation D Offerings**

Since our inception, we have conducted several private placement offerings under Regulation D of the Securities Act of 1933, as amended. These offerings have been instrumental in providing the initial capital needed to develop our business plan, secure our technology licensing agreement, and begin the preliminary engineering and site planning for our first commercial facility.

***2022-2023 Private Placement Memorandum Offering***

In August 2022, we launched a Regulation D, Rule 506(b) private placement pursuant to a Private Placement Memorandum offering up to $5 Million of our Class A Common Stock at $25.00 per share (pre-split). The minimum subscription was $50,000, subject to waiver at the Company's discretion. Investors in this Offering also received an option to acquire up to 1% of the equity in a special purpose entity (SPE) to be formed for holding title to our Mason County, West Virginia project site.

Approximately $400,000 in proceeds was raised from four accredited investors which was were used for product development and general working capital as proceeds were not sufficient to be applied towards the $3.85 million purchase price under our March 2022 Real Estate Option Agreement for the Mason County site.

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***2024-2025 Rule 506(b) PPM Offering***

In October 2024, we launched another Regulation D, Rule 506(b) private placement offering up to $5 million of our Class A Common Stock at $6.00 per share (post-split). Investors also received options to acquire up to 0.20% equity in the project SPE to be formed for the Mason County facility, with the percentage proportionately reduced if the maximum was not raised.

We raised approximately $1,260,000 from 21 investors. Proceeds were used for project engineering, site preparation, extension payments under our land option, engagement of CAMS as operator/asset manager, and general corporate purposes.

***Share Purchase Agreement***

In November 2024, we entered into a share purchase agreement with an investor for the sale of up to $150,000,000 (the "Aggregate Limit") of the Company's Class A Common Stock contingent upon achieving a public listing. This agreement represents a significant potential source of future equity capital that we can access following a public listing.

Key terms of the agreement include:

* The Company can put Common Stock to the investor within three years from public listing at 90% of the average daily closing price during the draw-down pricing period

* Draw-down amounts may not exceed 400% of the average trading volume for the 30-day period immediately preceding the draw-down exercise date

* The Company can put restrictions on stock sales by the investor and prohibit short sales

* The Company can set a threshold "floor" price during draw-down periods

* On the public listing date, the Company will issue warrants to the investor granting the right to purchase Common Stock representing 6.15% of the total equity interest

* The investor is entitled to a 2% commitment fee of the Aggregate Limit ($150,000,000), either in cash or Common Stock, within one year from the public listing date

* If the Company is sold in a private transaction, a fee of 2.5% of the total consideration received by the Company shall be paid to the investor

This agreement provides us with flexibility for future equity financing without the immediate dilution of our current shareholders.

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**Recent and Upcoming Offerings**

***2024-2025 Regulation CF Offering***

In September 2024, we launched a Regulation Crowdfunding (CF) offering through DealMaker Securities LLC as the intermediary. This Offering was structured to allow both accredited and non-accredited investors to participate in our growth. The offering was conducted pursuant to Section 4(a)(6) of the Securities Act and Regulation Crowdfunding promulgated thereunder.

The offering featured the following terms:

* Security Type: Class C Common Stock

* Price per Share: $6.73

* Target Offering Amount: $10,003.88

* Maximum Offering Amount: $4,999,993.58

* Offering Deadline: April 28, 2025

The offering closed in April 2025, successfully raising $4,601,715 from investors. The proceeds from this offering have been used primarily to:

* Fund ongoing operations and working capital needs

* Advance the engineering and design work for our Mason County facility

* Support our marketing and business development efforts

* Fund due diligence costs for our West Virginia land

* Make deposits related to our Mason County project site

This successful raise significantly improved our liquidity position, with $2,091,609 in cash and cash equivalents on our balance sheet as of June 30, 2025.

***September 2025 Regulation CF Offering***

The Company launched a new Regulation CF offering on September 4, 2025. This offering featured the following terms:

* Security Type: Class C Common Stock

* Price per Share: $6.73 (excludes the 3% Investor Processing Fee up to $80 per investor)

* Target Offering Amount: $10,000.02

* Maximum Offering Amount: $849,545.94

* Offering Deadline: November 30, 2025

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The proceeds from this offering will be used primarily for:

1. Capital Expenditures: Funding our option to purchase real estate in Mason County, West Virginia for our first commercial-scale facility

2. General Working Capital: Supporting our ongoing operations and growth targets

3. Product and Research Development: Advancing project site engineering and technology development

The offering is being conducted through DealMaker Securities LLC as the intermediary, and investors can find more information at https://invest.frontieras.com. The Company may accept oversubscriptions at its discretion, up to the Maximum Offering Amount.

**Integration safeguard:** To reduce integration risk, we will terminate this CF offering prior to qualification of this Regulation A offering (specific termination date intentionally left open pending the qualification date). See "Plan of Distribution-Concurrent offerings; integration safeguards."

***2025 Rule 506(c) PPM Offering***

On June 9, 2025, we commenced a private offering under Rule 506(c) of Regulation D to accredited investors only for up to $15,000,000. The key terms were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security Type: Class A Common Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price per Share: $6.00

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investor Eligibility: Accredited investors only

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum Investment: $100,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SPE Option: For every $100,000 invested, investors receive an option to acquire one unit in a special purpose entity ("SPE") that will hold up to 0.6% ownership interest in the Mason County facility (up to 150 SPE units in the aggregate), subject to the SPE subscription documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Placement / Marketing: Marketed by exclusively through an unaffiliated, FINRA-member broker-dealer under separate offering materials and subscription workflows; we may pay customary selling commissions and allowable expenses<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering Period: Currently targeted to remain open through March 31, 2025 (we may extend or terminate earlier at our discretion)

This offering is marketed exclusively through an unaffiliated, FINRA-member broker-dealer under separate offering materials, webpages and subscription workflows. It may continue while this Regulation A offering is in market, but there is no cross-conditioning or cross-direction of prospective investors. See "Plan of Distribution-Concurrent offerings; integration safeguards" and Exhibit 6.8 (Rule 506(c) Private Placement Memorandum, to be filed by pre-qualification amendment). We intend to use any net proceeds, if raised, to support project engineering, site acquisition and preparation, long-lead procurement and general corporate purposes, consistent with "Use of Proceeds" in this Offering. There is no assurance any proceeds will be raised.

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**Current Regulation A+ Offering**

We are currently conducting a Regulation A+ Offering of our Class C Common Stock to raise up to the Maximum Offering Amount of $25,749,993.35. The Offering was qualified by the Securities and Exchange Commission on [PLACEHOLDER: qualification date].

The proceeds from this Offering will primarily be used for:

* Purchasing our site in Mason County, West Virginia ($4,585,000, based on the current purchase price of $25,000 per acre for 183.4 acres pursuant to our amended real estate option agreement)

* Completing final-phase project engineering (estimated at $18 Million)

* Site preparation for development

* Procuring long-lead materials for construction

* General working capital of the Company

**DEBT**

As of June 30, 2025, all previously issued convertible notes have been settled. For the unaudited period ended June 30, 2025 and audited period ended September 30, 2024, the settlement of $744,643 and $692,151, respectively, in convertible promissory notes had no cash impact and is not reflected in cash flow line items, consistent with GAAP for non-cash activities.

Economically, settlement was facilitated through an option agreement with FAS, resulting in a non-cash contribution to FAS's capital account in the Company without direct dilution or cash outflow. For further details, see footnote 3 to "Previous and Current Capital Raises" subsection under Summary and Note 4 to the unaudited interim financial statements.

Currently, we have no outstanding debt obligations.

**Off-Balance Sheet Arrangements**

As of September 30, 2024, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

**INDUSTRY TRENDS AND REGULATORY ENVIRONMENT**

**Market and Industry Trends**

Frontieras North America's financial performance and liquidity are influenced by several industry trends, as discussed in 'Business - Growth Strategy.' Rising electricity demand from AI and data centers, potentially consuming 6.7- 12% of U.S. electricity by 2028, may drive revenue from FASCarbon™ and hydrogen (USD 192.55 billion market in 2025), but competition from renewables (60% of global power by 2030) could limit growth.<sup>79</sup> Stable coal demand (8.7 billion tons through 2027) supports feedstock availability and FASCarbon™ sales, though regulatory shifts may increase compliance costs.<sup>80</sup> See 'Business - Growth Strategy' for details on market opportunities. U.S. tax credits (USD 1.5 billion) and a January 2025 executive order may lower capital needs, but policy reversals pose uncertainties.<sup>81</sup> Rising carbon costs for refiners ($100/ton by 2033) enhance FASForm's cost advantage (<$20/barrel), but renewable fuel adoption may impact diesel and jet fuel margins (USD 252.81 billion and USD 195.22 billion markets).<sup>82</sup> See 'Business - Growth Strategy' for market size data. The coal industry's innovation lag creates opportunities for FASForm™, though market adoption depends on regulatory and competitive dynamics.<sup>83</sup>

___________________________________

<sup>79</sup> National Energy Technology Laboratory (NETL), Clean Coal Technologies: Challenges and Opportunities, 2023, p. 18. <u>https://www.netl.doe.gov/research/coal/energy-systems/clean-coal-technologies</u> ; Mordor Intelligence, Hydrogen Gas Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025, p. 3. <u>https://www.mordorintelligence.com/industry-reports/hydrogen-gas-market</u>; International Energy Agency (IEA), Future of Coal in the Energy Transition, 2024, p. 15. <u>https://www.iea.org/reports/future-of-coal-in-the-energy-transition</u>

<sup>80</sup> International Energy Agency (IEA), Coal Mid-Year Update, 2024, p. 12. <u>https://www.iea.org/reports/coal-mid-year-update-july-2024</u>

<sup>81</sup> U.S. Department of Treasury, Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond, 2024, p. 2. <u>https://home.treasury.gov/news/featured-stories/anchoring-clean-energy-manufacturing-investments-in-coal-country-and-beyond</u>; White House, Executive Order on Unleashing American Energy, 2025, p. 1. <u>https://www.whitehouse.gov/briefing-room/presidential-actions/2025/01/executive-order-on-unleashing-american-energy/</u>

<sup>82</sup> Boston Consulting Group, Carbon Pricing and Its Impact on Refining Operations, 2023, p. 7. <u>https://www.bcg.com/publications/2023/carbon-pricing-impact-on-refining</u>; Mordor Intelligence, Diesel As Fuel Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025, p. 4. <u>https://www.mordorintelligence.com/industry-reports/diesel-as-fuel-market</u> ;Mordor Intelligence, Hydrogen Gas Market Size & Share Analysis - Growth Trends & Forecasts (2025-2030), 2025, p. 3. <u>https://www.mordorintelligence.com/industry-reports/hydrogen-gas-market</u>

<sup>83</sup> National Energy Technology Laboratory (NETL), Clean Coal Technologies: Challenges and Opportunities, 2023, p. 18. <u>https://www.netl.doe.gov/research/coal/energy-systems/clean-coal-technologies</u>

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**Regulatory Considerations**

The regulatory environment affecting our operations includes:

* <u>Environmental Permits</u>: Compliance with air quality, water discharge, and waste management regulations, particularly for our Mason County, WV facility. We will work closely with the West Virginia Department of Environmental Protection to ensure timely approvals for our planned facility.

* <u>Emissions Standards</u>: Regulations under the Clean Air Act affecting coal processing emissions, with potential impacts on our FASCarbon™ product. Our technology is designed to significantly reduce emissions compared to traditional coal use, with the potential for 25-35% net CO<sup>2</sup>' emissions reduction.

* <u>Energy & Fuel Regulations</u>: Oversight by the Department of Energy, EPA, and other agencies on synthetic fuel production, transportation, and carbon emissions. The current regulatory environment is more favorable to coal and fossil fuel utilization following recent policy changes.

We continue to monitor regulatory changes that may impact project timelines and financial performance, while positioning our technology as a solution that can help meet both energy demands and environmental objectives.

**CRITICAL ACCOUNTING POLICIES**

Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates.

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We believe that the following accounting policies are the most critical to the judgments and estimates used in the preparation of our financial statements:

1. <u>Property and Equipment</u>: Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets.

2. <u>Investment in Real Estate Option Agreement</u>: The Company recognizes payments made under real estate option agreements at cost as an asset. Such costs are incorporated into the property's value when acquired or expensed if the option lapses.

3. <u>Intangible Assets</u>: Intangible assets primarily consist of our exclusive license to use the FASForm™, technology in the United States and Canada. These assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

4. <u>Income Taxes</u>: The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying values and respective tax bases. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the deferred tax asset will not be realized.

**RECENT DEVELOPMENTS AND SUBSEQUENT EVENTS**

Since September 30, 2024, several significant events have occurred:

* In September 2024, we launched a Regulation Crowdfunding capital raise, which closed in April 2025, raising $4,601,715 of new working capital for our operations, less fundraising expenses.

* In November 2024, we entered into a share purchase agreement with an investor for the sale of up to $150,000,000 of the Company's Class A Common Stock contingent upon achieving a public listing.

* As of June 30, 2025, we had $2,091,609 in cash and cash equivalents on our balance sheet, significantly improving our liquidity position.

* One remaining convertible note was settled on October 31, 2024, eliminating all convertible debt from our balance sheet.

* We have continued to advance engineering and site preparation activities for our Mason County, WV facility, positioning us to move forward with construction as we secure additional capital. Our real estate option agreement with BJ Builders, Inc. for the 183.4-acre site in Mason County, West Virginia remains valid until December 16, 2025, and we retain the ability to extend the option beyond that date if deemed economically beneficial to the Company.

* The Company launched a new Regulation CF offering on September 4, 2025, seeking to raise up to $396,098 through the sale of Class C Common Stock at $6.73 per share. This Offering will run through November 30, 2025, and the proceeds will be used for capital expenditures related to our Mason County site option, general working capital, and product and research development including project site engineering.

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**RELAXED ONGOING REPORTING REQUIREMENTS**

If we become a public company in the future, we will be required to publicly report on an ongoing basis as an "emerging growth company" (as defined in the Jumpstart Our Business Startups Act of 2012, which we refer to as the JOBS Act) under the reporting rules set forth under the Exchange Act. For so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not "emerging growth companies," including but not limited to:

* Not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002;

* Reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements;

* Exemption from the requirements to hold a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved;

* Presenting only two years of audited financial statements and only two years of related management's discussion and analysis of financial condition and results of operations in our initial registration statement; and

* Reduced disclosure obligations in our periodic reports, proxy statements, and registration statements.

If we become a public reporting company in the future, we expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an "emerging growth company" for up to five years, although if the market value of our common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time, we would cease to be an "emerging growth company" as of the following September 30.

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**DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

**Executive Officers and Directors**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office** | &nbsp;&nbsp;**Approximate Hours per Week** |
| &nbsp;&nbsp;Matthew McKean | &nbsp;&nbsp;56 | &nbsp;&nbsp;Chief Executive Officer and Director | &nbsp;&nbsp;Since inception (2021) | &nbsp;&nbsp;40+ |
| &nbsp;&nbsp;Joseph Witherspoon | &nbsp;&nbsp;55 | &nbsp;&nbsp;Chief Technology Officer and Director | &nbsp;&nbsp;Since inception (2021) | &nbsp;&nbsp;40+ |
| &nbsp;&nbsp;Jose Lopez | &nbsp;&nbsp;45 | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;40+ |
| &nbsp;&nbsp;Doug Remy | &nbsp;&nbsp;64 | &nbsp;&nbsp;Director | &nbsp;&nbsp;Since inception (2021) | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;Andrea Moran | &nbsp;&nbsp;56 | &nbsp;&nbsp;Chief Commercial Officer | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;30 |

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**Business Experience**

**Matthew McKean - Chief Executive Officer and Director**

Mr. McKean co-founded Frontieras North America in 2021 and serves as its Chief Executive Officer and Director. He is also Chairman and CEO of Frontier Applied Sciences, Inc. since 2011. Mr. McKean has more than 25 years of experience in finance and operations, originating and placing more than $3 billion in real estate secured finance. His background spans industries including construction, heavy-equipment leasing, green product development, advertising and PR, highway construction, and consumer goods. He holds a B.S. in Human Nutrition with emphasis in Chemistry from Arizona State University

**Joseph Witherspoon - Chief Technology Officer and Director**

Mr. Witherspoon is the co-founder, CTO, and Director of Frontieras and CTO of Frontier Applied Sciences, Inc. since 2010. He is the inventor of the FASForm™ (SCF) process and author of its core patents. Previously, he held engineering roles with Marathon Petroleum, Chevron, Enterprise Products, and Sinclair Oil. He holds a B.S. in Chemical and Fuels Engineering from the University of Utah and is a licensed Professional Engineer.

**Jose Lopez - Chief Financial Officer**

Mr. Lopez was appointed CFO of Frontieras in 2025. He previously served as VP of Finance for Paterson-UTI Energy, Inc. (2022-2025), where he led corporate financial planning, post-merger integration, ESG reporting, and synergies realization. Prior to that, he was CFO of Western Hemisphere Integrated Well Services (2019-2022). Earlier, Mr. Lopez spent over a decade at PwC managing audits of multi-national public companies in oil and gas, including international assignments in Houston, London, and The Hague, and supporting an oil & gas IPO. He earned his B.A. in Accounting and Finance, cum laude, from the University of Houston-Clear Lake.

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**Andrea Moran, CCO**

Ms. Moran joined Frontieras in 2022 as Chief Commercial Officer. She is responsible for commercialization strategy, commodities-sector partnerships, and execution of go-to-market initiatives. Previously, she was Vice President of Business Development at Yield Power Group, LLC, and Co-Founder/Managing Partner of Enigami Partners, an energy-resource and investment liaison firm. She holds a B.S. in Political Science from the University of Wisconsin-Madison

**Doug Remy - Director**

Mr. Remy has served as Director of Frontieras since 2021 and is also a Director of Frontier Applied Sciences, Inc. since 2017. His responsibilities include finance, legal, and administrative oversight. Mr. Remy has been a principal in investment funds raising over $1 billion from high-net-worth individuals, family offices, and institutions. He has also served as an external CFO to companies in energy, manufacturing, and construction. He holds an MBA from Harvard University and a B.A. in Accounting from Luther College (Iowa), magna cum laude.

**Board Composition**

Our board of directors currently consists of three members: Matthew McKean, Joseph Witherspoon, and Doug Remy. The Company's Bylaws provide that the board shall consist of at least one, and no more than ten directors, with the number determined by resolution of the board. Directors are elected annually by the shareholders.

Our board of directors does not currently have any committees but may establish committees in the future as our operations expand.

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**COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS**

**Executive Compensation**

For the fiscal year ended September 30, 2024, the Company paid an aggregate of $640,000 to its four principal officers (CEO, CTO, CFO, and CCO) under independent contractor arrangements. These payments were not fixed recurring salaries but were determined by the Board of Directors based on liquidity and available working capital and may be subject to adjustment or deferral. Accordingly, they should not be viewed as fixed recurring salary obligations.

The following table sets forth information concerning the compensation of our named executive officers for the fiscal year ended September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | **Capacity in which <br>compensation was <br>received** | &nbsp;&nbsp;**Cash <br>compensation <br>($)** | &nbsp;&nbsp;**Other <br>compensation <br>($)** | &nbsp;&nbsp;**Total <br>compensation <br>($)** |
| &nbsp;&nbsp;Matthew McKean | &nbsp;&nbsp;Chief Executive Officer, Director | &nbsp;&nbsp;220000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;220000 |
| &nbsp;&nbsp;Joseph Witherspoon | &nbsp;&nbsp;Chief Technology Officer, Director | &nbsp;&nbsp;220000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;220000 |
| &nbsp;&nbsp;Doug Remy\* | &nbsp;&nbsp;Chief Financial Officer (through 2024), Director | &nbsp;&nbsp;100000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;100000 |
| &nbsp;&nbsp;Andrea Moran | &nbsp;&nbsp;Chief Commercial Officer | &nbsp;&nbsp;100000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;100000 |

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\* Mr. Remy served as Chief Financial Officer through 2024. In 2025, Jose Lopez was appointed Chief Financial Officer of the Company.

**Note:** The individualized amounts above will sum to the $640,000 aggregate disclosed in our audited financial statements for FY2024

For fiscal 2025, the Company expects to continue compensating its Chief Executive Officer, Chief Technology Officer, and Chief Commercial Officer pursuant to independent contractor arrangements approved by the Board of Directors, under which aggregate compensation is anticipated to approximate prior fiscal year levels, subject to liquidity and adjustment or deferral as determined by the Board.

In May 2025, the Company appointed Jose Lopez as Chief Financial Officer. Mr. Lopez's salary compensation is $225,000 annually under his employment agreement subject to a bonus to be determined at the discretion of the Board's Compensation Committee. See Exhibit 6.7a - Lopez Employment Agreement.

**Equity Incentive Plan and Stock Option Grant**

In July 2025, the Company's Board of Directors adopted the Frontieras North America 2025 Equity Incentive Plan (the "Plan"), which provides for the issuance of stock options and other equity-based awards to employees, directors, and consultants. On August 18, 2025, the Company granted to Jose Lopez, its Chief Financial Officer, a stock option to purchase 500,000 shares of Class A Common Stock at an exercise price of $6.00 per share. The option vests in four equal annual installments of 25% beginning on June 16, 2026, and expires on June 16, 2035, subject to earlier termination in accordance with the terms of the Plan and his award agreement. See Exhibit 6.7b - Lopez Option Grant Notice.

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The Company may in the future adopt additional equity incentive plans or grant stock options or other equity-based compensation; however, except as noted above, no such arrangements have been implemented as of the date of this Offering Statement.

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**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

The following table sets forth information regarding the beneficial ownership of our common stock as of June 30, 2025, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each person known by us to beneficially own more than 5% of our outstanding common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of our executive officers and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of our executive officers and directors as a group.

Beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange Act and includes voting or investment power with respect to the securities. Percentages are based on 250,380,995 shares of Class A Common Stock, 93,989,250 shares of Class B Common Stock, and 714,695 shares of Class C Common Stock outstanding as of June 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Beneficial Owner** | **Class A<br>Common Stock<br>(1)** | **% of<br>Class A** | **Class B<br>Common<br>Stock** | **% of<br>Class B** | <br>**% of Total<br>Outstanding<br>Common<br>Stock** | **Percentage<br>of Total<br>Voting<br>Power** |
| Matthew McKean | 139700958(2) | 55.6% | 46994625 | 50.0% | 40.5% | 51.3% |
| Joseph Witherspoon | 139700958(2) | 55.6% | 46994625 | 50.0% | 40.5% | 51.3% |
| Doug Remy | 1251000 | 0.5% | 0 | 0% | 0.4% | 0.11% |
| Andrea Moran | 1250000 | 0.5% | 0 | 0% | 0.4% | 0.11% |
| All directors & executive officers as a group (4 persons)(3) | 188946583 | 75.46% | 93989250 | 100% | 82% | 94.84% |
| Frontier Applied Sciences, Inc. | 92706333 | 36.9% | 0% | 0% | 26.8% | 8.5% |
| Maui Scottsdale Trust II (4) | 25000000 | 9.95% | 0% | 0% | 7.2% | 2.28% |

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(1) Each share of Class A Common Stock entitles the holder to one vote; each share of Class B Common Stock entitles the holder to ten votes; shares of Class C Common Stock have no voting rights.

(2) Matthew McKean and Joseph Witherspoon are the founders of Frontier Applied Sciences, Inc. ("FrontierAS") and collectively own 3,759,750 shares of FrontierAS common stock out of 6,254,000 shares outstanding, representing approximately 60.1% of FrontierAS. As a result, each of Mr. McKean and Mr. Witherspoon may be deemed to beneficially own the 92,706,333 shares of our Class A Common Stock held of record by FrontierAS. The same shares are shown in the table as beneficially owned by FrontierAS; ownership is not additive.

(3) For this aggregate calculation, the beneficially owned interest 92,706,333 of FrontierAS is calculated once.

(4) Shares are held of record by Maui Scottsdale Trust II. Adrienne Shumway, Trustee has voting and dispositive power over these shares and may be deemed to beneficially own such shares.

**Concentration of control**

Our executive officers and directors-principally Mr. McKean and Mr. Witherspoon as the sole holders of all outstanding Class B Common Stock-collectively hold approximately 94.6% of the total voting power of our outstanding common stock as of June 30, 2025. As a result, they have the ability to control or significantly influence the outcome of all matters submitted to stockholders for approval, including the election of directors and approval of significant corporate transactions.

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**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

**License Agreement with Frontier Applied Sciences, Inc.**

On July 22, 2022, we entered into an exclusive license agreement with our affiliate, Frontier Applied Sciences, Inc. ("FAS"), for the use of its patented FASForm™ technology (U.S. Patent No. 9,926,492 and Canadian Patent No. 2,796,353), as amended on October 3, 2023. The license covers the United States and Canada, has an initial 25-year term, and may be renewed for successive five-year periods. In consideration for the license, we agreed to pay FAS an annual fee of $950,000 per refinery that uses the technology, payable quarterly. The license allows us to defer payment until our first commercial refinery is commissioned; as of the date of this Offering Circular, no payments have been made.

**Ownership and Control of FAS**

As of August 28, 2025, FAS owned approximately 26.8% of our outstanding shares. Our co-founders, Matthew McKean (CEO) and Joseph Witherspoon (CTO), together control approximately 86.88% of the voting power of FAS through Class B super-voting shares. Accordingly, our licensing arrangements with FAS are not the result of arm's-length negotiations, and conflicts of interest may arise in connection with the ongoing administration or amendment of these agreements.

**Special Purpose Entity Arrangements**

We and FAS have agreed on the following ownership structure for special purpose entities ("SPEs") that will own and operate refinery projects: FAS will hold 20% of the equity in the first SPE, 7.5% of the second through fourth SPEs, and 5% of the fifth and subsequent SPEs. For our first refinery project, we expect to hold approximately 79% of the equity, with FAS entitled to the balance. FAS may divide, allocate, or transfer its SPE interests to third-party investors at its discretion. These arrangements will reduce the portion of refinery-level profits attributable to the Company.

**CPT Energy, LLC License Rights**

On December 14, 2019, FAS entered into a stock purchase agreement with CPT Energy, LLC ("CPTE"), under which CPTE acquired equity in FAS and received the right to obtain a non-exclusive license to the FASForm™ technology. This right may be exercised for a five-year period beginning after the first facility independently developed and managed by FAS is placed in service. The license requires CPTE to grant to FAS (or its affiliate) a 25% profits interest in the first CPTE facility and a proportional profits interest in each subsequent CPTE facility. These rights could dilute the exclusivity of our license and result in additional facilities competing with ours.

**Compensation of Related Parties**

For the fiscal year ended September 30, 2024, we paid an aggregate of $640,000 to our four principal officers (CEO, CTO, CFO, and CCO) under independent contractor arrangements. These payments were based on Board determinations of available liquidity rather than fixed employment contracts, and they are considered related-party transactions.

**Conflicts of Interest**

Our officers and directors hold positions with, and beneficially own equity in, FAS. As a result, certain of our executive officers and directors have interests in transactions that may conflict with the interests of our stockholders. We do not currently have a formal written policy for approving related-party transactions, but such transactions are reviewed and approved by our Board of Directors. As we transition toward becoming a reporting company, we intend to adopt policies and procedures designed to ensure that any related-party transactions are approved by disinterested directors and are on terms no less favorable than could be obtained from unaffiliated third parties.

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**SECURITIES BEING OFFERED**

**Description of Securities**

We are offering up to 3,387,533 shares of our Class C Common Stock at a price of $7.38 per share. The total Maximum Offering Amount is $25,749,993.35. See "Use of Proceeds*"* and "Plan of Distribution*."*

**Minimum Investment**

The minimum investment amount is $1,003.38 per investor, excluding investment processing fees, representing 136 shares of Class C Common Stock. Investors cannot purchase fractional shares.

**Investor Processing Fee**

The Company will charge investors a fee ("Investor Processing Fee") of 3% of their investment amounts up to a maximum fee per investor of $80, for up to $749,999.78 in maximum total Investor Processing Fees. See "Plan of Distribution*.*"

**Authorized and Outstanding Capitalization**

Our authorized capital stock consists of 1,000,000,000 shares, divided into: 500,000,000 Class A Common Stock (1 vote per share), 250,000,000 Class B Common Stock (10 votes per share; no economic rights), and 250,000,000 Class C Common Stock (non-voting). Class B automatically retires upon any transfer and has no dividend or liquidation rights. See Exhibit 2.1 - Articles of Incorporation, Exhibit 2.2 - Articles of Amendment and Article V Text, and "Description of Articles and Bylaws."

As of September 30, 2024 (audited), we had 250,171,000 Class A Common Stock and 93,993,750 Class B outstanding; no Class C was outstanding as of that date. See Security Ownership of Management and Certain Securityholders and Dilution for additional information on outstanding securities and ownership..

**Voting Rights**

Class C Common Stock has no voting rights. For comparison:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class A Common Stock is entitled to one (1) vote for each share held of record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B Common Stock has supermajority voting rights, with each share entitled to ten (10) votes

Except as otherwise required in the Articles of Incorporation or by applicable law, the holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters on which shareholders are generally entitled to vote. The holders of our common stock do not have cumulative voting rights.

**Dividend Rights**

Subject to applicable law and the rights of any other outstanding class or series of stock having preferences, dividends may be declared and paid on Class A Common Stock and Class C Common Stock out of assets legally available for that purpose at such times and in such amounts as the Board of Directors may determine. Class B Common Stock has no economic rights.

We have never declared or paid any cash dividends on our common stock and do not anticipate paying any cash dividends in the foreseeable future.

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**Liquidation Rights**

In the event of our liquidation, dissolution, or winding up, holders of our Class A Common Stock and Class C common stock are entitled to share ratably in all assets remaining after payment of liabilities**.**

**Equity Incentive Plan**

On July 14, 2025, our Board adopted the Frontieras North America 2025 Equity Incentive Plan (the "2025 Plan") to attract and retain personnel and align incentives with stockholders. The 2025 Plan is filed as Exhibit 6.6a - Frontieras North America 2025 Equity Incentive Plan and the following summarizes its material features relevant to investors (see "Compensation of Directors and Executive Officers," "Dilution", and related Exhibits for additional information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Share Reserve</u>. The 2025 Plan initially reserves 50,000,000 shares of our common stock for awards, subject to adjustment for stock splits and similar events. Shares tendered or withheld for exercise price or taxes are not returned to the pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Administration</u>. Administered by our Board or its delegate (compensation committee), with authority to grant and interpret awards, set vesting and other terms, and make adjustments as provided in the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Eligibility</u>. Employees, directors, and consultants of the Company and its affiliates are eligible to receive awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Award Types</u>. Incentive stock options ("ISOs"), non-qualified stock options ("NQSOs"), stock appreciation rights ("SARs"), restricted stock and restricted stock units ("RSUs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Option Pricing and Term</u>. Options must have an exercise price at least equal to fair market value on the grant date and generally have a maximum term of 10 years (shorter for certain ISO holders). SARs also generally have a maximum 10-year term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Vesting / Service Conditions</u>. Vesting schedules are set in the award agreements. Unexercised options/SARs typically terminate upon service cessation, subject to limited post-termination exercise windows (e.g., up to 3 months after termination, and up to 12 months following death or disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Transferability</u>. ISOs are not transferable other than by will or laws of descent. NQSOs may be transferable to permitted transferees if authorized by the administrator; otherwise awards are non-transferable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Change in Control</u>. Upon a change in control, options/SARs may become immediately exercisable and restricted awards may vest or be settled, and the administrator may cash-out, assume, substitute or cancel awards (including cancellation without payment for "out-of-the-money" options/SARs), as provided in the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Adjustments</u>. In the event of stock splits, recapitalizations and similar transactions, the share reserve, outstanding awards and exercise prices are equitably adjusted per the plan.

***Potential Dilution***. Awards under the 2025 Plan will dilute stockholders when granted/settled. See Security Ownership of Management and Certain Securityholders and Dilution for additional information on outstanding securities and ownership.; the full plan and standard award forms are filed as Exhibit 6.6a - Frontieras North America 2025 Equity Incentive Plan and Exhibit 6.6b - Form of Stock Option Grant Notice, Option Agreement, and Notice of Exercise.

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Note on individual grants. Specific executive or director grants (e.g., option grants) are disclosed in Compensation of Directors and Executive Officers; the 2025 Plan summary above is limited to plan features.

**Control**

Ownership of the Company's shares is concentrated in our affiliate, Frontier Applied Sciences, Inc. ("FAS"), and in our officers and directors. FAS, together with our executive officers and directors and their affiliates, beneficially own or control, directly or indirectly, an aggregate majority of our shares.

Additionally, certain affiliates, officers, and directors own Class B shares which entitle them to ten (10) votes per Class B share. Even if the Maximum Offering Amount is raised, the aggregate ownership of our affiliate and executive officers and directors will still limit the ability for other stockholders to influence corporate matters.

**Board of Directors Authority**

The Board of Directors of the Company has significant discretion in most matters, and few decisions are made by the stockholders or need their approval. The primary means for stockholders to exert influence over the Company is through the annual election of directors.

**No Anti-Dilution; Future Issuances**

The Class C shares offered do not have anti-dilution protections. We expect to raise additional equity (and project-level debt) to fund development and construction, which will dilute holders when issued. See "Management's Discussion and Analysis-Liquidity and Capital Resources and Dilution." (A separate share purchase agreement contingent on a future public listing may also be utilized; see MD&A and Exhibit 6.4 - Share Purchase Agreement with GEM Global Yield).

**Transfer Restrictions**

The securities offered in this Offering are being issued in a transaction exempt from registration under the Securities Act of 1933, as amended, and may not be transferred unless registered under the Securities Act or an exemption from such registration is available.

Class B is non-transferable and automatically retires if transferred. Class A Common Stock and C are transferable subject to applicable law and any transfer agent procedures. No public market currently exists for our securities.

**Offering Period**

The Offering will terminate at the earlier of: (1) the date at which the Maximum Offering Amount has been sold, (2) the date specified in the Offering documents, or (3) the date at which the Offering is earlier terminated by the Company in its sole discretion. The Company may extend the Offering for up to one year in its discretion.

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**Governing Documents**

The primary documents governing the rights of investors holding the securities are the Company's Articles of Incorporation (including amendments) and Bylaws. All statements regarding voting and control of the securities are qualified in their entirety by reference to these Governing Documents.

Investors should not purchase the Securities if they are not comfortable with the voting rights, lack of liquidity, and potential for dilution inherent in this investment.

**LEGAL MATTERS**

We have retained Hess Legal Counsel LLC to advise us in connection with the preparation of this Offering Circular, the Subscription Agreement and any other documents related thereto. Hess Legal Counsel LLC has not been retained to represent the interests of any Stockholder in connection with this offering. All prospective investors that are evaluating or purchasing shares of Class C Common Stock should retain their own independent legal counsel to review this Offering Circular, the Subscription Agreements and any other documents and matters related whatsoever to this offering, and to advise them accordingly.

**EXPERTS**

Our financial statements for the years ended September 30, 2023 and September 30, 2024 included in this Offering Circular have been audited by Set Apart Accountancy Corp., an independent registered public accounting firm, as stated in its report appearing herein. Such financial statements have been included in reliance upon the report of such a firm given upon its authority as an expert in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have filed with the SEC an offering statement on Form 1-A under the Securities Act with respect to the interests offered by this Offering Circular. This Offering Circular does not contain all of the information included in the Offering Statement, portions of which are omitted as permitted by the rules and regulations of the SEC. For further information pertaining to us and the interests to be sold in this offering, you should refer to the offering statement and its exhibits. Whenever we make reference in this offering circular to any of our contracts, agreements or other documents, the references are not necessarily complete, and you should refer to the exhibits attached to the offering statement for copies of the actual contract, agreement or other document filed as an exhibit to the offering statement or such other document, each such statement being qualified in all respects by such reference. Upon the qualification of this offering, we will be subject to the informational requirements of Tier 2 of Regulation A and will be required to file annual reports, semi-annual reports, current reports and other information with the SEC. We anticipate making these documents publicly available free of charge, on our website as soon as reasonably practicable after filing such documents with the SEC.

You can read the Offering Statement and our future filings with the SEC over the Internet at the SEC's website at www.sec.gov. You may also read and copy any document we file with the SEC at its public reference facility at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.

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We will answer inquiries from potential investors concerning the interests, the Company and other matters relating to the offer and sale of the Shares under this Offering Circular. We will afford the potential investors the opportunity to obtain any additional information to the extent we possess such information or can acquire such information without unreasonable effort or expense that is necessary to verify the information in this Offering Circular.

Requests and inquiries regarding this offering circular should be directed to:

**Frontieras North America, Inc.**

1000 Main Street Suite 2300

Houston, TX 77002

Phone: (602) 509-0950

Email: invest@frontieras.com

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**FINANCIAL STATEMENTS**

*The audited financial statements for the years ended September 30, 2024 and 2023 are included at the end of this Offering Circular beginning on page F-2.* 

*Unaudited interim financial statements for the nine months ended June 30, 2025 are included at the end of this Offering Circular beginning on page F-18.*

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**FRONTIERAS NORTH AMERICA**

**<br>AUDITED FINANCIAL STATEMENTS**

**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

*(Expressed in United States Dollars)*

&nbsp;&nbsp;&nbsp;&nbsp;<br>F-2

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**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | Page |
| [INDEPENDENT AUDITORS' REPORT](#page_80) | [1](#page_80) |
| FINANCIAL STATEMENTS: |  |
| &nbsp;&nbsp;&nbsp;[Balance Sheets](#page_82) | [2](#page_82) |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#page_83) | [3](#page_83) |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Stockholders' Equity (Deficit)](#page_84) | [4](#page_84) |
| &nbsp;&nbsp;&nbsp;[Statements of Cash Flows](#page_85) | [5](#page_85) |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#page_86) | [6](#page_86) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>F-3

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![](form1axz005.jpg)

**INDEPENDENT AUDITORS' REPORT**

To the Board of Directors

Frontieras North America

Houston, Texas

**Opinion**

We have audited the financial statements of Frontieras North America, which comprises the balance sheets as of September 30, 2024 and September 30, 2023, and the related statements of operations, changes in stockholders' equity/(deficit), and cash flows for the years ended September 30, 2024 and September 30, 2023 and the related notes to the financial statements (collectively, the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Frontieras North America for the years ended September 30, 2024 and September 30, 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

**Going Concern**

As discussed in Note 10, certain conditions indicate that the Company may be unable to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Frontieras North America and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Frontieras North America's ability to continue as a going concern for a period of twelve months from the date of issuance of these financial statements.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

- 1 -<br>F-4

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In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Frontieras North America's internal controls. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Frontieras North America's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

![](form1axz006.jpg)

August 26, 2024

Los Angeles, California

- 2 -<br>F-5

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**FRONTIERAS NORTH AMERICA**

**BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2024 AND 2023** <br>

---

| | | |
|:---|:---|:---|
| **As of September 30,** | **2024** | **2023** |
| (USD $ in Dollars) |  |  |
| **ASSETS** |  |  |
| **Current Assets:** |  |  |
| Cash | $66438 | $175560 |
| Real Estate Option Agreement | 332500 | 137500 |
| Prepaids and Other Current Assets | - | 7500 |
| **Total Current Assets** | **398938** | **320560** |
| **Total Assets** | $**398938** | $**320560** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)** |  |  |
| **Current Liabilities:** |  |  |
| Accounts Payable | $165 | $560 |
| Accrued Expense | 15416 | $- |
| Convertible Notes | 50000 | 400000 |
| Accrued Interest | 2097 | 4588 |
| **Total Current Liabilities** | **67678** | **405148** |
| **Total Liabilities** | **67678** | **405148** |
| **STOCKHOLDERS' EQUITY/(DEFICIT)** |  |  |
| Common Stock Class A | 5012 | 5001 |
| Common Stock Class B | 9399 |  |
| Additional Paid in Capital | 2280222 | 851499 |
| Accumulated Deficit | (1963373) | (941088) |
| **Total Stockholders' Equity/(Deficit)** | **331260** | **(84588)** |
| **Total Liabilities and Stockholders' Equity/(Deficit)** | $**398938** | $**320560** |

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 *See accompanying notes to financial statements.*

- 3 -<br>F-6

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**FRONTIERAS NORTH AMERICA**

**STATEMENTS OF OPERATIONS**

**FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023** <br>

---

| | | |
|:---|:---|:---|
| **For The Years Ended September 30,** | **2024** | **2023** |
| (USD $ in Dollars) |  |  |
| **Net Revenue** |  |  |
| Cost of Goods Sold | - | - |
| **Gross Profit** |  |  |
| **Operating Expenses** |  |  |
| General and Administrative | 916337 | 520973 |
| Sales and Marketing | 63797 | 36534 |
| **Total Operating Expenses** | **980134** | **557507** |
| **Operating Loss** | **(980134)** | **(557507)** |
| Interest Expense | 42151 | 4588 |
| **Loss Before Provision For Income Taxes** | (1022285) | (562095) |
| Provision/(Benefit) For Income Taxes | - | - |
| **Net Loss** | $(1022285) | $(562095) |

---

*See accompanying notes to financial statements.*

- 4 -<br>F-7

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**FRONTIERAS NORTH AMERICA**

**STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY/(DEFICIT)**

**FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Common Stock** | **Class A Common Stock** | **Class B Common Stock** | **Class B Common Stock** | | | |
| <br>**(USD $ in Dollars)** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid** <br>**In Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Equity/(Deficit)** |
| **Balance-October 01, 2022** | **250000000** | $**5000** | **-** | $**-** | $**480000** | $**(378993)** | $**106007** |
| Issuance of Stock | 60000 | 1 |  |  | 299999 |  | 300000 |
| Capital Contribution |  |  |  |  | 71500 |  | 71500 |
| Net Loss | - | - | - | - | - | (562095) | (562095) |
| **Balance-September 30, 2023** | **250060000** | $**5001** | **-** | $**-** | $**851499** | $**(941088)** | $**(84588)** |
| Issuance of Stock Class A | 111000 | 11 |  |  | 549989 |  | 550000 |
| Issuance of Stock Class B |  |  | 93989250 | 9399 |  |  | 9399 |
| Capital Contribution |  |  |  |  | 186583 |  | 186583 |
| Debt to Equity Conversion |  |  |  |  | 692151 |  | 692151 |
| Net Loss | - | - | - | - | - | (1022285) | (1022285) |
| **Balance-September 30, 2024** | **250171000** | $**5012** | **93989250** | $**9399** | $**2280222** | $**(1963373)** | $**331260** |

---

*See accompanying notes to financial statements.*

- 5 -<br>F-8

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**FRONTIERAS NORTH AMERICA**

**STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

---

| | | |
|:---|:---|:---|
| **For The Years Ended September 30,** | **2024** | **2023** |
| (USD $ in Dollars) |  |  |
| **CASH FLOW FROM OPERATING ACTIVITIES** |  |  |
| Net Loss | $(1022285**)** | $(562095) |
| Interest expense converted to Equity | 42151 |  |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Changes In Working Capital: |  |  |
| Prepaids And Other Current Assets | **7**,500 |  |
| Accounts Payable | (395**)** | 560 |
| Accrued Expense | 15416 |  |
| Accrued Interest | (2491) | 4588 |
| **Net Cash Used In Operating Activities** | **(960104)** | **(556947)** |
| **CASH FLOW FROM INVESTING ACTIVITIES** |  |  |
| Investment in Real Estate Option Agreement | (195000) | (75000) |
| **Net Cash Used In Investing Activities** | **(195000)** | **(75000)** |
| **CASH FLOW FROM FINANCING ACTIVITIES** |  |  |
| Stock Issue Class A | 550000 | 300000 |
| Stock Issue Class B | 9399 |  |
| Capital Contribution | 186583 | 71500 |
| Borrowing on Convertible Notes | 300000 | 400000 |
| **Net Cash Provided By Financing Activities** | **1045982** | **771500** |
| **Change in Cash** | **(109122)** | **139553** |
| Cash-Beginning of The Year | 175560 | 36007 |
| **Cash-End of The year** | $**66438** | $**175560** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |
| Cash Paid During The Year For Interest | $- | $- |
| Non cash financing activity: |  |  |
| Conversion of convertible notes into common stock including unpaid accrued interest | $692151 | $- |

---

*See accompanying notes to financial statements.*

- 6 -<br>F-9

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**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS**<br>**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

**1.** **NATURE OF OPERATIONS**

Frontieras North America was incorporated on March 25, 2021, in the state of Wyoming. The financial statements of Frontieras North America (which may be referred to as the "Company", "we", "us", or "our") are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company's headquarters are located in Houston, Texas.

Frontieras North America is an energy and environmental technology company bringing breakthrough fuel-discovery innovation to solid hydrocarbon materials. With coal as its main feedstock, Frontieras deconstructs coal to extract volatiles, moisture, and contaminants into three highly profitable forms of energy: gases, liquids and solids. Our products are sold into existing markets including diesel, aviation fuels, naphtha, metallurgical coal and hydrogen.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The summary of significant accounting policies is presented to assist in understanding the Company's financial statements. The accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP" and "US GAAP").

**<u>Basis of Presentation</u>**

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("US GAAP"). The Company has adopted September 30<sup>th</sup> as its fiscal year-end.

**<u>Use of Estimates</u>**

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**<u>Cash</u>**

Cash includes all cash in banks. The Company's cash is deposited in demand accounts at financial institutions that management believes are creditworthy. The Company's cash in bank deposit accounts, at times, may exceed federally insured limits. As of September 30, 2024, and September 30, 2023, the Company's cash did not exceed FDIC-insured limits.

**<u>Investment in Real Estate Option Agreement</u>**

The Company entered into a real estate option agreement wherein the Company has the exclusive option to acquire a certain property. The Company recognized the payments made under this arrangement at cost as an asset. As per the guidance under US GAAP, such costs shall be made part of the underlying property when acquired and recorded as a period expense in the statement of operations if lapsed. The investment is adjusted to fair value each reporting period. There have been no changes in the fair value of the options as of December 31, 2024, and December 31, 2023.

**<u>Income Taxes</u>**

Frontieras North America is a C corporation for income tax purposes. The Company accounts for income taxes under the liability method, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the deferred tax asset will not be realized. The Company records interest, net of any applicable related income tax benefit, on potential income tax contingencies as a component of income tax expense. The Company records tax positions taken or expected to be taken in a tax return based upon the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority.

- 7 -<br>F-10

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS**<br>**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

**<u>Concentration of Credit Risk</u>**

The Company maintains its cash with a major financial institution located in the United States of America, which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.

**<u>Advertising and Promotion</u>**

Advertising and promotional costs are expensed as incurred. Advertising and promotional expenses for the years ended September 30, 2024, and 2023 amounted to $63,797 and $36,534, respectively, and are included in sales and marketing expenses.

**<u>Convertible Notes</u>**

The Company accounts for convertible notes in accordance with ASC 480, Distinguishing Liabilities from Equity, and related guidance under ASC 815, Derivatives and Hedging, and ASC 825, Financial Instruments. Convertible notes are evaluated at issuance to determine whether they should be classified as a liability or equity instrument. Since the Company's notes are mandatorily redeemable in cash absent conversion and include a conversion feature that may result in the issuance of a variable number of shares, the notes do not meet the criteria for equity classification and are recorded as liabilities.

The convertible notes are carried at amortized cost, as the Company has not elected the fair value option provided under ASC 825. Interest expense is recognized using the effective interest method over the contractual term of the notes.

The conversion feature is not bifurcated as a separate derivative instrument because it is indexed to the Company's own stock and does not meet the criteria for derivative liability classification. Upon conversion, the carrying amount of the notes and any related accrued interest are reclassified to equity, with no gain or loss recognized.

Significant non-cash conversions of debt and accrued interest into common stock are disclosed in the statement of cash flows as non-cash financing activities.

**<u>Related Party Transactions Policy</u>**

The Company accounts for related party transactions in accordance with ASC 850, Related Party Disclosures. Related parties include the Company's executive officers, directors, principal stockholders, immediate family members of such individuals, and entities under their control or significant influence.

Transactions with related parties are recorded at the exchange amount, which represents the amount of consideration agreed upon by the parties. Management evaluates related party arrangements to determine whether the terms are consistent with those available in arm's-length transactions.

- 8 -<br>F-11

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS**<br>**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

The Company discloses all material related party transactions, including the nature of the relationship, the description of the transactions, the dollar amounts involved, and any amounts due to or from related parties outstanding at the reporting date.

**<u>Subsequent Events</u>**

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through August 26, 2025, the date the financial statements were issued.

**3.** **DETAILS OF CERTAIN ASSETS AND LIABILITIES**

Prepaid and other current assets consist of the following items:

---

| | | |
|:---|:---|:---|
| **As of September 30,** | **2024** | **2023** |
| Advance to Vendors | $- | $7500 |
| **Total Prepaids and Other Current Assets** | $**-** | $**7500** |

---

The advance to vendor was refunded by the vendor to the Company during the 2024 fiscal year.

**<u>Real Estate Option Agreement</u>**

On March 10, 2022, the Company entered into a real estate option agreement with BJ Builders, Inc., a West Virginia Corporation. Under the agreement, the Company has an exclusive option to acquire 183.4 acres of land in Mason County, West Virginia. Upon exercising the option, the Company will purchase the land package at the agreed terms and pay the pre-agreed upon purchase price. On June 26, 2025, the option period was extended to December 16, 2025, and expires if not exercised by the expiration date.

The Company may extend the option beyond the expiration date if deems it economically beneficial to the interests of the Company. The total consideration paid for the option is as follows:

---

| | | |
|:---|:---|:---|
| **As of September 30,** | **2024** | **2023** |
| Real Estate Option Agreement | $332500 | $137500 |
| **Total Purchase Options** | $**332500** | $**137500** |

---

**4.** **CAPITALIZATION AND EQUITY TRANSACTIONS**

**<u>Common Stock</u>**

The Company is authorized to issue up to 500,000,000 shares of Class A common stock at a par value of $0.0001, up to 250,000,000 of Class B common stock at a par value of $0.0001, and up to 250,000,000 of Class C common stock at a par value of $0.0001. The Class A common stock has both voting rights and economic value. The Class B common stock has super-majority voting rights (ten votes per share held) but no economic value, and the Class C shares have economic value but no voting rights. As of September 30, 2024 there were 250,171,000 shares of Class A stock and 93,989,250 shares of Class B stock outstanding (no Class C shares had been issued). As of September 30, 2023, there were 50,012,000 of Class A common shares outstanding, and no Class B or C shares had been issued.

- 9 -<br>F-12

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS**<br>**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

On June 14, 2024, the Company's Board of Directors authorized a 5-for-1 stock split for stockholders of record as of June 30, 2024 to be effective on July 1, 2024. Accordingly, the Company has restated the number of shares outstanding as of September 30, 2023 and 2022 in accordance with US GAAP to reflect the stock split.

**5.** **DEBT**

**<u>Convertible Notes</u>**

Below are the details of the convertible notes:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** |
| <br>**Debt Instrument Name** | **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Borrowing**<br>**Period** | <br>**Maturity Date** | **Current**<br>**Portion** | **Non-Current**<br>**Portion** | **Total**<br>**Indebtedness** | **Current**<br>**Portion** | **Non-Current**<br>**Portion** | **Total**<br>**Indebtedness** |
| 2023 Convertible Note - a certain lender | $50000 | 10% | 07/12/2023 | 04/12/2024 | $- | $- | $- | $50000 | $- | $50000 |
| 2023 Convertible Note - a certain lender | $50000 | 10% | 07/27/2023 | 04/27/2024 |  |  |  | 50000 |  | 50000 |
| 2023 Convertible Note - a certain lender | $50000 | 10% | 07/28/2023 | 04/28/2024 |  |  |  | 50000 |  | 50000 |
| 2023 Convertible Note - a certain lender | $50000 | 10% | 07/31/2023 | 05/01/2024 |  |  |  | 50000 |  | 50000 |
| 2023 Convertible Note - a certain lender | $50000 | 10% | 08/22/2023 | 05/21/2024 |  |  |  | 50000 |  | 50000 |
| 2023 Convertible Note - a certain lender | $50000 | 10% | 09/07/2023 | 06/06/2024 |  |  |  | 50000 |  | 50000 |
| 2023 Convertible Note - a certain lender | $100000 | 10% | 09/29/2023 | 06/29/2024 |  |  |  | 100000 |  | 100000 |
| 2023 Convertible Note - a certain lender | $100000 | 10% | 10/17/2023 | 07/17/2024 |  |  |  |  |  |  |
| 2024 Convertible Note - a certain lender | $50000 | 10% | 02/08/2024 | 08/08/2024 |  |  |  |  |  |  |
| 2024 Convertible Note - a certain lender | $50000 | 10% | 02/08/2024 | 08/08/2024 |  |  |  |  |  |  |
| 2024 Convertible Note - a certain lender | $50000 | 10% | 02/15/2024 | 08/15/2024 |  |  |  |  |  |  |
| 2024 Convertible Note - a certain lender | $50000 | 10% | 04/30/2024 | 10/31/2024 | 50000 | - | 50000 | - | - | - |
| Total |  |  |  |  | $50000 | $- | $50000 | $400000 | $- | $400000 |

---

The convertible notes are convertible into Class A common shares at a conversion price. The outstanding principal amount and accrued interest of this debenture may be converted into shares of Class A common stock of the Company ("Shares") at a price equal to twenty-five dollars ($25.00) per share (five dollars ($5.00) per share post-stock split). Since the conversion feature is convertible into a variable number of shares and does not have fixed-for-fixed features, the conversion feature was not bifurcated and recorded separately. The convertible promissory notes meet the Variable- Share Obligations requirements for classification under ASC 480 and, as a result, are required to be classified as a liability and carried at amortized cost as the Company has not made an election pursuant to one of the fair value options provided within ASC 815 and ASC 825.

As of September 30, 2024, all of the convertible notes had been converted to Equity, with the exception of one note that was subsequently converted to common stock on October 31, 2024.

- 10 -<br>F-13

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS**<br>**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

**6.** **INCOME TAXES**

The provision for income taxes consists of the following:

---

| | | |
|:---|:---|:---|
| **For the Year Ended September 30,** | **2024** | **2023** |
| Provision For Income Tax | $(213915) | $(116331) |
| Valuation Allowance | 213915 | 116331 |
| **Net Provision For Income Tax** | $**-** | $**-** |

---

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

---

| | | |
|:---|:---|:---|
| **As of September 30,** | **2024** | **2023** |
| Net Operating Loss and Other Carry-Forwards | $393755 | $179840 |
| Valuation Allowance | (393755) | (179840) |
| **Total Deferred Tax Asset** | $**-** | $**-** |

---

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, the Company has determined that it is more likely than not that the Company will not recognize the benefits of the federal net deferred tax assets, and, as a result, a full valuation allowance has been set against its net deferred tax assets as of September 30, 2024, and September 30, 2023. The amount of the deferred tax asset to be realized could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased.

For the fiscal year ending September 30, 2024, the Company had federal cumulative net operating loss ("NOL") carryforwards of $1,874,925. Utilization of some of the federal NOL carryforwards to reduce future income taxes will depend on the Company's ability to generate sufficient taxable income prior to the expiration of the carryforwards. The federal net operating loss carryforward is subject to an 80% limitation on taxable income, does not expire, and will carry on indefinitely.

The Company recognizes the impact of a tax position in the financial statements if that position is more likely than not to be sustained on a tax return upon examination by the relevant taxing authority based on the technical merits of the position. As of September 30, 2024 and September 30, 2023, the Company had no unrecognized tax benefits.

The Company recognizes interest and penalties related to income tax matters in income tax expense. As of September 30, 2024, and September 30, 2023, the Company had no accrued interest and penalties related to uncertain tax positions.

**7.** **RELATED PARTY TRANSACTIONS**

The Company compensates its operating principals (CEO, CTO, CFO and CCO) via independent contractor arrangements. For the years ended September 30, 2024 and 2023, these payments totaled $640,000 and $353,855, respectively. There were no other related party transactions during these fiscal years.

- 11 -<br>F-14

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS**<br>**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

**8.** **COMMITMENTS AND CONTINGENCIES**

**<u>Contingencies</u>**

The Company's operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, restrictions on its operations, or loss of permits that could result in the Company ceasing operations.

**<u>Litigation and Claims</u>**

From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of September 30, 2024 and 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company's operations.

**9.** **SUBSEQUENT EVENTS**

The Company has evaluated subsequent events for the period from September 30, 2024, through August 26, 2025, which is the date the financial statements were available to be issued.

In September of 2024, the Company launched a Regulation Crowdfunding capital raise. The raise was closed in April of 2025 and the Company raised over $4,600,000 of new working capital for its operations, less fundraising expenses.

In November of 2024, the Company entered into a share purchase agreement with a certain investor for the sale of up to $150,000,000 (the "Aggregate Limit") of the Company's Class A Common Stock contingent upon the Company achieving a public listing of its Common Stock. The agreement allows the Company to put Common Stock to the investor within three years from public listing at 90% of the average daily closing price during the draw-down pricing period, provided that the draw-down amount may not exceed 400% of the average trading volume for the 30-day period immediately preceding the draw-down exercise date. The agreement allows the Company to put restrictions on stock sales by the investor, prohibit short sales by the investor, and allows the Company to set a threshold "floor" price during draw-down periods. On the public listing date, the Company will issue warrants to the investor granting the right to purchase Common Stock in the Company representing 6.15% of the total equity interest. The investor is entitled to a 2% commitment fee of the Aggregate Limit, either in cash or Common Stock, within one year from the public listing date. If the Company is sold in a private transaction, a fee of 2.5% of the total consideration received by the Company shall be paid to the investor.

As of September 30, 2024, all the convertible notes had been converted to common stock, with the exception of one note amounting to $50,000 that was subsequently converted to common stock on October 31, 2024.

Subsequent to year-end, the Company extended its real estate option agreement for 183.4 acres in Mason County, West Virginia, with non-refundable payments applied to the purchase price. On October 10, 2024, the option period was extended to April 15, 2025, with six monthly $25,000 payments (total $150,000), increasing option value to $482,500. On April 9, 2025, the option period was extended to June 16, 2025, with a $100,000 payment, increasing option value to $582,500. On June 26, 2025, the option period was extended to December 16, 2025, with five monthly $50,000 payments (total $250,000) starting July 16, 2025, and the purchase price was revised from $3,850,000 to $4,585,000.

- 12 -<br>F-15

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS**<br>**AS OF AND FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

There have been no other events or transactions during this time which would have a material effect on these financial statements.

**10. GOING CONCERN**

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has a net operating loss of $1,022,285, an operating cash outflow of $1,022,255 and liquid assets in cash of $66,438, which is less than a year's worth of cash reserves as of September 30, 2024. These factors normally raise substantial doubt about the Company's ability to continue as a going concern.

The Company's ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results.

Management has evaluated these conditions and plans to raise capital as needed to satisfy its capital needs. During the next twelve months, the Company intends to fund its operations through debt and/or equity financing. However, as noted in the preceding Footnote 9, the Company raised over $4,600,000 subsequent to September 30, 2024.

However, there are no assurances that management will be able to continue to raise capital on terms acceptable to the Company. If it is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development, which could harm its business, financial condition, and operating results. The accompanying financial statements do not include any adjustments that might result from these uncertainties.

- 13 -<br>F-16

------

**FRONTIERAS NORTH AMERICA<br>**

<br> UNAUDITED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE NINE MONTH PERIOD ENDED JUNE 30, 2025

*(Expressed in United States Dollars)*

------

**Index to Unaudited Interim Financial Statements** <br>

---

| | |
|:---|:---|
|  | Page |
| UNAUDITED INTERIM FINANCIAL STATEMENTS: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Balance Sheets](#page_95) | [F-19](#page_95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#page_96) | [F-20](#page_96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Stockholders' Equity/(Deficit)](#page_97) | [F-21](#page_97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Cash Flows](#page_98) | [F-22](#page_98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Unaudited Interim Financial Statements](#page_99) | [F-23](#page_99) |

---

------

**FRONTIERAS NORTH AMERICA**

**BALANCE SHEETS**

**AS OF JUNE 30, 2025 (UNAUDITED) AND SEPTEMBER 30, 2024 (AUDITED)** <br>

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **September 30, 2024** |
| (USD $ in Dollars) |  |  |
| **ASSETS** |  |  |
| **Current Assets:** |  |  |
| Cash | $2091609 | $66438 |
| Real Estate Option Agreement | 582500 | 332500 |
| Prepaids and Other Current Assets | 476696 | - |
| **Total Current Assets** | **3150805** | **398938** |
| **Total Assets** | $**3150805** | $**398938** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)** |  |  |
| **Current Liabilities:** |  |  |
| Accounts Payable | $- | $165 |
| Accrued Expense | 416 | 15416 |
| Convertible Notes |  | 50000 |
| Accrued Interest | - | 2097 |
| **Total Current Liabilities** | **416** | **67678** |
| **Total Liabilities** | **416** | **67678** |
| **STOCKHOLDERS' EQUITY/(DEFICIT)** |  |  |
| Common Stock Class A | 5032 | 5012 |
| Common Stock Class B | 9399 | 9399 |
| Common Stock Class C | 71 |  |
| Additional Paid in Capital | 6841705 | 2280222 |
| Accumulated Deficit | (3705818) | (1963373) |
| **Total Stockholders' Equity** | **3150389** | **331260** |
| **Total Liabilities and Stockholders' Equity** | $**3150805** | $**398938** |

---

*See accompanying notes to financial statements.*

------

**FRONTIERAS NORTH AMERICA**

**STATEMENTS OF OPERATIONS (UNAUDITED)**

**FOR THE NINE MONTHS ENDED JUNE 30, 2025 AND 2024** <br>

---

| | | |
|:---|:---|:---|
| **For The Nine Months Ended June 30,** | **2025** | **2024** |
| (USD $ in Dollars) |  |  |
| Net Revenue |  |  |
| Cost of Goods Sold | - | - |
| **Gross Profit** | **-** | **-** |
| **Operating Expenses** |  |  |
| General and Administrative | 1695334 | 580925 |
| Sales and Marketing | 74044 | 38039 |
| **Total Operating Expenses** | **1769378** | **618964** |
| **Operating Loss** | **(1769378)** | **(618964)** |
| Interest Expense | 425 | 38014 |
| Interest Income | (27358) | - |
| **Loss Before Provision For Income Taxes** | **(1742445)** | **(656978)** |
| Provision/(Benefit) For Income Taxes | - | - |
| **Net Loss** | $**(1742445)** | $**(656978)** |

---

*See accompanying notes to financial statements.*

------

**FRONTIERAS NORTH AMERICA**

**STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY/(DEFICIT) (UNAUDITED)**

**FOR THE NINE MONTHS ENDED JUNE 30, 2025 AND 2024** <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Common Stock** | **Class A Common Stock** | **Class B Common Stock** | **Class B Common Stock** | **Class C Common Stock** | **Class C Common Stock** | | | |
| <br>(USD $ in Dollars) | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid** <br>**In Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**(Deficit)/Equity** |
| **Balance-September 30, 2024** | **250171000** | $**5012** | **93989250** | $**9399** | **-** | **-** | **2280222** | **(1963373)** | **331260** |
| Issuance of Stock Class A | 209995 | 20 |  |  |  |  | 1260000 | **-** | 1260020 |
| Issuance of Stock Class C |  |  |  |  | 714695 | 71 | 3248961 | **-** | 3249032 |
| Capital Contribution |  |  |  |  |  |  |  | **-** |  |
| Debt to Equity Conversion |  |  |  |  |  |  | 52522 | **-** | 52522 |
| Net Loss | - | - | - | - | - | - | - | (1742445) | (1742445) |
| **Balance-June 30, 2025** | **250380995** | $**5032** | **93989250** | $**9399** | **714695** | **71** | **6841705** | **(3705818)** | **3150389** |
|  | **Class A Common Stock** | **Class A Common Stock** | **Class B Common Stock** | **Class B Common Stock** | **Class C Common Stock** | **Class C Common Stock** | **Additional Paid** | **Accumulated** | **Total Stockholders'** |
| (USD $ in Dollars) | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **In Capital** | **Deficit** | **(Deficit)/Equity** |
| **Balance-September 30, 2023** | **250060000** | $**5001** | **-** | $**-** | **-** | $**-** | $**851499** | $**(941088)** | $**(84588)** |
| Issuance of Stock Class A | 111000 | 11 |  |  |  |  | 549991 | **-** | 550002 |
| Issuance of Stock Class B |  |  | 93989250 | 9399 |  |  |  | **-** | 9399 |
| Capital Contribution |  |  |  |  |  |  | 84090 | **-** | 84090 |
| Debt to Equity Conversion |  |  |  |  |  |  | 480903 |  | 480903 |
| Net Loss | - | - | - | - | - | - | - | (618964) | (618964) |
| **Balance-June 30, 2024** | **250171000** | $**5012** | **93989250** | $**9399** | **-** | $**-** | $**1966483** | $**(1560052)** | $**420842** |

---

*See accompanying notes to financial statements.*

------

**FRONTIERAS NORTH AMERICA**

**STATEMENTS OF CASH FLOWS (UNAUDITED)**

**FOR THE NINE MONTHS ENDED JUNE 30, 2025 AND 2024** <br>

---

| | | |
|:---|:---|:---|
| **For The Nine Months Ended June 30,** | **2025** | **2024** |
| (USD $ in Dollars) |  |  |
| **CASH FLOW FROM OPERATING ACTIVITIES** |  |  |
| Net Loss | $(1742445) | $(656978) |
| Interest expense converted to Equity | 2522 | 30890 |
| *Adjustments to reconcile net loss to net cash used in operating activities:* |  |  |
| Changes In Working Capital: |  |  |
| Prepaids And Other Current Assets | (476696) | 7500 |
| Accounts Payable | (165) | (470) |
| Accrued Expense | (15000) |  |
| Accrued Interest | (2097) | 7124 |
| **Net Cash Used In Operating Activities** | **(2233881)** | **(611934)** |
| **CASH FLOW FROM INVESTING ACTIVITIES** |  |  |
| Investment in Real Estate Option Agreement | (250000) | (120000) |
| **Net Cash Used In Investing Activities** | **(250000)** | **(120000)** |
| **CASH FLOW FROM FINANCING ACTIVITIES** |  |  |
| Stock Issue Class A | 1260020 | 550000 |
| Stock Issue Class B |  | 9399 |
| Stock Issue Class C | 3249032 |  |
| Capital Contribution |  | 84091 |
| Borrowing on Convertible Notes | - | 300000 |
| **Net Cash Provided By Financing Activities** | **4509052** | **943490** |
| **Change in Cash** | **2025171** | **211556** |
| Cash-Beginning of the Period | 66438 | 175560 |
| **Cash-End of the Period** | $**2091609** | $**387116** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |
| Cash Paid During The Period For Interest | $- | $- |
| Non cash financing activity: |  |  |
| Conversion of convertible notes into common stock including unpaid accrued interest | $52522 | $480903 |

---

*See accompanying notes to financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;<br>F-22

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**<br>**AS OF AND FOR THE NINE MONTHS ENDED JUNE 30, 2025 AND 2024**

**1.** **NATURE OF OPERATIONS**

Frontieras North America was incorporated on March 25, 2021, in the state of Wyoming. The financial statements of Frontieras North America (which may be referred to as the "Company", "we", "us", or "our") are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company's headquarters are located in Houston, Texas.

Frontieras North America is an energy and environmental technology company bringing breakthrough fuel-discovery innovation to solid hydrocarbon materials. With coal as its main feedstock, Frontieras deconstructs coal to extract volatiles, moisture, and contaminants into three highly profitable forms of energy: gases, liquids and solids. Our products are sold into existing markets including diesel, aviation fuels, naphtha, metallurgical coal and hydrogen.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

These unaudited financial statements were prepared following the same significant accounting policies disclosed in the audited financial statements for the years ended September 30, 2024 and September 30, 2023. These accounting policies have not changed.

**3.** **RELATED PARTY TRANSACTIONS**

The Company compensates its operating principals (CEO, CTO, CFO and CCO) via independent contractor arrangements. For the nine months ended June 30, 2025 and 2024, these payments totaled $958,875 and $460,000, respectively. There were no other related party transactions during these fiscal years.

**4.** **DEBT**

**<u>Convertible Notes</u>**

Below are the details of the convertible note:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  | **Principal** | **Interest** | **Borrowing** |  | **Current** | **Non-Current** | **Total** | **Current** | **Non-Current** | **Total** |
| **Debt Instrument Name** | **Amount** | **Rate** | **Period** | **Maturity Date** | **Portion** | **Portion** | **Indebtedness** | **Portion** | **Portion** | **Indebtedness** |
| 2024 Converti ble Note - a certain lender | $50000 | 10% | 04/30/2024 | 10/31/2024 |  |  |  | 50000 |  | 50000 |

---

The convertible note was convertible into Class A common shares at a conversion price. The outstanding principal amount and accrued interest of this debenture may be converted into shares of Class A common stock of the Company ("Shares") at a price equal to twenty-five dollars ($25.00) per share (five dollars ($5.00) per share post-stock split). Since the conversion feature is convertible into a variable number of shares and does not have fixed-for-fixed features, the conversion feature was not bifurcated and recorded separately. The convertible promissory notes meet the Variable-Share Obligations requirements for classification under ASC 480 and, as a result, are required to be classified as a liability and carried at amortized cost as the Company has not made an election pursuant to one of the fair value options provided within ASC 815 and ASC 825.

As of June 30, 2025, all previously issued convertible notes have been settled. For the unaudited period ended June 30, 2025 and audited period ended September 30, 2024, the settlement of $744,643 and $692,151, respectively, in convertible promissory notes had no cash impact and is not reflected in cash flow line items, consistent with GAAP for non-cash activities. See the MD&A in the Offering Circular for details.

**5.** **SUBSEQUENT EVENTS**

The Company has evaluated subsequent events for the period from June 30, 2025, through October 13, 2025, which is the date the financial statements were available to be issued.

In July of 2025, the Company adopted the Frontieras North America 2025 Equity Incentive Plan (the "Plan"), which provides for the issuance of stock options and other equity-based awards to employees, directors, and consultants. On August 18, 2025, the Company granted to Jose Lopez, its Chief Financial Officer, a stock option to purchase 500,000 shares of Class A Common Stock at an exercise price of $6.00 per share. The option vests in four equal annual installments of 25% beginning on June 16, 2026, and expires on June 16, 2035, subject to earlier termination in accordance with the terms of the Plan and his award agreement.

In September of 2025, the Company launched a Regulation Crowdfunding capital raise. The raise is ongoing and expected to close by end of October 2025.

There have been no other events or transactions during this time which would have a material effect on these financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;<br>F-23

------

**FRONTIERAS NORTH AMERICA**<br>**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)**<br>**AS OF AND FOR THE NINE MONTHS ENDED JUNE 30, 2025 AND 2024**

**5.** **GOING CONCERN**

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has a net operating loss of $1,742,445, an operating cash outflow of $2,233,881 and liquid assets in cash of $2,091,609, which is less than a year's worth of cash reserves as of June 30, 2025. These factors normally raise substantial doubt about the Company's ability to continue as a going concern.

The Company's ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results.

Management has evaluated these conditions and plans to raise capital as needed to satisfy its capital needs. During the next twelve months, the Company intends to fund its operations through debt and/or equity financing.

However, there are no assurances that management will be able to continue to raise capital on terms acceptable to the Company. If it is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development, which could harm its business, financial condition, and operating results. The accompanying financial statements do not include any adjustments that might result from these uncertainties.

&nbsp;&nbsp;&nbsp;&nbsp;<br>F-24

------

**Part III**

**Exhibit Index**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[**2.1**](exhibit2-1.htm) | &nbsp;&nbsp;[Articles of Incorporation of Frontieras North America, filed with the Wyoming Secretary of State on March 25, 2021](exhibit2-1.htm) |
| &nbsp;&nbsp;[**2.2**](exhibit2-2.htm) | &nbsp;&nbsp;[Articles of Amendment filed August 11, 2024 (authorizing Class A, Class B, and Class C Common Stock) and Article V Text](exhibit2-2.htm) |
| &nbsp;&nbsp;[**2.3**](exhibit2-3.htm) | &nbsp;&nbsp;[Bylaws of Frontieras North America, Inc.](exhibit2-3.htm) |
| &nbsp;&nbsp;[**3.1**](exhibit3-1.htm) | &nbsp;&nbsp;[Form of Subscription Agreement (Regulation A+ Offering)](exhibit3-1.htm) |
| &nbsp;&nbsp;[**6.1**](exhibit6-1.htm) | &nbsp;&nbsp;[License Agreement between Frontieras North America, Inc. and Frontier Applied Sciences, Inc., dated July 22, 2022](exhibit6-1.htm) |
| &nbsp;&nbsp;[**6.2a**](exhibit6-2a.htm) | &nbsp;&nbsp;[Real Estate Option Agreement between Frontieras North America, Inc. and BJ Builders, Inc., dated March 10, 2022](exhibit6-2a.htm) |
| &nbsp;&nbsp;[**6.2b**](exhibit6-2b.htm) | &nbsp;&nbsp;[Addendum No. 9 to Real Estate Option Agreement, dated June 26, 2025](exhibit6-2b.htm) |
| &nbsp;&nbsp;[**6.3**](exhibit6-3.htm) | &nbsp;&nbsp;[JEPCO Engineering Services Agreement dated March 22, 2022.](exhibit6-3.htm) |
| &nbsp;&nbsp;[**6.4**](exhibit6-4.htm) | &nbsp;&nbsp;[Share Purchase Agreement between Frontieras North America, Inc. and GEM Global Yield LLC SCS, dated November 26, 2024](exhibit6-4.htm) |
| &nbsp;&nbsp;[**6.5**](exhibit6-5.htm) | &nbsp;&nbsp;[Consolidated Asset Management Services (CAMS) Master Services Agreement (unsigned)](exhibit6-5.htm) |
| &nbsp;&nbsp;[**6.6a**](exhibit6-6a.htm) | &nbsp;&nbsp;[Frontieras North America 2025 Equity Incentive Plan, dated July 14, 2025](exhibit6-6a.htm) |
| &nbsp;&nbsp;[**6.6b**](exhibit6-6b.htm) | &nbsp;&nbsp;[Form of Stock Option Grant Notice, Option Agreement, and Notice of Exercise (under the 2025 Equity Incentive Plan)](exhibit6-6b.htm) |
| &nbsp;&nbsp;[**6.7a**](exhibit6-7a.htm) | &nbsp;&nbsp;[Employment Agreement with Jose Lopez, Chief Financial Officer, dated August 21, 2025](exhibit6-7a.htm) |
| &nbsp;&nbsp;[**6.7b**](exhibit6-7b.htm) | &nbsp;&nbsp;[Lopez Stock Option Grant (unsigned)](exhibit6-7b.htm) |
| &nbsp;&nbsp;[**8.1**](exhibit8-1.htm) | &nbsp;&nbsp;[Opinion of Hess Legal Counsel regarding the legality of the securities offered](exhibit8-1.htm) |
| &nbsp;&nbsp;[**11.1**](exhibit11-1.htm) | &nbsp;&nbsp;[Consent of Independent Registered Public Accounting Firm (Auditor's Consent)](exhibit11-1.htm) |

---

------

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this Offering Circular to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Houston, State of Texas, on October 30, 2025.

**FRONTIERAS NORTH AMERICA, INC.**

---

| |
|:---|
| Frontieras North America |
| (Issuer) |
| By: /s/ Matthew McKean |
| (Signature) |
| Matthew McKean |
| (Name) |
| Chief Executive Officer |
| (Title) |

---

---

| |
|:---|
| Frontieras North America |
| (Issuer) |
| By: /s/ Jose Lopez |
| (Signature) |
| Jose Lopez |
| (Name) |
| Chief Financial Officer |
| (Title) |

---

------

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

---

| |
|:---|
| /s/ Matthew McKean |
| (Signature) |
| Matthew McKean |
| (Name) |
| Director |
| (Title) |
| October 30, 2025 |
| (Date) |

---

---

| |
|:---|
| /s/ Joseph Witherspoon |
| (Signature) |
| Joseph Witherspoon |
| (Name) |
| Director |
| (Title) |
| October 30, 2025 |
| (Date) |

---

------

---

| |
|:---|
| /s/ Doug Remy |
| (Signature) |
| Doug Remy |
| (Name) |
| Director |
| (Title) |
| October 30, 2025 |
| (Date) |

---

------

## Ex1A-2A

------

---

| | | |
|:---|:---|:---|
| ![](exhibit2-1x1x1.jpg) | Wyoming Secretary of State<br>Herschler Bldg East, Ste.100 & 101<br>Cheyenne, WY 82002-0020<br>Ph. 307-777-7311 | &nbsp;&nbsp; <u>For Office Use Only</u><br> WY Secretary of State<br> FILED: Mar 25 2021 1:12PM<br> Original ID: 2021-000991660 |

---

Profit Corporation

Articles of Incorporation

I. The name of the profit corporation is:

Frontieras North America

II. The name and physical address of the registered agent of the profit corporation is:

Capital Administrations LLC

1712 Pioneer Ave Ste 115<br>Cheyenne, WY 82001

III. The mailing address of the profit corporation is:

1712 Pioneer Ave Ste 500

Cheyenne, WY 82001

IV. The principal office address of the profit corporation is:

1712 Pioneer Ave Ste 500

Cheyenne, WY 82001

V. The number, par value, and class of shares the profit corporation corporation will have the authority to issue are:

---

| | |
|:---|:---|
| Number of Common Shares: 250,000,000 | Common Par Value: $0.0001 |
| Number of Preferred Shares: 0 | Preferred Par Value: $0.0000 |

---

VI. The name and address of each incorporator is as follows:

Capital Administrations, LLC

1712 Pioneer Ave Ste 115, Cheyenne, WY 82001

VII. Additional Article:

All, or a portion of, the shares of the Corporation may be represented by share certificates in the form of certificate tokens. The electronic message, command or transaction that transmits the certificate tokens to the data address to which a certificate token was issued shall be authorized at the time of issuance by one (1) or more messages, commands or transactions signed with the network signature of two (2) officers designated in the Bylaws or by the Board of Directors of the Corporation.

VIII. Additional Article:

The capital stock, after the amount of the subscription price, or par value, has been paid in, shall not be subject to assessment to pay the debts of the corporation.

IX. Additional Article:

The governing board of the corporation shall be known as directors, and the number of directors may from time to time be increased or decreased in such manner as shall be provided by the By-Laws of the Corporation, providing that the number of directors shall not be reduced to fewer than one (1).

The name and post office address of the first Board of Directors shall be three (3) in number and listed as follows:

Matthew McKean-1712 Pioneer Ave Ste 500, Cheyenne, WY 82001

Page 1 of 5

------

Douglas Remy-1712 Pioneer Ave Ste 500, Cheyenne, WY 82001

Joseph A. Witherspoon-1712 Pioneer Ave Ste 500, Cheyenne, WY 82001

X. Additional Article:

No director or officer of the Corporation shall be personally liable to the Corporation or any of its stockholders for damages for breach of fiduciary duty as a director or officer involving any act or omission of any such director or officer; provided, however, that the foregoing provision shall not eliminate or limit the liability of a director or officer (i) for acts or omissions which involve intentional misconduct, fraud or a knowing violation of law. Any repeal or modification of this Article by the stockholders of the Corporation shall be prospective only, and shall not adversely affect any limitation on the personal liability of a director or officer of the Corporation for acts or omissions prior to such repeal or modification.

---

| | | |
|:---|:---|:---|
| Signature: | ***Jasmine James*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: 03/25/2021 |
| Print Name: | Jasmine James |  |
| Title: | Incorporator |  |
| Email: | tax@wyomingcompany.com |  |
| Daytime Phone #: | (307) 632-3333 |  |

---

Page 2 of 5

------

---

| | |
|:---|:---|
| ![](exhibit2-1x1x1.jpg) | Wyoming Secretary of State****<br> Herschler Bldg East, Ste.100 & 101<br>Cheyenne, WY 82002-0020<br>Ph. 307-777-7311 |

---

☑ I am the person whose signature appears on the filing; that I am authorized to file these documents on behalf of the business entity to which they pertain; and that the information I am submitting is true and correct to the best of my knowledge.

☑ I am filing in accordance with the provisions of the Wyoming Business Corporation Act, (W.S. 17-16-101 through 17- 16-1804) and Registered Offices and Agents Act (W.S. 17-28-101 through 17-28-111).

☑ I understand that the information submitted electronically by me will be used to generate Articles of Incorporation that will be filed with the Wyoming Secretary of State.

☑ I intend and agree that the electronic submission of the information set forth herein constitutes my signature for this filing.

☑ I have conducted the appropriate name searches to ensure compliance with W.S. 17-16-401.

☑ I affirm, under penalty of perjury, that I have received actual, express permission from each of the following incorporators to add them to this business filing: Capital Administrations, LLC

Notice Regarding False Filings: Filing a false document could result in criminal penalty and

prosecution pursuant to W.S. 6-5-308.

&nbsp;&nbsp; W.S. 6-5-308. Penalty for filing false document.<br> (a) A person commits a felony punishable by imprisonment for not more than two (2) years, a fine of not more than two thousand dollars ($2,000.00), or both, if he files with the secretary of state and willfully or knowingly:<br>(i) Falsifies, conceals or covers up by any trick, scheme or device a material fact;<br>(ii) Makes any materially false, fictitious or fraudulent statement or representation; or<br>(iii) Makes or uses any false writing or document knowing the same to contain any materially false, fictitious or fraudulent statement or entry.<br>

☑ I acknowledge having read W.S. 6-5-308.

Filer is: ☐ An Individual ☑ An Organization

The Wyoming Secretary of State requires a natural person to sign on behalf of a business entity acting as an incorporator, organizer, or partner. The following individual is signing on behalf of all Organizers, Incorporators, or Partners.

<u>Filer Information:</u>

By submitting this form I agree and accept this electronic filing as legal submission of my Articles of Incorporation.

---

| | | |
|:---|:---|:---|
| Signature: | ***Jasmine James*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: 03/25/2021 |
| Print Name: | Jasmine James |  |
| Title: | Incorporator |  |
| Email: | tax@wyomingcompany.com |  |
| Daytime Phone #: | (307) 632-3333 |  |

---

Page 3 of 5

------

---

| | |
|:---|:---|
| ![](exhibit2-1x1x1.jpg) | Wyoming Secretary of State****<br> Herschler Bldg East, Ste.100 & 101<br>Cheyenne, WY 82002-0020<br>Ph. 307-777-7311 |

---

Consent to Appointment by Registered Agent

Capital Administrations LLC, whose registered office is located at 1712 Pioneer Ave Ste 115, Cheyenne, WY 82001, voluntarily consented to serve as the registered agent for Frontieras North America and has certified they are in compliance with the requirements of W.S. 17-28-101 through W.S. 17-28-111.

I have obtained a signed and dated statement by the registered agent in which they voluntarily consent to appointment for this entity.

---

| | | |
|:---|:---|:---|
| Signature: | ***Jasmine James*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: 03/25/2021 |
| Print Name: | Jasmine James |  |
| Title: | Incorporator |  |
| Email: | tax@wyomingcompany.com |  |
| Daytime Phone #: | (307) 632-3333 |  |

---

Page 4 of 5

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; STATE OF WYOMING<br>Office of the Secretary of State | &nbsp;&nbsp;&nbsp; STATE OF WYOMING<br>Office of the Secretary of State |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, EDWARD A. BUCHANAN, Secretary of State of the State of Wyoming, do hereby certify that the filing requirements for the issuance of this certificate have been fulfilled. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, EDWARD A. BUCHANAN, Secretary of State of the State of Wyoming, do hereby certify that the filing requirements for the issuance of this certificate have been fulfilled. |
| &nbsp;&nbsp;&nbsp;CERTIFICATE OF INCORPORATION | &nbsp;&nbsp;&nbsp;CERTIFICATE OF INCORPORATION |
| &nbsp;&nbsp;&nbsp;Frontieras North America | &nbsp;&nbsp;&nbsp;Frontieras North America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have affixed hereto the Great Seal of the State of Wyoming and duly executed this official certificate at Cheyenne, Wyoming on this 25th day of March, 2021 at 1:12 PM. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have affixed hereto the Great Seal of the State of Wyoming and duly executed this official certificate at Cheyenne, Wyoming on this 25th day of March, 2021 at 1:12 PM. |
| ![](exhibit2-1xu005.jpg) | ![](exhibit2-1xu005.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remainder intentionally left blank. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remainder intentionally left blank. |
| &nbsp;&nbsp;&nbsp;![](exhibit2-1xu001.jpg)<br>Filed Date: 03/25/2021 |  |
| &nbsp;&nbsp;&nbsp;![](exhibit2-1xu001.jpg)<br>Filed Date: 03/25/2021 | &nbsp;&nbsp;&nbsp;Secretary of State |
| &nbsp;&nbsp;&nbsp;![](exhibit2-1xu001.jpg)<br>Filed Date: 03/25/2021 |  |
| &nbsp;&nbsp;&nbsp;![](exhibit2-1xu001.jpg)<br>Filed Date: 03/25/2021 | &nbsp;&nbsp;&nbsp;Filed Online By: |
| &nbsp;&nbsp;&nbsp;![](exhibit2-1xu001.jpg)<br>Filed Date: 03/25/2021 | &nbsp;&nbsp;&nbsp;Jasmine James |
| &nbsp;&nbsp;&nbsp;![](exhibit2-1xu001.jpg)<br>Filed Date: 03/25/2021 | &nbsp;&nbsp;&nbsp;on 03/25/2021 |

---

Page 5 of 5

------

## Ex1A-2A

------

![](exhibit2-2x1x1.jpg)

------

![](exhibit2-2x2x1.jpg)

------

**Amendment to Articles of Incorporation**

Article 5 of the Articles of Incorporation of Frontieras North America is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. The number, par value, and class of shares the profit corporation will have the authority to issue are as follows:

Section 1. <u>Authorized Shares</u>. The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 1,000,000,000 shares, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 500,000,000 shares of Class A Common Stock, par value $0.0001 per share (the "<u>Class A Common Stock</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 250,000,000 shares of Class B Common Stock, par value $0.0001 per share (the "<u>Class B Common Stock</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 250,000,000 shares of Class C non-voting Common Stock, par value $0.0001 per share (the "<u>Class C Common Stock</u>" and together with the Class A Common Stock and Class B Common Stock, the "<u>Common Stock</u>")

The Common Stock shall have the designations, rights, powers and preferences and the qualifications, restrictions and limitations thereof, if any, set forth below.

Section 2. <u>Common Stock Rights and Preferences</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voting Rights</u>. Except as otherwise required by the Wyoming Business Corporations Act or as provided by or pursuant to the provisions of these Articles of Incorporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each holder of Class A Common Stock shall be entitled to one (1) vote for each share of Class A Common Stock held of record by such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each holder of Class B Common Stock shall be entitled to ten (10) votes for each share of Class B Common Stock held of record by such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each holder of Class C Common Stock shall have no voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as otherwise required in these Articles of Incorporation or by applicable law, the holders of Class A Common Stock and Class B Common Stock shall vote together as a single class on all matters on which shareholders are generally entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The holders of shares of Common Stock shall not have cumulative voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends</u>. Subject to applicable law and the rights, if any, of the holders of any outstanding class or series of stock having a preference over or the right to participate with the Class A Common Stock and Class C Common Stock with respect to the payment of dividends in cash, stock or property of the Corporation, such dividends may be declared and paid on the Class A Common Stock and Class C Common Stock out of the assets of the Corporation that are by law available therefor at such times and in such amounts as the Board of Directors in its discretion shall determine. Dividends shall not be declared or paid on the Class B Common Stock.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Liquidation, Dissolution, etc.</u> In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation as required by law, the holders of all outstanding shares of Class A Common Stock and Class C Common Stock shall be entitled to receive the remaining assets of the Corporation available for distribution ratably in proportion to the number of shares held by each such shareholder. The holders of shares of Class B Common Stock, as such, shall not be entitled to receive any assets of the Corporation in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Automatic Transfer</u>. No share of Class B Common Stock may be sold, exchanged, or otherwise transferred. In the event that any outstanding shares of Class B Common Stock are sold, exchanged, or otherwise transferred, such shares of Class B Common Stock shall automatically and without further action on the part of the Corporation or any holder of Class B Common Stock be deemed to be transferred to the Corporation and thereupon shall be retired.

------

## Ex1A-2B

------

**BYLAWS**

**OF**

**FRONTIERAS NORTH AMERICA**

**A Wyoming Corporation**

**(Effective as of March 25, 2021)**

___________________________

**ARTICLE 1**

**CERTAIN DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.1</u> <u>Definitions</u>. As used in these Bylaws, unless the context otherwise requires, the term:

a. "Articles of Incorporation" means the Articles of Incorporation of the Corporation, as it may be amended, supplemented or restated from time to time.

b. "Assistant Secretary" means an Assistant Secretary of the Corporation.

c. "Assistant Principal Financial Officer" means an Assistant Principal Financial Officer of the Corporation.

d. "Board" means the Board of Directors of the Corporation.

e. "Bylaws" means these Bylaws of the Corporation, as they may be amended from time to time.

f. "Chief Executive Officer" means Chief Executive Officer of the Corporation.

g. "Chairman" means the Chairman of the Board of Directors of the Corporation.

h. "Corporation" means Frontieras North America, a Wyoming corporation.

i. "Directors" means the directors of the Corporation.

j. "Entire Board" means the total number of then-authorized directors of the Corporation.

k. "General Corporation Law" means the Wyoming Business Corporation Act, Title 17, Chapter 116, of the Wyoming Statutes, as amended from time to time, together with any corresponding provisions of succeeding law.

l. "Office of the Corporation" means the principal executive office of the Corporation, anything in Section 17-28-101 of the General Corporation Law to the contrary notwithstanding.

m. "President" means the President of the Corporation.

n. "Secretary" means the Secretary of the Corporation.

o. "Shareholder" means a shareholder of record of the Corporation.

p. "Principal Financial Officer" means the Principal Financial Officer of the Corporation.

q. "Vice President" means a Vice President of the Corporation.

**ARTICLE 2**

**SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.1</u> <u>Place of Meetings</u>. Every meeting of Shareholders may be held at such place, within or without the State of Wyoming, as may be designated by resolution of the Board from time to time or stated in the notice of the meeting or duly executed waivers thereof. The Board may, in its sole discretion, determine that the annual meeting of shareholders shall not be held at any place, but may instead be held by means of remote communication as authorized by Section 17-16-701of the General Corporation Law. Additionally, if permitted by the General Corporation Law, the Board may, in its sole discretion, determine that a special meeting of the shareholders be held by means of remote communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.2</u> <u>Annual Meeting</u>. A meeting of Shareholders shall be held annually for the election of Directors at such date and time as may be designated by resolution of the Board from time to time. Any other business may be transacted at the annual meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.3</u> <u>Special Meetings</u>. Special meetings of Shareholders may be called at any time by the Entire Board, at the request of any two or more Directors or the Chief Executive Officer, and, in addition, shall be called by the Chairman of the Board, the Chief Executive Officer, or the Secretary at the request in writing of Shareholders owning not less than ten percent (10%) of the capital stock of the Corporation issued and outstanding and entitled to vote on any issue proposed to be considered at the proposed special meeting (except that, if provided in the Articles of Incorporation as required by Section 17-16-702 of the General Corporation Law, a special meeting for the purpose of considering any action to directly or indirectly effect a business combination, including any action to change or otherwise affect the composition of the Board for that purpose, shall be called at the request of Shareholders holding not less than twenty-five percent (25%) of all shares of the Corporation entitled to vote). Such request shall state the purposes of the proposed meeting. The Directors shall fix the time and any place, either within or without the State of Wyoming, as the place for holding such meeting. Business transacted at any special meeting of Shareholders shall be limited to the purpose stated in the related notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.4</u> <u>Fixing Record Date</u>. The Board may fix a record date for the purpose of (a) determining the Shareholders entitled (i) to notice of or to vote at any meeting of Shareholders or any adjournment thereof, (ii) unless otherwise provided in the Articles of Incorporation, to express consent to corporate action in writing without a meeting or (iii) to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock; or (b) any other lawful action. Any such record date shall not precede the date upon which the resolution fixing the record date was adopted by the Board and, unless otherwise required by applicable law, shall not be (x) in the case of clause (a)(i) above, more than 70 nor less than 10 days before the date of such meeting (unless applicable law permits such a record date to be less than 10 days before the date of such meeting, in which case the Board may fix a record date in accordance with applicable law), (y) in the case of clause (a)(ii) above, more than 10 days after the date upon which the resolution fixing the record date was adopted by the Board and (z) in the case of clause (a)(iii) or (b) above, more than 70 days prior to such action. If no such record date is fixed, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 the record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be at the close of business on the day immediately prior to the day on which notice is given, or, if notice is waived, at the close of business on the day immediately prior to the day on which the meeting is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 the record date for determining Shareholders entitled to express consent to corporate action in writing without a meeting (unless otherwise provided in the Articles of Incorporation), when no prior action by the Board is required by applicable law, shall be the first day on which a written consent signed by a Shareholder and setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law; and when prior action by the Board is required by applicable law, the record date for determining Shareholders entitled to express consent to corporate action in writing without a meeting shall be at the close of business on the date on which the Board adopts the resolution taking such prior action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3 <u>Record Date for Action by Written Consent</u>. In order that the Corporation may determine the Shareholders entitled to consent to corporate action in writing without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which date shall not be more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board. Any Shareholder of record seeking to have the Shareholders authorize or take corporate action by consent shall, by written notice to the Secretary, request the Board to fix a record date. The Board shall promptly, but in all events within 10 days after the date on which such a request is received, adopt a resolution fixing the record date (unless a record date has previously been fixed by the Board pursuant to the first sentence of this Section 2.4). If no record date has been fixed by the Board within 10 days of the date on which such a request is received, the record date for determining Shareholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board is required by applicable law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in the State of Wyoming, its principal place of business, or any officer or agent of the Corporation having custody of the book in which proceedings of meetings of Shareholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board and prior action by the Board is required by applicable law, the record date for determining Shareholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board adopts the resolution taking such prior action; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4 the record date for determining Shareholders for any purpose other than those specified in Sections 2.4.1, 2.4.2 and 2.4.3 shall be at the close of business on the day on which the Board adopts the resolution authorizing the subject corporate action. When a determination of Shareholders of record entitled to notice of or to vote at any meeting of Shareholders has been made as provided in this Section 2.4, such determination shall apply to any adjournment thereof unless the Board fixes a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.5</u> <u>Notice of Meetings of Shareholders</u>. Whenever under the provisions of applicable law, the Articles of Incorporation, or these Bylaws, Shareholders are required or permitted to take any action at a meeting, notice shall be given stating the place, if any, date and hour of the meeting, the means of remote communication, if any, by which Shareholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose, or purposes for which the meeting is called. Unless otherwise provided by applicable law, the Articles of Incorporation, or these Bylaws, notice of any meeting shall be given to each Shareholder entitled to vote at such meeting not less than 10 nor more than 60 days before the date of the meeting. Notice may be mailed or, to the fullest extent permitted by law, given by electronic transmission if the Shareholder consents and no revocation of that consent has been given. If mailed, such notice shall be deemed to be given when deposited in the United States mail, with postage prepaid, directed to the Shareholder at his, her, or its address as it appears on the records of the Corporation. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent of the Corporation that the notice required by this Section 2.5 has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. If sent by electronic transmission, notice to a Shareholder shall be deemed to be given if by (i) telecopy (facsimile), when directed to a number at which the Shareholder has consented to receive notice, (ii) electronic mail, when directed to an electronic mail address at which the Shareholder has consented to receive notice, (iii) a posting on an electronic network together with a separate notice to the Shareholder of the specific posting, upon the later of (A) such posting and (B) the giving of the separate notice (which notice may be given in any of the manners provided above), or (iv) any other form of electronic transmission, when directed to the Shareholder. Any meeting of Shareholders, whether annual or special, may adjourn from time to time to reconvene at the same or some other place. When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken, and at the adjourned meeting any business may be transacted that might have been transacted at the meeting as originally called. If, however, the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Shareholder of record entitled to vote at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.6</u> <u>Waivers of Notice</u>. Whenever the giving of any notice to Shareholders is required by applicable law, the Articles of Incorporation, or these Bylaws, a waiver thereof, given by the person entitled to said notice, whether before or after the event as to which such notice is required, shall be deemed equivalent to notice. A Shareholder's attendance at a meeting (i) waives objection to lack of notice or defective notice of the meeting, unless the Shareholder at the beginning of the meeting objects to holding the meeting or transacting business at the meeting, and (ii) waives objection to consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice, unless the Shareholder objects to considering the matter when it is presented. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Shareholders need be specified in any waiver of notice unless so required by applicable law, the Articles of Incorporation, or these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.7</u> <u>List of Shareholders</u>. The Secretary shall prepare and make, at least 10 days before every meeting of Shareholders, a complete list of the Shareholders entitled to vote at the meeting, and including the address of each Shareholder, the number of shares registered in the name of each Shareholder, and any other information required by Section 17-16-720 of the General Corporation Law. Such list shall be open to the examination of any Shareholder, the Shareholder's agent, or attorney, upon request, at the Shareholder's expense, for any purpose germane to the meeting, or any other lawful purpose, for a period of at least 10 days prior to the meeting, during ordinary business hours at the Office of the Corporation. If the meeting is to be held at a place, the list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any Shareholder who is present. If the meeting is held solely by means of remote communication, the list shall also be open for examination as provided by applicable law. Except as provided by applicable law, the stock ledger shall be the only evidence as to who are the Shareholders entitled to examine the stock ledger, the list of Shareholders, or the books of the Corporation, or to vote in person or by proxy at any meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.8</u> <u>Quorum of Shareholders; Adjournment</u>. Except as otherwise provided by applicable law or the Articles of Incorporation, at each meeting of Shareholders, the presence, in person or by proxy, of the holders of a majority of the voting power of all outstanding shares of stock entitled to vote at the meeting shall constitute a quorum for the transaction of any business at such meeting. In the absence of a quorum, the holders of a majority of the voting power of the shares of stock present in person or represented by proxy at any meeting of Shareholders, including an adjourned meeting, may adjourn such meeting to another time and place. Shares of its own stock belonging to the Corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the Corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the Corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity. If a quorum is present when a duly called or held meeting is convened, the Shareholders present may continue to transact business until adjournment, even though the withdrawal of a number of Shareholders originally present leaves less than the proportion or number otherwise required for a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.9</u> <u>Voting; Proxies</u>. Unless otherwise provided in the Articles of Incorporation, every Shareholder entitled to vote at any meeting of Shareholders shall be entitled to one vote for each share of stock held by such Shareholder which has voting power upon the matter in question. At any meeting of Shareholders, all matters (except as otherwise provided by the Articles of Incorporation, these Bylaws, the rules and regulations of any stock exchange, or listing service applicable to the Corporation, applicable law, or pursuant to any rules or regulations applicable to the Corporation or its securities) shall be decided by the affirmative vote of a majority in voting power of shares of stock present in person or represented by proxy and entitled to vote thereon; provided, however, that at all meetings of Shareholders for the election of Directors, a plurality of the votes cast shall be sufficient to elect each Director; and provided, further, that at all meetings of Shareholders at which a determination of when, or with what frequency, any votes (advisory or otherwise) may be taken on matters relating to executive compensation, such determination shall be made by reference to a plurality of the votes cast. Each Shareholder entitled to vote at a meeting of Shareholders or to express consent to or dissent from corporate action in writing without a meeting may authorize another person or persons to act for such Shareholder by proxy but no such proxy shall be voted or acted upon after 11 months from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it expressly states that it is irrevocable and if, and only so long as, it is coupled with an interest sufficient in law to support an irrevocable power. A Shareholder may revoke any proxy that is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or by delivering a new proxy bearing a later date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.10</u> <u>Voting Procedures and Inspectors of Election at Meetings of Shareholders</u>. The Board, in advance of any meeting of Shareholders, may, and shall if required by applicable law, appoint one or more inspectors, who may be employees of the Corporation, to act at the meeting and make a written report thereof. The Board may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting, the person presiding at the meeting may, and shall if required by applicable law, appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability. The inspectors shall (a) ascertain the number of shares outstanding and the voting power of each, (b) determine the shares represented at the meeting and the validity of proxies and ballots, (c) count all votes and ballots and determine the result, (d) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (e) certify their determination of the number of shares represented at the meeting and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of their duties. Unless otherwise provided by the Board, the date and time of the opening and the closing of the polls for each matter upon which the Shareholders will vote at a meeting shall be determined by the person presiding at the meeting and shall be announced at the meeting. No ballot, proxies or votes, or any revocation thereof or change thereto, shall be accepted by the inspectors after the closing of the polls unless a state court of the State of Wyoming, upon application by a Shareholder, shall determine otherwise. In determining the validity and counting of proxies and ballots cast at any meeting of Shareholders, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for office at an election may serve as an inspector at such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.11</u> <u>Conduct of Meetings; Organization</u>. Subject to Section 2.12 through 2.14 of these Bylaws, the Board may adopt by resolution such rules and regulations for the conduct of the meeting of Shareholders as it shall deem appropriate. Unless another officer is designated by the Board, at each meeting of Shareholders, the Chief Executive Officer, or in the absence of the Chief Executive Officer, the President, or in the absence of the President, the Chairman, or if there is no Chairman, or if there be one and the Chairman is absent, a Vice President, and in case more than one Vice President shall be present, that Vice President designated by the Board (or in the absence of any such designation, the most senior Vice President, based on age, present), shall chair and preside over the meeting. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any meeting of Shareholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the presiding officer of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting (subject to the requirements of Sections 2.12 and 2.13 of these Bylaws); (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to Shareholders of record of the Corporation, their duly authorized and constituted proxies, or such other persons as the person presiding over the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding officer at any meeting of Shareholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding officer should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the person presiding over the meeting, meetings of Shareholders shall not be required to be held in accordance with the rules of parliamentary procedure. The Secretary, or in his or her absence, one of the Assistant Secretaries, shall act as secretary of the meeting. In case none of the officers above designated to act as the person presiding over the meeting or as secretary of the meeting, respectively, are present, a person presiding over the meeting or a secretary of the meeting, as the case may be, shall be designated by the Board, and in case the Board has not so acted, in the case of the designation of a person to act as secretary of the meeting, designated by the person presiding over the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;<u>2.12</u> <u>Order of Business</u>. The order of business at all meetings of Shareholders shall be as determined by the person presiding over the meeting, subject, however, to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12.1 At any annual meeting of Shareholders, only such nominations of persons for election to the Board shall be made, and only such other business shall be conducted or considered, as shall have been properly brought before the meeting. For nominations to be properly made at an annual meeting, and proposals of other business to be properly brought before an annual meeting, nominations and proposals of other business must be

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified in the Corporation's notice of meeting (or any supplement thereto) given by or at the direction of the Board, (b) otherwise properly made at the annual meeting, by or at the direction of the Board or (c) otherwise properly requested to be brought before the annual meeting by a Shareholder in accordance with these Bylaws. For nominations of persons for election to the Board or proposals of other business to be properly requested by a Shareholder to be made at an annual meeting, a Shareholder must (i) be a Shareholder of record at the time of giving of notice of such annual meeting by or at the direction of the Board and at the time of the annual meeting, (ii) be entitled to vote at such annual meeting and (iii) comply with the procedures set forth in these Bylaws as to such business or nomination. The immediately preceding sentence shall be the exclusive means for a Shareholder to make nominations or other business proposals (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934

(the "Exchange Act"), and included in the Corporation's notice of meeting) before an annual meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12.2 At any special meeting of Shareholders, only such business shall be conducted or considered, as shall have been properly brought before the meeting pursuant to the

Corporation's notice of meeting. To be properly brought before a special meeting, proposals of business must be specified in the Corporation's notice of meeting (or any supplement thereto) given by or at the direction of the Board. In this regard, Nominations of persons for election to the Board may be made at a special meeting of Shareholders at which Directors are to be elected pursuant to the Corporation's notice of meeting (a) by or at the direction of the Board or (b) provided that the Board has determined that Directors shall be elected at such meeting, by any Shareholder who (i) is a Shareholder of record at the time of giving of notice of such special meeting and at the time of the special meeting, (ii) is entitled to vote at the meeting, and (iii) complies with the procedures set forth in these Bylaws as to such nomination. The immediately preceding sentence shall be the exclusive means for a Shareholder to make nominations or other business proposals before a special meeting of Shareholders (other than matters properly brought under Rule 14a-8 under the Exchange Act and included in the Corporation's notice of meeting).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12.3 Except as otherwise provided by law, the Articles of Incorporation, or these Bylaws, the presiding person at the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with these Bylaws and, if any proposed nomination or other business is not in compliance with these Bylaws, to declare that no action shall be taken on such nomination or other proposal and such nomination or other proposal shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;<u>2.13</u> <u>Advance Notice of Shareholder Business and Nominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13.1 Without qualification or limitation, but subject to Section 2.13.3(d) of these Bylaws, for any nominations or any other business to be properly brought before an annual meeting by a Shareholder pursuant to Section 2.12.1 of these Bylaws, the Shareholder must have given timely notice thereof (including, in the case of nominations, the completed and signed questionnaire, representation and agreement required by Section 2.14 of these Bylaws) and timely updates and supplements thereof in writing to the Secretary and such other business must otherwise be a proper matter for Shareholder action. To be timely, a Shareholder's notice shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120<sup>th</sup> day and not later than the close of business on the 90<sup>th</sup> day prior to the first anniversary of the preceding year's annual meeting; *provided, however*, that in the event that the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the Shareholder must be so delivered not earlier than the close of business on the 120<sup>th</sup> day prior to the date of such annual meeting and not later than the close of business on the later of the 90<sup>th</sup> day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, the 10<sup>th</sup> day following the day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall any adjournment or postponement of an annual meeting, or the public announcement thereof, commence a new time period for the giving of a Shareholder's notice as described above.

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In addition, to be timely, a Shareholder's notice must further be updated and supplemented, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to the Secretary at the principal executive offices of the Corporation not later than five business days after the record date for the meeting in the case of the update and supplement required to be made as of the record date, and not later than eight business days prior to the date for the meeting, any adjournment or postponement thereof in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13.2 Subject to Section 2.13.3(d) of these Bylaws, in the event the Corporation calls a special meeting of Shareholders for the purpose of electing one or more Directors to the Board, any Shareholder may nominate a person or persons (as the case may be) for election to such position(s) to be elected as specified in the Corporation's notice calling the meeting, provided that the Shareholder gives timely notice thereof (including the completed and signed questionnaire, representation and agreement required by Section 2.14 of these Bylaws) and timely updates and supplements thereof in writing to the Secretary. In order to be timely, a Shareholder's notice shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120<sup>th</sup> day prior to the date of such special meeting and not later than the close of business on the later of the 90<sup>th</sup> day prior to the date of such special meeting or, if the first public announcement of the date of such special meeting is less than 100 days prior to the date of such special meeting, the 10<sup>th</sup> day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting, or the public announcement thereof, commence a new time period for the giving of a Shareholder's notice as described above.

In addition, to be timely, a Shareholder's notice must further be updated and supplemented, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to the Secretary at the principal executive offices of the Corporation not later than five business days after the record date for the meeting in the case of the update and supplement required to be made as of the record date, and not later than eight business days prior to the date for the meeting, any adjournment or postponement thereof in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13.3 To be in proper form, a Shareholder's notice (whether given pursuant to Section 2.12.1 or 2.12.2 of these Bylaws) to the Secretary must include the following, as applicable.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to the Shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made, a Shareholder's notice must set forth: (i) the name and address of such Shareholder as they appear on the Corporation's books, of such beneficial owner, if any, and of their respective affiliates or associates or others acting in concert therewith, (ii) (A) the class or series and number of shares of the Corporation which are, directly or indirectly, owned beneficially and of record by such Shareholder, such beneficial owner and their respective affiliates or associates or others acting in concert therewith, (B) any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, or any derivative or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Corporation, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits and risks that correspond substantially to the ownership of any class or series of shares of the Corporation, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to the price, value or volatility of any class or series of shares of the Corporation, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of the Corporation, through the delivery of cash or other property, or otherwise, and without regard of whether the Shareholder of record, the beneficial owner, if any, or any affiliates, or associates, or others acting in concert therewith, may have entered into transactions that hedge or mitigate the economic effect of such instrument, contract or right or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation (any of the foregoing, a "Derivative Instrument") directly or indirectly owned beneficially by such Shareholder, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith, (C) any proxy, contract, arrangement, understanding, or relationship pursuant to which such Shareholder has a right to vote any class or series of shares of the Corporation, (D) any agreement, arrangement, understanding, relationship or otherwise, including any repurchase or similar so- called "stock borrowing" agreement or arrangement, engaged in, directly or indirectly, by such Shareholder, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of any class or series of the shares of the Corporation by, manage the risk of share price changes for, or increase or decrease the voting power of, such Shareholder with respect to any class or series of the shares of the Corporation, or which provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of any class or series of the shares of the Corporation (any of the foregoing, "Short Interests"), (E) any rights to dividends on the shares of the Corporation owned beneficially by such Shareholder that are separated or separable from the underlying shares of the Corporation, (F) any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such Shareholder is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership, (G) any performance-related fees (other than an asset-based fee) that such Shareholder is entitled to based on any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, including without limitation any such interests held by members of such Shareholder's immediate family sharing the same household, (H) any significant equity interests or any Derivative Instruments or Short Interests in any principal competitor of the Corporation held by such Shareholder, and (I) any direct or indirect interest of such Shareholder in any contract with the Corporation, any affiliate of the Corporation or any principal competitor of the Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement), and (iii) any other information relating to such Shareholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement and form of proxy or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of Directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder;

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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;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the notice relates to any business other than a nomination of a Director or Directors that the Shareholder proposes to bring before the meeting, a Shareholder's notice must, in addition to the matters set forth in paragraph (a) above, also set forth: (i) a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting, and any material interest of such Shareholder and beneficial owner, if any, in such business, (ii) the text of the proposal or business (including the text of any resolutions proposed for consideration), and (iii) a description of all agreements, arrangements, and understandings between such Shareholder and beneficial owner, if any, and any other person, or persons (including their names) in connection with the proposal of such business by such Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to each person, if any, whom the Shareholder proposes to nominate for election or reelection to the Board, a Shareholder's notice must, in addition to the matters set forth in paragraph (a) above, also set forth: (i) all information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of Directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Director if elected) and (ii) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among such Shareholder and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the Shareholder making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were the "registrant" for purposes of such rule and the nominee were a director or executive officer of such 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;(d) With respect to each person, if any, whom the Shareholder proposes to nominate for election or reelection to the Board, a Shareholder's notice must, in addition to the matters set forth in paragraphs (a) and (c) above, also include a completed and signed questionnaire, representation and agreement required by Section 2.14 of these Bylaws. The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent Director of the Corporation or that could be material to a reasonable Shareholder's understanding of the independence, or lack thereof, of such nominee.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of these Bylaws, "public announcement" shall mean disclosure in a press release reported by a regional or national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the provisions of these Bylaws, a Shareholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in these Bylaws; provided, however, that any references in these Bylaws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to Section 2.12 of these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing in these Bylaws shall be deemed to affect any rights (i) of Shareholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act, or (ii) of the holders of any series of preferred stock if and to the extent provided for under applicable law, the Articles of Incorporation, or these Bylaws. Subject to Rule 14a-8 under the Exchange Act, nothing in these Bylaws shall be construed to permit any Shareholder, or give any Shareholder the right, to include or have disseminated, or described in the Corporation's proxy statement any nomination of Director or Directors or any other business proposal.

&nbsp;&nbsp;&nbsp;&nbsp;<u>2.14</u> <u>Submission of Questionnaire, Representation and Agreement</u>. To be eligible to be a nominee for election or reelection as a Director of the Corporation, a person must deliver (in accordance with the time periods prescribed for delivery of notice under Section 2.13 of these Bylaws) to the Secretary at the principal executive offices of the Corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request), and a written representation and agreement (in the form provided by the Secretary upon written request) that such person (A) is not and will not become a party to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a Director of the Corporation, will act or vote on any issue or question (a "Voting Commitment") that has not been disclosed to the Corporation or (2) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a Director of the Corporation, with such person's fiduciary duties under applicable law, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a Director that has not been disclosed therein, and (C) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a Director of the Corporation, and will comply with all applicable corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation publicly disclosed from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;<u>2.15</u> <u>Written Consent of Shareholders Without a Meeting</u>. Action required or permitted by the General Corporation Law to be taken at a Shareholders' meeting may be taken without a meeting if the action is taken by all the Shareholders entitled to vote on the action and evidenced by one or more written consents bearing the date of signature and describing the action taken, signed by the holders of the requisite number of shares entitled to vote on the action. Additionally, if provided in the Articles of Incorporation, any action required or permitted by the General Corporation Law to be taken at a Shareholders' meeting may be taken without a meeting, and without prior notice, if consents in writing setting forth the action so taken are signed by the holders of outstanding shares having not less than the minimum number of votes that would be required to authorize or take the action at a meeting at which all shares entitled to vote on the action were present and voted. In either case, such consents shall be delivered (by hand or by certified or registered mail, return receipt requested, or by electronic or remote communication) to the Office of the Corporation, or to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of Shareholders are recorded, or to any other officer or agent designated by the Board. Every written consent shall bear the date of signature of each Shareholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated consent delivered in the manner required by this Section 2.15, written consents signed by a sufficient number of holders to take action are delivered to the Corporation as aforesaid. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent, and in no case more than 10 days after written consents sufficient to take the action have been delivered to the Corporation, shall, to the extent required by applicable law, be given to those Shareholders who have not consented in writing, and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the Corporation.

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**ARTICLE 3**

**DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.1</u> <u>General Powers</u>. Except as otherwise provided in the Articles of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board. The Board may adopt such rules and regulations, not inconsistent with the Articles of Incorporation, these Bylaws, or applicable law, as it may deem proper for the conduct of its meetings and the management of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.2</u> <u>Number; Qualification; Term of Office</u>. The Board shall consist of at least one, and no more than ten directors, and the number of directors may be increased or decreased from time to time by resolution of the Board. At the time of incorporation, the Board shall consist of three directors. Except as provided in Section 3.3, Directors shall be elected at the annual meeting of Shareholders by a plurality of the votes cast at a meeting of the Shareholders by the holders of stock entitled to vote in the election. Each Director shall hold office until his or her successor is elected and qualified, or until the Director's earlier death, resignation, disqualification or removal. Directors need not be Shareholders, and need not be residents of the State of Wyoming.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.3</u> <u>Newly Created Directorships and Vacancies</u>. Unless otherwise provided by applicable law or the Articles of Incorporation, any newly created directorships resulting from an increase in the authorized number of Directors and any vacancies occurring in the Board for any cause may be filled by the affirmative vote of a majority of the remaining members of the Board, although less than a quorum, or by a sole remaining Director. A Director so elected shall hold office until the expiration of the term of office of the Director whom he or she has replaced, if applicable, or until a successor is elected and qualified, or until the Director's earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.4</u> <u>Resignation</u>. Any director may resign at any time by notice given in writing or by electronic transmission to the Board, the Chairman, or the Corporation. Such resignation shall take effect when the notice is delivered or at such later effective date or upon the happening of an event or events as is therein specified. A verbal resignation shall not be deemed effective until confirmed by the director in writing or by electronic transmission to the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.5</u> <u>Removal</u>. Except as prohibited by applicable law, or the Articles of Incorporation, the Shareholders holding a majority of the shares then entitled to vote at an election of directors may remove any director from office with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.6</u> <u>Regular Meetings</u>. Regular meetings of the Board may be held without notice at such times and at such places within or without the State of Wyoming as may be determined from time to time by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.7</u> <u>Special Meetings</u>. Special meetings of the Board may be held at such times and at such places within or without the State of Wyoming whenever called by the Chairman, the Chief Executive

Officer, or the Secretary, or by any two or more Directors on at least 24 hours' notice to each Director given by one of the means specified in Section 3.10 hereof other than by mail, or on at least three days' notice if given by mail. Special meetings shall be called by the Chairman, Chief Executive Officer, or Secretary in like manner and on like notice on the written request of any two or more of the Directors then serving as Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.8</u> <u>Telephone Meetings</u>. Directors or members of any committee designated by the Board may participate in a meeting of the Board or of such committee by means of conference telephone, or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 3.8 shall constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.9</u> <u>Adjourned Meetings</u>. A majority of the Directors present at any meeting of the Board, including an adjourned meeting, whether or not a quorum is present, may adjourn such meeting to another time and place. At least 24 hours' notice of any adjourned meeting of the Board shall be given to each Director whether or not present at the time of the adjournment, if such notice shall be given by one of the means specified in Section 3.10 hereof other than by mail, or at least three days' notice if by mail. Any business may be transacted at an adjourned meeting that might have been transacted at the meeting as originally called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.10</u> <u>Notice Procedure</u>. Subject to Sections 3.7 and 3.11 hereof, whenever under applicable law, the Articles of Incorporation, or these Bylaws, notice is required to be given to any Director, such notice shall be deemed given effectively if given in person or by telephone, by mail addressed to such Director at such Director's address as it appears on the records of the Corporation, with postage thereon prepaid, or by telegram, telecopy (facsimile) or by other means of electronic transmission such as electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.11</u> <u>Waiver of Notice</u>. Whenever the giving of any notice to Directors is required by applicable law, the Articles of Incorporation, or these Bylaws, a waiver thereof, given by the Director entitled to said notice, whether before or after the event as to which such notice is required, shall be deemed equivalent to notice. Attendance by a Director at a meeting shall constitute a waiver of notice of such meeting unless the Director at the beginning of the meeting or promptly upon his arrival objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or assent to action taken at the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Directors or a committee of Directors need be specified in any waiver of notice unless so required by applicable law, the Articles of Incorporation or these Bylaws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.12</u> <u>Organization</u>. At each meeting of the Board, the Chairman, or in the absence of the Chairman, the Chief Executive Officer, or in the absence of the Chief Executive Officer, the President, or in the absence of the President, a chairman chosen by a majority of the Directors present, shall preside. If present, the Secretary shall act as secretary at each meeting of the Board. In case the Secretary shall be absent from any meeting of the Board, an Assistant Secretary shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the Secretary and all Assistant Secretaries, the person presiding at the meeting may appoint any person to act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.13</u> <u>Quorum of Directors</u>. The presence in person of a majority of the Entire Board shall be necessary and sufficient to constitute a quorum for the transaction of business at any meeting of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.14</u> <u>Action by Majority Vote</u>. Except as otherwise expressly required by applicable law, the Articles of Incorporation, or these Bylaws, the vote of a majority of the Directors present at a meeting at which a quorum is present shall be the act of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.15</u> <u>Action Without Meeting</u>. Unless otherwise restricted by the Articles of Incorporation, applicable law, or these Bylaws, any action required or permitted to be taken at any meeting of the Board, or of any committee thereof may be taken without a meeting if the requisite number of members of the Board or members of such committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee. If action is taken by less than unanimous written consent of the Directors, the Corporation shall give the nonconsenting or nonvoting Directors written notice of the action not more than ten days after written consents sufficient to take the action have been delivered to the Corporation in accordance with Section 17-16-821 of the General Corporation Law.

**ARTICLE 4**

**COMMITTEES OF THE BOARD**

The Board may, by resolution, designate one or more committees, each committee to consist of one or more of the Directors of the Corporation. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of such committee. If a member of a committee shall be absent from any meeting, or disqualified from voting thereat, the remaining member or members present at the meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may, by a unanimous vote, appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent permitted by applicable law and to the extent provided in the resolution of the Board designating such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it. Unless otherwise specified in the resolution of the Board designating a committee, at all meetings of such committee, a majority of the then authorized members of the committee shall constitute a quorum for the transaction of business, and the vote of a majority of the members of the committee present at any meeting at which there is a quorum shall be the act of the committee. Each committee shall keep regular minutes of its meetings. Unless the Board otherwise provides, each committee designated by the Board may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board conducts its business pursuant to Article 3 of these Bylaws.

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**ARTICLE 5**

**OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.1</u> <u>Positions</u>. The officers of the Corporation shall include a Chief Executive Officer, a Principal Financial Officer, a Secretary, and such other officers as the Board may elect, including a Chairman, President, one or more Vice Presidents, and one or more Assistant Secretaries and Assistant Principal Financial Officers, who shall exercise such powers and perform such duties as shall be determined from time to time by resolution of the Board. The Board may elect one or more Vice Presidents as Executive Vice Presidents and may use descriptive words or phrases to designate the standing, seniority or areas of special competence of the Vice Presidents elected or appointed by it. Any number of offices may be held by the same person unless the Articles of Incorporation, or these Bylaws otherwise provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.2</u> <u>Election</u>. The officers of the Corporation shall be elected by the Board at its annual meeting or at such other time or times as the Board shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.3</u> <u>Term of Office</u>. Each officer of the Corporation shall hold office for the term for which he or she is elected and until such officer's successor is elected and qualifies or until such officer's earlier death, resignation, or removal. Any officer may resign at any time upon written notice to the Corporation. Such resignation shall take effect when the notice is delivered unless the notice specifies a later effective time, and, unless otherwise specified, the acceptance of such resignation shall not be necessary to make it effective. The resignation of an officer shall be without prejudice to the contractual rights of the Corporation, if any. Any officer may be removed at any time, with or without cause by the Board. Any vacancy occurring in any office of the Corporation may be filled by the Board. The removal of an officer with or without cause shall be without prejudice to the officer's contract rights, if any. The election or appointment of an officer shall not of itself create contractual rights in favor of such officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.4</u> <u>Fidelity Bonds</u>. The Corporation may secure the fidelity of any or all of its officers or agents by bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.5</u> <u>Chairman</u>. The Chairman, if one shall have been appointed, shall preside at all meetings of the Board and shall exercise such powers and perform such other duties as shall be determined from time to time by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.6</u> <u>Chief Executive Officer</u>. The Chief Executive Officer of the Corporation shall have general supervision over the business of the Corporation, subject, however, to the control of the Board and of any duly authorized committee of the Board. Except as otherwise provided in Section 2.11, the Chief Executive Officer shall preside at all meetings of the Shareholders and shall also, if a Director, preside at all meetings of the Board at which the Chairman (if there be one) is not present. The Chief Executive Officer may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts and other instruments, except in cases in which the signing and execution thereof shall be expressly delegated by resolution of the Board or by these Bylaws to some other officer or agent of the Corporation, or shall be required by applicable law otherwise to be signed or executed and, in general, the Chief Executive Officer shall perform all duties incident to the office of a Chief Executive Officer or President of a corporation and such other duties as may from time to time be assigned to the Chief Executive Officer by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.7</u> <u>President</u>. The President, if any, shall have such powers and perform such duties as may be specified in these bylaws or prescribed by the Board. If the Chief Executive Officer is absent or disabled, the President shall succeed to the Chief Executive Officer's powers and duties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.8</u> <u>Vice Presidents</u>. At the request of the Chief Executive Officer or the President, or, in the absence of both the Chief Executive Officer and President, at the request of the Board, the Vice Presidents shall (in such order as may be designated by the Board, or, in the absence of any such designation, in order of seniority based on age) perform all of the duties of the Chief Executive Officer and, in so performing, shall have all the powers of, and be subject to all restrictions upon, the Chief Executive Officer. Any Vice President may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts or other instruments, except in cases in which the signing and execution thereof shall be expressly delegated by resolution of the Board or by these Bylaws to some other officer or agent of the Corporation, or shall be required by applicable law otherwise to be signed or executed, and each Vice President shall perform such other duties as from time to time may be assigned to such Vice President by resolution of the Board or by the Chief Executive Officer or President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.9</u> <u>Secretary</u>. The Secretary shall attend all meetings of the Board and of the Shareholders and shall record all the proceedings of the meetings of the Board and of the Shareholders in a book to be kept for that purpose, and shall perform like duties for committees of the Board, when required. The Secretary shall give, or cause to be given, notice of all special meetings of the Board and of the Shareholders and shall perform such other duties as may be prescribed by the Board or by the Chief Executive Officer, under whose supervision the Secretary shall be. The Secretary shall have custody of the corporate seal of the Corporation, if any, and the Secretary, or an Assistant Secretary, shall have authority to affix the same on any instrument requiring it, and when so affixed, the seal may be attested by the signature of the Secretary or by the signature of such Assistant Secretary. The Board may, by resolution, give general authority to any other officer to affix the seal of the Corporation and to attest the same by such officer's signature. The Secretary or an Assistant Secretary may also attest all instruments signed by the Chief Executive Officer, President or any Vice President. The Secretary shall have charge of all the books, records and papers of the Corporation relating to its organization and management, shall see that the reports, statements and other documents required by applicable law are properly kept and filed and, in general, shall perform all duties incident to the office of Secretary of a corporation and such other duties as may from time to time be assigned to the Secretary by resolution of the Board or by the Chief Executive Officer or President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.10</u> <u>Principal Financial Officer</u>. The Principal Financial Officer, who may also be the Chief Financial Officer, shall have charge and custody of, and be responsible for, all funds, securities and notes of the Corporation; receive and give receipts for moneys due and payable to the Corporation from any sources whatsoever; deposit all such moneys and valuable effects in the name and to the credit of the Corporation in such depositaries as may be designated by the Board; against proper vouchers, cause such funds to be disbursed by checks or drafts on the authorized depositaries of the Corporation signed in such manner as shall be determined by the Board and be responsible for the accuracy of the amounts of all moneys so disbursed; regularly enter or cause to be entered in books or other records maintained for the purpose full and adequate account of all moneys received or paid for the account of the Corporation; have the right to require from time to time reports or statements giving such information as the Principal Financial Officer may desire with respect to any and all financial transactions of the Corporation from the officers or agents transacting the same; render to the Chief Executive Officer or the Board, whenever the Chief Executive Officer or the Board shall require the Principal Financial Officer so to do, an account of the financial condition of the Corporation and of all financial transactions of the Corporation; disburse the funds of the Corporation as ordered by the Board; and, in general, perform all duties incident to the office of Principal Financial Officer of a corporation and such other duties as may from time to time be assigned to the Principal Financial Officer by resolution of the Board or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.11</u> <u>Assistant Secretaries and Assistant Principal Financial Officers</u>. Assistant Secretaries and Assistant Principal Financial Officers shall perform such duties as shall be assigned to them by the Secretary or by the Chief Financial Officer, respectively, or by resolution of the Board or by the Chief Executive Officer.

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**ARTICLE 6**

**CERTAIN LITIGATION MATTERS**

Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.1</u> <u>Exclusive Forum</u>. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for any claim or counterclaim, including without limitation (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's Shareholders, (iii) any action asserting a claim arising pursuant to any provision of the General Corporation Law, or (iv) any action asserting a claim governed by the internal affairs doctrine, shall be a state or federal court located within the State of Wyoming, in all cases subject to the court having personal jurisdiction over the indispensable parties named as defendants. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.2</u> <u>Conflict with Applicable Law or Articles of Incorporation</u>. These Bylaws are adopted subject to any applicable law and the Articles of Incorporation. Whenever these Bylaws may conflict with any applicable law or the Articles of Incorporation, such conflict shall be resolved in favor of such law or the Articles of Incorporation.

**ARTICLE 7**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.1</u> <u>Certificates Representing Shares</u>. Shares of the Corporation's stock may be certificated or uncertificated, as provided under applicable law. Every holder of stock represented by certificates, and upon request every holder of uncertificated shares, shall be entitled to have a certificate signed by or in the name of the Corporation by the Chairman, if any, or the Chief Executive Officer, President or a Vice President and by the Secretary or an Assistant Secretary or the Principal Financial Officer or an Assistant Principal Financial Officer, certifying the number of shares owned by such Shareholder in the Corporation. Any or all of the signatures upon a certificate may be facsimiles. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon any certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, such certificate may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.2</u> <u>Transfer and Registry Agents</u>. The Corporation may from time to time maintain one or more transfer offices or agents and registry offices or agents at such place or places as may be determined from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.3</u> <u>Lost, Stolen or Destroyed Certificates</u>. The Corporation may issue a new certificate of stock in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.4</u> <u>Form of Records</u>. Any records maintained by the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.5</u> <u>Counting Time</u>. For all purposes of these Bylaws, whenever reference is made herein to a "day" or "days," such reference shall mean a calendar day. In addition, unless the General Corporation Law specifically requires otherwise, any and all weekend days shall also be considered days for purposes of these Bylaws. Notwithstanding the foregoing, if a due date for a particular action or a date for a meeting of the Board or members would otherwise fall on a federal or State of Wyoming holiday, or weekend day, such due date or date for such meeting shall instead fall on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.6</u> <u>Seal</u>. The Board may provide for a corporate seal, in which case such corporate seal shall have the name of the Corporation inscribed thereon and shall be in such form as may be approved from time to time by the Board. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.7</u> <u>Amendments</u>. These Bylaws may be adopted, amended, or repealed by the Board.

Date of Adoption: March 25, 2021

By Resolution of the Board of Directors of

Frontieras North America

____________________________________

____________

Secretary

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## Ex1A-3

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**<u>CONFIDENTIAL</u>**

<u>IMPORTANT INFORMATION</u>

THE SECURITIES OFFERED HEREIN HAVE NOT BEEN APPROVED, DISAPPROVED OR RECOMMENDED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE CONTENT OF THE SUBSCRIPTION AGREEMENT AND ANY ATTACHMENTS THERETO. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

THE PURCHASE OF THE SECURITIES DESCRIBED IN THIS SUBSCRIPTION AGREEMENT INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.

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**SUBSCRIPTION AGREEMENT**

**Class C Non-Voting Common Stock** 

**In**

**Frontieras North America, Inc.**

This Subscription Agreement (this "<u>Agreement</u>") is made between Frontieras North America, Inc., a company incorporated in Wyoming (the "Company").and the investor executing this Agreement (the "<u>Investor</u>"). Pursuant to this Agreement, and subject to its terms and conditions, Company agrees to sell to the Investor, and the Investor agrees to purchase, that certain number of shares (the "Shares") of the Class C non-voting common stock of Company specified below pursuant to Tier 2 of Regulation A (the "Offering") for total gross proceeds of up to $25,749,993.35.

The purchase price of such Shares is <u>$7.38</u> per share (the "Per Share Price").

**1. Subscription**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Investor hereby irrevocably subscribes for and agrees to purchase the number of Shares set forth on the signature page hereto at the Per Share Price, upon the terms and conditions set forth herein. The aggregate purchase price for the Shares with respect to each Investor (the "**Purchase Price**") is payable in the manner provided in ***Section 2(a)*** below. The minimum number of Shares that the Investor may purchase is 136 shares for a subscription price of $1,003.68, exclusive of the Investor Processing Fee (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) At subscription, Investor shall also pay to the Company a processing fee equal to 3.0% of the investment amount, capped at $80 per transaction (the "Investor Processing Fee"). The processing fee is not applied toward the purchase of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Investor understands that the Shares are being offered pursuant to the Form 1-A Regulation A offering statement of which the Offering Circular forms a part, filed with the SEC as part of the Offering Statement (SEC File No. [File No. XXX-XXXXX]), as may be amended from time to time. (the "**Offering Circular**"). By subscribing to the Offering, the Investor acknowledges that Investor has received and reviewed a copy of the Offering Circular and any other information required by Investor to make an investment decision with respect to the Shares. The Company will accept tenders of funds to purchase the Shares. The Company will close on investments on a "*rolling basis*," pursuant to the terms of the Offering Circular. As a result, not all investors will receive their Shares on the same date. After the Minimum Amount Offered has been raised, as per the Offering Circular, proceeds from the Offering will be made immediately available to the Company and the use of funds by the Company is not conditioned upon the sale of any other Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) This subscription may be accepted or rejected in whole or in part, for any reason or for no reason, by the Company at its sole and absolute discretion. In addition, the Company, at its sole and absolute discretion, may allocate to Investor only a portion of the number of the Shares that Investor has subscribed for hereunder. The Company, or its designated agents, will notify Investor whether this subscription is accepted (whether in whole or in part) or rejected. If Investor's subscription is rejected, Investor's payment (or portion thereof if partially rejected) will be returned to Investor without interest and, if rejected in whole, all of Investor's obligations hereunder shall terminate. In the event of rejection of this subscription in its entirety, or in the event the sale of the Shares (or any portion thereof) to an Investor is not consummated for any reason, this Subscription Agreement shall have no force or effect, except for ***Section 5*** hereof, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The terms of this Subscription Agreement shall be binding upon Investor and its permitted transferees, heirs, successors, and assigns (collectively, the "**Transferees**"); provided, however, that for any such transfer to be deemed effective, the Transferee shall have executed and delivered to the Company in advance an instrument in form acceptable to the Company in its sole discretion, pursuant to which the proposed Transferee shall acknowledge and agree to be bound by the representations and warranties of Investor and the terms of this Subscription Agreement. No transfer of this Agreement may be made without the consent of the Company, which may be withheld in its sole and absolute discretion.

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**2. Payment; Escrow/closings.** Investor will submit (i) a completed and executed Agreement, (ii) the Subscription Amount (Per Share Price × number of Shares) and (iii) the Investor Processing Fee, through the Company's online subscription flow hosted by the Company's FINRA-registered broker-dealer service provider and its affiliates (collectively, "Broker") using its affiliate's technology platform ("DealMaker"). Funds will be processed and disbursed in accordance with the offering arrangements described in the Company's Regulation A offering statement on Form 1-A, as qualified (the "Offering Circular"). The Company may conduct one or more rolling closings and may accept or reject subscriptions in whole or in part, in its sole discretion.

**3. Representations and Warranties of the Company**. The Company represents and warrants to Investor that the following representations and warranties are true and complete in all material respects as of the date of Closing: (a) (a) the Company is duly formed and validly existing under the laws of the State of Wyoming, with full power and authority to conduct its business as it is currently being conducted, to own its assets, and to consummate the transactions contemplated by this Subscription Agreement; (b) The issuance, sale, and delivery of the Shares in accordance with this Subscription Agreement have been duly authorized by all necessary corporate action on the part of the Company; (c) The Shares, when issued, sold, and delivered against payment therefor in accordance with the provisions of this Subscription Agreement, will be duly and validly issued, fully paid, and non-assessable; and (d) the acceptance by the Company of this Subscription Agreement and the consummation of the transactions contemplated hereby are within the Company's powers and have been duly authorized by all necessary corporate action on the part of the Company.

**4. Representations and Warranties of Investor**. By subscribing to the Offering, Investor (and, if Investor is purchasing the Shares subscribed for hereby in a fiduciary capacity, the person or persons for whom Investor is so purchasing) represents and warrants, which representations and warranties are true and complete in all material respects, as of the date of the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) ***Requisite Power and Authority***. (i) Investor has all requisite authority to purchase the Securities, enter into this Subscription Agreement, and to perform all the obligations required to be performed by Investor hereunder and thereunder, and none of the foregoing will contravene any law, rule, or regulation binding on Investor or any investment guideline or restriction applicable to Investor; (ii) if Investor is a legal entity, and not a natural person, Investor is duly formed and validly existing under the laws of the state of Investor's formation or domestication, with full power and authority to conduct its business as it is currently being conducted and to own its assets; (iii) Investor has all requisite legal capacity, power, and authority to consummate the transactions contemplated by this agreement and the Offering Circular; (iv) Investor is not acquiring the Securities as a nominee or agent or otherwise for any other person; (v) Investor will comply with all applicable laws and regulations in effect in any jurisdiction in which Investor purchases or sells securities and obtain any consent, approval, or permission required for such purchases or sales under the laws and regulations of any jurisdiction to which Investor is subject or in which Investor makes such purchases or sales, and the Company shall have no responsibility therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) ***Company Offering Circular***. Investor acknowledges the public availability of the Company's Offering Circular which can be viewed on the SEC Edgar Database, under the CIK number 0001978238. This Offering Circular is made available in the Company's qualified offering statement on SEC Form 1-A (SEC File No. [File No. XXX-XXXXX]), as amended. In the Company's Offering Circular, it makes clear the terms and conditions of the Offering of the Shares and the risks associated therewith are described. Investor has had an opportunity to discuss the Company's business, management, and financial affairs with directors, officers, and management of the Company. Investor has also had the opportunity to ask questions of and receive answers from the Company and its management regarding the terms and conditions of this investment. Except as set forth herein, no representations or warranties have been made to Investor, or to Investor's advisors or representative, by the Company or others with respect to the business or prospects of the Company or its financial condition. No federal or state agency including, without limitation, the SEC or the securities commission of any state, has approved or disapproved the Securities, passed upon the merits or risks of an investment in the Securities or made any finding or determination concerning the fairness or advisability of this investment. Investor has not been furnished and is not relying upon any offering literature regarding the Company or the Securities other than the Offering Circular.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) ***Investment Experience; Investor Determination of Suitability***. Investor has sufficient experience in financial and business matters to be capable of utilizing such information to evaluate the merits and risks of Investor's investment in the Shares, and to make an informed decision relating thereto. Alternatively, the Investor has utilized the services of a purchaser representative and together they have sufficient experience in financial and business matters that they are capable of utilizing such information to evaluate the merits and risks of Investor's investment in the Shares, and to make an informed decision relating thereto. Investor has evaluated the risks of an investment in the Shares, including those described in the section of the Offering Circular entitled "*Risk Factors*," and has determined that the investment is suitable for Investor. Investor has adequate financial resources for an investment of this character. Investor could bear a complete loss of Investor's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) ***No Registration***. Investor understands that the Shares are not being registered under the Securities Act on the ground that the issuance is exempt under Regulation A of Section 3(b) of the Securities Act, and that reliance on such exemption is predicated in part on the truth and accuracy of Investor's representations and warranties, and those of the other purchasers of the Shares, in the offering. Investor further understands that the Company is offering the Shares by members of its management and through broker/dealers who are registered with the Financial Industry Regulatory Authority ("**FINRA**"). The Investor covenants not to sell, assign, pledge, give, transfer, or otherwise dispose of the Securities or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Securities under the Securities Act and all applicable state securities laws, or in a transaction which is exempt from the registration provisions of the Securities Act and all applicable state securities laws; and (B) that the Company and its representatives and affiliates shall not be required to give effect to any purported transfer of such Securities except upon compliance with the foregoing restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) ***Illiquidity and Continued Economic Risk***. Investor acknowledges and agrees that there is no ready public market for the Shares and that there is no guarantee that a market for their resale will ever exist. The Company has no obligation to list any of the Shares on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Shares. Investor must bear the economic risk of this investment indefinitely and Investor acknowledges that Investor is able to bear the economic risk of losing Investor's entire investment in the Shares. Investor acknowledges and agrees that the Company may conduct future offerings, which will dilute the Investor's ownership interest in the Company, at its sole discretion without any notice to Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) ***Accredited Investor Status or Investment Limits***. Investor represents that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Investor is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Shares Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that the Purchase Price, together with any other amounts previously used to purchase Shares in this offering, does not exceed 10% of the greater of Investor's annual income or net worth (or in the case where Investor is a non-natural person, their revenue or net assets for such Investor's most recently completed fiscal year end).

Investor represents that to the extent it has any questions with respect to its status as an accredited investor, or the application of the investment limits, it has sought professional advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) ***Stockholder Information***. Within five days after receipt of a request from the Company, Investor hereby agrees to provide such information with respect to its status as a stockholder (or potential stockholder) and to execute and deliver such documents as may reasonably be necessary to comply with any and all laws and regulations to which the Company is or may become subject, including, without limitation, the need to determine the accredited investor status of the Company's stockholders. Investor further agrees that in the event it transfers any Shares, it will require the transferee of such Shares to agree to provide such information to the Company as a condition of such transfer. Investor understands that, unless Investor notifies the Company in writing to the contrary at or before the Closing, each of Investor's representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed and confirmed as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) ***Valuation; Arbitrary Determination of Per Share Price by the Company***. Investor acknowledges that the Per Share Price of the Shares to be sold in this Offering was set by the Company on the basis of the Company's internal valuation and no warranties are made as to value. Investor further acknowledges that future offerings of securities of the Company may be made at lower valuations, with the result that Investor's investment will bear a lower valuation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) ***Domicile***. Investor maintains Investor's domicile (and is not a transient or temporary resident) at the address provided with Investors subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) ***Foreign Investors***. If Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Investor hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Shares or any use of this Subscription Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Shares; (ii) any foreign exchange restrictions applicable to such purchase; (iii) any governmental or other consents that may need to be obtained; and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares. Investor's subscription and payment for and continued beneficial ownership of the Shares will not violate any applicable securities or other laws of Investor's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) ***Fiduciary Capacity***. Investor represents, warrants and agrees that, if Investor is acquiring the Securities in a fiduciary capacity: (i) the above representations, warranties, agreements, acknowledgements and understandings shall be deemed to have been made on behalf of the person or persons for whose benefit such Securities are being acquired; (ii) the name of such person or persons is indicated below under Investor's name; and (iii) such further information as the Company deems appropriate shall be furnished regarding such person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) ***Payment Authorization.*** By submitting this payment, Investor hereby authorizes DealMaker, the investment platform provider, to charge the designated payment method for the investment amount indicated. Investor understands this investment is subject to the terms of the offering and its associated rules and investor protections. Investor understands it is not a purchase of goods or services. Investor acknowledges that this transaction is final, non-refundable unless otherwise stated or required, and represents an investment subject to risk, including loss. Investor confirms that he/she/it has reviewed all offering documents and agrees not to dispute this charge with the bank or card issuer, so long as the transaction corresponds to the agreed terms and disclosures.

Investor acknowledges that its subscription and this Subscription Agreement would not be accepted by the Company in the absence of the foregoing representations, warranties, agreements, acknowledgments, and understandings.

**5. Indemnity**. Investor acknowledges and understands the meaning and legal consequences of the representations, warranties, agreements, acknowledgments and understandings set forth in this Subscription Agreement and agrees, to the maximum extent allowed by law, to indemnify and hold harmless the Company, its directors, officers, stockholders, managers, members, agents, employees, controlling persons within the meaning of Section 15 of the Securities Act, employees and attorneys from and against any and all losses, claims, actions, damages, liabilities, costs or expenses, including but not limited to attorneys' fees and court costs (collectively, "Claims"), to which any of the foregoing persons may become subject (including without limitation Claims under the Securities Act or under State Securities Laws), insofar as such Claims are due to or arise out of or are connected directly or indirectly to any breach of any such representation, warranty, agreement, acknowledgment or understanding made by the Investor, regardless of whether the Claim is brought or caused by the undersigned or another party.

**6. Waiver of Rights** By making the foregoing representations and warranties, the Investor does not waive any right of action under federal or state securities laws. However, the Company may assert the Investor's representations and warranties on the Company's own behalf in any proceeding or other dispute with any party. This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of Wyoming, without giving effect to any principles of conflict of laws. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, INVESTOR IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT.

**7. Notices**. All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally, sent by electronic mail or sent by registered or certified mail, return receipt requested, postage prepaid to Investor at the address indicated on the signature page to this Subscription Agreement and to the Company at the following address (or such other address as either party shall have specified by notice in writing to the other):

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If to the Company: Frontieras North America, Inc.<br> 71000 Main Street Suite 2300<br> Houston, TX 77002<br> Phone: (602) 509-0950

**8. Miscellaneous**. Other than as set forth herein, this Subscription Agreement is not transferable or assignable by Investor. The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors, and assigns. None of the provisions of this Subscription Agreement may be waived, changed, or terminated orally or otherwise, except as specifically set forth herein or except by a writing signed by the Company and Investor. If any term or provision of this Subscription Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Subscription Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. This Subscription Agreement supersedes all prior discussions and agreements between the parties, if any, with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect to the subject matter hereof. The terms and provisions of this Subscription Agreement are intended solely for the benefit of each party hereto and their respective successors and assigns, and it is not the intention of the parties to confer, and no provision hereof shall confer, third-party beneficiary rights upon any other person. The section and other headings contained in this Subscription Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Subscription Agreement. This Subscription Agreement may be executed in one or more counterparts. No failure or delay by any party in exercising any right, power or privilege under this Subscription Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

**10. Consent to Electronic Delivery of Notices, Disclosures and Forms**. Digital ("electronic") signatures, often referred to as an "e-signature", enable paperless contracts and help speed up business transactions. The 2001 E-Sign Act was meant to ease the adoption of electronic signatures. The mechanics of this Subscription Agreement's electronic signature include your signing this Agreement below by typing in your name, with the underlying software recording your IP address, your browser identification, the timestamp, and a securities hash within an SSL encrypted environment. You and the Company each hereby consent and agree that electronically signing this Agreement constitutes your signature, acceptance and agreement as if actually signed by you in writing. Further, all parties agree that no certification authority or other third party verification is necessary to validate any electronic signature; and that the lack of such certification or third party verification will not in any way affect the enforceability of your signature or resulting contract between you and the Company. You understand and agree that your e-signature executed in conjunction with the electronic submission of this Subscription Agreement shall be legally binding and such transaction shall be considered authorized by you. You agree your electronic signature is the legal equivalent of your manual signature on this Subscription Agreement and you consent to be legally bound by this Subscription Agreement's terms and conditions. Furthermore, you and the Company each hereby agree that all current and future notices, confirmations and other communications regarding this Subscription Agreement specifically, and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Subscription Agreement or as otherwise from time to time changed or updated and disclosed to the other party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communication being diverted to the recipient's spam filters by the recipient's email service provider, or due to a recipient's change of address, or due to technology issues by the recipient's service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire.

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**[SIGNATURE PAGE TO FOLLOW]**

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## Ex1A-6

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<u>LICENSE AGREEMENT</u>

AGREEMENT made effective as of the 22<sup>nd</sup> day of July, 2022, between the parties as hereinafter defined.

1. <u>PARTIES TO THE AGREEMENT</u>

The parties to this Agreement are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 FRONTIER APPLIED SCIENCES, INC., which is a corporation organized and existing under the laws of the State of Nevada, with offices at 7349 Via Paseo Del Sur 515-181 , Scottsdale, *AZ* 85258 (hereinafter referred to as "FAS").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 FRONTIERAS NORTH AMERICA, INC., which is a corporation organized and existing under the laws of the State of Wyoming, with principal offices at 7349 Via Paseo Del Sur 515-181, Scottsdale, AZ 85258 (hereinafter referred to as "FNA").

2. <u>CONSIDERATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The consideration for this Agreement shall be the mutual covenants, terms and conditions recited herein.

3. <u>DEFINITIONS OF GENERAL TERMS</u>

As used in this Agreement, the following terms shall have meanings as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The term "parties" shall mean FAS and FNA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The term "FAS Patent Rights" 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;(a) all patents and patent applications, set forth in Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all patents and patent applications for improvements on, or to, the subject matter of the patents and patent applications set forth in Schedule A, which schedule shall be annually amended to include any new patents and patent applications; 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;(c) all reissue patents; reexamination certificates; and patents issuing from any divisional, provisional, non-provisional, continuation, continuation- in-part, reissue or RCE applications which either refer or relate to the subject matter, or claim the priority of, the patents or patent applications of paragraphs 3.2(a) and 3.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The term "FAS Processes and Products" shall mean: processes for the Solid Carbon Fractionation Technology including the FAS Patent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The term "Licensed Technology" shall mean the present and future technological know-how of FAS comprised of trade secrets, engineering specifications and drawings, formulas, manufacturing techniques, confidential information, sales and marketing information and expertise relating to the FAS Processes and Products of paragraph 3.3, which is conveyed to FNA in a tangible form, reduced to writing, and marked "PROPRIETARY." If in the event any Licensed Technology is conveyed to FNA orally, FAS has thirty (30) days from the date of such oral disclosure to reduce the substance of such disclosure into a writing marked "PROPRIETARY." If FNA disputes the designation of any information as being Licensed Technology, the parties will first act in good faith to resolve the dispute. If the parties are unable to resolve the dispute, the dispute shall then be the subject of a mediation. If the mediation is unsuccessful to resolve the dispute, the dispute shall be submitted to binding arbitration in accordance with paragraphs 17.1 and 17.2. The present Licensed Technology shall be conveyed to FNA upon the execution of this Agreement. FAS, no less than annually each year in December, shall convey to FNA any changes and improvements to the Licensed Technology, not previously provided to FNA.

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3*.5* The term "Subsisting Claim" shall mean any patent claim of FAS Patent Rights or any patent claim of any reissue or extension of FAS Patent Rights, which patent claim has not expired or lapsed, or which patent claim bas not been abandoned, cancelled, disclaimed, awarded to another in an interference proceeding, declared invalid by a court of competent jurisdiction in a final judgment from which no appeal was timely taken and prosecuted to conclusion, or otherwise rendered unenforceable. A Subsisting Claim within this Agreement shall be deemed to have existence only within the area over which that country issuing the patent containing the claim exercises jurisdiction.

4. <u>BACKGROUND AND REPRESENTATIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 FAS owns the Licensed Technology relating to the FAS Processes and Products of paragraph 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The parties represent and warrant that they have the right and power to enter into this Agreement and will not participate in any arrangements inconsistent with or in conflict with this Agreement, whether directly or indirectly.

*5.* <u>LICENSE GRANTED TO FNA</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 FAS hereby grants to FNA an exclusive license of the Licensed Technology for the location identified in paragraph 5.2 to make, use, offer to sell, sell, and to have made the Licensed Technology relating to the FAS Processes and Products of paragraph 3.3. Such licenses include the right of FNA to sublicense other entities. The licenses of this paragraph 5.1 are exclusive to the location identified in paragraph 5.2 including as to FAS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The foregoing licenses extend to the following territories only: The United States of America and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 FAS hereby warrants and represents to FNA that it has not previously granted to any third party any of the rights hereby granted to FNA, on an exclusive, or non-exclusive, basis, other than to CPT Energy, LLC, an Idaho limited liability company in accordance with that Agreement between FAS and CPT Energy, LLC, dated December 14, 2019, a copy of which has been provided to FNA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 FNA shall maintain m strictest confidentiality and secrecy FAS's Licensed Technology in and relating to the FAS Processes and Products and their manufacture and use, and FNA shall not make or permit the making of any disclosures thereof to any person excepting only such directors, officers, supervisors, employees, and investors of FNA whose duties and responsibilities require that they be apprised of the same. This obligation survives the termination of this Agreement under paragraph 10.1 as to Licensed Technology which:

&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) FNA did not have in its possession in written or physical embodiment form prior to the disclosures made to FNA by FAS in connection with the negotiations of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not in the normal and routine course of its business come into the possession of FNA from and through independent, nonconfidential sources;

&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) is not published by anybody in a printed publication of which copies are disseminated publicly to more than 100 unrelated parties in a country where FNA has operations or business activity; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is not disclosed in any patent of any country, which patent is brought to issue by FAS or parties associated with FAS, other than FNA, in the development, use, and marketing of the Licensed Technology, regardless of whether copies of the patent have been distributed.

6. <u>COMPENSATION DUE FAS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The compensation to be paid to FAS by FNA for the licenses granted to FNA pursuant to paragraph 5.1, shall consist of an annual license fee in the amount ofUS$950,000 per year per refinery built by FNA which uses the Licensed Technology to be paid in quarterly installments commencing October 1, 2022, and continuing until the expiration or termination of this Agreement, whichever is earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The compensation to be paid by FNA pursuant to Section 6.1 may be accrued, instead of paid, at the sole discretion of FNA until the first refinery which uses the Licensed Technology shall be commissioned and operational. Once the first refinery is operational, any accrued amounts must be paid current

7. <u>THIRD-PARTY TECHNOLOGY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 FAS represents and warrants that it has no knowledge of any patents, trade secrets, confidential and/or proprietary information, trademarks, or copyrights ("Intellectual Property") belonging to third parties, which encompass the manufacture, sale or use of the FAS Processes and Products; but FAS cannot warrant that such Intellectual Property might not prove to exist If manufacture, sale, or use of the FAS Processes and Products by FNA or its customers results in a claim of infringement, unauthorized use and/or misappropriation of Intellectual Property against FNA or its customers, the costs of defending against such claim and any damages awarded to such third party shall be borne by FAS. FNA shall promptly notify FAS of any such claims.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 If FNA discovers a third party infringing upon the FAS Patent Rights, in the territory of paragraph 5.2, FNA shall promptly notify FAS of such infringement. FAS may elect to prosecute such infringement at its own expense and shall be entitled to receive all monies received by way of judgment or settlement thereof. Should FAS not elect to proceed with prosecuting such infringement, FNA may, at its own expense, elect to prosecute such infringement and shall be entitled to receive all monies received by way of judgment or settlement thereof. Alternatively, should the parties mutually agree, FAS and FNA may jointly prosecute such infringement and will jointly and equally share the expenses of prosecution of such infringement and the monies received by way of judgment or settlement thereof. In any event, FAS and FNA shall cooperate with one another to insure the successful prosecution of such infringement, including, but not limited to, providing testimony, affidavits, and assistance to the other parties' counsel, as is reasonably required to achieve successful prosecution of such infringement.

8. <u>NAMES, SERVICE MARKS AND TRADEMARKS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Except as provided in this Agreement, the trademarks, service marks or trade names of either party shall not be used by the other party or by a subsidiary or associated company of either party; or in combination with any other trade names, trademarks, characters, figures, marks or other designations of any of these companies, without the prior written approval of the other party and execution by each party of a Trademark License Agreement or similar agreement between FAS and FNA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Any rights that may accrue through the use of either party's name, trade name, service marks or trademarks by the other party or a subsidiary or associated company of the other party (other than general goodwill) shall accrue to the benefit of the party who owns the name, trade name or trademark and not to any of those companies.

9. <u>OWNERSHIP OF MARKS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Ownership of Marks. Each Party recognizes the other Party's ownership and title to certain trademarks, service marks, logos, and trade names (collectively the "Marks"), whether registered federally or in any state(s). Neither Party will, at any time during the Term of this Agreement or at any time thereafter, do or suffer to be done any act or thing that could in any way impair the rights of the other Party in and to such mark(s) and name(s), and particularly will not represent that it has any title or right of ownership in the other Party's mark(s) and name(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Use of Marks. During the Term of this Agreement, FAS grants to FNA a nonexclusive license to use and reproduce FAS's Marks which include FASCarbon™ and FASForm™ in connection with FNA's business, including FNA's marketing, promotion, operating, and distribution efforts. FNA's use of the Marks shall not create any further right, title or interest therein. FAS will provide FNA with acceptable logo and trademark formats which must be used on all representations of the Licensed Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Placement of Marks. FNA shall place in a conspicuous location on any Licensed Product(s) made or sold under the Licensed Technology hereunder, a patent, trademark and/or copyright notice in accordance with the laws concerning the marking of patented or trademarked articles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Use of Marks Upon Termination. Upon termination of the Agreement, both Parties shall discontinue any use of the other Party's names and marks.

10. <u>FORCE MAJEURE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The obligations of each party under this Agreement shall be suspended during the period and to the extent that that party is prevented or hindered from complying with them by any cause beyond its reasonable control including but not limited to (insofar as beyond such control but without prejudice to the generality of the foregoing expression) strikes, lock-outs, labor disputes, acts of God, pandemics, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm, snow storm, difficulty or increased expense in obtaining workmen, materials, goods or raw materials in connection with the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 In the event of either party being so hindered or prevented, the party concerned shall give notice of suspension as soon as reasonably possible to the other party stating the date and extent of the suspension and its cause, and the omission to give such notice shall forfeit the rights of that party to claim suspension. Any party whose obligations have been suspended as aforesaid shall resume the performance of those obligations as soon as reasonably possible after the removal of the cause and shall so notify the other party.

11. <u>ASSIGNMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Neither FAS nor FNA may assign, transfer or otherwise dispose of this Agreement or their rights and obligations under this Agreement, m whole or in part, without the prior written consent of the other, which consent shall not be unreasonably withheld, and provided the assignee or transferee agrees to be bound by the terms and conditions of this Agreement.

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12. <u>TERM AND TERMINATION</u>

12. l Either FAS or FNA may terminate this Agreement by either party giving notice to the other party if there occurs any of the following on the part of the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ceasing to do business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becoming insolvent;

&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) commencing or filing any voluntary proceeding or petition in bankruptcy under Chapter 7 of the United States Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making an assignment for the benefit of creditors;

&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) entering into a composition with creditors:

&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) filing for an involuntary proceeding or petition in bankruptcy under Chapter 7 of the United States Bankruptcy Code or involuntary receivership, provided that if such proceeding, petition or receivership is terminated, there shall be no grounds for cancellation;

&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) failure to perform any obligation under this Agreement in any material respect, and failing to cure such default within thirty (30) days after receipt of notice of such default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The term of this Agreement is twenty-five (25) years or until there are no Subsisting Claims, whichever period of time is longer, at which time FNA's obligation of confidentiality and secrecy under paragraph 5.5 shall cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Upon termination of this Agreement by FAS pursuant to paragraph 10.1, prior to the term thereof of paragraph 10.2, FNA shall return to FAS all documents, whether originals or copies, relating to the Licensed Technology of paragraph 3.4 and shall cease to use such Licensed Technology.

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13. <u>PATENT MARKING</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 FNA shall mark all the FAS Process and Products with an appropriate patent legend upon the request of FAS.

14. IMPROVEMENTS MADE BY FAS AND FNA

14. l If FNA obtains any patents claiming improvements to the FAS Patent Rights, FNA shall grant FAS a paid-up, royalty-free license under any such patents for all locations other than *the* location identified in paragraph 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 If FAS obtains any patents claiming improvements to the FAS Patent Rights, FAS shall grant FNA a paid-up, royalty-free license under any such patents for the location identified in paragraph 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Each party, not less than twice a year in January and July of each year, shall notify, and disclose to, the other party: (1) any improvements on, or to, the FAS Processes and Products; and (2) improvements on, or to, the subject matter of the patents and patent applications set forth in Schedule A.

15. <u>FUTURE ASSISTANCE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 FNA, at its sole discretion, may request from FAS engineering, design, consulting, and/or support services ("Services") to enable FNA to exercise its rights under this Agreement. Upon such request by FNA, FAS shall provide the requested Services at costs and rates, which in no event shall exceed standard, competitive rates and costs of other service providers for such Services. To the extent that FNA requires and requests Licensed Technology such as, by way of example only, engineering specifications and drawings, which have been previously prepared by FAS, FNA shall only pay the reasonable costs of reproductions and duplications of such materials.

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16. <u>ENTIRE AGREEMENT</u>

16. l This Agreement constitutes the entire Agreement of the parties with respect to the Licensed Technology, and supersedes all previous negotiations, agreements, understandings or commitments and shall not be released, discharged, changed or modified, except by instruments in writing signed by duly authorized officers or representatives of the parties.

17. <u>NOTICES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 All notices to be given hereunder shall be in writing and hand-delivered, sent by certified mail, return receipt requested, or by recognized over-night carrier to the addresses specified in paragraph 1, or at such other address as may be given by notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 All notices shall be deemed to have been given upon receipt if hand delivered, three days following deposit in the mail properly addressed and with proper postage, or the day following delivery to a recognized over-night carrier.

I 7.3 If the terms of this Agreement are such as to require or make it appropriate that the Agreement or any part of it be registered with or reported to a national or supranational agency of any area in which FNA will do business under this Agreement, such party will, at its own expense, undertake such registration or report Prompt notice and appropriate verification of the act of registration or report of any agency ruling resulting from it shall be supplied to the other party.

18. <u>GOVERNING LAW</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 The formation, validity, construction and performance of this Agreement shall be governed by the laws of the State of Arizona, USA.

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19. <u>ARBITRATION</u>

19. l Any dispute, controversy or difference arising in connection with or in relation to this Agreement, other than the validity, enforceability or infringement of FAS Patent Rights, which is not settled by agreement of the parties by a mediation as provided for in paragraph 3.4, shall be finally settled in accordance with the rules then obtaining of the American Arbitration Association, whose award shall be final and binding on all parties. Any such award granted by arbitration shall be enforceable in a Court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 The place of arbitration shall be Phoenix, Arizona. The costs of such arbitration shall be borne by the parties respectively as incurred by them or as awarded in arbitration.

20. <u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 FNA shall act as an independent contractor pursuant to this Agreement and nothing herein shall be construed to create the relationship of joint venturers, partners, principal and agent, or employer and employee between FAS and FNA. FNA has no authority to make or imply any commitments that are binding upon FAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The parties shall comply with all Federal, state, provincial and local laws, regulations, rules, ordinances and orders of any kind that are applicable to their performance hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 No waiver by FAS or FNA of any default of the other hereunder shall operate as a waiver of any future default whether of like or different character.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 This Agreement may be executed in any number of counterparts with the same effect as if all signatories had signed the same document. All counterparts shall be construed together to constitute one and the same instrument.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.5 If any term or provision of this Agreement or the application thereof to any circumstance shall be invalid or unenforceable, the remainder of this Agreement or the application thereof to any circumstance other than that to which it is invalid or unenforceable shall not be affected thereby.

IN WITNESS WHEREOF the parties have caused this Agreement to be executed in duplicate originals on dates beside the signatures below to be effective as of the date in the preamble of this Agreement.

![](exhibit6-1xm001.jpg)

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![](exhibit6-1xm002.jpg)

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SCHEDULE A

Patents and Patent Applications

**[Client to review and confirm list is complete and accurate.)**

1. US Patent No.: US 9,926,492 B2

Date of Patent: Mar 27, 2018

METHOD AND APPARATUS FOR LIQUEFACTION AND DISTILLATION OF VOLATILE MATIER WITHIN SOLID CARBONACEOUS MATERIAL

2. CANADIAN Patent No.: 2,796,353

Date of Filing: April 8,201 l<br>Date Examined: September 7, 2017

METHOD AND APPARATUS FOR LIQUEFACTION AND DISTILLATION OF VOLATILE MATTER WITHIN SOLID CARBONACEOUS MATERIAL

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## Ex1A-6

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

**REAL ESTATE OPTION AGREEMENT**

THIS AGREEMENT ("Agreement"), dated for convenience of reference as of the 10th day of March, 2022, between BJ BUILDERS, INC., a West Virginia corporation ("Seller") and FRONTIERAS NORTH AMERICA, a Wyoming corporation, and/or assignee ("Purchaser").

<u>RECITALS</u>

Seller owns certain real estate consisting of approximately 192.5 acres of land located in Mason County, West Virginia on the Ohio River, legally described on Exhibit "A" attached hereto, together with any and all rights, interests, easements and hereditaments benefitting said land, including all rights of Seller with respect to its water or river usage rights (hereinafter collectively referred to as the "Property").

Purchaser desires to acquire an option to purchase all of the Property, and Seller is willing to grant to Purchaser, the said Option upon the terms and conditions contained herein. Capitalized terms in this Agreement shall have the meanings ascribed in this Agreement regardless of where the definition appears in the Agreement.

NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants contained herein, the parties agree as follows:

1. <u>Grant of Option</u>. Seller hereby grants to Purchaser the exclusive right and option (the "Option") to purchase the Property upon the terms and conditions stated herein.

2. <u>Option Period; Extension; Due Diligence Activities; Purchaser's Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option Period shall begin upon the date hereof and end at 5:00 p.m., EDT, on the 90th day following the date hereof (the "Option Period"). Purchaser shall have the right to extend the Option Period for an additional 90 days by giving Seller written notice of such extension together with payment to Seller of the Option Extension Payment (defined below) before the termination of the initial Option Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Option Period, Purchaser shall have the right to conduct inspections of the Property, including without limitation, the availability for access, utility services, zoning, environmental risks, engineering and soil conditions, surveying, and for conducting necessary work on the Property with respect to obtaining development entitlements for the Property (collectively, "Due Diligence Activities"). All Due Diligence Activities shall be at the sole risk and expense of Purchaser. Any damage, disturbance or other disruption of the Property shall be repaired and/or placed in the condition existing prior to Purchaser's disturbance thereof upon completion of Purchaser's Due Diligence Activities. Within five (5) business days of the date hereof, Seller shall provide to Purchaser copies of any environmental, soils, geotechnical or similar reports concerning the Property in Seller's possession or control, together with any other documents set forth in section 7(a) below. Purchaser acknowledges that Seller makes no warranties or representations regarding the adequacy, accuracy or completeness of any such existing reports or materials and Purchaser shall have no claim against Seller based upon such reports or materials. Seller agrees to provide Purchaser and its authorized agents, accompanied by a representative of Seller if Seller so desires, reasonable access to the Property for the conduct of Due Diligence Activities at all reasonable times on business days during the Option Period upon at least twenty- four (24) hours prior written notice to Seller and the lessee under the Crop Lease. Purchaser shall conduct such Due Diligence Activities in a manner that is not unreasonably disruptive to the condition or operation of the Property including, without limitation, the gas well(s) on the Property and the operations of the lessees under the Crop Lease and Gas Lease. Purchaser is fully and completely aware that the Property is subject to an existing gas lease (the "Gas Lease") and is under lease to Brian McDermitt for the production of crops for 2022 (the "Crop Lease"). Purchaser acknowledges that it has been provided copies of the Gas Lease and Crop Lease. Purchaser's indemnification obligations shall include all damages to the lessees under the Gas Lease and Crop Lease (including, without limitation, lessee's gas well(s), crops and equipment) caused by Purchaser or its representatives whether asserted pursuant to the Gas Lease, Crop Lease or otherwise. Purchaser further acknowledges that it is aware of the presence of cemeteries on the Property and will in no event disturb the cemeteries in connection with its Due Diligence Activities. If Purchaser proceeds to Closing, conveyance of the Property will be made subject to the Gas Lease, Crop Lease and cemeteries. Any invasive Due Diligence Activities, including, without limitation, Phase II environmental, soil borings, and surface/crop disturbance, shall require Seller's prior written consent as to nature and location of such activities, such consent not to be unreasonably withheld.

![](exhibit6-2ax011.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall at all times prior to Closing carry, and shall cause its agents and contractors to carry at all times Purchaser, its agents or contractors are present on the Property or have equipment present at the Property, liability insurance with companies, and in form and substance, including without limitation, limits of liability, satisfactory to Seller. Purchaser shall provide evidence of such insurance satisfactory to Seller prior to entry onto the Property by Purchaser, its agents or contractors. Such insurance shall name Seller and the Crop Lease lessee as an additional insureds, shall waive subrogation against Seller and the lessee of the Crop Lease, and shall be on an occurrence basis. Purchaser shall indemnify, defend and hold Seller, its officers, directors and shareholders harmless from and against all loss, liability, cost, damage, and expense arising out of or resulting from the Due Diligence Activities performed by or for Purchaser, including without limitation, mechanic's or materialmen's liens, damage to property (including, without limitation, the Property and crops and property of the lessees of the Property), injury to persons, and reasonable attorney's fees. The insurance to be maintained by Purchaser, its agents and contractors shall be primary, with any insurance maintained by Seller or any lessee being secondary and non-contributing. The insurance to be maintained by Purchaser, its agents, and contractors, shall be in support of, and not in satisfaction of, Purchaser's indemnification obligations, which indemnification obligations shall survive Closing or the earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Option Consideration</u>. The initial consideration for the Option shall be the sum of $25,000 paid by Purchaser directly to Seller and outside of escrow upon the execution of this Agreement ("Initial Option Payment"). If Purchaser elects to extend the Option Period as described in section 2 above, Purchaser shall timely pay an additional $25,000 directly to Seller and outside of escrow before the termination of the initial Option Period (the "Option Extension Payment "). Both the Initial Option Payment and the Option Extension Payment, if paid under this Section 3, shall be non-refundable to Purchaser except as expressly otherwise provided herein. Notwithstanding any provision in this Agreement to the contrary, the Initial Option Payment and the Option Extension Payment, if paid by Purchaser, shall be applied as a credit against the Purchase Price at Closing or refunded to Purchaser if this Agreement is terminated as a result of default by Seller when Purchaser is not also in default. In addition, in the event that Purchaser would otherwise be entitled to return of the Initial Option Payment and Option Extension Payment upon termination of this Agreement pursuant to an express provision of this Agreement, if at the time of termination there remain unpaid or outstanding claims for indemnification pursuant to Section 2 or Section 7(b) of this Agreement ("Seller Indemnification Claims"), the Initial Option Payment and Option Extension Payment shall continue to be held by Seller and shall be (i) retained by Seller to pay or partially pay Indemnification Claims or (ii) released to Purchaser after Purchaser has otherwise irrevocably satisfied all Indemnification Claims in full.

![](exhibit6-2ax016.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

4. <u>Exercise of Option</u>. During the Option Period, Purchaser may purchase the Property by giving written Notice of Exercise of the Option ("Notice of Exercise") to the Seller and the Title Company (as defined below). Upon delivery of the Notice of Exercise an escrow shall be opened with Mercantile Title Agency, Inc. (an authorized agency of First American Title Insurance Company), or such other title insurance company and/or escrow company that the parties mutually agree upon ("Title Company"). The date upon which the Title Company receives a fully executed copy of this Agreement together with the Notice of Exercise is referred to herein as the "opening of escrow".

5. <u>Purchase Price; Earnest Money</u>. The purchase price for the Property shall be Three Million Eight Hundred Fifty Thousand and No/100 Dollars ($3,850,000) ("Purchase Price"). The Purchase Price shall be payable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Initial Option Payment, and the Option Extension Payment if previously paid to Seller by Purchaser, shall be deemed as earnest money ("Earnest Money") to be applied to the Purchase Price at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Option Extension Payment has not been previously paid to Seller in accordance with Section 2 above, then $25,000 shall be tendered to Seller in the form of Purchaser's cashier's check made payable to the Title Company upon satisfaction or waiver of the contingencies set forth in Section 6 hereof on or before the termination of the Due Diligence Period (as defined in Section 7) as additional earnest money (the "Additional Earnest Money"). The payment of the Additional Earnest Money shall not extend the Due Diligence Period or Closing Date.

The Title Company shall retain the Additional Earnest Money, if paid, in a non-interest bearing bank account (which may be the Title Company's trust account). The Title Company shall hold and deliver the Additional Earnest Money to the party entitled to the same hereunder. If the sale of the Property is closed hereunder, the Initial Option Deposit and monies held as the Additional Earnest Money shall be applied on the Closing Date on account of the Purchase Price and the Additional Earnest Money shall be paid over to Seller on the Closing Date.

![](exhibit6-2ax017.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

The Title Company is authorized and instructed to deposit the Additional Earnest Money promptly in either a segregated federally insured account or the Title Company's trust account, subject to immediate withdrawal. If a segregated account is utilized, Seller and Purchaser shall cooperate with the Title Company to obtain any and all necessary authorizations or directions to open such account. Purchaser and Seller agree that the Title Company need not provide notice to, or obtain any further instruction from, either of them to pay the Additional Earnest Money to Seller or Purchaser as provided in this Agreement. If the Additional Earnest Money is paid to either party upon the termination of this Agreement and the escrow, then neither party shall have any further right, liability or obligation to the other hereunder except for the rights, liabilities and obligations specified in this Agreement to survive the termination of this Agreement or the escrow, including recovery of certain costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not later than 1:00 PM, Eastern Time, on the Closing Date (as hereinafter defined), Purchaser shall deposit with the Title Company, in immediately available funds, the sum necessary, along with (i) the Initial Option Deposit and (ii) Option Extension Payment or the Additional Earnest Money paid, as the case may be, to make the total payment paid to Seller at Closing equal to the Purchase Price, plus or minus prorations as hereinafter provided, in accordance with this Agreement.

6. <u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consummation of the purchase and sale of the Property ("Closing" or "Closing Date") shall take place at the office of the Title Company in Huntington, West Virginia on a date mutually agreed upon by the parties, but not later than forty-five (45) days following the end of the Due Diligence Period (as described in Section 7 below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This transaction shall be closed in accordance with this Agreement and the Purchase Price shall be paid as indicated in section 5 above and all documents necessary for the consummation of this transaction shall be delivered through escrow with the Title Company (the "Escrow") on or prior to the Closing Date. Provided that all conditions of this Agreement have been satisfied, the Title Company shall disburse the proceeds of sale on the Closing Date to Seller and Seller shall deliver possession of the Property to Purchaser subject to the existing Crop Lease, Gas Lease, cemeteries, and other Permitted Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At or prior to Closing, Seller shall cause to be delivered into Escrow the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A Special Warranty Deed (the "Deed") in recordable form properly executed on behalf of Seller, in substantially the form attached hereto as Exhibit "B" conveying to Purchaser Seller's interest in the Property, subject to all matters of record and other Permitted Exceptions, and all matters that could be ascertained by an accurate survey of the Property;

![](exhibit6-2ax018.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An affidavit sworn by an officer of Seller to the effect that Seller is not a "foreign person" as that term is defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended, which affidavit shall be in such form as may be prescribed by federal 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;(3) such disclosures and reports (including tax reporting and withholding certificates) as are required of Seller by applicable state and local law in connection with the conveyance of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Affidavits as may be reasonably required by the title company providing Seller's title insurance (the "Title Insurer") for its elimination of title exceptions relating to any rights of other parties regarding the Property in form reasonably acceptable to the Title Insurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A resolution evidencing the authority of any person or persons executing instruments for or on behalf of Seller in connection herewith and authorizing Seller's sale of the Property and delivery of documents required to be delivered by Seller hereunder; 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;(6) A settlement statement executed on behalf of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At or prior to Closing, Purchaser shall cause to be delivered into Escrow the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Immediately available funds in the amount required under Paragraph 5(c);

&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) A resolution evidencing the authority of any person or persons executing instruments for or on behalf of Purchaser and authorizing Purchaser's purchase of the Property and delivery of documents required to be delivered by Purchaser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A settlement statement executed on behalf of Purchaser; 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;(4) all other documents required by this Agreement or otherwise necessary for the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On or before Close of Escrow, Purchaser and Seller shall deliver to the Title Company such other routine documents and matters as are reasonably necessary to consummate the sale of the Property, including without limitation, and supplementary escrow instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If at Close of Escrow, (i) the Title Insurer is irrevocably committed to issue the title insurance policy referred to in Section 15 below, (ii) each party has delivered the respective documents and funds set forth herein, and (iii) the Title Company is irrevocably committed to deliver the net sale proceeds to the Seller, then the Title Company is directed to record the Deed; to deliver to Purchaser those documents referred to in Paragraphs 6(c)(2) through 6(c)(6), fully executed where appropriate; to deliver to the Seller executed copies of those documents referred to in Paragraph 6(d)(2) through 6(d)(4) above and the net sale proceeds by wire transfer as directed by the Seller; and to perform the prorations referred to in Section 14.

![](exhibit6-2ax019.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Title Company as the party responsible for closing the transactions contemplated hereby within the meaning of Section 6045(e)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code"), shall file all necessary information reports, returns and statements (collectively, the "reports") regarding the transactions as may be required by the Code including, but not limited to, the reports required pursuant to Section 6045 of the Code. The Title Company further agrees to indemnify and hold Purchaser, Seller and their respective attorneys harmless for, from and against any and all claims, costs, liabilities, penalties or expenses resulting from Title Company's failure to file the reports which Title Company is hereby required to file.

7. <u>Conditions to Closing</u>. In addition to all other conditions to the completion of the transaction described in this Agreement, Seller and Purchaser agree that the Closing of this sale and purchase is subject to the sole satisfaction, approval or waiver by Purchaser of the following conditions on or before 5:00 PM, Eastern Time, on that date which ninety (90) days after the date of this Agreement ("Due Diligence Period"). Seller and Purchaser agree that the Due Diligence Period and the Option Period shall run concurrently with each other. In the event that the Option Period is extended by Purchaser by timely paying the Option Extension Payment, then the Due Diligence Period shall also be extended to run concurrent with the Option Period. In the event the Option is exercised by Purchaser before the end of the Option Period, the Due Diligence Period shall continue until the time that the Option Period would have expired. The conditions to closing which must be satisfied during the Due Diligence Period include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Inspection and approval of documents and other written materials in Seller's possession and control, relating to the ownership, operation, leasing and maintenance of the Property. On or before the date which is five (5) business days following opening of Escrow, Seller shall furnish to Buyer, for review as part of Buyer's Due Diligence Activities, all of the following documents in Seller's possession related to the Property not previously provided to Purchaser (the "Due Diligence Documents"): (i) surveys; (ii) environmental assessments; (iii) geotechnical reports; (iv) Seller's title policy and copies of all underlying documents; (v) notices of violations of any zoning ordinance or other law, regulation, agreement or instrument; (vi) all property tax assessment bills for the last 2 years; (vii) all service contracts, property management agreements, and other agreements in place; and (viii) any and all other materials requested by Buyer and that are in Seller's possession or control; provided, Seller shall not be required to provide any appraisals of the Property. Purchaser acknowledges that Seller may not have documents of every type or category listed above relating to the Property and inclusion of a type or category of document in the above list is not to be construed as a representation that Seller has that type or category of document in its possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Inspection and approval by Purchaser of all aspects of the Property for its use thereof, including without limitation, the availability of access, utility services, zoning, environmental risks, engineering and soil conditions, and possible modifications to the improvements. From the opening of Escrow, through the Closing Date, Seller shall allow Purchaser and Purchaser's agents and contractors access to the Property for the purpose of conducting inspections, surveys, environmental assessments, and other investigations, tests and studies in connection with the Purchaser's Due Diligence Activities. Such access shall be exercised by Purchaser and its agents and contractors in strict compliance with the provisions of Section 2 of this Agreement If Purchaser or its agents or contractors shall cause any damage to the Property in connection with such access or Due Diligence Activities, Purchaser shall restore the same to its condition immediately preceding such damage, and in any event Purchaser shall indemnify Seller against damage caused by Purchaser or its agents or contractors in connection with such access in accordance with Section 2 of this Agreement; <u>provided</u>, <u>however</u>, that under no circumstances shall Purchaser be liable to Seller hereunder as a result of (x) Purchaser's or Purchaser's agents or contractors mere discovery of hazardous materials or other conditions at the Property or (y) any damage caused by Seller. The indemnity provisions of <u>Section 2</u> and this <u>Section 7(b)</u> shall survive the expiration or earlier termination of this Agreement and shall also survive Closing. Purchaser's exercise of its right to inspect the Property, or Purchaser's election not to inspect the Property, shall in no way be interpreted as a waiver of any of Purchaser's rights or remedies contained in this Agreement, including, without limitation, Purchaser's right to rely on the representations and warranties made by Seller herein.

![](exhibit6-2ax020.jpg)

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In the event any of the conditions set forth in this section 7 are not satisfied or waived by Purchaser within the Due Diligence Period, Purchaser shall notify Seller and the Title Company in writing of termination of this Agreement ("Purchaser's Termination Notice") prior to the end of the Due Diligence Period. Upon receipt of Purchaser's Termination Notice, if prior to termination of the Due Diligence Period, both Seller and Purchaser shall be released and discharged from all further obligations under this Agreement, and neither Seller nor Purchaser shall be subject to any claim by the other for damages of any kind except Purchaser's indemnity and hold harmless agreement as provided in Sections 2 and 7(b) of this Agreement, in other indemnity provisions of this Agreement, if any, and Seller's restoration obligations in this Agreement. If no Purchaser's Termination Notice has been served upon Seller and Title Company within the time provided in this section 7, all conditions specified in section 7 shall be deemed to have been satisfied or waived, and Purchaser's obligations to close shall be firm with respect to said conditions. In addition, Purchaser shall promptly deliver the Additional Earnest Money to the Title Company as set forth in section 5(b) above if not previously paid to Seller as the Option Extension Payment.

8. <u>Evidence of Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Title Commitment</u>. Purchaser shall, at Purchaser's expense during the first sixty (60) days of the Option Period, obtain a preliminary title report for a standard coverage owner's title insurance policy (or, at Purchaser's option, an extended coverage policy, subject to Purchaser's payment of additional charges associated therewith as provided hereinafter) (the "Commitment") issued by the Title Insurer showing the condition of title to the Property. If the Commitment or any amendment thereto discloses exceptions which would, in Purchaser's reasonable judgment, be a material impairment to Purchaser's intended use of the Property and are objectionable to Purchaser, Purchaser, within ten business (10) days following the date on which Purchaser receives the Commitment, together with legible copies of all items (if available) listed as exceptions in Schedule "B" of such Commitment, but in no event more than seventy (70) days from the date of this Agreement, or within five business (5) days after receipt of any amendment to the Commitment, shall deliver to Seller written notice of Purchaser's objections, if any, to such exceptions including a description of the impairment Purchaser believes would result from the exception ("Unpermitted Exceptions"). Neither the Crop Lease, the Gas Lease, nor the cemeteries previously disclosed to Purchaser shall be an Unpermitted Exception. If Purchaser fails to deliver such written notice or objection to Seller within the applicable time period, Purchaser shall be deemed to have waived its right to object to such Unpermitted Exceptions, which shall thereafter be deemed "Permitted Exceptions." In the event that Purchaser shall so object to any such Unpermitted Exceptions, Seller shall notify Purchaser within ten (10) business days following the date of Purchaser's notice of such objections that either (a) the Unpermitted Exceptions have been, or will be at or prior to Closing, removed from the Commitment or are or will be insured over by the Title Insurer pursuant to an endorsement to the Commitment (together with Title Insurer's agreement to issue such endorsements to any lender, purchaser or transferee of the Property) and in such event, if reasonably required to allow the parties to prepare for Closing, the Closing Date shall be deferred to a date mutually agreed upon by the parties, or (b) Seller has elected not to pursue removal of one or more Unpermitted Exception or failed to arrange to have the Unpermitted Exceptions removed or insured over by the Title Insurer. Seller shall be under no obligation or duty to remove or cure any Unpermitted Exceptions. If Seller does not notify Purchaser that it has arranged to have the Unpermitted Exceptions removed or insured over or that it disputes an Unpermitted Exception within said ten (10) business day period, Purchaser may elect either:

![](exhibit6-2ax021.jpg)

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to terminate this Agreement, in which event the Initial Option Deposit (and Option Extension Payment/Additional Earnest Money, if any) shall be returned to Purchaser as Purchaser's sole remedy hereunder, provided, however, the return of such amounts to Purchaser is subject to Sections 2 and 3 of this Agreement and the prior payment and satisfaction of all Seller Indemnification Claims; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to take title as it then is, which election must be made within five business (5) days following expiration of said ten (10) day period in which event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchaser shall be deemed to have agreed to accept title as it then is without any reduction in the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all Unpermitted Exceptions not removed from the Commitment will thenceforth be deemed Permitted Exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) this Agreement shall remain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if reasonably required to allow the parties to prepare for Closing, the Closing Date shall be deferred to a date mutually agreed upon by the parties.

![](exhibit6-2ax022.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Survey</u>. Seller has advised Purchaser that it does not have a copy of any existing survey of the Real Estate and Improvements ("Existing Survey"). Purchaser may wish to obtain a survey (or if an Existing Survey is subsequently located, an update the Existing Survey) at Purchaser's sole cost and expense. Purchaser may elect to obtain, at Purchaser's sole cost and expense, a new ALTA/ACSM Class A survey of the Real Estate and Improvements (reflecting current Minimum Standard Detail Requirements), prepared by a registered land surveyor and which shall be certified to Seller, Purchaser and the Title Company (the "New Survey"). If the New Survey shows any material encroachments over a building, setback or property line, a prohibited encroachment of a material nature over any easement or any other matter which is objectionable to Purchaser and which are not Permitted Exceptions (collectively, "Survey Defects"; provided that in no event shall the existing cemeteries be considered a Survey Defect), Purchaser, within ten business (10) days after the date Purchaser receives the New Survey, or within five business (5) days after Purchaser receives any amendment to the New Survey, may deliver to Seller written notice of those Survey Defects to which it objects, or Purchaser shall be deemed to have waived any right to such objection. Seller shall have ten (10) business days ("Survey Cure Period") from the date of receipt of Purchaser's notice of objections, if any, to cure the Survey Defects or to cause the Title Insurer to agree to insure over such Survey Defects by appropriate endorsements to the Commitment (together with Title Insurer's agreement to reissue such endorsements to any lender, purchaser or transferee of the Property), but Seller shall have no duty or obligation to cure or correct any Survey Defects. If Seller fails to do so, Purchaser shall, within 3 business days after the end of the Survey Cure Period, elect either to terminate this Agreement by delivering written notice thereof within said 3-day period, or be deemed to have accepted the Property as is. If Purchaser fails to deliver such notice of termination within the time provided, (i) Purchaser shall be deemed to have accepted the Property as is without any reduction in the Purchase Price for Survey Defects, (ii) this Agreement shall remain in full force and effect, and (iii) the Closing Date shall be not later than the first business day after the fifteenth day after the end of the Survey Cure Period or the time specified in paragraph 3(a) to which Purchaser makes no objection within the time provided in this paragraph, or (b) which Seller does not cure within the Survey Cure Period, and provided Purchaser does not terminate this Agreement as permitted herein, will, in either case, thenceforth be deemed Permitted Exceptions. If Purchaser properly elects to terminate this Agreement as a result of uncured Survey Defects, the Initial Option Deposit (and Option Extension Payment/Additional Earnest Money, if any) shall be returned to Purchaser as Purchaser's sole remedy hereunder, provided, however, the return of such amounts to Purchaser is subject Sections 2 and 3 of this Agreement and to the prior payment and satisfaction of all Seller Indemnification Claims.

![](exhibit6-2ax023.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

9. <u>Phase I Environmental Report</u>. Purchaser, at Purchaser's sole cost and expense, may elect to update any existing environmental report (Seller does not have a copy of any existing environmental report) or obtain a new environmental report ("New Report"). Any New Report shall be issued in the name of both Purchaser and Seller and a copy shall be delivered to Seller immediately upon its receipt by the Purchaser. Purchaser agrees to treat the Existing Report as well as any New Report as strictly confidential and to disclose the Existing Report or the New Report only to those consultants, advisers and lenders necessary in connection with this transaction. In the event this transaction fails to close, Purchaser shall return all copies of the Existing Report and any New Report to Seller. Purchaser acknowledges that Seller makes no warranties or representations regarding the adequacy, accuracy or completeness of the Existing Report and Purchaser shall have no claim against Seller based upon the Existing Report. Purchaser further acknowledges that pursuant to section 7 of this Agreement, it has full opportunity to perform such environmental investigations of the Real Estate and Improvements as Purchaser deems appropriate.

10. <u>Seller's Express Representations</u>. Seller represents and warrants to Purchaser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller is a corporation duly formed and validly existing under the laws of the State of West Virginia and has the full power and authority to enter into this Agreement and to carry out the transaction contemplated herein. All persons signing this Agreement and/or any documents and instruments in connection herewith on behalf of Seller have full power and authority to do so. Subject to the provisions of this Section 10, all necessary action has been taken to duly authorize the execution and delivery of this Agreement and all documents and instruments contemplated by this Agreement, and the performance by Seller of the covenants and obligations to be performed and carried out by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by Seller of this Agreement and such other instruments and documents to be executed and delivered in connection herewith by Seller does not, and will not, result in any violation of, or conflict with or constitute a default under, any provision of any agreement of Seller or any mortgage, deed of trust, indenture, lease, security agreement, or other instrument or agreement to which Seller is a party, or any judgment, writ, decree, order, injunction, rule or governmental regulation to which it is subject. Notwithstanding anything in this Agreement to the contrary, Purchaser acknowledges that Seller has disclosed to Purchaser the existence of the Gas Lease and Crop Lease and this Agreement and the sale of the Property is subject to such leases.

![](exhibit6-2ax001.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller is not prohibited from consummating the transaction contemplated by this Agreement by any law, rule, regulation, instrument, agreement, order or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the best of Seller's actual knowledge (and with no duty of Seller to investigate or make inquiries), there are not, nor has Seller received any notice of, any current violations of any laws, statutes, ordinances, regulations or other requirements of any governmental agency in connection with or related to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the best of Seller's actual knowledge (and with no duty of Seller to investigate or make inquiries), there are not any existing, pending or anticipated litigation, condemnation or similar proceedings against or involving the Property, including without limitation any water, sewer, building or other construction moratoria on the Property, or any other claims, actions, suits or other proceedings threatened or pending which would materially and/or adversely affect Purchaser's right, title and/or interest in and to, or enjoyment or use of, the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no attachments, levies, executions, assignments for the benefit of creditors, receivership, conservatorship, or voluntary or involuntary proceedings in bankruptcy (or pursuant to any other debt or relief laws) contemplated by Seller, filed by Seller or, to the best of Seller's actual knowledge, pending or threatened in any current judicial or administrative proceedings against Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no leases applicable to or affecting the Property except for the Crop Lease and Gas Lease disclosed to Purchaser prior to execution of this Agreement. No third party has any right to utilize or possess the Property other than the tenants under the Crop Lease and Gas Lease. Other than this Agreement, the Crop Lease, Gas Lease and matters of record, there are, to the best of Seller's actual knowledge (and with no duty of Seller to investigate or make inquiries) no contracts or agreements related to the sale, exchange or transfer of the Property or any part thereof. There are no unpaid costs or expenses related to tenant improvements or leasing commissions with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the best of Seller's actual knowledge (and with no duty of Seller to investigate or make inquiries): (i) the Property has never been utilized for the treatment, storage or disposal of hazardous substances or wastes; (ii) no hazardous substances or wastes have ever been located on the Property; (iii) no hazardous substances or petroleum products have ever been released on, at, into or under the Property (except for substances that may have been utilized by tenants under crop leases and gas leases in the ordinary course of their operations); (iv) there has been no activity conducted upon the Property which could have toxic results or leave a toxic residue (except for substances that may have been utilized by tenants under crop leases and gas leases in the ordinary course of their operations) and (v) there is no proceeding or inquiry by any governmental agency, either pending or anticipated, with respect thereto; and there are no violations of any local, state or federal statutes or laws governing the generation, treatment, storage, disposal, or cleanup of hazardous substances.

11. <u>As Is</u>. Purchaser represents and warrants to Seller that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser will have examined and investigated to Purchaser's full satisfaction the physical condition of the Property during the Due Diligence Period set forth in section 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth herein, neither Seller nor any real estate broker, agent or other representative of Seller has made any representations or warranties whatsoever regarding this transaction or any fact relating thereto, including, without limitation, any representations or warranties concerning the physical condition of the Property, access, zoning laws, environmental matters, utilities, or any other matter affecting the Property or the use thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Purchaser has not exercised its right to terminate this Agreement within the Due Diligence Period as set forth in section 7 and except for Seller's express representations set forth in Section 7 hereof, PURCHASER IS PURCHASING THE PROPERTY AS-IS, WHERE-IS, AND EXCEPT FOR SELLER'S EXPRESS REPRESENTATIONS SET FORTH IN SECTION 10 OF THIS AGREEMENT, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES (EXPRESS OR IMPLIED) WITH RESPECT TO, AND SHALL HAVE NO LIABILITY FOR: (i) THE CONDITION OF THE PROPERTY, INCLUDING ANY AND ALL BUILDINGS, STRUCTURES, IMPROVEMENTS, OR PERSONAL PROPERTY THAT ARE A PART THEREOF, OR THE SUITABILITY, HABITABILITY, MERCHANTABILITY, OR FITNESS OF THE PROPERTY FOR PURCHASER'S INTENDED USE OR FOR ANY USE WHATSOEVER; (ii) ANY APPLICABLE BUILDING, ZONING OR FIRE LAWS OR REGULATIONS OR WITH RESPECT TO COMPLIANCE THEREWITH OR WITH RESPECT TO THE EXISTENCE OF OR COMPLIANCE WITH ANY REQUIRED PERMITS, IF ANY, OF ANY GOVERNMENTAL AGENCY; (iii) THE AVAILABILITY OR EXISTENCE OF ANY WATER, SEWER OR UTILITY RIGHTS; (iv) THE PRESENCE OF ANY HAZARDOUS SUBSTANCES IN ANY OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE IMPROVEMENTS, AND INCLUDING, WITHOUT LIMITATION, ASBESTOS, RADON, OR UREA-FORMALDEHYDE, OR THE PRESENCE OF ANY ENVIRONMENTALLY HAZARDOUS WASTES OR MATERIALS IN, ON, OR UNDER THE PROPERTY; (v) THE ACCURACY OR COMPLETENESS OF ANY SURVEY, PLANS AND SPECIFICATIONS, REPORTS, OR OTHER MATERIALS PROVIDED TO PURCHASER; OR (vi) ANY OTHER MATTER RELATING TO THE CONDITION OF THE PROPERTY. EXCEPT FOR THE SELLER'S EXPRESS REPRESENTATIONS IN SECTION 10 OF THIS AGREEMENT, PURCHASER HEREBY RELEASES AND WAIVES ANY AND ALL CLAIMS WHICH THE PURCHASER HAS OR MAY HAVE AGAINST THE SELLER WITH RESPECT TO THE CONDITION OF THE PROPERTY. PURCHASER ACKNOWLEDGES THAT PURCHASER HAS BEEN GIVEN THE OPPORTUNITY UNDER THIS AGREEMENT TO FULLY INSPECT THE PROPERTY, AND THE EXERCISE OF THIS OPTION BY PURCHASER HEREUNDER SHALL CONSTITUTE PURCHASER'S ACKNOWLEDGMENT TO SELLER THAT PURCHASER HAS FULLY INSPECTED THE PROPERTY AND THAT PURCHASER ASSUMES THE RESPONSIBILITY AND RISK OF ALL DEFECTS AND CONDITIONS, INCLUDING SUCH DEFECTS AND CONDITIONS, IF ANY, THAT CANNOT BE OBSERVED BY CASUAL INSPECTION.

![](exhibit6-2ax003.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except for Seller's express representations set forth in Section 10 hereof, Purchaser has not relied and will not rely on, and Seller is not liable for or bound by, any express or implied warranties, guaranties, statements, representations or information pertaining to the Property or relating thereto made or furnished by Seller, or any real estate broker or agent representing or purporting to represent Seller, to whomever made or given, directly or indirectly, verbally or in writing, unless specifically set forth herein.

12. <u>Purchaser's Conditions to Closing</u>. The obligations of Purchaser to close under this Agreement shall be subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There shall have occurred no material adverse change with respect to the Property (including, by way of examples of material adverse changes, any material adverse change in the physical condition or environmental condition of the Property) between the end of the Due Diligence Period and the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Title Company shall be ready, willing and able to facilitate an escrow-style closing with no additional cost, expense or obligation (including any obligation to indemnify) to Purchaser (other than customary escrow fees reasonably acceptable to Purchaser) and the Title Insurer shall be ready, willing and able to irrevocably commit, upon payment by Purchaser of the required premium, to deliver to Purchaser the Title Policy in accordance with the Commitment approved by Purchaser pursuant to Section 8 above and subject only to the Permitted Exceptions in the amount of the Purchase Price at regular rates and without additional premium (which shall not be deemed to include the cost of any endorsements to title requested by Purchaser) and to fully insure the so-called "gap" during the period from the date of the Commitment through the date and time of recording the Deed, subject only to the Permitted Exceptions and as otherwise provided in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations and warranties of Seller set forth in this Agreement shall be true and correct in all material respects, without changes, except as may have been approved by Purchaser in writing (as satisfactory to Purchaser, in its discretion), and the covenants and agreements of Seller set forth herein shall have been satisfied.

If any one or more of the conditions precedent set forth in this Section 12 shall not be satisfied (or waived) on or before the Closing Date, then such condition precedent shall be deemed unsatisfied, and at Purchaser's election, this Agreement may be terminated by Purchaser by written notice to Seller. If the Agreement is terminated under this Section 12, the Initial Option Deposit (and Option Extension Payment/Additional Earnest Money, if any) shall be returned to Purchaser as Purchaser's sole remedy hereunder, provided, however, the return of such amounts to Purchaser is subject Sections 2 and 3 of this Agreement and to the prior payment and satisfaction of all Seller Indemnification Claims, and neither Seller nor Purchaser shall have any further liability or obligation hereunder (except for provisions that expressly survive termination as set forth herein); provided, however, if the failure of such condition precedent also constitutes a default under or breach of the terms of this Agreement on the part of Seller, then Purchaser may, at its option, exercises its remedies under Section 18(a) hereof.

![](exhibit6-2ax004.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

13. <u>Seller's Covenants</u>. Between the date of the execution of this Agreement and the Closing, Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maintain the Property in its present condition, ordinary wear and tear, including ordinary usage by the lessee of the Crop Lease and Gas Lease, excepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintain any casualty, liability and hazard insurance currently in force with respect to the Property that is presently maintained by the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise stated herein, lease, operate, manage and enter into contracts with respect to the Property, in the same manner done by Seller prior to the date hereof, maintaining present services and sufficient supplies and equipment for the operation and maintenance of the Property in the same manner as prior to the date hereof; provided, however, that Seller shall not enter into any service contract that cannot be terminated within thirty (30) days.

14. <u>Prorations, Escrow Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prorations shall be based on a 30-day month, 365-day year unless specifically stated otherwise below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller shall pay in full, or there shall be deducted from funds due Seller, or Seller shall cause to be released such that they will not be an encumbrance against the Property at Close of Escrow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All real estate taxes and all penalties thereon for years prior to the year, of the Closing and all assessments, 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;(ii) [Reserved]

&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) Recording fees for the release of any encumbrances against the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Recording fees for the Deed shall be paid by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any general charges of the Escrow Agent shall be divided between Purchaser and Seller equally.

![](exhibit6-2ax005.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All fees for title examination and survey shall be paid by Purchaser. The title insurance premiums and fees for standard coverage owner's title insurance for the Title Policy and premiums to enhance the Title Policy to an extended coverage (ALTA, Form B) policy and to issue any endorsements shall be paid by Purchaser. In addition, Purchaser shall pay the premium for the Lender's Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Real estate taxes and personal property taxes, if any, levied for the calendar year in which Close of Escrow occurs shall be prorated on a calendar year basis between Purchaser and Seller based on the date of Closing Date using the latest available information; which proration shall be final as between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Rents under the Crop Lease shall be prorated on a calendar year basis between Purchaser and Seller based on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Royalties under Gas Lease shall be prorated on a monthly basis (or such other basis on which payment that includes the Closing Date is made by the lessee of the Gas Lease) between Purchaser and Seller based on the Closing Date

15. <u>Title Insurance</u>. At the Close of Escrow, the Title Insurer shall issue or be irrevocably committed to issue, to Purchaser, an Owner's title insurance policy, either standard or extended coverage as directed by Purchaser, in the amount of the Purchase Price (the "Title Policy") insuring title to the Property in Purchase as of the Close of Escrow, subject only to exceptions, exclusions, conditions and stipulations in the printed form of the policy and the Permitted Exceptions, which Permitted Exceptions shall include real estate and personal property taxes for the calendar year in which the Closing Date occurs (which are to be prorated on a calendar year basis at Closing) and any lien for real estate taxes for years after the calendar year in which the Closing Date occurs which are not yet payable.

16. <u>Possession</u>. Purchaser shall be entitled to possession of the Property at Close of Escrow, subject to the Crop Lease and Gas Lease.

17. <u>Condemnation</u>. In the event between the date of this Agreement and the Closing Date, any condemnation or eminent domain proceedings are initiated which might result in the taking of any part of the Property or the taking or closing of any right of access to the Property Purchaser may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terminate this Agreement by written notice to Seller; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proceed with the Closing, in which event Seller shall assign to Purchaser all of Seller's right, title and interest in and to any award attributable to the Property made in connection with such condemnation or eminent domain proceedings.

Seller shall immediately notify Purchaser in writing of the commencement or occurrence of any condemnation or eminent domain proceedings if such proceedings would result in the taking of any of the Property or the taking or closing of any right of access to the Property. Purchaser shall then notify Seller, within ten (10) business days of Purchaser's receipt of Seller's notice, whether Purchaser elects to exercise its rights under subparagraph (a) or subparagraph (b) of this section. Closing shall be delayed, if necessary, until Purchaser makes such election, provided that in no event shall the Closing occur later than five (5) business days after the 10-day period provided for above. If this Agreement is terminated under this Section 17, the Initial Option Deposit (and Option Extension Payment/Additional Earnest Money, if any) shall be returned to Purchaser as Purchaser's sole remedy hereunder, provided, however, the return of such amounts to Purchaser is subject Sections 2 and 3 of this Agreement and to the prior payment and satisfaction of all Seller Indemnification Claims, and neither Seller nor Purchaser shall have any further liability or obligation hereunder (except for provisions that expressly survive termination as set forth herein)

![](exhibit6-2ax006.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

18. <u>Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Default by Seller</u>. If any material warranty or representation of Seller made in this Agreement shall prove to be materially untrue, or if Seller shall fail to perform any of its obligations under this Agreement on or prior to the date for performance provided in this Agreement and Purchaser is not in default under this Agreement, then Purchaser shall give Seller written notice of the failure and opportunity to cure. If Seller does not cure within ten (10) business days from receipt of Purchaser's notice of default (provided that if such default cannot reasonably be cured within such ten (10) business day period Seller shall have up to 30 days to cure if Seller commences its cure within said ten (10) day period and diligently pursues such cure thereafter), then Purchaser may, as Purchaser's sole and exclusive remedy, elect to (i) terminate this Agreement by giving written notice to Seller and Title Company or (ii) institute a suit against Seller for specific performance. Notwithstanding the foregoing sentence, any suit for specific performance must be instituted by Purchaser prior to the date that is ninety (90) days after the then scheduled Closing Date. If specific performance is not pursued and this Agreement is terminated, Purchaser may recover from Seller the out-of-pocket costs paid by Purchaser to third parties in connection with this transaction (upon providing reasonable written documentation of the payment of such out-of- pocket costs), in an amount not to exceed the Earnest Money plus any Additional Earnest Money paid, but in no event shall Purchaser be entitled to expectancy (lost profits), consequential or punitive damages against Seller. If Purchaser elects to terminate this Agreement as permitted under this paragraph, then (x) the Escrow and this Agreement shall be terminated for all purposes, (y) the Title Company shall return the entire Additional Earnest Money (and any interest earned thereon) if held by the Title Company to Purchaser and the Title Company shall return all other funds, documents, and other items held in escrow to the party that deposited same in Escrow, and the Purchaser shall return the Earnest Money (the Initial Option Payment) and the Option Extension Payment if previously paid to the Seller to the Purchaser, and (z) the parties shall have no further rights, liabilities or obligations under this Agreement except for those rights, obligations and liabilities that are specified in this Agreement to survive the termination of this Agreement, and except as otherwise provided in this paragraph (a) and in Sections 2 and 3 of this Agreement, regarding the availability of the Initial Option Payment and Option Extension Payment/Additional Earnest Money to satisfy Seller Indemnification Claims.

![](exhibit6-2ax007.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Default by Purchaser</u>. If any material warranty or representation of Purchaser made in this Agreement shall prove to be materially untrue, or if Purchaser shall fail to perform any of Purchaser's obligations under this Agreement on or prior to the date for performance provided in this Agreement and Seller is not in default under this Agreement, then Seller shall give Purchaser ten (10) business days' notice of the failure and opportunity to cure. Notwithstanding the foregoing sentence, Purchaser shall have no cure period with respect to Purchaser's failure to pay money as required under this Agreement or Purchaser's failure to close the escrow on the Closing Date. If Purchaser does not cure within the ten (10) business-day period (if Purchaser is entitled to such cure period), then Seller's sole and exclusive remedy under this Agreement shall be to terminate this Agreement by giving written notice of termination to Purchaser and the Title Company. If Seller terminates this Agreement pursuant to the preceding sentence, then (i) the escrow and this Agreement shall be terminated for all purposes, (ii) the Title Company shall pay the Additional Earnest Money, if held by the Title Company (and any interest earned thereon) to Seller and shall return all other funds, documents and other items held in escrow to the party that deposited same in escrow, and (iii) the parties shall have no further rights, liabilities or obligations under this Agreement except for those rights, liabilities and obligations that are specified in this Agreement to survive the termination of this Agreement. Any sums paid to Seller pursuant to the preceding sentence shall be deemed to be liquidated damages paid to Seller by reason of Purchaser's failure to consummate the transaction contemplated by this Agreement, and the parties hereby agree that this amount is a reasonable forecast of just compensation for the harm that may be caused Seller as a result of Purchaser's failure to consummate the transaction contemplated by this Agreement, and that Seller's harm if Purchaser fails to consummate the transaction contemplated by this Agreement would be incapable of accurate estimation or very difficult to accurately estimate. Retention by Seller of the Initial Option Deposit and Option Extension Payment/Additional Earnest money shall not reduce or be in satisfaction of any Seller Indemnification Claims, as those are claims that survive termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notice</u>. Any and all notices required or permitted by this Agreement shall be given in writing and e-mailed, personally delivered, or sent by FedEx or other similar reputable overnight courier for next business day delivery, addressed as follows:

---

| | |
|:---|:---|
| If to Seller: | BJ BUILDERS, INC. |
|  | 2105 Jackson Avenue |
|  | Point Pleasant, WV 25550 |
|  | Telephone <u>304-675-5540</u> |
|  | Email: <u>sandyjdunn@aol.com</u> |
|  | ATTN: <u>Sandy Dunn</u> |
| With Copies to: | Dinsmore & Shohl LLP |
|  | 611 Third Avenue |
|  | Huntington, WV 25701 |
|  | Telephone 304-691-8324 |
|  | Email : christopher.plybon@dinsmore.com |
|  | ATTN: Christopher J. Plybon |
| If to Purchaser: | FRONTIERAS NORTH AMERICA |

---

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

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| | |
|:---|:---|
|  | 7349 E. Via Del Sur, Suite 515-181 |
|  | Scottsdale, AZ 85258 |
|  | Telephone (602) 509-0950 |
|  | Email: matthew.mckean@frontieras.com |
|  | ATTN: Matt McKean |
| With Copies to: | Provident Law, PLLC |
|  | 14646 N. Kierland Blvd., Suite 230 |
|  | Scottsdale, AZ 85254 |
|  | Telephone 480-348-3343 |
|  | Email: steve@providentlawyers.com) |
|  | ATTN: Steven P. Oman, Esq. |

---

or at any other address or e-mail address designated by Purchaser, Seller, or the Title Company in writing. Any notice or communication shall be deemed to have been given (i) as of the date of receipt, if received by e-mail on or before 5:00 p.m. eastern time in the for notices received by Seller or Title Company or by 5:00 p.m. Arizona time in the case of notices received by Purchaser on a business day; (ii) as of the next business day after receipt, if received by e-mail after 5:00 p.m. eastern time in the case of notices received by Seller or Title Company or after 5:00 p.m. Arizona time in the case of notices received by Purchaser, or at any time on a non-business day; or (iii) as of the date of delivery or refusal, if hand delivered or sent by overnight courier. Copies of all notices or communications to Purchaser or Seller shall be e-mailed, hand delivered, or sent by overnight courier, in the manner set forth above, to the Title Company, and copies of all notices by Purchaser or Seller to Escrow Agent shall be e-mail, hand delivered, or sent by overnight courier, in the manner set forth above, to the other party hereto.

20. <u>Time of Essence</u>. Time is of the essence of this Agreement.

21. <u>Governing Law</u>. The validity, meaning and effect of this Agreement shall be determined in accordance with the laws of the State of West Virginia.

22. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

23. <u>Captions</u>. The captions in this agreement are inserted for convenience of reference and in no way define, describe or limit the scope or intent of this Agreement or any of the provisions hereof.

24. <u>Assignability</u>. At any time following the execution of this Agreement by the parties, Purchaser may assign its rights under this Agreement to a related party entity so that said assignee will complete the purchase of the Property. In the event this Agreement is so assigned by Purchaser, the assignee shall assume all of the obligations of Purchaser hereunder, but the original Purchaser shall not be released from any of the duties or obligations of Purchaser under this agreement. Any assignment to a non-related party entity shall require the prior written consent of Seller and shall not release the original Purchaser form any of the duties or obligations of Purchaser under this Agreement.

![](exhibit6-2ax009.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

25. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and the respective legal representatives, successors and assigns.

26. <u>Modifications; Waiver</u>. No waiver, modification, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, waiver, amendment, discharge or change is sought.

27. <u>Entire Agreement</u>. This Agreement contains the entire agreement between the parties relating to the transactions contemplated hereby and all prior or contemporaneous agreements, understandings, representations or statements, oral or written, are superseded hereby.

28. <u>Partial Invalidity</u>. Any provision of this Agreement which is unenforceable or invalid or the inclusion of which will affect the validity, legality or enforcement of this Agreement shall be of no effect, but all the remaining provisions of this Agreement shall remain in full force and effect.

29. <u>Survival</u>. Except as otherwise expressly provided in this Agreement as to Seller, no representations, warranties, covenants, agreements and other obligations of Seller in this Agreement shall survive the Closing of this transaction and no action based thereon shall be commenced after the Closing of this transaction. However, the obligations of Seller in sections 10 and 32 of this Agreement and the obligations of Purchaser in sections 11 and 32 and any other indemnity provision by Purchaser in this Agreement shall survive the Closing of this transaction for a period of six (6) months. The obligations of Purchaser under Sections 2, 3 and 7(a) shall survive the Closing or termination of this Agreement indefinitely.

30. <u>No Personal Liability of Officers or Directors</u>. No member, manager, individual officer, director or representative of Seller or Purchaser have any personal liability under this Agreement or any document executed in connection with the transactions contemplated in this Agreement.

31. <u>No Third Party Rights</u>. Nothing in this Agreement, express or implied, is intended to confer upon any persons other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

32. <u>Broker</u>. Seller and Purchaser represent each to the other that each has had no dealings with any broker, finder or other party concerning Purchaser's purchase of the Property, except Homestead Realty (Sandy Dunn), to whom Seller shall pay a commission pursuant to a separate commission agreement ("Seller's Broker"), and except RSC Realty (Doug Remy), who shall receive a commission under a separate arrangement with Seller's Broker ("Buyer's Broker"). Seller and Purchaser each hereby agree to indemnify and hold the other harmless from all loss, cost, damage or expense (including reasonable attorney's fees) incurred by the other as a result of any claim arising out of the acts of the indemnifying party (or others on its behalf) for a commission, finder's fee or similar compensation made by any broker, finder or any party who claims to have dealt with such party except Seller's Broker or Buyer's Broker. The representations and warranties contained in this section 32 shall survive the Closing.

![](exhibit6-2ax010.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

33. <u>Time Periods</u>. All time periods contained herein shall refer to calendar days except where express reference is made to business days. Business days shall be defined to mean all days except Saturdays, Sundays and legal holidays. Should any time period specified in this Agreement expire on a non-business day, such time period shall be extended to the next succeeding business day.

34. <u>Related Parties are Licensed Real Estate Agents</u>. The parties acknowledge that an officer of Purchaser, Doug Remy, is an Arizona licensed real estate broker.

35. <u>Tax Deferred Exchange</u>. This transaction may be part of an exchange transaction through which either party (or their assigns) is exchanging the Property for other property. The parties hereto shall cooperate to effect said exchange(s). It is understood that the exchange transaction shall not impose upon the other party any additional financial obligations or liabilities and the exchanging party agrees to indemnify, hold harmless and defend (with legal counsel reasonably acceptable to the other party) the other party for, from and against any and all liabilities, claims, losses, actions and expenses (including, without limitation, reasonable attorneys' fees) asserted or imposed against the other party as a result of its involvement with the contemplated exchange. All obligations of a party in this Contract shall remain the obligations of such party and shall not be imputed to an intermediary except as necessary to bind the intermediary to convey the appropriate property as described herein.

36. <u>Construction of Agreement</u>. Seller and Purchaser acknowledge and agree that they have been represented by counsel and that each of the parties has participated in the drafting of this Agreement. Accordingly, it is the intention and agreement of the parties that the language, terms and conditions of this Agreement are not to be construed in any way against or in favor of any party hereto by reason of the responsibilities in connection with the preparation of this Agreement.

![](exhibit6-2ax012.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the day and year first above written.

**SELLER:**

BJ BUILDERS, INC.

a West Virginia corporation

---

| | |
|:---|:---|
| By: | ![](exhibit6-2axu001.jpg) |
|  | Sandy Dunn |
| Its: | <u>3/10/22</u> |
|  | 3/10/2022 |

---

**PURCHASER:**

FRONTIERAS NORTH AMERICA <br>a Wyoming corporation

---

| | |
|:---|:---|
| By: | ![](exhibit6-2axu002.jpg) |
|  | Matt McKean 3/9/2022 |
|  | Chief Executive Officer |

---

**Accepted** this _____________________, by

First American Title Insurance Company

By: ________________________________________

Escrow Officer

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

**EXHIBIT A**

**LEGAL DESCRIPTION**

[To Come]

![](exhibit6-2ax014.jpg)

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DocuSign Envelope ID: D8E34115-CBED-4248-B21E-E3378A42AC94

**EXHIBIT B**

**SPECIAL WARRANTY DEED**

[To Come]

![](exhibit6-2axu003.jpg)

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## Ex1A-6

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**ADDENDUM #9 TO REAL ESTATE OPTION AGREEMENT**

THIS ADDENDUM #9 ("Addendum 9") dated June 26, 2025 amends and updates the Real Estate Option Agreement (the "Agreement") by and between BJ BUILDERS, INC., a West Virginia corporation ("Seller") and FRONTIERAS NORTH AMERICA, a Wyoming corporation, and/or assignee ("Purchaser") originally dated March 10, 2022, as previously amended by Addendums 1-8. Terms not defined herein shall have the meaning given them in the Agreement or the Addendums.

<u>RECITALS:</u>

Purchaser has previously paid to Seller sums totaling five hundred eight-two thousand five hundred dollars ($582,500.00) in Option Payments, all of which are non-refundable without conditions at this point, and all of which shall be applied to the Purchase Price at Closing.

Now, it is the desire of the parties to extend the Closing Date as outlined below. Therefore, in consideration of the foregoing, and of the mutual covenants contained herein and in the Agreement, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Closing Date Extension</u>. The Closing Date shall be extended five months to on or before December 16, 2025 at 5 PM PT. All other terms and conditions of the Agreement are hereby ratified and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing Extension Payment</u>. In consideration of the extension of the Closing Date, Purchaser shall make monthly payments of fifty thousand dollars ($50,000.00) on or within five business days of the 16<sup>th</sup> of each month beginning on July 16, 2025. Such additional Closing Extension Payments shall be non-refundable and shall be applied to the Purchase Price at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Purchase Price Adjustment</u>. Since the Closing Date was extended beyond June 16, 2025, then pursuant to Addendum 8, the price per acre has been adjusted to twenty-five thousand dollars ($25,000.00) per acre, and the new Purchase Price is $4,585,000.00 (183.4 acres times $25,000.00 per acre).

IN WITNESS WHEREOF, the parties hereto have executed this Addendum 9 effective as of the day and year first above written.

**<u>SELLER</u>:**

BJ BUILDERS, INC.

a West Virginia corporation

---

| | |
|:---|:---|
| By: | ![](exhibit6-2bx001.jpg) |
|  | Sandy Dunn, President |

---

**<u>PURCHASER</u>:**

FRONTIERAS NORTH AMERICA<br>a Wyoming corporation

---

| | |
|:---|:---|
| By: | ![](exhibit6-2bx002.jpg) |
|  | Matthew T. McKean, Chief Executive Officer |

---

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## Ex1A-6

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<u>ENGINEERING SERVICES AGREEMENT</u>

THIS AGREEMENT is made this 22<sup>nd</sup> day of March 2022 BETWEEN:

---

| | |
|:---|:---|
| Frontieras North America | Job Industrial Services, Inc. |
| A Wyoming Corporation | A Utah Corporation |
| (hereinafter "Client") | (hereinafter "Contractor" or "Consultant") |
| 7968 E Via Costa | 2480 South 3850 West, Suite D |
| Scottsdale, AZ 85258 | Salt Lake City, Utah 84120 |

---

WHEREAS the Client wishes the Contractor (including as needed its subsidiaries, affiliates and related companies) to provide various services from time to time, as authorized by the Client and accepted by the Contractor, each authorized scope of services being identified herein as the "Project".

<u>IT IS HEREBY AGREED THAT:</u>

**1.** <u>**Definitions**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"this Agreement"** shall mean and include this document, any Authorization for Services ("Authorization") and the attachments thereto, and any amendments made in accordance with the provisions herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"force majeure"** shall mean all conditions beyond the reasonable control of the Contractor which prevent or hinder the carrying out of its obligations hereunder, including but not limited to acts of God or the public enemy, acts of the government of the United States or the individual states, acts ofany foreign country, strikes, lock-outs, disturbances, disorders, riots, civil commotion, malicious damage, war conditions, hostilities, terrorism, blockades, embargoes, boycotts, sabotage, plagues, epidemics, earthquakes, landslides, floods, fires, storms, tempests, torrents or unusually severe weather; and/or conditions caused by the Client or its representatives, including suspension in whole or in part of any Project, failure of the Client to provide necessary information in a timely manner, or acts of other contractors or subcontractors of Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Services"** shall mean the engineering, construction, procurement, design and or project management services to be provided for each Project hereunder as set out in each Authorization for Services executed by the parties. Such services will be for the end user, Client of Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"in writing"** or **"written"** shall include any communication sent by first class mail, by delivery services, by facsimile transmission with written confirmation, or by electronic mail with written confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the expressions **"Client", "Contractor", "Authorization"** and **"Project"** shall have the meanings previously stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the word **"Project"** shall mean any organized unit of work in which scope, schedule, cost, and deliverables are specifically defined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The headings in this Agreement are for guidance only and shall not affect construction.

**2. <u>Effective Date and Commencement of Services</u>**

This Agreement shall be effective immediately after signature by both parties hereto. After the effective date of this Agreement, the Contractor shall commence the Services within a reasonable time of receipt from the Client of each Authorization for Services, including the applicable Attachments, and subject to the following:

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Client meeting any conditions precedent required in Attachment C.

**3.** <u>**Performance of Services**</u>

The Contractor shall, subject to the provisions of this Agreement and to timely receipt of all data, information, approvals, site access or other information or assistance to be provided by the Client pursuant to Attachment C herein, carry out and complete the Services required under each Authorization. The Contractor' s Services are limited only to the Services described in each Authorization and related Attachment A (or acceptable substitute), or subsequent Authorizations under Clause 4 herein. Where the Contractor has deemed a particular service needed or advisable, the Contractor has so advised the Client, and the Client has confirmed that such services are not included, except as described in each Authorization, or that the Client has made or will make alternate arrangements to obtain the excluded services from a source other than the Contractor. In consideration of the carrying out of such Services, the Contractor shall be compensated and reimbursed in accordance with the terms of each Attachment B.

**4.** <u>**Additional Services**</u>

In the event that the Client requests in writing that the Contractor provide services in addition to the Services described in any Authorization, the Contractor shall, subject to acceptance by the Contractor, provide such additional services as may be authorized by the Client by written amendment to the Authorization for Services or by issuance of an additional Authorization. The Contractor shall be compensated by the Client for the additional services in accordance with the rates in Attachment B thereto; provided that the Contractor shall have the right to modify its rates on an annual basis by providing written notice of the rate changes to the Client, and the Attachment B shall be modified to reflect the new rates for any additional services.

**5.** <u>**Payment Terms**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Contractor will invoice the Client as agreed in the Attachment B to each Authorization. The Client agrees to pay each invoice within thirty (30) days of receipt unless the Client notifies the Contractor within ten (10) days of receipt that any portion is in dispute, and the Client will timely pay the portion not in dispute. The parties will immediately make every effort to settle the disputed portion of the invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Client shall at all times during the course of each Project and for two (2) years after its substantial completion have the right, upon reasonable notice and terms, to inspect the Contractor's records or request copies of documentation used by the Contractor in the preparation of invoices and performance of the Services, to the extent necessary to verify the accuracy of the Contractor's invoices; provided that this right shall not apply to the Contractor's fixed fees or lump sum billing. If the Contractor provides copies to the Client, the Contractor will be reimbursed by the Client for the actual costs incurred for such audit.

**6.** <u>**Liability and Indemnity**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Contractor shall perform its Services in a manner consistent with that degree of care and skill ordinarily exercised by members of the profession currently practicing under similar circumstances in the same locale. No other warranty, express or implied, is made or intended related to the services provided. The parties to this Agreement shall only be liable for their own negligent acts or omissions and assumes no liability for the acts or omissions of the other party or any other third party entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Contractor shall have no liability for any failure or delay in the Services or any part thereof resulting from force majeure. If any portion(s) of the Services can continue during the force majeure event, the Client shall continue to pay the Contractor for the Services provided in accordance with the terms herein.

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 No liability is accepted by the Contractor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any failure or delay in providing the Services attributable to a breach by the Client of its obligations under Clause 2(b) herein and/or any Attachment C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any use of documents otherwise than as licensed under Clause 9.2 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent allowed by applicable law, for any part of the Services on or after the first anniversary of the completion of that part of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Intentionally Omitted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Subject to the foregoing provisions, the Contractor agrees, to the fullest extent permitted by law, to indemnify and hold harmless the Client, its officers, directors, employees and agents from and against any liabilities, damages and costs (including reasonable attorney's fees and costs of defense) arising out of the death or bodily injury to any person or the destruction or damage to any property, to the extent caused, during the performance of Services under this Agreement, by the negligent acts, errors and omissions of the Contractor. The Client agrees, to the fullest extent permitted by law, to indemnify and hold harmless the Contractor, its officers, directors, employees and agents from any liabilities, damages and costs (including reasonable attorney's fees and costs of defense) to the extent caused by the negligent acts, errors or omissions of the Client or Client's other contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Nothing in this Agreement confers or is intended to confer any benefit or right to enforce any term of this Agreement, or any other cause of action, on any third party. Services provided under this Agreement are solely for the benefit of the Client.

**7.** <u>**Insurance**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Contractor shall maintain the following schedule of insurance by type and amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Workers Compensation: Statutory Limits Employers Liability: $1,000,000 each accident or disease

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commercial General Liability; $2,000,000 per occurrence/$2,000,000 aggregate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Automobile Liability: $1,000,000 combined single limit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Excess Liability: $4,000,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Professional Liability: $1,000,000 per claim, $2,000,000 aggregate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Contractor will provide a certificate of insurance to the Client upon request.

**8.** <u>**Dispute Resolution**</u>

If a dispute arises out of or relates to this Agreement or its breach, and if the dispute cannot be settled through direct discussions, the parties agree that prior to the filing of any legal action, they will first endeavor to settle the dispute in an amicable manner by non-binding mediation, using a certified mediator or certified mediation service. Failure ofthe parties to resolve the dispute through mediation shall in no way remove the right of either party to pursue any legal action or recourse.

**9.** <u>**Intellectual Property**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Services provided by Contractor is work for hire. Any patented or otherwise legally protectable invention, process, discovery, technique, know-how or method belonging to and used by the Contractor for the benefit of the Client in connection with this Agreement shall remain and be the property of the Contractor. Contractor will not disclose or use drawings, specifications or plans showing the equipment, materials or software installed in Client's facilities in connection with work or service to others.

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The copyright and other intellectual property rights in all documents (including any drawings, maps or computer programs) prepared or compiled by the Contractor hereunder shall remain vested in the Contractor; however, the Client shall have a royalty free license to use such of those documents as are supplied hereunder for those purposes for which the same were prepared for the intended Project.

**10. <u>Confidentiality</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Any confidential information, including proprietary information, exchanged between the Client and the Contractor in connection with this Agreement shall be kept confidential by the recipient, except to the extent that such information must be communicated (a) to third parties in connection with the performance of this Agreement; (b) as required by governmental agencies or otherwise required by law; (c) as required for financial, insurance or tax audits, subject to a confidentiality agreement with the auditor; or (d) as may be authorized in writing by the party from whom that information originated. This provision shall not apply in the event that the information is or becomes part of the public domain other than by breach of the parties, or was known to the other party prior to the making of the proposal for the Project. This obligation shall survive suspension, termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Unless otherwise directed by the Client, the Contractor shall have the right to disclose the Client's name and a general description ofthe type of services provided for marketing and reference purposes only. Detailed information concerning the services will not be disclosed without the Client's prior approval.

**11.** <u>**Expiration**</u>

This Agreement shall continue in force and effect until all Services authorized under this Agreement are completed and payment therefor has been received in full by the Contractor, unless this Agreement has been previously terminated as provided in Clause 12.

**12.** <u>**Suspension and Termination**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by either party giving thirty (30) days written notice to the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately by the Client giving notice in writing to the Contractor, provided that (i) the Client has previously given written notice to the Contractor of the need to correct a breach of a material obligation under this Agreement, which notice provided sufficient detail to allow the Contractor to identify and correct the breach, and (ii) the Contractor has failed to take reasonable steps to remedy such breach within thirty days of receipt by the Contractor of the initial written notice from the Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately by the Contractor giving notice in writing to the Client if the Client (i) fails to make any payment which it is obligated to make hereunder within thirty (30) days of the due date for payment or (ii) fails to discharge any other material obligation, whether stated in this Agreement or reasonably required for the Contractor's performance of its Services, within thirty (30) days of receipt of written notice from the Contractor requiring the Client to perform or complete that obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Payment to the Contractor in the event of termination under this Clause shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payments due for any and all Services carried out up to and including the date of termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payments due for periods during which, because of force majeure caused by the Client or its contractors, the Contractor is unable either in whole or in part to provide the Services but is willing and available to provide the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) costs of any non-cancelable commitments entered into by the Contractor on the assumption that all Services authorized under this Agreement would be completed; and

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in a case of termination under Clause 12.l(b) herein, a reasonable termination charge including demobilization costs and other expenses incurred by Contractor in terminating the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 No expiration or termination of this Agreement shall prejudice the accrued rights or liabilities of either party to this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 The Client may, by written notice to the Contractor, temporarily suspend all or any portion of the Services for a reasonable period of time. The Client shall notify the Contractor in writing when the Services should be recommenced, and the Contractor shall have a reasonable time thereafter to recommence the Services. The Client will be responsible for any reasonable costs and expenses incurred by the Contractor due to suspension or recommencement of the work, in addition to the amount authorized under the applicable Attachment B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 All notices required under this Clause shall be made to the address of the principal office of each party and shall be directed to the attention of the Legal Department of the Contractor and to the Client representative at the address indicated in this Agreement.

**13.** <u>**Assignment and Sub-Contracting**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Neither party shall, without the written consent of the other party, have the right to assign its rights, benefits or obligations under this Agreement, or any part thereof; provided that this prohibition shall not apply to any assignment by the Contractor resulting from or made in connection with any merger or other reorganization within the related or affiliated group of companies of which the Contractor is a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Except as may be proposed by the Contractor and accepted by the Client in any Authorization or any subsequent amendment for additional services under Clause 4 herein, the Contractor shall not subcontract the Services or any part thereof without the prior consent of the Client, which shall not be unreasonably withheld; provided that this prohibition shall not apply to any subcontracting by the Contractor to any other company within the related or affiliated group of companies of which the Contractor is a member. Any such subcontracting must be under terms no less favorable to Client and include similar Insurance and Indemnification provisions.

**14.** <u>**Job Safety**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The Contractor will be responsible only for its activity and that of its employees and subcontractors at any job site (if applicable). Neither the professional activities of the Contractor, nor the presence of the Contractor or its employees or subcontractors at a work site, shall relieve the Client or its contractor(s) of their obligations, duties and responsibilities including, but not limited to, construction means, methods, sequence techniques or procedures necessary for performing, superintending and coordinating the Contractor's work in accordance with its applicable contract documents and any health and safety requirements of the Client and regulatory agencies. The Contractor and its personnel have no authority to exercise any control over the Client, its contractor(s) or their employees or subcontractors in connection with their work or any health and safety programs or procedures; however, the Contractor reserves the right to report to the Client any unsafe condition observed at the site without altering the foregoing. Contractor agrees to participate in any third party safety verification services that may be required by the end client (for example, such services may include ISNetworld, Avetta or Browz but this list is not inclusive) and will adhere to agreed upon site specific safety rules of the end client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Access to the Client job sites may require Contractor to provide information with respect to its personnel needing access. This information may include verification of Background Checks-which could include any or all of the following: State Criminal, Federal Criminal, Terrorist Watch List, Driving Record, or Drug Testing. The requirements will be Client specific.

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 5

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**15.** <u>**Independent Contractor**</u>

Unless an agency relationship is otherwise agreed to in an Authorization for Services and/or Attachment A, the Contractor and its personnel assigned to provide the Services under this Agreement will at all times be an independent Contractor having control over the details and perfonnance of the Services and shall not be an agent or employee of the Client.

**16.** <u>**Entire Agreement and Priority of Documents**</u>

The terms of the agreement between the Client and the Contractor are contained solely in this Agreement and all previous understandings and agreements, written or otherwise, between the parties relating to the subject matter herein are hereby superseded. In the event of any ambiguities, discrepancies or contradictions between the several documents forming this Agreement, the terms of this document shall take precedence, except to the extent that the parties expressly agree to vary the terms as provided herein. If the Client issues a purchase order or similar document relative to the Services in addition to or in place of an Authorization for Services, the provisions of this Agreement shall take precedence over any terms and conditions contained within or attached to the purchase order or other Client documentation.

**17.** <u>**Miscellaneous Provisions**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 <u>Notices</u>- Any notice or other communication to be made pursuant to the terms and conditions of this Agreement shall be in writing and shall be sufficiently made if sent by first class mail, delivery service, facsimile with written confirmation, electronic mail with written confirmation, or by delivering the same by hand to the aforesaid address of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. <u>Language, Weights and Measures</u>- All written communications between the parties and all documents supplied shall be in the English language, and all calculations will be based on the U.S. Customary System of weights and measures, unless otherwise agreed upon by the parties in the Authorization or Attachment A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3. <u>Amendments</u>- No amendments to the terms of this Agreement shall be made except by agreement in writing between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4. <u>Law</u>- The construction, validity and performance of this Agreement shall be governed by and construed under the laws of the state of Utah, and for all matters arising under, out of or in connection with this Agreement, the parties shall submit to the exclusive jurisdiction of the courts of the state of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5. <u>Severability</u>- The various provisions herein shall be deemed to be separate and severable, and the invalidity of any of them shall in no manner affect or impair the validity or enforcement of the remaining provisions. Any provision held to be void or unenforceable shall be reformed to replace the provision with a valid and enforceable provision which expresses the original intention of the parties as closely as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 <u>Consequential Damages</u>- Notwithstanding anything to the contrary elsewhere in any Purchase Order, Work Request etc. provided by Client, or provided for under any applicable Law, no party shall, in any event, be liable to any other Person, either in contract or in tort, for any consequential, incidental, indirect, special or punitive damages of such other Person, including loss of future revenue, income or profits, diminution of value or loss of business reputation or opportunity relating to the breach or alleged breach hereof, whether or not the possibility of such damages has been disclosed to the other party in advance or could have been reasonably foreseen by such other party.

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 6

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This Agreement is effective on the day and year first above written.

---

| | |
|:---|:---|
| FOR CLIENT: | FOR CONTRACTOR: |
| /s/ Joseph Witherspoon | /s/ Steve Wendel |
| Signature | Signature |
| Chief Technology Officer | President/COO |
| Title | Title |
| 3/22/2022 | 3/22/2022 |
| Date Executed | Date Executed |
| Address for Notices: | Address for Notices: |
| Frontieras North America<br>Attn: Joseph A. Witherspoon<br>7968 E Via Costa<br>Scottsdale, AZ 85258<br>joe.witherspoon@frontieras.com | Job Industrial Services, Inc.<br>Attn: Scott W. Stenberg<br>2480 South 3850 West, Suite D<br>Salt Lake City, UT 84120<br>sstenberg@jobindustrial.com |

---

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 7

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<u>**AUTHORIZATION FOR SERVICES**</u>

**NO. 001**

Pursuant to the terms of the Agreement between Frontieras North America (CLIENT) and Job Industrial Service, Inc. (CONTRACTOR), effective the _ th day of March 2022, Client authorizes, and Contractor agrees to provide the services described in Attachment A hereto. Client agrees to compensate Contractor based on Attachment B hereto. If applicable, Attachment C includes any requirements of Client prior to Contractor commencing the services.

All services provided under this Authorization shall be subject to the terms of the Agreement unless otherwise noted below:

---

| | |
|:---|:---|
| FOR CLIENT: | FOR CONTRACTOR: |
| /s/ Joseph Witherspoon | /s/ Steve Wendel |
| Signature | Signature |
| Chief Technology Officer | President/COO |
| Title | Title |
| 3/22/2022 | 3/22/2022 |
| Date Executed | Date Executed |

---

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 8

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<u>**ATTACHMENT A**</u>

<u>Scope of Contractor's Services</u>

All work under this contract relates to Engineering assignments that may be offered to Contractor to perform.

SERVICES:

* Services include:
 
Engineering, Design and Automation Engineering Support as requested by Client and agreed by Contractor with back office administrative support as required

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 9

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<u>**ATTACHMENT B**</u>

<u>Compensation and Reimbursement of the Contractor</u>

Contractor will be paid within 30 days of receipt of a properly accepted invoice per the current rates provided to Client by Contractor. Rates will not be increased greater than adjusted cost of living increases per published federal indexes. Contractor can invoice on a weekly basis for services provided and accepted.

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 10

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<u>**ATTACHMENT C**</u>

<u>Data, Information, Assistance, Site Access and Approvals</u>

(including any conditions precedent) to be

provided or obtained by the Client

For the scope and deliverables identified under Attachment A of this agreement, Client will provide background information as required for Contractor to utilize for Engineering and Automation Engineering Support efforts.

Engineering Services Agreement - Frontieras North America and Job Industrial Services, Inc. 11

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## Ex1A-6

------

**SHARE PURCHASE AGREEMENT**

dated as of November 26, 2024<br>

by and among<br>

**FRONTIERAS NORTH AMERICA<br>**

<br> **GEM GLOBAL YIELD LLC SCS<br>**

<br> and<br>

**GEM YIELD BAHAMAS LIMITED**

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [**ARTICLE I** DEFINITIONS](#page_4) | [**ARTICLE I** DEFINITIONS](#page_4) | [1](#page_4) |
| [Section 1.01](#page_4) | [Definitions](#page_4) | [1](#page_4) |
| [**ARTICLE II** PURCHASE AND SALE OF SHARES](#page_9) | [**ARTICLE II** PURCHASE AND SALE OF SHARES](#page_9) | [6](#page_9) |
| [Section 2.01](#page_9) | [Purchase and Sale of Shares](#page_9) | [6](#page_9) |
| [Section 2.02](#page_9) | [The Shares](#page_9) | [6](#page_9) |
| [Section 2.03](#page_10) | [Required Filings](#page_10) | [7](#page_10) |
| [Section 2.04](#page_11) | [Effective Date; Settlement Dates](#page_11) | [8](#page_11) |
| [**ARTICLE III** REPRESENTATIONS AND WARRANTIES](#page_11) | [**ARTICLE III** REPRESENTATIONS AND WARRANTIES](#page_11) | [8](#page_11) |
| [Section 3.01](#page_11) | [Representations and Warranties of the Company](#page_11) | [8](#page_11) |
| [Section 3.02](#page_20) | [Representatives and Warranties of the Purchaser](#page_20) | [17](#page_20) |
| [**ARTICLE IV** COVENANTS](#page_22) | [**ARTICLE IV** COVENANTS](#page_22) | [19](#page_22) |
| [Section 4.01](#page_22) | [Securities Compliance](#page_22) | [19](#page_22) |
| [Section 4.02](#page_22) | [Registration and Listing](#page_22) | [19](#page_22) |
| [Section 4.03](#page_22) | [Registration Rights Agreement](#page_22) | [19](#page_22) |
| [Section 4.04](#page_22) | [Compliance with Laws](#page_22) | [19](#page_22) |
| [Section 4.05](#page_23) | [Keeping of Records and Books of Account](#page_23) | [20](#page_23) |
| [Section 4.06](#page_23) | [Limitations on Holdings and Issuances](#page_23) | [20](#page_23) |
| [Section 4.07](#page_23) | [Registration Statement](#page_23) | [20](#page_23) |
| [Section 4.08](#page_23) | [Other Agreements and Other Financings](#page_23) | [20](#page_23) |
| [Section 4.09](#page_24) | [Stop Orders](#page_24) | [21](#page_24) |
| [Section 4.10](#page_24) | [Selling Restrictions; Volume Limitations](#page_24) | [21](#page_24) |
| [Section 4.11](#page_25) | [Non-Public Information](#page_25) | [22](#page_25) |
| [Section 4.12](#page_25) | [Commitment Fee; Warrant](#page_25) | [22](#page_25) |
| [Section 4.13](#page_27) | [Private Transaction Fee](#page_27) | [24](#page_27) |
| [Section 4.14](#page_27) | [DWAC Eligibility](#page_27) | [24](#page_27) |
| [Section 4.15](#page_27) | [Reservation of Shares](#page_27) | [24](#page_27) |
| [Section 4.16](#page_27) | [Amendments to the Registration Statement; Prospectus Supplements](#page_27) | [24](#page_27) |
| [**ARTICLE V** CLOSING CERTIFICATE; CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES; OPINION AND COMFORT LETTERS](#page_28) | [**ARTICLE V** CLOSING CERTIFICATE; CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES; OPINION AND COMFORT LETTERS](#page_28) | [25](#page_28) |
| [Section 5.01](#page_28) | [Closing Certificate](#page_28) | [25](#page_28) |
| [Section 5.02](#page_28) | [Conditions Precedent to the Obligation of the Company to Sell the Shares](#page_28) | [25](#page_28) |
| [Section 5.03](#page_29) | [Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Purchase the Shares](#page_29) | [26](#page_29) |
| [**ARTICLE VI** DRAW DOWN TERMS](#page_31) | [**ARTICLE VI** DRAW DOWN TERMS](#page_31) | [28](#page_31) |
| [Section 6.01](#page_31) | [Draw Down Terms](#page_31) | [28](#page_31) |
| [Section 6.02](#page_32) | [Aggregate Limit](#page_32) | [29](#page_32) |

---

------

---

| | | |
|:---|:---|:---|
| [**ARTICLE VII** TERMINATION](#page_33) | [**ARTICLE VII** TERMINATION](#page_33) | [30](#page_33) |
| [Section 7.01](#page_33) | [Term, Termination by Mutual Consent](#page_33) | [30](#page_33) |
| [Section 7.02](#page_33) | [Effect of Termination](#page_33) | [30](#page_33) |
| [**ARTICLE VIII** INDEMNIFICATION](#page_33) | [**ARTICLE VIII** INDEMNIFICATION](#page_33) | [30](#page_33) |
| [Section 8.01](#page_33) | [General Indemnity](#page_33) | [30](#page_33) |
| [Section 8.02](#page_34) | [Indemnification Procedures](#page_34) | [31](#page_34) |
| [**ARTICLE IX** MISCELLANEOUS](#page_35) | [**ARTICLE IX** MISCELLANEOUS](#page_35) | [32](#page_35) |
| [Section 9.01](#page_35) | [Fees and Expenses](#page_35) | [32](#page_35) |
| [Section 9.02](#page_35) | [Specific Enforcement, Consent to Jurisdiction](#page_35) | [32](#page_35) |
| [Section 9.03](#page_36) | [Entire Agreement; Amendment](#page_36) | [33](#page_36) |
| [Section 9.04](#page_36) | [Notices](#page_36) | [33](#page_36) |
| [Section 9.05](#page_37) | [Waivers](#page_37) | [34](#page_37) |
| [Section 9.06](#page_37) | [Headings](#page_37) | [34](#page_37) |
| [Section 9.07](#page_37) | [Successors and Assigns](#page_37) | [34](#page_37) |
| [Section 9.08](#page_37) | [Governing Law; Waiver of Jury Trial](#page_37) | [34](#page_37) |
| [Section 9.09](#page_37) | [Survival](#page_37) | [34](#page_37) |
| [Section 9.10](#page_38) | [Counterparts](#page_38) | [35](#page_38) |
| [Section 9.11](#page_38) | [Publicity](#page_38) | [35](#page_38) |
| [Section 9.12](#page_38) | [Severability](#page_38) | [35](#page_38) |
| [Section 9.13](#page_38) | [Further Assurances](#page_38) | [35](#page_38) |
| EXHIBITS | EXHIBITS | EXHIBITS |
| [Exhibit A](#page_60) | [Form of Registration Rights Agreement](#page_60) |  |
| [Exhibit B](#page_61) | [Form of Warrant](#page_61) |  |
| [Exhibit C](#page_82) | [Form of Company Closing Certificate](#page_82) |  |
| [Exhibit D](#page_86) | [Form of Company Compliance Certificate](#page_86) |  |
| [Exhibit E](#page_88) | [Form of Draw Down Notice](#page_88) |  |
| [Exhibit F](#page_89) | [Form of Closing Notice](#page_89) |  |
| SCHEDULES | SCHEDULES | SCHEDULES |
| [Schedule 3.01(r)](#page_90) | [Material Agreements](#page_90) |  |

---

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**SHARE PURCHASE AGREEMENT**

November 26, 2024

This **SHARE PURCHASE AGREEMENT** (this "<u>Agreement</u>") is made and entered into as of the date first above written by and among Frontieras North America, incorporated under the laws of the State of Wyoming whose registered office is at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA (the "<u>Company</u>"); GEM GLOBAL YIELD LLC SCS, a "société en commandite simple" formed under the laws of Luxembourg having LEI No. 213800CXBEHFXVLBZO92 having an address at 12C, rue Guillaume J. Kroll, L-1882 Luxembourg (the "<u>Purchaser</u>"); and GEM YIELD BAHAMAS LIMITED, a limited company formed under the laws of the Commonwealth of the Bahamas and having an address at 3 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-4875, Nassau, The Bahamas ("<u>GYBL</u>," and together with the Company and Purchaser, the "<u>Parties</u>").

**RECITALS**

**WHEREAS**, the Parties desire that, upon the terms and subject to the conditions contained herein, the Company may issue and sell to the Purchaser, and the Purchaser may purchase from the Company up to the Aggregate Limit of the Company's Shares (as defined below);

**WHEREAS**, such investments will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act ("<u>Section 4(a)(2)</u>") and Rule 506 of Regulation D promulgated by the Commission under the Securities Act ("<u>Regulation D</u>"), and upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the investments in the Shares to be made hereunder; and

**WHEREAS,** the Parties are concurrently entering into a Registration Rights Agreement in the form of <u>Exhibit A</u> hereto (the "<u>Registration Rights Agreement</u>"), pursuant to which the Company shall register the resale of the Shares by the Purchaser, upon the terms and subject to the conditions set forth therein.

**NOW, THEREFORE**, the Parties, intending to be legally bound, agree as follows:

**ARTICLE I**

DEFINITIONS

**Section 1.01 <u>Definitions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Adjustment Date</u>" shall have the meaning assigned to such term in <u>Section 4.12(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means with respect to a party to this Agreement (i) any company of which over fifty percent (50%) of its issued and voting share capital is owned or controlled, directly or indirectly, by said party, or (ii) any company which owns or controls, directly or indirectly, over fifty percent (50%) of the issued and voting share capital of such party, or (iii) any company owned or controlled, directly or indirectly, to the extent of over fifty percent (50%) or more of the issued and voting share capital, by any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Aggregate Limit</u>" shall have the meaning assigned to such term in <u>Section 2.01</u>

hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Bylaws</u>" shall have the meaning assigned to such term in <u>Section 3.01(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Certificate</u>" shall have the meaning assigned to such term in <u>Section 3.01(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Change of Control</u>" shall mean (i) the acquisition by any Person of direct or indirect beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the then-issued and outstanding equity of the Company; (ii) the occurrence of a merger, consolidation, reorganization, share exchange or similar corporate transaction, whether or not the Company is the surviving corporation, other than a transaction which would result in the voting equity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the voting equity shares of the Company or such surviving entity immediately after such transaction; or (iii) the sale, transfer or disposition of all or substantially all of the business and assets of the Company to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Closing</u>" shall have the meaning assigned to such term in <u>Section 2.04</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Commission</u>" shall mean the Securities and Exchange Commission or any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Commission Documents</u>" shall mean, as of a particular date, all reports, schedules, forms, statements and other documents filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including material filed pursuant to Section 13(a) or 15(d) of the Exchange Act, and shall include all information contained in such filings and all filings incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Commitment Fee</u>" shall have the meaning assigned to such term in <u>Section</u> <u>4.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Commitment Fee Shares</u>" shall have the meaning assigned to such term in <u>Section</u> <u>4.12(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Common Shares</u>" means, without limitation, the class of common stock of the Company that is to be listed on the Principal Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Current Report</u>" shall have the meaning assigned to such term in <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Current Trading Price</u>" shall have the meaning assigned to such term in <u>Section</u> <u>4.12(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Daily Closing Price</u>" shall mean the closing bid price of the Common Shares, as recorded by the Principal Market, on a particular day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Draw Down</u>" means the transactions contemplated under <u>Section 6.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Draw Down Amount</u>" means the actual amount of proceeds to be paid by the Purchaser in connection with a Draw Down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Draw Down Amount Requested</u>" shall mean the amount of Shares requested by the Company in its Draw Down Notice as provided in <u>Section 6.01(h)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Draw Down Exercise Date</u>" shall have the meaning assigned to such term in <u>Section 6.01(h)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Draw Down Limit</u>" shall have the meaning assigned to such term in <u>Section</u> <u>6.01(a)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Draw Down Notice</u>" shall mean a notice sent by the Company to exercise a Draw Down as provided in <u>Section 6.01(h)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Draw Down Pricing Period</u>" shall mean a period of 30 consecutive Trading Days commencing with the first Trading Day designated in each Draw Down Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Effective Date</u>" shall mean the date of the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Environmental Laws</u>" shall have the meaning assigned to such term in <u>Section</u> <u>3.01(q)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Fair Value</u>" means the monetary value of an exercised portion of the Warrant calculated pursuant to the Black-Scholes Option Pricing Model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>GAAP</u>" shall mean generally accepted accounting principles in the United States of America as consistently applied by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Indebtedness</u>" shall have the meaning assigned to such term in <u>Section 3.01(k)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Investment Period</u>" shall have the meaning assigned to such term in <u>Section 7.01</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>Knowledge</u>" means the actual knowledge of the Company's Chief Executive Officer and Chief Financial Officer, after reasonable inquiry of all officers, directors and employees of the Company who could reasonably be expected to have knowledge or information with respect to the matter in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Legend</u>" shall have the meaning assigned to such term in <u>Section 4.12(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Lien</u>" means with respect to any property or asset, any mortgage, lien, pledge, charge, security interest, option, adverse claim, restriction on title or transfer, encroachments, occupancy rights, or other encumbrance of any kind or character in respect of such property or asset, and any agreement to create any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "<u>Losses</u>" shall have the meaning assigned to such term in <u>Section 8.01(a)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Material Adverse Effect</u>" shall mean (i) any effect on the business, operations, properties, or condition (financial or otherwise) of the Company that is material and adverse to the Company and its subsidiaries, taken as a whole, or (ii) any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability of the Company to enter into and perform any of its obligations under this Agreement in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "<u>Material Agreements</u>" shall have the meaning assigned to such term in <u>Section</u> <u>3.01(r)</u> hereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "<u>Parties</u>" shall have the meaning assigned to such term in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "<u>Plan</u>" shall have the meaning assigned to such term in <u>Section 3.01(x)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "<u>Principal Market</u>" shall mean any U.S. securities exchange on which the Common Shares are traded or any other exchange platform in the world on which the Common Shares are traded, including, but not limited to, the London Stock Exchange, the Berlin Stock Exchange, the Frankfurt Stock Exchange, the Shanghai Stock Exchange, the SIX Swiss Exchange or the Stock Exchange of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "<u>Private Transaction</u>" shall have the meaning assigned to such term in <u>Section 4.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "<u>Prospectus</u>" means the prospectus in the form included in the Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "<u>Prospectus Supplement</u>" means any prospectus supplement to the Prospectus filed with the Commission from time to time pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "<u>Public Company Date</u>" means the date that the Company becomes subject to the reporting requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "<u>Public Listing</u>" shall mean the public listing of the Common Shares for trading on the Principal Market or the consummation of a Reverse Merger Transaction, whichever is earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "<u>Public Listing Date</u>" shall mean the first day on which the Common Shares trade on the Principal Market.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "<u>Purchase Price</u>" shall have the meaning assigned to such term in <u>Section 6.01(a)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "<u>Registration Statement</u>" shall mean the registration statement on Form S-1, F-1, S-3 or F-3 under the Securities Act, or other relevant registration statement, to be filed by the Company with the Commission with respect to the registration of Shares pursuant to the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "<u>Reverse Merger Transaction</u>" means a merger, reverse merger, acquisition, consolidation, business combination or similar transaction between the Company or one of its subsidiaries or Affiliates and a special purpose acquisition company or other entity whose securities are publicly listed on the Principal Market, following which transaction (i) the shares of the special purpose acquisition company or other entity, the Company, or one of the Company's subsidiaries or Affiliates are publicly listed on the Principal Market, or (ii) the applicable publicly listed person holds, owns or has the right to acquire, directly or indirectly, all or substantially all of the assets of the Company (and/or any of its subsidiaries or Affiliates), as determined on a consolidated basis prior to the consummation of the applicable transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "<u>Settlement Date</u>" shall have the meaning assigned to such term in <u>Section 6.01(d)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "<u>Shares</u>" shall mean, collectively, all of the Common Shares of the Company issuable to the Purchaser upon exercise of any Draw Down and upon exercise of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "<u>Shortfall</u>" shall have the meaning assigned to such term in <u>Section 4.12(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "<u>Subsidiary</u>" shall mean any corporation or other entity of which at least a majority of the securities or other ownership interest having ordinary voting power (absolutely or contingently) for the election of directors or other Persons performing similar functions are at the time owned directly or indirectly by the Company and/or any of its other Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "<u>Successor Company</u>" shall mean (i) any company the common equity shares of which are traded on the Principal Market with which the Company merges, including without limitation, the resulting or successor company in a Reverse Merger Transaction, and (ii) any successor or similar entity of the Company (whether by merger, consolidation or otherwise) or any subsidiary or Affiliate of, or other similar entity related to, the Company or any subsidiary or parent or Affiliate thereof, in each case, formed for the purpose of facilitating, or in connection with, a Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "<u>Surplus</u>" shall have the meaning assigned to such term in <u>Section 4.12(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "<u>Threshold Price</u>" is the lowest price at which the Company may sell Shares during a Draw Down Pricing Period, as set forth in each Draw Down Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "<u>Trading Day</u>" shall mean a trading day on the Principal Market.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "<u>Transaction Documents</u>" shall mean this Agreement, the Registration Rights Agreement, the Warrant and each other agreement or undertaking executed or delivered to the Purchaser by the Company pursuant hereto or thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "<u>Underlying Warrant Shares</u>" shall have the meaning assigned to such term in <u>Section 2.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Warrant</u>" shall have the meaning assigned to such term in <u>Section 4.12(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "<u>Warrant Exercise Price</u>" shall have the meaning assigned to such term in <u>Section</u> <u>4.12(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "<u>Warrant Shares</u>" shall have the meaning assigned to such term in the Warrant.

**ARTICLE II**

PURCHASE AND SALE OF SHARES

**Section 2.01 <u>Purchase and Sale of Shares</u>**. Upon the terms and subject to the conditions of this Agreement, the Company shall issue and sell to the Purchaser, and the Purchaser agrees to purchase from the Company during the Investment Period (as defined in <u>Section 7.01</u>) up to the number of duly authorized, validly issued, fully paid and non-assessable Common Shares having an aggregate value of U.S. $150,000,000 (the "<u>Aggregate Limit</u>"). Purchases and sales of Shares of the Company hereunder shall be made by the delivery to the Purchaser of Draw Down Notices as provided in ARTICLE VI hereof. The aggregate dollar amount of all Draw Down Amounts pursuant to the terms and conditions of this Agreement shall not exceed the Aggregate Limit.

**Section 2.02 <u>The Shares</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has or will have authorized and has or will have reserved, and covenants to continue to so reserve once reserved, free of preemptive rights and other similar contractual rights of stockholders, a sufficient number of its authorized but unissued Common Shares to cover the Shares to be issued in connection with all Draw Downs requested under this Agreement, and to be issued in connection with the exercise of the Warrant, prior to the issuance to the Purchaser of such Shares under this Agreement and the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than two business days prior to the Company's filing with the Commission of a preliminary prospectus that includes a price range for the Company's Public Listing, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, a number of Common Shares equal to the number of Warrant Shares at a per share price equal to the par value of the Common Shares (the "<u>Underlying Warrant Shares</u>"). The Company shall register the resale of the Underlying Warrant Shares on or about the time of the completion of the Public Listing (however, if no Public Listing is completed, then the Underlying Warrant Shares will be null and void and cancelled by the Company with no requirement to register them), following which registration the Underlying Warrant Shares shall be unrestricted and freely tradeable (subject to any contractual restrictions in this <u>Section 2.02(b)</u>). The Purchaser may sell or otherwise dispose of the Underlying Warrant Shares prior to the Effectiveness Deadline (as defined in the Registration Rights Agreement) upon payment to the Company of an amount per share equal to the Warrant Exercise Price at the time of such sale or other disposition, less the nominal value of the Common Shares. Upon registration of the Warrant Shares for resale in accordance with the Registration Rights Agreement, the Company shall redeem all unsold Underlying Warrant Shares for a redemption price per share equal to the nominal value of the Common Shares.

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**Section 2.03 <u>Required Filings</u>**. If the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, as soon as practicable, but in any event not later than 5:30 p.m. (New York City time) on the fourth Trading Day immediately following the Public Company Date, the Company shall file with the Commission a report on Form 8-K or 6-K (or comparable disclosure) relating to the transactions contemplated by, and describing the material terms and conditions of the Transaction Documents and attaching copies of this Agreement and the Registration Rights Agreement (including all exhibits thereto, the "<u>Current Report</u>"); provided that the obligation to file the Current Report shall not be applicable if this Agreement and the Registration Rights Agreement were previously filed with the Commission. The Company shall provide the Purchaser a reasonable opportunity to comment on a draft of such Current Report, give due consideration to such comments, and not file the Current Report to the extent the Purchaser reasonably objects to the form or content thereof. Not later than 15 calendar days following the Effective Date, the Company shall file a Form D with respect to the securities hereunder in accordance with Regulation D and shall provide a copy thereof to the Purchaser promptly after such filing. The Company shall prepare and file the Registration Statement (including the Prospectus) covering the resale by the Purchaser of the registrable securities with the Commission in accordance with the provisions of the Securities Act and the Registration Rights Agreement. The Company shall file with the Commission in accordance with Rule 424(b) under the Securities Act the final Prospectus to be used in connection with resales pursuant to the Registration Statement no later than 8:30 a.m. (New York City time) on the first Draw Down Exercise Date. If the transactions contemplated by any Draw Down are material to the Company (individually or collectively with all other prior Draw Downs, the consummation of which have not previously been reported in any Prospectus Supplement filed with the Commission under Rule 424(b) under the Securities Act or in any report, statement or other document filed by the Company with the Commission under the Exchange Act), or if otherwise required under the Securities Act (or the interpretations of the Commission thereof), in each case as reasonably determined by the Company or the Purchaser, then, on the first Trading Day immediately following the last Trading Day of the Draw Down Pricing Period with respect to such Draw Down, the Company shall file with the Commission a Prospectus Supplement pursuant to Rule 424(b) under the Securities Act with respect to the applicable Draw Down(s), disclosing the total Draw Down Amount Requested pursuant to such Draw Down(s), the total number of Shares that are to be (and, if applicable, have been) issued and sold to the Purchaser pursuant to such Draw Down(s), the total purchase price for the Shares subject to such Draw Down(s), the applicable discount price(s) for such Shares and the net proceeds that are to be (and, if applicable, have been) received by the Company from the sale of such Shares. To the extent not previously disclosed in the Prospectus or a Prospectus Supplement, the Company shall disclose in its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K the information described in the immediately preceding sentence relating to all Draw Down(s) consummated during the relevant fiscal quarter and fiscal year, as applicable, and include each such report in a Prospectus Supplement and file such Prospectus Supplement with the Commission under Rule 424(b) under the Securities Act.

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**Section 2.04 <u>Effective Date; Settlement Dates</u>**. This Agreement shall become effective and binding (the "<u>Closing</u>") upon the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties hereto and thereto, and the delivery of all other documents, instruments and writings required to be delivered at the Closing, in each case as provided in ARTICLE V on the Effective Date. In consideration of and in express reliance upon the representations, warranties and covenants contained in, and upon the terms and subject to the conditions of, this Agreement, during the Investment Period the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the Shares in respect of each Draw Down. The issuance and sale of Shares to the Purchaser pursuant to any Draw Down shall occur on the applicable Settlement Date in accordance with <u>Section 6.01(d)</u>; *provided that* all of the conditions precedent thereto set forth in ARTICLE IV theretofore shall have been fulfilled on or prior to such Settlement Date.

**ARTICLE III**

REPRESENTATIONS AND WARRANTIES

**Section 3.01 <u>Representations and Warranties of the Company</u>.** The Company hereby makes the following representations and warranties to the Purchaser and GYBL as of the Effective Date, as of each Draw Down Exercise Date and as of each Settlement Date, except where the representation is expressly made only as of the Effective Date, Draw Down Exercise Date or Settlement Date, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization, Good Standing and Power</u>. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has the requisite corporate power and authority to own, lease and operate its properties and assets and to conduct its business as it is now being conducted. All Subsidiaries are duly formed, validly existing and in good standing under the laws of their respective jurisdictions of formation and have the requisite corporate power and authority to own, lease and operate their respective properties and assets and to conduct their respective business as it is now being conducted. Each of the Company and its Subsidiaries is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified, authorized or in good standing would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization, Enforcement</u>. The Company has the requisite corporate power and authority to enter into and perform this Agreement and each other Transaction Document and to issue and sell the Shares in accordance with the terms hereof. Except for approvals of the Company's Board of Directors or a committee thereof as may be required in connection with any issuance and sale of Shares to the Purchaser hereunder, the execution, delivery and performance of this Agreement and each other Transaction Document by the Company and the consummation by it of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action, and, except as contemplated by <u>Section 2.02</u>, no further consent or authorization of the Company or its Board of Directors or stockholders is required. This Agreement and each other Transaction Document has been duly executed and delivered by the Company. This Agreement and each other Transaction Document constitutes, or shall constitute when executed and delivered, a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor's rights and remedies or by other equitable principles of general application.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Capitalization</u>. The authorized capital stock of the Company and the shares thereof issued and outstanding are or as of such date will be set forth in the Commission Documents. All of the Shares will be, and the outstanding Common Shares have been, duly and validly authorized, and are fully paid and non-assessable. Except as are or as of such date will be set forth in the Commission Documents, no holders of Shares or Common Shares are entitled to preemptive rights or registration rights, and there are no outstanding options, warrants, scrip, rights to subscribe to, call or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company. Furthermore, except as set forth in the Commission Documents, there are no contracts, commitments, understandings, or arrangements by which the Company is or may become bound to issue additional shares of capital stock of the Company or options, securities or rights convertible into shares of capital stock of the Company. Except for customary transfer restrictions contained in agreements entered into by the Company in order to sell restricted securities, the Company is not a party to, and it has no Knowledge of, any agreement restricting the voting or transfer of any shares of capital stock of the Company. As of each Draw Down Exercise Date and Settlement Date, the offer and sale of all shares of capital stock, convertible securities, rights, warrants, or options of the Company will have complied in all material respects with all applicable federal and state securities laws, and no stockholder will have the right of rescission or damages with respect thereto. Except as set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by this Agreement or any of the other Transaction Documents or the consummation of the transactions described herein or therein. The Company has furnished or made available to the Purchaser true and correct copies of the Company's Certificate of Incorporation as in effect on the Effective Date (the "<u>Certificate</u>") and bylaws as in effect on the Effective Date (the "<u>Bylaws</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of Shares</u>. The Shares to be issued under this Agreement and the Warrant have been or will be (prior to issuance to the Purchaser or GYBL hereunder) duly authorized by all necessary corporate action and, when paid for or issued in accordance with the terms hereof, the Shares shall be validly issued and outstanding, fully paid and nonassessable, and the Purchaser shall be entitled to all rights accorded to a holder of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Conflicts</u>. The execution, delivery and performance of this Agreement and each other Transaction Document by the Company and the consummation by the Company of the transactions contemplated herein do not (i) violate any provision of the Company's Certificate or Bylaws, (ii) conflict with, result in a breach or violation of any of the terms or provisions of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party or is bound, (iii) create or impose a lien, charge or encumbrance on any property or assets of the Company under any agreement or any commitment to which the Company is a party or by which the Company is bound or by which any of its respective properties or assets are bound, or (iv) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company are bound or affected. The Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement and each other Transaction Document, or issue and sell the Shares to the Purchaser in accordance with the terms hereof (other than any filings which may be required to be made by the Company with the Commission or the Principal Market subsequent to the Effective Date, including the Registration Statement and any registration statement, amendment, prospectus or prospectus supplement which may be filed pursuant hereto); *provided, however*, that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the representations, warranties and agreements of the Purchaser herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Commission Documents, Financial Statements</u>. As of each Draw Down Exercise Date and Settlement Date, the Company has timely filed all Commission Documents (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act). The Company has not provided to the Purchaser any information which, according to applicable law, rule or regulation, should have been disclosed publicly by the Company but which has not been so disclosed, other than with respect to the transactions contemplated by this Agreement and the other Transaction Documents. As of their respective filing dates, the Commission Documents will comply in all material respects with the requirements of the Exchange Act and other federal, state and local laws, rules and regulations applicable to them, and, as of their respective dates, the Commission Documents did 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, not misleading. The financial statements of the Company included in the Commission Documents comply as to form in all material respects with applicable accounting requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with GAAP applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements), and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Material Adverse Effect</u>. No Material Adverse Effect exists as of the Effective Date and no Material Adverse Effect will exist as of the time the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Undisclosed Liabilities</u>. As of each Draw Down Exercise Date and Settlement Date, the Company has no liabilities, obligations, claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) that would be required to be disclosed on a balance sheet of the Company or any Subsidiary (including the notes thereto) in conformity with GAAP and are not disclosed in the Commission Documents other than liabilities incurred in the ordinary course of business since the date of such Commission Documents which, individually and in the aggregate, are not material to the Company's business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Undisclosed Events or Circumstances</u>. As of each Draw Down Exercise Date and Settlement Date, no event or circumstance has occurred or exists with respect to the Company or its businesses, properties, prospects, operations or financial condition, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Indebtedness</u>. As of the Effective Date, the Company has no secured or unsecured Indebtedness. For the purposes of this Agreement, "<u>Indebtedness</u>" shall mean (a) any liabilities for borrowed money or amounts owed in excess of $1,000,000 (other than trade accounts payable incurred in the ordinary course of business), (b) all guaranties, endorsements, indemnities and other contingent obligations in respect of Indebtedness of others in excess of $1,000,000, whether or not the same are or should be reflected in the Company's balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (c) the present value of any lease payments in excess of $1,000,000 due under leases required to be capitalized in accordance with GAAP. The Company is not in default with respect to any Indebtedness. The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to Title 11 of the United States Code, or other similar federal or state or other applicable bankruptcy law or law for the relief of debtors, nor does the Company have any Knowledge that its creditors intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any such bankruptcy law or law for the relief of debtors. The Company is financially solvent and is generally able to pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Title to Assets</u>. Except as set forth in the Commission Documents, the Company has good, valid and marketable title to all of its real and personal property reflected in the Commission Documents, free of any Liens. All said real property leases of the Company are valid and subsisting and in full force and effect in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Actions Pending</u>. There is no action, suit, claim, investigation or proceeding pending or, to the Knowledge of the Company, threatened against the Company or any Subsidiary which questions the validity of this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby or any action taken or to be taken pursuant hereto or thereto. There is no action, suit, claim, investigation or proceeding pending or, to the Knowledge of the Company, threatened, against or involving the Company, any Subsidiary or any of their respective properties or assets, or involving any officers or directors of the Company or any Subsidiary, including, without limitation, any securities class action lawsuit or stockholder derivative lawsuit related to the Company. No judgment, order, writ, injunction or decree or award has been issued by or, to the Knowledge of the Company, requested of any court, arbitrator or governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Compliance with Law</u>. The business of the Company has been and is presently being conducted in accordance with all applicable federal, state and local governmental laws, rules, regulations and ordinances in all material respects. The Company is not in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company, and the Company will not conduct its business in violation of any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Certain Fees</u>. No brokers, finders or financial advisory fees or commissions will be payable by the Company or any Subsidiary with respect to the transactions contemplated by this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Disclosure</u>. Neither this Agreement nor any other Transaction Document nor the Commission Documents or any other documents, certificates or instruments furnished to the Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by this Agreement and the other Transaction Documents contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements made herein or therein, in the light of the circumstances under which they were made herein or therein, not misleading. The Company confirms that neither it, nor any other Person acting on its behalf, has provided the Purchaser or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information concerning the Company, other than the existence of the transactions contemplated by the Transaction Documents, except pursuant to a confidentiality and non-disclosure agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Operation of Business</u>. The Company owns, licenses or controls all patents, trademarks, service marks, trade names, copyrights, licenses and authorizations of the Company as set forth in the Commission Documents, and all rights with respect to the foregoing, which are reasonably necessary for the conduct of its business as now conducted without, to the Company's Knowledge, any conflict with the rights of others. The Company possesses such permits, licenses, approvals, consents and other authorizations (including licenses, accreditation and other similar documentation or approvals of any local health departments) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies as are necessary to conduct the business now operated by it (collectively, "<u>Governmental Licenses</u>"). The Company is in compliance with the terms and conditions of all such Governmental Licenses, except as otherwise disclosed in the Commission Documents. All of the Governmental Licenses are valid and in full force and effect, except as otherwise disclosed in the Commission Documents. Except as set forth in the Commission Documents, the Company has not received any written notice of proceedings relating to the revocation or modification of any such Governmental Licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Environmental Compliance</u>. The Company has obtained all material approvals, authorization, certificates, consents, licenses, orders and permits or other similar authorizations of all governmental authorities, or from any other Person, that are required under any Environmental Laws. "<u>Environmental Laws</u>" shall mean all applicable laws relating to the protection of the environment including, without limitation, all requirements pertaining to reporting, licensing, permitting, controlling, investigating or remediating emissions, discharges, releases or threatened releases of hazardous substances, chemical substances, pollutants, contaminants or toxic substances, materials or wastes, whether solid, liquid or gaseous in nature, into the air, surface water, groundwater or land, or relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of hazardous substances, chemical substances, pollutants, contaminants or toxic substances, material or wastes, whether solid, liquid or gaseous in nature. To the Company's Knowledge, there are no past or present events, conditions, circumstances, incidents, actions or omissions relating to or in any way affecting the Company that violate or could reasonably be expected to violate any Environmental Law after the Effective Date or that could reasonably be expected to give rise to any environmental liability, or otherwise form the basis of any claim, action, demand, suit, proceeding, hearing, study or investigation (i) under any Environmental Law, or (ii) based on or related to the manufacture, processing, distribution, use, treatment, storage (including, without limitation, underground storage tanks), disposal, transport or handling, or the emission, discharge, release or threatened release of any hazardous substance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Material Agreements</u>. The Company is not a party to any material written or oral contract, instrument, agreement, commitment, obligation, plan or arrangement (collectively, "<u>Material Agreements</u>") that has not been set forth in Schedule 3.01(r) as of the Effective Date or filed in the Commission Documents thereafter. The Company has in all material respects performed all of the obligations required to be performed by it to date under the Material Agreements, has received no notice of default by the Company thereunder and, to the best of the Company's Knowledge, is not in default under any Material Agreement now in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Transactions with Affiliates</u>. Other than as set forth in the Commission Documents, there are no loans, leases, agreements, contracts, royalty agreements, management contracts or arrangements or other continuing transactions exceeding $120,000 between (a) the Company, on the one hand, and (b) any Person who would be covered by Item 404(a) of Regulation S-K, on the other hand other than as set forth in the Commission Documents, there are no outstanding amounts payable to or receivable from, or advances by the Company to, and the Company is not otherwise a creditor of or debtor to, any beneficial owner of more than five percent (5%) of the outstanding Common Shares, or any director, employee or Affiliate of the Company, other than (i) reimbursement for reasonable expenses incurred on behalf of the Company or (ii) as part of the normal and customary terms of such person's employment or service as a director with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Securities Act</u>. The Company has complied and will comply in all material respects with all applicable federal and state securities laws in connection with the offer, issuance and sale of the Shares hereunder. The Registration Statement, on the date it is filed with the Commission, on the date it is declared effective by the Commission (or becomes effective pursuant to Section 8 of the Securities Act), on each Draw Down Exercise Date and on each Settlement Date, shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 415 under the Securities Act) and shall 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 not misleading, except that this representation and warranty shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information relating to the Purchaser furnished to the Company in writing by or on behalf of the Purchaser expressly for use therein. The Prospectus and each Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement after the Effective Date, when taken together, on its date, on each Draw Down Exercise Date and on each Settlement Date, shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 424(b) under the Securities Act) and shall 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, not misleading, except that this representation and warranty shall not apply to statements in or omissions from the Prospectus or any Prospectus Supplement made in reliance upon and in conformity with information relating to the Purchaser furnished to the Company in writing by or on behalf of the Purchaser expressly for use therein. Each Commission Document (other than the Registration Statement, the Prospectus or any Prospectus Supplement) to be filed with or furnished to the Commission after the Effective Date and incorporated by reference in the Registration Statement, the Prospectus or any Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement (including, without limitation, the Current Report), when such document is filed with or furnished to the Commission and, if applicable, when such document becomes effective, as the case may be, shall comply in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable to it, and shall 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, not misleading. The Company has delivered or made available to the Purchaser true and complete copies of all comment letters and substantive correspondence received by the Company from the Commission relating to the Commission Documents filed with or furnished to the Commission as of the Effective Date, together with all written responses of the Company thereto in the form such responses were filed via EDGAR. There are no outstanding or unresolved comments or undertakings in such comment letters received by the Company from the Commission. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Securities Act or the Exchange Act. The Company has not distributed and, prior to the completion of the distribution of the Shares, will not distribute any offering material in connection with the offering and sale of the Shares other than the Registration Statement, the related prospectus or other materials, if any, permitted by the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Employees</u>. The Company does not have any collective bargaining arrangements or other agreements covering any of its employees. No officer, consultant or key employee of the Company has terminated or, to the Knowledge of the Company, has any present intention of terminating his or her employment or engagement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Use of Proceeds</u>. The proceeds from the sale of the Shares will be used by the Company for working capital, expansion, development, marketing or other needs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Investment Company Act Status</u>. The Company is not, and as a result of the consummation of the transactions contemplated by the Transaction Documents and the application of the proceeds from the sale of the Shares as set forth in the Prospectus and the Prospectus Supplement shall not be required to be registered as, an "investment company" or a company "controlled" by an "investment company," within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>ERISA</u>. No liability has been incurred with respect to any Plan by the Company. No "prohibited transaction" (as defined in Section 406 of ERISA or Section 4975 of the Code) or "accumulated funding deficiency" (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA has occurred with respect to any Plan, and the execution and delivery of this Agreement and the issuance and sale of the securities hereunder shall not result in any of the foregoing events. Each Plan is in compliance in all material respects with applicable law, including ERISA and the Code; the Company has not incurred and does not expect to incur liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any Plan; and each Plan for which the Company would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or failure to act, which would cause the loss of such qualifications. As used in this <u>Section 3.01(x)</u>, the term "<u>Plan</u>" shall mean an "<u>employee pension benefit plan</u>" (as defined in Section 3 of ERISA) which is or has been established or maintained, or to which contributions are or have been made, by the Company or any Subsidiary or by any trade or business, whether or not incorporated, which, together with the Company or any Subsidiary, is under common control, as described in Section 414(b) or (c) of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Taxes</u>. The Company (i) has filed all necessary federal, state and foreign income and franchise tax returns or has duly requested extensions thereof, (ii) has paid all federal, state, local and foreign taxes due and payable for which it is liable, except to the extent that any such taxes are being contested in good faith and by appropriate proceedings, and (iii) does not have any tax deficiency or claims outstanding or assessed or, to the Company's Knowledge, proposed against it. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim. The Company is not operated in such a manner as to qualify as a "passive foreign investment company" as defined in Section 1297 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Insurance</u>. The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company is engaged. The Company has not been refused any insurance coverage sought or applied for, and the Company has no reason to believe that it will be unable to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>U.S. Real Property Holding Corporation</u>. The Company is not, nor has it ever been, and so long as any of the securities are held by the Purchaser, shall not become a U.S. real property holding corporation within the meaning of Section 897 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Exemption from Registration; Valid Issuances</u>. Subject to, and in reliance on, the representations, warranties and covenants made herein by the Purchaser, the offer and sale of the Shares in accordance with the terms and conditions of this Agreement and the Transaction Documents is exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) and Rule 506 of Regulation D; *provided, however*, that at the request of and with the express agreement of the Purchaser and in accordance with applicable law, the Shares will be delivered to the Purchaser via book entry through the Depository Trust Company and will not bear legends noting restrictions as to resale of such securities under federal or state securities laws, nor will any such securities be subject to stop transfer instructions. Neither the offer and sale of the Shares pursuant to, nor the Company's performance of its obligations under, the Transaction Documents to which it is a party shall (i) result in the creation or imposition of any Liens upon the Shares, or (ii) entitle the holders of any outstanding shares of capital stock of the Company to preemptive or other rights to subscribe to or acquire Common Shares or other securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>No General Solicitation or Advertising</u>. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>No Integrated Offering</u>. As of each Draw Down Exercise Date, none of the Company or any of its Affiliates, nor any Person acting on their behalf has, directly or indirectly will have, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any of the Shares under the Securities Act, whether through integration with prior offerings or otherwise, or cause this offering of the Shares to require approval of stockholders of the Company under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of the Commission and the Principal Market. None of the Company, nor its Affiliates, nor any Person acting on their behalf will take any action or steps referred to in the preceding sentence that would require registration of the issuance of any of the securities under the Securities Act or cause the offering of any of the Shares to be integrated with other offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Manipulation of Price</u>. As of each Drawn Down Exercise Date, neither the Company nor any of its officers, directors or Affiliates will, and, to the Knowledge of the Company, no Person acting on their behalf will have, (i) taken, directly or indirectly, any action designed or intended to cause or to result in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, in each case to facilitate the sale or resale of any of the Shares, or (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Shares. Neither the Company nor any of its officers, directors or Affiliates will, during the term of this Agreement, and, to the Knowledge of the Company, no Person acting on their behalf will, during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Foreign Corrupt Practices Act</u>. None of the Company, any Subsidiary or, to the Knowledge of the Company, any director, officer, agent, employee, Affiliate or other Person acting on behalf of the Company, is aware of or has taken any action, directly or indirectly, that would result in a violation by such Persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the "<u>FCPA</u>"), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA. The Company has conducted its business in compliance with the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Money Laundering Laws</u>. The operations of the Company is and has been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "<u>Money Laundering Laws</u>") and, to the Knowledge of the Company, no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or threatened.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>OFAC</u>. None of the Company or, to the Knowledge of the Company, any director, officer, agent, employee, Affiliate or Person acting on behalf of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<u>OFAC</u>"); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Acknowledgment Regarding Purchaser's Purchase of Shares</u>. The Company acknowledges and agrees that the Purchaser is acting solely in the capacity of an arm's length purchaser with respect to this Agreement and the other Transaction Documents and the transactions contemplated hereunder and thereunder. The Company further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the other Transaction Documents and the transactions contemplated hereunder and thereunder, and any advice given by the Purchaser or any of its representatives or agents in connection with this Agreement and the other Transaction Documents and the transactions contemplated hereunder and thereunder is merely incidental to the Purchaser's purchase of the Shares.

**Section 3.02 <u>Representatives and Warranties of the Purchaser</u>.** The Purchaser and GYBL hereby make the following representations and warranties to the Company as of the Effective Date and as of the date of each Draw Down Notice and as of each Settlement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Standing of the Purchaser and GYBL</u>. The Purchaser is a "société en commandite simple" duly formed, validly existing and in good standing under the laws of Luxembourg. GYBL is a limited company duly formed, validly existing and in good standing under the laws of the Commonwealth of the Bahamas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and Power</u>. Each of the Purchaser and GYBL has the requisite corporate power and authority to enter into and perform this Agreement and the other Transaction Documents to which it is a party and to purchase the Shares in accordance with the terms hereof. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party by Purchaser and by GYBL and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and no further consent or authorization of the Purchaser and GYBL, and the Board of Directors or stockholders of either of them is required. This Agreement and each other Transaction Document to which the Purchaser or GYBL is a party has been duly executed and delivered by each of the Purchaser and GYBL. This Agreement and each other Transaction Document to which the Purchaser or GYBL is a party constitutes, or shall constitute when executed and delivered, a valid and binding obligation of the Purchaser or GYBL, enforceable against the Purchaser or GYBL, respectively, in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership, or similar laws relating to, or affecting generally the enforcement of, creditor's rights and remedies or by other equitable principles of general application.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution, delivery and performance of this Agreement and each other Transaction Document to which the Purchaser or GYBL is a party, and the consummation by the Purchaser and GYBL of the transactions contemplated hereby and thereby or relating hereto or thereto, do not and will not (i) result in a violation of such Purchaser's or GYBL's charter documents or bylaws or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Purchaser or GYBL is a party, (iii) create or impose a lien, charge or encumbrance on any property of the Purchaser or GYBL under any agreement or any commitment to which the Purchaser or GYBL is party or by which the Purchaser or GYBL is bound or by which any of their respective properties or assets are bound, or (iv) result in a violation of any law, rule, or regulation, or any order, judgment or decree of any court or governmental agency applicable to the Purchaser or GYBL or any of their respective properties, except for such conflicts, defaults and violations as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the Purchaser or GYBL to enter into and perform its obligations under this Agreement or any other Transaction Document to which the Purchaser or GYBL is a party in any material respect. Neither the Purchaser nor GYBL is required to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or any other Transaction Document to which the Purchaser is a party or to purchase the Shares in accordance with the terms hereof; *provided, however*, that for purposes of the representation made in this sentence, each of the Purchaser and GYBL is assuming and relying upon the accuracy of the representations, warranties and agreements of the Company herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Accredited Investor</u>. Each of the Purchaser and GYBL is an institutional "accredited investor" as defined in Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Financial Risks</u>. Each of the Purchaser and GYBL acknowledges that it is able to bear the financial risks associated with an investment in the Shares. Each of the Purchaser and GYBL is capable of evaluating the risks and merits of an investment in the Shares by virtue of its experience as an investor and its knowledge, experience, and sophistication in financial and business matters, and each of the Purchaser and GYBL is capable of bearing the entire loss of its investment in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Information</u>. The Purchaser and GYBL and their respective advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Shares which have been requested by the Purchaser or GYBL. The Purchaser and GYBL and their respective advisors, if any, have been afforded the opportunity to ask questions of the Company. The Purchaser and GYBL have sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Shares. The Purchaser and GYBL understand that they (and not the Company) shall be responsible for their own respective tax liabilities that may arise as a result of this investment or the transactions contemplated by this Agreement and the other Transaction Documents to which the Purchaser or GYBL is a party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No-Broker Dealer</u>. Purchaser represents, warrants and agrees that it is buying the Shares for investment purposes and not for distribution. It is not registered as a broker-dealer with the Commission and is not required to be registered as a broker-dealer by virtue of the trader exception to the definition of dealer under the Exchange Act.

**ARTICLE IV**

COVENANTS

The Company covenants with the Purchaser and GYBL, and the Purchaser and GYBL together covenant with the Company, as follows, which covenants of one party are for the benefit of the other party.

**Section 4.01 <u>Securities Compliance</u>**. The Company shall notify the Commission and the Principal Market, if applicable, in accordance with their rules and regulations, of the transactions contemplated by this Agreement and each other Transaction Document, and shall take all other necessary action and proceedings as may be required and permitted by applicable law, rule and regulation, for the legal and valid issuance of the Shares to the Purchaser and GYBL. The Company shall take such action, if any, as is reasonably necessary in order to obtain an exemption for or to qualify any subsequent resale of the Shares by the Purchaser and GYBL, in each case, under applicable securities or "Blue Sky" laws of the states of the United States of America in such states as is reasonably requested by the Purchaser or GYBL from time to time, and shall provide evidence of any such action so taken to the Purchaser.

**Section 4.02 <u>Registration and Listing</u>**. During the Investment Period, the Company will take all action necessary to cause the Shares to be registered under Sections 12(b) or 12(g) of the Exchange Act, will comply in all material respects with its reporting and filing obligations under the Exchange Act and take all action necessary to maintain compliance with such reporting and filing obligations, and will not take any action or file any document (whether or not permitted by the Securities Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act or Securities Act, except as permitted herein. During the Investment Period, the Company will take all action necessary to effect the listing of the Shares purchased by Purchaser hereunder on the Principal Market and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Principal Market.

**Section 4.03 <u>Registration Rights Agreement</u>**. The Company, the Purchaser and GYBL shall enter into the Registration Rights Agreement with respect to the Shares, dated the Effective Date, in the form of <u>Exhibit A</u> attached hereto.

**Section 4.04 <u>Compliance with Laws</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall comply with all material applicable laws, rules, regulations and orders applicable to the business and operations of the Company and with all applicable provisions of the Securities Act and the Exchange Act and the rules and regulations of the Principal Market (including, without limitation, Rule 415(a)(4) under the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Investment Period, the Purchaser and GYBL shall comply in all material respects with all applicable laws, rules, regulations and orders in connection with this Agreement and each other Transaction Document and the transactions contemplated hereby and thereby. Without limiting the foregoing, during the Investment Period, the Purchaser and GYBL shall comply with the requirements of the Securities Act and the Exchange Act including, without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation M under the Exchange Act, where applicable.

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**Section 4.05 <u>Keeping of Records and Books of Account</u>**. The Company shall keep and cause each Subsidiary to keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company, and in which, for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made.

**Section 4.06 <u>Limitations on Holdings and Issuances</u>**. Notwithstanding anything in this Agreement, at no time while the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act may the Company issue, and at no time shall the Purchaser be obligated to purchase, any Shares which would result in the Purchaser beneficially owning, directly or indirectly, at the time of such proposed issuance, more than 9.99% of the number of Common Shares issued and outstanding as of the date of such proposed issuance; *provided, however*, that upon the Purchaser providing the Company with sixty-one (61) days' notice (pursuant to <u>Section</u> <u>9.04</u> hereof) (the "<u>Waiver Notice</u>") that the Purchaser would like to waive this <u>Section 4.06</u> with regard to any or all Shares issuable pursuant to this Agreement, this <u>Section 4.06</u> will be of no force or effect with regard to all or a portion of the Shares referenced in the Waiver Notice until the date that the Purchaser notifies the Company (pursuant to <u>Section 9.04</u> hereof) that the Purchaser revokes the Waiver Notice; *provided, further*, that during the sixty-one (61) day period prior to the expiration of the Investment Period, the Purchaser may waive this <u>Section 4.06</u> by providing a Waiver Notice at any time during such sixty-one (61) day period.

**Section 4.07 <u>Registration Statement</u>**. The Company shall cause the Registration Statement to be filed and seek that it be declared effective pursuant to the Registration Rights Agreement. The Registration Statement shall register with the Commission the Shares to be issued under the Draw Downs, the Warrant Shares and the Commitment Fee Shares (including any additional Shares issued pursuant to <u>Section 4.12(e)(1)</u>, if applicable). The Purchaser shall not be obligated to accept a Draw Down request from the Company unless the Registration Statement is then effective and the Prospectus included in the Registration Statement is then current and in compliance with all applicable rules of the Commission and the Principal Market.

**Section 4.08 <u>Other Agreements and Other Financings</u>**. The Company shall not enter into any agreement in which the terms of such agreement would (i) restrict or impair the right to perform of the Company or any Subsidiary under this Agreement or any other Transaction Document, or (ii) be substantially similar to the terms of this Agreement but it may enter into an Alternate Transaction as defined below.

The Company shall provide prompt notice to the Purchaser of any Alternate Transaction. For all purposes of this Agreement, an "<u>Alternate Transaction</u>" shall mean (w) the issuance of Common Shares for a purchase price less than, or the issuance of securities convertible into or exchangeable for Common Shares at an exercise or conversion price (as the case may be) less than, the then-current market price of the Common Shares, respectively (including, without limitation, pursuant to any "equity line" or other financing that is substantially similar to the financing provided for under this Agreement, or pursuant to any other transaction in which the purchase, conversion or exchange price for such Common Shares is determined using a floating discount or other post-issuance adjustable discount to the then-current market price), in each case, after all fees, discounts, warrant value and commissions associated with the transaction; (x) an "at-the-market" offering of Common Shares or securities convertible into or exchangeable for Common Shares pursuant to Rule 415(a)(4) under the Securities Act; (y) the implementation by the Company of any mechanism in respect of any securities convertible into or exchangeable for Common Shares for the rest of the purchase price of the Common Shares to below the then-current market price of the Common Shares, respectively (including, without limitation, any anti-dilution or similar adjustment provisions in respect of any Company securities, but specifically excluding customary anti-dilution adjustments for stock splits, dividends, combinations, recapitalizations, reclassifications and similar events); or (z) the issuance of options, warrants or similar rights of subscription or the issuance of convertible equity or debt securities (other than employee incentive stock options issued in the ordinary course of business).

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**Section 4.09 <u>Stop Orders</u>**. During the Investment Period, the Company shall use its best efforts to maintain the continuous effectiveness of the Registration Statement under the Securities Act. The Company will advise the Purchaser and GYBL promptly and, if requested by the Purchaser or GYBL, will confirm such advice in writing: (i) of the Company's receipt of notice of any request by the Commission for amendment of or a supplement to the Registration Statement, any related prospectus or for additional information; (ii) of the Company's receipt of notice of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of the suspension of qualification of the Shares for offering or sale in any jurisdiction or the initiation of any proceeding for such purpose; and (iii) of the Company becoming aware of the happening of any event, which makes any statement of a material fact made in the Registration Statement (as then amended or supplemented) untrue or which requires the making of any additions to or changes in the Registration Statement (as then amended or supplemented) in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements therein not misleading unless such disclosure would violate Section 3.01(o) set forth above. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, the Company will make commercially reasonable efforts to obtain the withdrawal of such order at the earliest possible time.

**Section 4.10 <u>Selling Restrictions; Volume Limitations</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser covenants that during the Investment Period neither the Purchaser nor any of its Affiliates nor any entity managed by the Purchaser will, directly or indirectly, sell any securities of the Company except the Common Shares that it owns or has the right to purchase pursuant to the provisions of a Draw Down Notice. On any Trading Day in the Investment Period, the Purchaser agrees to restrict the volume of sales on the Principal Market of Underlying Warrant Shares and Warrant Shares, taken in the aggregate, to no more than 10% of the of the total Common Shares traded on such Trading Day on the Principal Market. During the Investment Period, neither the Purchaser nor any of its Affiliates nor any entity managed by the Purchaser will, directly or indirectly, effect or agree to effect any short sale (as defined in Rule 200 under Regulation SHO of the Exchange Act) of the Common Shares, whether or not against the box, establish any "put equivalent position" (as defined in Rule 16a-1(h) under the Exchange Act) with respect to the Common Shares, borrow or pre-borrow any Common Shares, or grant any other right (including, without limitation, any put or call option) with respect to the Common Shares, or do any of the foregoing with respect to any security that includes, relates to, or derives any significant part of its value from the Common Shares or otherwise seek to hedge its position in the Common Shares. In addition, during any Draw Down Pricing Period and on a daily Trading Day basis, the Purchaser agrees to restrict the volume of sales of Shares by the Purchaser, its Affiliates and any entity managed by the Purchaser to no more than 1/30th of the Shares purchased pursuant to the related Draw Down Notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Investment Period, in connection with any sale of the Company's securities, the Purchaser and GYBL shall comply in all material respects with all applicable laws, rules, regulations and orders, including, without limitation, the requirements of the Securities Act and the Exchange Act, including, without limitation, Rule 415(a)(4) under the Securities Act and Regulation M and Rule 10b-5 under the Exchange Act, where applicable.

**Section 4.11 <u>Non-Public Information</u>**. From the Investment Period and until the later of (i) the term of the Agreement and (ii) such time as Purchaser or GYBL no longer hold any Shares, none of the Company, nor any of its directors, officers or agents shall disclose any material non-public information about the Company to the Purchaser or GYBL.

**Section 4.12 <u>Commitment Fee; Warrant</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay to GYBL, as a commitment fee, an amount equal to 2% of the Aggregate Limit (the "<u>Commitment Fee</u>"), deliverable as set forth below. Subject to <u>Section 4.12(d)</u>, the Commitment Fee due upon each Draw Down may be paid in cash from the proceeds of such Draw Down or in freely tradeable Common Shares of the Company valued at the Daily Closing Price at the time of such Draw Down, at the option of the Company. The amount of the Commitment Fee due in each such installment shall be the product obtained by multiplying (i) the total amount of the Commitment Fee by (ii) the quotient derived by dividing (y) the value of Shares purchased pursuant to the applicable Draw Down by (z) the Aggregate Limit. Notwithstanding the foregoing, the Company, at its option, may pay the Commitment Fee in cash or in Common Shares (provided that such Common Shares shall have been registered for resale pursuant to an effective registration statement), so long as 100% of the Commitment Fee shall have been paid on or before the first anniversary of the Public Listing Date. On the Public Listing Date, the Company shall place a cash amount equal to the Commitment Fee either into an escrow account as agreed between the Parties or shall issue shares to the Purchaser as described in <u>Section 4.12(d)</u>. To the extent that the Commitment Fee is not paid by on or before the first anniversary of the Public Listing Date, interest shall accrue on such unpaid portion of the Commitment Fee at a rate of 1.25% per month, compounded monthly. For the avoidance of doubt, (1) the Commitment Fee shall be payable by the Company irrespective of whether any Draw Down Notices have been delivered by the Company in accordance herewith, and (2) no Commitment Fee shall be payable in the event that the Company does not achieve a Public Listing within the term set forth in <u>Section 7.01</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Public Listing Date, the Company shall make and execute a warrant granting GYBL the right to purchase Common Shares, a copy of which is attached hereto as <u>Exhibit B</u> (the "<u>Warrant</u>") having an expiration date that is the third anniversary of the Public Listing Date, granting GYBL the right to purchase, upon the terms set forth more fully therein, up to the number of Common Shares that is equal to 6.15% of the total equity interests (including Common Shares and any other equity interests convertible or exchangeable into Common Shares or bearing equivalent economic interests) outstanding immediately after the completion of the Public Listing (including any Common Shares issued pursuant to an over-allotment option), calculated on a fully diluted basis (the "<u>Warrant Shares</u>"), at an exercise price per Share equal to the lesser of (i) the closing bid price of the Common Shares on the Public Listing Date, or (ii) the quotient obtained by dividing $1.5 billion by the total number of equity interests (equal to the number of Common Shares, assuming the conversion or exchange of all other equity interests for Common Shares). On the first anniversary following the Public Listing Date (the "<u>Adjustment Date</u>"), if all or any portion of the Warrants remain unexercised and the average Daily Closing Price of the Common Shares for the 10 Trading Days following the Adjustment Date (the "<u>Current Trading Price</u>") is less than 90% of the then-current exercise price of the Warrant, the exercise price of such remaining Warrant shall adjust to 105% of the Current Trading Price. The exercise price, as so adjusted, shall be the "<u>Warrant Exercise Price</u>." The number of Warrant Shares shall be reduced by an amount equal to the number of Underlying Warrant Shares sold by the Purchaser pursuant to Section 2.02(b) hereof prior to redemption of the Underlying Warrant Shares pursuant to Section 2.02(b).

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In the event that the Purchaser exercises the Warrant and the Warrant Shares have not been delivered within one (1) Trading Day of such exercise, interest shall accrue on such undelivered portion of the Warrant at a rate of 1.25% per month, compounded monthly, with a principal amount equal to the Fair Value of the exercised portion of the Warrant as of the time of exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary stated herein, if the Purchaser determines in its reasonable discretion that the issuance of the Warrant could result in the Warrant Shares or any Shares issued to the Purchaser pursuant to a Draw Down hereunder not to be freely transferable under applicable securities Laws or otherwise adversely effects the Purchaser's ability to sell the Warrant Shares or such Shares issued pursuant to a Draw Down, then the Parties shall structure an alternative issuance and sale of Common Shares to the Purchaser that are economically equivalent to the exercise of the Warrant in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the Public Listing Date, unless the Company shall have placed a cash amount into escrow pursuant to the option set forth in <u>Section 4.12(a)</u>, the Company shall issue a number of Common Shares to GYBL equal to the Commitment Fee, divided by the Daily Closing Price on the Public Listing Date (the "<u>Commitment Fee Shares</u>"). The Commitment Fee Shares shall bear the following restrictive legend (the "<u>Legend</u>"):

THESE SHARES ARE SUBJECT TO RESTRICTIONS ON RESALE PURSUANT TO A SHARE PURCHASE AGREEMENT AMONG THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION, OR OTHER DISPOSITION OF THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH SHARE PURCHASE AGREEMENT.

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The Company shall use commercially reasonable efforts to cause the Legend to be removed from any Commitment Fee Shares (x) upon payment of any portion of the Commitment Fee by the Company in Common Shares pursuant to <u>Section 4.12(a)</u> above or (y) no later than the first anniversary of the Public Listing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) If, on the 90th, 180th, or 270th day after the Public Listing Date, GYBL holds Commitment Fee Shares which have an aggregate value (calculated by reference to the Daily Closing Price) which is less than the portion of the Commitment Fee that remains unpaid (the "<u>Shortfall</u>"), then the Company shall promptly issue additional Commitment Fee Shares to GYBL equal in value to the Shortfall. (ii) If, on the 90th, 180th, or 270th day after the Public Listing Date or the date upon which the Commitment Fee has been paid in full, if earlier, GYBL holds Commitment Fee Shares that have an aggregate value (calculated by reference to the Daily Closing Price) that is greater than the portion of the Commitment Fee to be paid on such date (the "<u>Surplus</u>"), then GYBL shall promptly return to the Company a number of Commitment Fee Shares equal in value to the Surplus.

**Section 4.13 <u>Private Transaction Fee</u>**. In the event that the Company does not complete an initial public offering or Reverse Merger Transaction, for any reason, but instead completes a transaction during the term of this Agreement, including but not limited to a merger, acquisition, sale, share exchange, or any other private business combination which results or would result in a Change of Control of the Company (a "<u>Private Transaction</u>"), then the Company shall pay GYBL at or prior to the closing of such Private Transaction 2.5% of the total consideration received by the Company, its stockholders and management in such Private Transaction, in lieu of the Warrant.

**Section 4.14 <u>DWAC Eligibility</u>**. The Company shall use its reasonable best efforts to cause the Shares and its transfer agent to be, at the time of each Draw Down, eligible to participate in the DWAC system ("<u>DWAC Eligible</u>").

**Section 4.15 <u>Reservation of Shares</u>**. The Company will have available, and shall reserve and keep available at all times, free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued Common Shares to enable the Company to timely effect the issuance, sale and delivery in full to the Purchaser of all the Shares to be issued and delivered under this Agreement, in any case prior to the issuance to the Purchaser of such Common Shares.

**Section 4.16 <u>Amendments to the Registration Statement; Prospectus Supplements</u>.** Except as provided in this Agreement and other than periodic reports required to be filed pursuant to the Exchange Act, the Company shall not file with the Commission any amendment to the Registration Statement that relates to the Purchaser, the Transaction Documents or the transactions contemplated thereby, or file with the Commission any Prospectus Supplement that relates to the Purchaser, the Transaction Documents or the transactions contemplated thereby with respect to which (a) the Purchaser shall not previously have been advised, (b) the Company shall not have given due consideration to any comments thereon received from the Purchaser or its counsel, or (c) the Purchaser shall reasonably object after being so advised, unless it is necessary to amend the Registration Statement or make any supplement to the Prospectus to comply with the Securities Act or any other applicable law or regulation, in which case the Company shall promptly so inform the Purchaser, the Purchaser shall be provided with a reasonable opportunity to review and comment upon any disclosure relating to the Purchaser and the Company shall expeditiously furnish to the Purchaser an electronic copy thereof. In addition, for so long as, in the reasonable opinion of counsel for the Purchaser, the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required to be delivered in connection with any sales of registrable securities by the Purchaser, the Company shall not file any Prospectus Supplement without delivering or making available a copy of such Prospectus Supplement to the Purchaser promptly. Upon receipt of an amendment to the Registration Statement or Prospectus Supplement from the Company or its counsel, the Purchaser shall promptly review such document and provide comments to the Company or its counsel regarding such document, if any, within a reasonable period of time.

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**ARTICLE V**

CLOSING CERTIFICATE; CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES; OPINION AND COMFORT LETTERS

**Section 5.01 <u>Closing Certificate</u>**. In connection with the execution and delivery of this Agreement, the Purchaser shall receive a certificate from the Company, dated the Effective Date, in the form of <u>Exhibit C</u> hereto.

**Section 5.02 <u>Conditions Precedent to the Obligation of the Company to Sell the Shares</u>.** The obligation hereunder of the Company to issue and sell the Shares to the Purchaser under any Draw Down Notice is subject to the satisfaction or waiver of each of the conditions set forth below. These conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accuracy of the Purchaser's Representations and Warranties</u>. Except for representations and warranties that are expressly made as of a particular date, the representations and warranties of the Purchaser in this Agreement and each other Transaction Document shall be true and correct in all material respects as of the date when made and as of each Draw Down Exercise Date and each Settlement Date as though made at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Registration Statement</u>. The Company shall have the necessary number of Common Shares available to be registered pursuant to the Registration Rights Agreement. The Company shall take all reasonable steps to have the Registration Statement declared effective by the Commission. The Registration Statement for the Shares covered in the Draw Down shall have been declared effective by the Commission. There shall be no stop order suspending effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance by the Purchaser</u>. The Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and each other Transaction Document to be performed, satisfied or complied with by the Purchaser at or prior to each Draw Down Exercise Date and each Settlement Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Injunction</u>. No statute, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement and the other Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Suspension, Etc</u>. Trading in the Common Shares shall not have been suspended by the Commission or Principal Market, and, at any time prior to each Draw Down Exercise Date and applicable Settlement Date, none of the events described in clauses (i), (ii) and (iii) of <u>Section</u> <u>4.09</u> hereof shall have occurred, trading in securities generally as reported on the Principal Market shall not have been suspended or limited, nor shall a banking moratorium have been declared either by U.S. federal or state authorities, nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity or crisis 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 Company, makes it impracticable or inadvisable to issue the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings or Litigation</u>. No action, suit or proceeding before any arbitrator or any governmental authority shall have been commenced, and no investigation by any governmental authority shall have been threatened, against the Company or any of the officers, directors or Affiliates of the Company seeking to restrain, prevent or change the transactions contemplated by this Agreement and the other Transaction Documents, or seeking damages in connection with such transactions.

**Section 5.03 <u>Conditions Precedent to the Obligation of the Purchaser to Accept a Draw Down and Purchase the Shares</u>.** The obligation hereunder of the Purchaser to accept a Draw Down and to acquire and pay for the Shares is subject to the satisfaction or waiver, at or before each Draw Down Exercise Date and each Settlement Date, of each of the conditions set forth below. The conditions are for the Purchaser's sole benefit and may be waived by the Purchaser at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accuracy of the Company's Representations and Warranties</u>. Except for representations and warranties that are expressly made as of a particular date or dates, each of the representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of each Draw Down Exercise Date and as of each Settlement Date, as though made at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Registration Statement</u>. The listing or trading of the Common Shares on the Principal Market shall be effected and the Company shall have the necessary amount of the Shares registered pursuant to the Registration Statement. The Registration Statement shall be effective, and no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto shall have been issued under the Securities Act, no order preventing or suspending the use of the Prospectus contained in the Registration Statement shall have been issued, and no proceedings for any of those purposes shall have been instituted or be pending or, to the Company's Knowledge, contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Suspension, Etc</u>. Trading in the Common Shares shall not have been suspended by the Commission or Principal Market, and, at any time prior to such Draw Down Exercise Date, trading in securities generally as reported on the Principal Market shall not have been suspended or limited, nor shall a banking moratorium have been declared either by U.S. federal or state authorities, nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity or crisis 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, makes it impracticable or inadvisable to purchase the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Performance by the Company</u>. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and each other Transaction Document to be performed, satisfied or complied with by the Company at or prior to each Draw Down Exercise Date and each Settlement Date and shall have delivered the Compliance Certificate substantially in the form attached hereto as <u>Exhibit D</u>. Without limiting the foregoing, the Company shall have paid the applicable portion of the Commitment Fee when due pursuant to <u>Section 4.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Injunction</u>. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings or Litigation</u>. No action, suit or proceeding before any arbitrator or any governmental authority shall have been commenced, and no investigation by any governmental authority shall have been threatened, against the Company or any subsidiary, or any of the officers, directors or Affiliates of the Company or any subsidiary seeking to restrain, prevent or change the transactions contemplated by this Agreement and the other Transaction Documents, or seeking damages in connection with such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Aggregate Limit</u>. The issuance and sale of the Shares issuable pursuant to such Draw Down Notice will not violate <u>Section 6.02</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Shares Authorized</u>. The Shares issuable pursuant to such Draw Down Notice will have been duly authorized by all necessary corporate action of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Information</u>. Prior to each Settlement Date and from time to time as reasonably requested by the Purchaser upon reasonable notice, the Company shall make available for inspection and review by the Purchaser, its advisors and representatives, and any underwriter participating in any disposition of the Shares on behalf of the Purchaser pursuant to the Registration Statement, during normal business hours of the Company, any amendment, prospectus or prospectus supplement thereto, or any "Blue Sky," Financial Industry Regulatory Authority (FINRA) or other filing, all financial and other records, all documents and filings with the Commission, and all other corporate documents and properties of the Company as may be reasonably necessary for the purpose of such review. In addition, the Company shall cause its officers, directors and employees to supply all such information reasonably requested by the Purchaser or any such representative, advisor or underwriter and to respond to all questions and other inquiries reasonably made or submitted by any such individuals or entities. Notwithstanding the foregoing, the Company shall not be required to provide any trade secret or similar information, any information covered by attorney-client privilege or classified as attorney work product, or, while it is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, any material, non-public information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Opinion of Counsel and 10b-5 Statement</u>. On each Settlement Date, the Purchaser shall have received an opinion of counsel and 10b-5 statement to the Company in a form reasonably acceptable to the Purchaser's counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Comfort Letters</u>. On each Settlement Date, the Purchaser shall have received letters from the Company's independent auditors, dated the respective dates of delivery thereof and addressed to the Purchaser and any underwriter, in form and substance reasonably satisfactory to the Purchaser, containing statements and information of the type customarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained or incorporated by reference in each of the Registration Statement, the Prospectus, and any Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Escrow</u>. The Company shall have placed cash into escrow or issued the Commitment Fee Shares to GYBL pursuant to <u>Section 4.12(a)</u> and <u>4.12(d)</u> as well as any additional cash or Commitment Fee Shares required pursuant to <u>Section 4.12(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Underlying Warrant Shares</u>. The Company shall have issued and sold the Underlying Warrant Shares to the Purchaser pursuant to <u>Section 2.02(b)</u>.

**ARTICLE VI**

DRAW DOWN TERMS

**Section 6.01 <u>Draw Down Terms</u>**. Subject to the satisfaction of the conditions set forth in this Agreement, and subject to <u>Section 6.02</u> below, the Parties agree (unless otherwise mutually agreed upon by the Parties in writing) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may, in its sole discretion, issue a Draw Down Notice (as defined in <u>Section 6.01(h)</u> hereof) for a specified Draw Down Amount Requested. Subject to <u>Section 6.01(g)</u> below, the Purchaser shall pay a per-Share amount equal to 90% of the average Daily Closing Price during the Draw Down Pricing Period (the "<u>Purchase Price</u>"). Subject to <u>Section 4.06</u> hereof, the Draw Down Amount Requested shall not exceed four hundred percent (400%) (the "<u>Draw Down Limit</u>") of the average daily trading volume for the 30 Trading Days immediately preceding the Draw Down Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to commencement of the Draw Down Pricing Period, the Company shall deliver the Shares to be purchased in such Draw Down to the Purchaser. If Shares delivered to the Purchaser prior to commencement of the Draw Down Pricing Period are delivered in certificated form and not DWAC Eligible, then the Draw Down Pricing Period shall not begin until the Shares are cleared by an appointed clearing agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Only one Draw Down shall be allowed in each Draw Down Pricing Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Draw Down shall be settled on the first Trading Day after the end of each Draw Down Pricing Period (the "<u>Settlement Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the end of each Draw Down Pricing Period, the Purchaser's total Draw Down commitment under this Agreement shall be reduced by the total Draw Down Amount for such Draw Down Pricing Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Draw Down will automatically expire immediately after the last Trading Day of each Draw Down Pricing Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Draw Down Notice shall set forth the Threshold Price set by the Company for such Draw Down. If the Daily Closing Price on a given Trading Day in the Draw Down Pricing Period, multiplied by 9/10, is less than the Threshold Price, then the total Draw Down Amount Requested will be reduced by 1/30th, and, unless otherwise agreed by the Parties, no Shares will be purchased or sold with respect to such Trading Day and the Daily Closing Price on such Trading Day shall be excluded from the calculation of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As a condition to the exercise of any Draw Down, the Company must (i) provide a notice to the Purchaser of the Company's exercise of any Draw Down via email before commencement of trading on the first Trading Day of the Draw Down Pricing Period covered by such notice (the "<u>Draw Down Notice</u>"), substantially in the form attached hereto as <u>Exhibit E</u>, and (ii) pursuant to <u>Section 6.01(b)</u>, deliver the Shares to the Purchaser or its designees via DWAC, if the Company is approved for DWAC in an amount equal to the Draw Down Amount Requested (which amount shall be adjusted in the event that the amount accepted by the Purchaser pursuant to <u>Section 6.01(a)</u> hereof is different than the Draw Down Amount Requested). The date the Company delivers the Draw Down Notice and the Shares in accordance with this <u>Section 6.01(h)</u> shall be a "<u>Draw Down Exercise Date</u>." The Draw Down Notice shall specify the Draw Down Amount Requested, set the Threshold Price for such Draw Down and designate the first Trading Day of the Draw Down Pricing Period that the Company wishes to grant to the Purchaser during the Draw Down Pricing Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Settlement Date, the Purchaser shall (i) provide the Company a closing notice in the form of <u>Exhibit F</u> attached hereto; (ii) make payment for the Shares acquired pursuant to this Agreement to the Company's designated account by wire transfer of immediately available funds, *provided that* the Shares were received by the Purchaser in accordance with <u>Section 6.01(b)</u> hereof; and (iii) return to the Company any Shares delivered to the Purchaser in connection with the applicable Draw Down Notice pursuant to <u>Section 6.01(b)</u> that have not been purchased by Purchaser pursuant to the terms hereof, it being understood that Purchaser shall have the ability to sell any purchased Shares at any time following their deposit pursuant to <u>Section 6.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company's first Draw Down Notice, for a Draw Down Amount Requested for a number of Shares with a value of up to $35,000,000 (valued at the closing price of the Shares as of the close of trading on the Trading Day immediately preceding the delivery of such Draw Down Notice), shall be subject to all the requirements and procedures of this <u>Section 6.01</u> and the conditions precedent in <u>Section 5.03</u>, except that such Draw Down Amount Requested need not comply with the Draw Down Limit in the second sentence of <u>Section 6.01(a)</u>.

**Section 6.02 <u>Aggregate Limit</u>**. Notwithstanding anything to the contrary herein, in no event may the Company issue a Draw Down Notice to the extent that the sale of Shares pursuant thereto and pursuant to all prior Draw Down Notices issued pursuant to <u>Section 6.01</u> would cause the Company to sell or the Purchaser to purchase an aggregate number of Shares exceeding the Aggregate Limit. If the Company issues a Draw Down Notice that otherwise would permit the Purchaser to purchase a number of Shares which would cause the aggregate purchases by Purchaser hereunder to exceed the Aggregate Limit, such Draw Down Notice shall be void *ab initio* to the extent by which number of Shares issuable pursuant to such Draw Down Notice, together with the number of Shares purchased by the Purchaser pursuant hereto, would exceed the Aggregate Limit.

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**ARTICLE VII**

TERMINATION

**Section 7.01 <u>Term, Termination by Mutual Consent</u>**. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest of (i) thirty-six (36) consecutive months from the Public Listing Date (the "<u>Investment Period</u>"); (ii) sixty (60) months from the Effective Date (as may be extended for the duration of the Investment Period if the Public Listing Date falls within such five (5) year period), and (iii) the date the Purchaser shall have purchased the Aggregate Limit. This Agreement may be terminated immediately at any time by mutual written consent of the Parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent; *provided, however*, that if any shares are owed to Purchaser prior to termination this Agreement shall not terminate until the Company has delivered to the Purchaser the number of Shares required to be delivered hereunder in accordance with the terms hereof, if any. Notwithstanding any provision to the contrary, if this Agreement terminates pursuant to <u>Section 7.01(ii)</u> above prior to the Public Listing Date, the Company will not owe any Commitment Fee, Warrant or Shares to Purchaser or any other consideration whatsoever.

**Section 7.02 <u>Effect of Termination</u>**. In the event of mutual termination of this Agreement by the parties, the transactions contemplated by this Agreement shall be terminated without further action by either party, it being understood that (i) the Registration Rights Agreement and the Warrant shall each terminate if such termination occurs prior to the Public Listing Date, and (ii) the Warrant and Registration Rights Agreement shall survive in accordance with their respective terms if such termination occurs after the Public Listing Date. If this Agreement is terminated as provided in <u>Section 7.01</u> herein, this Agreement shall become void and of no further force and effect, except as provided in <u>Section 9.09</u> hereof.

**ARTICLE VIII**

INDEMNIFICATION

**Section 8.01 <u>General Indemnity</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification by the Company</u>. The Company will indemnify and hold harmless the Purchaser and each Person who controls the Purchaser within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act from and against any losses, claims, damages, liabilities and expenses (including reasonable costs of defense and investigation and all attorneys' fees) to which the Purchaser and each such controlling Person may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities and expenses (or actions in respect thereof) (collectively, "<u>Losses</u>," and each, a "<u>Loss</u>") arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained, or incorporated by reference, in the Registration Statement relating to the Shares being sold to the Purchaser (including any prospectus relating thereto), or any amendment or supplement to it, (ii) the omission or alleged omission to state in the Registration Statement or any document incorporated by reference in the Registration Statement, a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) breach of representation, warranty or covenant of the Company contained in this Agreement or any other Transaction Document, including a failure to deliver the Shares to the Purchaser by the deadline set forth herein, whether or not such Losses are a result of a claim by a third party. Pursuant to <u>Section 8.02</u> hereof, the Company will reimburse the Purchaser and each such controlling Person promptly upon demand for any legal or other costs or expenses reasonably incurred by the Purchaser or such controlling Person in investigating, defending against, or preparing to defend against any such Loss.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by the Purchaser</u>. The Purchaser will indemnify and hold harmless the Company, each of its directors and officers, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act from and against any Losses that arise out of or are based upon (i) an untrue statement, alleged untrue statement, omission or alleged omission, included in the Registration Statement in reliance upon, and in conformity with, written information furnished by the Purchaser to the Company for inclusion in the Registration Statement, or (ii) the omission or alleged omission to state in the Registration Statement a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent, but only to the extent, the untrue statement, alleged untrue statement, omission or alleged omission was made in reliance upon, and in conformity with, written information furnished by the Purchaser to the Company for inclusion in the Registration Statement, whether or not such Losses are as a result of a claim by a third party. Pursuant to <u>Section</u> <u>8.02</u> hereof, the Purchaser will reimburse the Company and each such director, officer or controlling Person promptly upon demand for any legal or other costs or expenses reasonably incurred by the Company or the other Person in investigating, defending against, or preparing to defend against any such Loss.

**Section 8.02 <u>Indemnification Procedures</u>**. Promptly after a Person receives notice of a claim or the commencement of an action for which the Person intends to seek indemnification under <u>Section 8.01</u>, the Person will notify the indemnifying party in writing of the claim or commencement of the action, suit or proceeding; *provided, however*, that failure to notify the indemnifying party will not relieve the indemnifying party from liability under <u>Section 8.01</u>, except to the extent it has been materially prejudiced by the failure to give notice. The indemnifying party will be entitled to participate in the defense of any claim, action, suit or proceeding as to which indemnification is being sought, and if the indemnifying party acknowledges in writing the obligation to indemnify the party against whom the claim or action is brought, the indemnifying party may (but will not be required to) assume the defense against the claim, action, suit or proceeding with counsel satisfactory to it. After an indemnifying party notifies an indemnified party that the indemnifying party wishes to assume the defense of a claim, action, suit or proceeding, the indemnifying party will not be liable for any legal or other expenses incurred by the indemnified party in connection with the defense against the claim, action, suit or proceeding except that if, in the opinion of counsel to the indemnifying party, one or more of the indemnified parties should be separately represented in connection with a claim, action, suit or proceeding, the indemnifying party will pay the reasonable fees and expenses of one separate counsel for the indemnified parties. Each indemnified party, as a condition to receiving indemnification as provided in <u>Section 8.01</u>, will cooperate in all reasonable respects with the indemnifying party in the defense of any action or claim as to which indemnification is sought. No indemnifying party will be liable for any settlement of any action effected without its prior written consent. No indemnifying party will, without the prior written consent of the indemnified party, effect any settlement of a pending or threatened action with respect to which an indemnified party is, or is informed that it may be, made a party, and for which it would be entitled to indemnification, unless the settlement includes an unconditional release of the indemnified party from all liability and claims which are the subject matter of the pending or threatened action. If for any reason the indemnification provided for in this Agreement is not available to, or is not sufficient to hold harmless, an indemnified party in respect of any loss or liability referred to in <u>Section 8.01</u> as to which it is entitled to indemnification thereunder, each indemnifying party will, in lieu of indemnifying the indemnified party, contribute to the amount paid or payable by the indemnified party as a result of such loss or liability, (i) in the proportion which is appropriate to reflect the relative benefits received by the indemnifying party on the one hand and by the indemnified party on the other from the sale of the Shares which is the subject of the claim, action, suit or proceeding which resulted in the loss or liability or (ii) if that allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits of the sale of such Shares, but also the relative fault of the indemnifying party and the indemnified party with respect to the statements or omissions which are the subject of the claim, action, suit or proceeding that resulted in the loss or liability, as well as any other relevant equitable considerations.

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**ARTICLE IX**

MISCELLANEOUS

**Section 9.01 <u>Fees and Expenses</u>**. Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement and the other Transaction Documents; provided, however, that the Company shall pay, on the Effective Date, all reasonable and documented attorneys' fees and expenses incurred by the Purchaser up to $50,000 (less amounts paid by the Company to the Purchaser's counsel prior to the date hereof in respect of this Agreement) in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Transaction Documents. Payment of such fees shall be a condition to the effectiveness of this agreement. In addition, the Company shall pay all reasonable attorneys' fees and expenses incurred by the Purchaser in connection with any amendments, modifications or waivers of this Agreement or any other Transaction Document. The Company shall pay all stamp or other similar taxes and duties levied in connection with issuance of the Shares pursuant hereto or the Warrant. Gibson, Dunn & Crutcher LLP, the Purchaser's legal counsel, shall be entitled to rely upon, shall be an express third party beneficiary of, and shall be entitled to enforce, the provisions of this <u>Section 9.01</u>.

**Section 9.02 <u>Specific Enforcement, Consent to Jurisdiction</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement or any other Transaction Document were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or injunctions from any court of competent jurisdiction or arbitral authority to prevent or cure breaches of the provisions of this Agreement or any other Transaction Document by the other party and to enforce specifically the terms and provisions hereof; such right is in addition to any other remedy to which either party may be entitled by law or equity, without the necessity of posting a bond or other security or the burden of proving actual damages.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All disputes, controversies or claims between the Parties arising out of or in connection with this agreement (including its existence, validity or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate, the International Center for Dispute Resolution, in Delaware. The arbitration tribunal shall be composed of one arbitrator. The arbitration will take place in Delaware, and shall be conducted in the English language. The arbitration award shall be final and binding on the Parties.

**Section 9.03 <u>Entire Agreement; Amendment</u>**. This Agreement and the other Transaction Documents represent the entire agreement of the Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by either party relative to the subject matter hereof not expressly set forth herein. No provision of this Agreement may be amended other than by a written instrument signed by both Parties.

**Section 9.04 <u>Notices</u>**. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing, delivered by electronic mail to the address designated below, and shall be effective on the date that the email is received. However, if the time of deemed receipt of any notice is not before 5:30 p.m. local time on a business day at the address of the recipient it is deemed to have been received at the commencement of business on the next business day. The address for such communications shall be:

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| | |
|:---|:---|
| If to the Company: | Frontieras North America |
|  | Attn: Matthew McKean |
|  | Email: matthew.mckean@frontieras.com |
| With a copy to: | Gallagher & Kennedy |
|  | 2575 East Camelback Road |
|  | Phoenix, AZ 85016 |
|  | Attn: Stephen R. Boatwright |
| If to GYBL: | GEM Yield Bahamas Ltd. |
|  | Attn: Christopher F. Brown, Manager |
|  | Email: cbrown@gemny.com |
| With a copy to (which shall not constitute notice): | Gibson, Dunn & Crutcher LLP |
| With a copy to (which shall not constitute notice): | Attn: Boris Dolgonos |
| With a copy to (which shall not constitute notice): | Email: bdolgonos@gibsondunn.com |
| If to the Purchaser: | GEM Global Yield LLC SCS |
|  | Attn: Christopher F. Brown, Manager |
|  | Email: cbrown@gemny.com |
| With a copy to (which shall not constitute notice): | Gibson, Dunn & Crutcher LLP |
| With a copy to (which shall not constitute notice): | Attn: Boris Dolgonos |
| With a copy to (which shall not constitute notice): | Email: bdolgonos@gibsondunn.com |

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Either party hereto may from time to time change its address for notices by giving at least 10 days' advance written notice of such changed address to the other party hereto.

**Section 9.05 <u>Waivers</u>**. No waiver by either party of any default with respect to 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 provisions, 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 accruing to it thereafter. No provision of this Agreement or any other Transaction Document may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought.

**Section 9.06 <u>Headings</u>**. The article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof.

**Section 9.07 <u>Successors and Assigns</u>**. Neither party may assign this Agreement or any other Transaction Document to any Person without the prior consent of the other party; *provided that* without the consent of the other, (i) the Company may assign its rights and obligations under this Agreement and other Transaction Documents to the Successor Company; (ii) the Purchaser may assign its rights and obligations under this Agreement or any other Transaction Document to an Affiliate of the Purchaser. Notwithstanding the foregoing, in the event of (a) a Reverse Merger Transaction or (b) any other transaction (including by way of merger, consolidation or otherwise), including the formation of any successor or other similar entity by the Company or a subsidiary, parent, or Affiliate thereof to facilitate, whether in connection with a Public Listing or otherwise, this Agreement and each other Transaction Document (including the Warrant) shall be automatically assigned to the Successor Company, and the Parties agree that the terms of this Agreement and such other Transaction Document shall be construed to give effect to such assignment, including, without limitation, that: (w) the term "Company" shall be construed as "Successor Company"; (x) the term "Shares" shall be construed as the common shares of the Successor Company; (y) the term "Public Listing Date" shall be construed as the first trading day following consummation of the Reverse Merger Transaction (in the case of clause (a) above); and (z) the term "Public Listing" shall be construed as the date of the Reverse Merger Transaction (in the cause of clause (a) above). This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and assigns.

**Section 9.08 <u>Governing Law; Waiver of Jury Trial</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to the choice of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

**Section 9.09 <u>Survival</u>**. The representations and warranties of the Company and the Purchaser contained in ARTICLE III and the covenants contained in ARTICLE IV shall survive the execution and delivery hereof until the termination of this Agreement, and the agreements and covenants set forth in ARTICLE VIII of this Agreement shall survive the execution and delivery hereof. The provisions of ARTICLE VIII (Indemnification) shall remain in full force and effect indefinitely notwithstanding any termination of this Agreement or other Transaction Document.

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**Section 9.10 <u>Counterparts</u>**. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each party and delivered to the other Parties hereto, it being understood that all Parties need not sign the same counterpart.

**Section 9.11 <u>Publicity</u>**. Without the prior written consent of the Purchaser, which shall not unreasonably be withheld, delayed or conditioned, the Company may not issue a press release or otherwise make a public statement or announcement with respect to this Agreement and the other Transaction Documents or the transactions contemplated hereby or thereby or the existence of this Agreement or any other Transaction Document (including, without limitation, by filing a copy thereof with the Commission). In the event that the Company is required by applicable law, rules or regulations (including Principal Market rules or regulations) to issue a press release or otherwise make a public statement or announcement with respect to any of such matters, the Company shall use its commercially reasonable efforts to consult with the Purchaser on the form and substance of such press release or other disclosure.

**Section 9.12 <u>Severability</u>**. The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible.

**Section 9.13 <u>Further Assurances</u>**. From and after the date of this Agreement, upon the request of the Purchaser or the Company, each of the Company and the Purchaser shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement and each other Transaction Document. Each Party hereby expressly agrees that, in the event that any action or determination of the Commission or other regulatory or governmental authority, or the refusal or failure of any other governmental approval, would or does prohibit or otherwise materially interfere with the ability of the Parties to effect the transactions contemplated by this Agreement in the manner contemplated by and described in it, each such Party shall use its good-faith best efforts to resolve and cure such condition, including, without limitation, by amending this Agreement to the extent necessary therefor. In addition, each Party acknowledges that this Agreement and the other Transaction Documents have been prepared on the assumption that the Principal Market will be a U.S. stock exchange, and that the Common Shares will be registered with the Commission pursuant to Section 12(b) or 12(g) of the Securities Act. In the event that the Principal Market is not a U.S. stock exchange, then the Parties will negotiate in good faith to amend the Transaction Documents to effect the economic consequences thereof while preserving each of their rights and obligations.

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[*Signature Page Follows*]

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![](exhibit6-4x40x1.jpg)

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**<u>EXHIBIT A</u>**

FORM OF REGISTRATION RIGHTS AGREEMENT

[*See attached.*]

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**REGISTRATION RIGHTS AGREEMENT**

November 26, 2024

This **REGISTRATION RIGHTS AGREEMENT** (this "<u>Agreement</u>"), is made and entered into as of the date first above written, by and among Frontieras North America, a corporation incorporated under the laws of the State of Wyoming whose registered office is at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA (the "<u>Company</u>"), GEM GLOBAL YIELD LLC SCS, a "société en commandite simple" formed under the laws of Luxembourg having LEI No. 213800CXBEHFXVLBZO92 having an address at 12C, rue Guillaume J. Kroll, L-1882 Luxembourg (the "<u>Purchaser</u>"); and GEM YIELD BAHAMAS LIMITED, a limited company formed under the laws of the Commonwealth of the Bahamas and having an address at 3 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-4875, Nassau, The Bahamas ("<u>GYBL</u>," and together with the Company and the Purchaser, the "<u>Parties</u>"). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement (as defined below).

**RECITALS**

**WHEREAS**, the Company has the right to place with Purchaser up to U.S. $150,000,000 worth of Common Shares, has agreed to issue a warrant that will give GYBL the right to purchase Common Shares upon a Public Listing, and has agreed to issue to GYBL a number of Common Shares in satisfaction of the Commitment Fee; and

**WHEREAS**, the Company has agreed, upon the terms and subject to the conditions of that certain Share Purchase Agreement, dated as of the date hereof (the "<u>Purchase Agreement</u>"), to induce the Purchaser to enter into the Purchase Agreement, to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "<u>Securities Act</u>"), and applicable state securities laws.

**NOW, THEREFORE,** in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and the Purchaser hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>Definitions</u>.**

As used in this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Business Day</u>" means any day other than Saturday, Sunday or any other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Effective Date</u>" means the date that the Registration Statement has been declared effective by the Commission or that it went effective pursuant to Section 8 of the Securities Act.

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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;(c) "<u>Effectiveness Deadline</u>" means with respect to the Registration Statement, the earlier of (A) the 90th calendar day after the date on which such Registration Statement is filed with the Commission (provided that in the event that the Commission provides comments to the Registration Statement, then the Company shall promptly inform the Investor thereof and shall resolve such comments as soon as possible, in consultation with the Investor and Legal Counsel) and (B) the fifth Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be reviewed or will not be subject to further review, unless the Company is advised by the Commission that it will not accept an acceleration request for such Registration Statement but that it would not prevent such Registration Statement from becoming effective pursuant to Section 8 of the Securities Act, in which case the 25th calendar day after the Company is advised by the Commission that it will not accept an acceleration request for such Registration Statement but that it would not prevent such Registration Statement from becoming effective pursuant to Section 8 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;(d) "<u>Filing Deadline</u>" means with respect to the Registration Statement, the 30<sup>th</sup> (thirtieth) calendar day after the Public 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;(e) "<u>Investor</u>" means the Purchaser, GYBL, and any transferee or assignee thereof to which either of Purchaser or GYBL assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with <u>Section 9</u> and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Legal Counsel</u>" means legal counsel designated by Investor to review and oversee the Registration Statement and all New Registration Statements on Investors' behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Person</u>" means any person or entity including but not limited to any corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Register</u>," "<u>registered</u>," and "<u>registration</u>" refer to a registration effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis ("<u>Rule 415</u>"), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the "<u>Commission</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Registrable Securities</u>" mean all of (i) the Shares which have been, or which may from time to time be, issued or issuable to the Investor pursuant to the Purchase Agreement, including Shares issuable as payment of the Commitment Fee pursuant to Section 4.12(a) of the Purchase Agreement; (ii) the Shares which have been, or which may from time to time be, issued or issuable pursuant to the Warrant; (iii) the Underlying Warrant Shares which may from time to time be issued or issuable pursuant to Section 2.02(b) of the Purchase Agreement (iv) the Shares which may from time to time be, issued or issuable pursuant to Section 4.12(d) and 4.12(e)(i) of the Purchase Agreement; and (v) any securities issued or issuable upon any share split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; *provided* that the Shares shall cease to be Registrable Securities upon a sale pursuant to a Registration Statement or Rule 144 under the Securities Act.

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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;(j) "<u>Registration Statement</u>" means a registration statement or registration statements of the Company filed under the Securities Act covering the resale by the Investor of Registrable Securities, as such registration statement or registration statements may be amended and supplemented from time to time (including pursuant to Rule 462(b) under the Securities Act), including all documents filed as part thereof or incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Rule 144</u>" means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any other similar or successor rule or regulation of the Commission that may at any time permit the Investor to sell securities of the Company to the public without registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Rule 415</u>" means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any other similar or successor rule or regulation of the Commission providing for offering securities on a delayed or continuous basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>Registration</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Registration.</u> The Company shall prepare and, as soon as practicable after the Public Listing Date, but in no event later than the Filing Deadline, file with the Commission an initial Registration Statement on Form S-1, F-1, S-3 or F-3, or such other form or forms as may be reasonably acceptable to the Investor and Legal Counsel, covering the resale by the Investor of Registrable Securities. The Registration Statement shall register with the Commission for resale all of the Registrable Securities. The Investor and Legal Counsel shall have a reasonable opportunity to review and comment upon such Registration Statement or amendment to such Registration Statement and any related prospectus prior to its filing with the Commission. The Investor shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall use its reasonable best efforts to have the Registration Statement or amendment declared effective by the Commission prior to the Effectiveness Deadline. Subject to Allowable Grace Periods (as defined herein below), the Company shall use reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act and available for sales of all of the Registrable Securities at all times until the date as of which the Investor no longer owns any Registrable Securities (the "<u>Registration Period</u>"). The Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any 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 in which they were made, not misleading. Notwithstanding anything to the contrary stated herein, in addition to any other remedies available at law or equity or as set forth herein, in the Purchase Agreement or otherwise, if (i) the Company shall have failed to file the Registration Statement by the Filing Deadline or (ii) the Registration Statement is not declared effective by the Effectiveness Deadline, in each case, for any reason or no reason, then the Company shall pay to Purchaser or its designee an amount equal to $10,000 for each day following the Filing Deadline or Effectiveness Deadline, as applicable, until the Registration Statement has been filed with the Commission or the Registration Statement has been declared effective, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the registration obligations set forth in this Section 2, in the event the Company files a Form S-3 Registration Statement and in the event the Commission informs the Company that all of the Registrable Securities 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 (i) inform each of the holders thereof and shall file amendments to the Registration Statement as required by the Commission and/or (ii) withdraw the Registration Statement and file a new registration statement (a "New Registration Statement"), on Form S-3, or if Form S 3 is not then available to the Company for such registration statement, on such other form available to register for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration Statement, the Company shall advocate with the Commission for the registration of all of the Registrable Securities in accordance with any publicly available written or oral guidance, comments, requirements or requests of the Commission staff (the "SEC Guidance"), including without limitation, the Manual of Publicly Available Telephone Interpretations D.29. Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation of 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 Commission for the registration of all or a greater number of Registrable Securities), the number of Registrable Securities to be registered on such Registration Statement will be reduced on a pro rata basis.

Any filing of a Registration Statement or for a registered offering hereunder will be subject to the constraints of any applicable lock-up arrangements, and any such registration must be deferred until such lock-up arrangements no longer apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Rule 424 Prospectus</u>. The Company shall, as required by applicable securities regulations, from time to time file with the Commission, pursuant to Rule 424 promulgated under the Securities Act, the prospectus, amendments and prospectus supplements, if any, to be used in connection with offers and sales of the Registrable Securities under the Registration Statement. The Investor and Legal Counsel shall have a reasonable opportunity to review and comment upon such prospectus prior to its filing with the Commission. The Investor shall use its reasonable best efforts to comment upon such prospectus within two Trading Days from the date the Investor receives the proposed final version of such prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Sufficient Number of Shares Registered</u>. In the event the number of shares available under the Registration Statement is insufficient to cover all of the Registrable Securities, the Company shall file one or more additional Registration Statements (each a "<u>New Registration Statement</u>"), so as to cover all of such Registrable Securities as soon as practicable as allowed by the Commission. The Company shall use it reasonable best efforts to cause each such New Registration Statement to become effective as soon as practicable following the filing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority</u>. The Company shall not include in any Registration Statement that is an underwritten offering any Registrable Securities without the prior written consent of the managing underwriters.

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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;(f) <u>Piggyback Registrations</u>. Without limiting any of the Company's obligations hereunder or under the Purchase Agreement, if there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission 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-8 (as promulgated under the Securities Act) or its equivalent relating to equity securities to be issued solely in connection with equity securities issuable in connection with the Company's option or other employee benefit plans), then the Company shall deliver to the Investor a written notice of such determination and, if within five days after the date of the delivery of such notice, the Investor shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities the offer and sale of which the Investor requests to be registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Priority on Primary Registrations</u>. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the Registrable Securities which, in the opinion of such underwriters, can be sold, without any such adverse effect (pro rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder), and (iii) third, other securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such 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;(h) <u>Priority on Secondary Registrations</u>. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company's securities other than holders of Registrable Securities, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the securities requested to be included therein by the holders initially requesting such registration, (ii) second, the Registrable Securities which, in the opinion of such underwriters, can be sold, without any such adverse effect (pro rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder), and (iii) third, then other securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such 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;(i) <u>Offering</u>. If the staff of the Commission (the "<u>Staff</u>") or the Commission seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices) (or as otherwise may be acceptable to the Investor), or if after the filing of the initial Registration Statement with the Commission pursuant to <u>Section 2(a)</u>, the Company is otherwise required by the Staff or the Commission to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such initial Registration Statement (with the prior consent of the Investor and Legal Counsel as to the specific Registrable Securities to be removed therefrom, which consent shall not be unreasonably withheld, delayed, denied, or conditioned) until such time as the Staff and the Commission shall so permit such Registration Statement to become effective and be used as aforesaid. Notwithstanding anything in this Agreement to the contrary, if after giving effect to the actions referred to in the immediately preceding sentence, the Staff or the Commission does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices) (or as otherwise may be acceptable to the Investor), the Company shall not request acceleration of the Effective Date of such Registration Statement and, in its sole and absolute discretion, may take such steps as may be required for such Registration Statement to become effective pursuant to Section 8 of the Securities Act. If not, the Company shall promptly (but in no event later than 48 hours) request the withdrawal of such Registration Statement pursuant to Rule 477 under the Securities Act, and the Effectiveness Deadline shall automatically be deemed to have elapsed with respect to such Registration Statement at such time as the Staff or the Commission has made a final and non-appealable determination that the Commission will not permit such Registration Statement to be so utilized (unless prior to such time the Company and the Investor have received assurances from the Staff or the Commission reasonably acceptable to Legal Counsel that a new Registration Statement filed by the Company with the Commission promptly thereafter may be so utilized). In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file additional Registration Statements in accordance with <u>Section 2(c)</u> until such time as all Registrable Securities have been included in Registration Statements that have been declared effective and the prospectus contained therein is available for use by the Investor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Related Obligations</u>.** With respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to <u>Section 2</u> including on any New Registration Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall prepare and file with the Commission such amendments (including post-effective amendments) and supplements to any registration statement and any prospectus and prospectus supplement used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such 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;(b) The Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments and supplements thereto at least two Trading Days prior to their filing with the Commission, and not file any document in a form to which Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Trading Days from the date the Investor receives the final version thereof. The Company shall furnish to the Investor, without charge, any correspondence from the Commission or the staff of the Commission to the Company or its representatives relating to the Registration Statement or any New 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;(c) Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the Commission, at least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits; (ii) upon the effectiveness of any registration statement, a copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request); and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the Commission's live EDGAR system shall be deemed "furnished to the Investor" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall use reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration statement under such other securities or "blue sky" laws of such jurisdictions in the United States as the Investor reasonably requests; (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period; (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period; and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; *provided, however*, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this <u>Section 3(d)</u>, (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect, includes an untrue statement of a material fact or omits 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, and promptly prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by email on the same day of such effectiveness); (ii) of any request by the Commission for amendments or supplements to any registration statement or related prospectus or related information; and (iii) of the Company's reasonable determination that a post-effective amendment to a registration statement would be appropriate.

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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;(f) The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange; or (ii) secure designation and quotation of all the Registrable Securities on the Principal Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section.

&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) Upon the Investor's written request, the Company shall cooperate with the Investor to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to any registration statement and enable such certificates to be in such denominations or amounts as the Investor may reasonably request and registered in such names as the Investor may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall at all times maintain the services of a transfer agent and registrar with respect to its Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If reasonably requested by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably believes should be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any 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;(k) The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition 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;(l) Within three Trading Days after any registration statement which includes the Registrable Securities is declared effective by the Commission, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor) confirmation that such registration statement has been declared effective by the Commission in the form attached hereto as <u>Exhibit A</u>. Thereafter, if requested by the Purchaser at any time, the Company shall require its counsel to deliver to the Purchaser a written confirmation whether or not the effectiveness of such registration statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not the registration statement is current and available to the Purchaser for sale of all of the 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;(m) The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable Securities pursuant to any registration statement, including participating in customary due diligence sessions with underwriters of the Registrable Securities (in the case of an underwritten offering) and engaging counsel and independent auditors to provide customary legal opinions (including disclosure letters) and comfort letters, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Notwithstanding anything to the contrary herein (but subject to the last sentence of this <u>Section 3(n)</u>), at any time after the Effective Date of a particular Registration Statement, the Company may delay the disclosure of material, non-public information concerning the Company or any of its Subsidiaries the disclosure of which at the time is not, in the good-faith opinion of the board of directors of the Company, in the best interest of the Company, nor, in the opinion of counsel to the Company, otherwise required (a "<u>Grace Period</u>"); *provided, however*, that the Company shall promptly, but in no event later than 9:30 a.m. (New York City time) on the second Trading Day immediately prior to the commencement of any Grace Period (except for such case where it is impossible to provide such two-Trading Day advance notice, in which case the Company shall provide such notice as soon as possible), notify the Investor in writing of the (i) existence of material, non-public information giving rise to a Grace Period (provided that in each such notice the Company shall not disclose the content of such material, non-public information to the Investor) and the date on which such Grace Period will begin and (ii) date on which such Grace Period ends; *provided, further*, that (I) no Grace Period shall exceed 20 consecutive Trading Days, and during any 365-day period, all such Grace Periods shall not exceed an aggregate of 60 Trading Days; *provided, further*, that the Company shall not register any securities for the account of itself or any other shareholder during any such Grace Period, (II) the first day of any Grace Period must be at least three Trading Days (or such shorter period as may be agreed by the Parties) after the last day of any prior Grace Period and (III) no Grace Period may exist during (A) the first 10 consecutive Trading Days after the Effective Date of the particular Registration Statement or (B) the five-Trading Day period following each Settlement Date (each, an "<u>Allowable Grace Period</u>"). For purposes of determining the length of a Grace Period above, such Grace Period shall begin on and include the date set forth in the notice referred to in clause (i) above, provided that such notice is received by the Investor not later than 9:30 a.m. (New York City time) on the second Trading Day immediately prior to such commencement date (except for such case where it is impossible to provide such two-Trading Day advance notice, in which case the Company shall provide such notice as soon as possible) and shall end on and include the later of the date the Investor receives the notice referred to in clause (ii) above and the date referred to in such notice. The provisions of <u>Section 3(j)</u> hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of each Grace Period, the Company shall again be bound by the first sentence of <u>Section 3(e)</u> with respect to the information giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding anything to the contrary contained in this <u>Section 3(n)</u>, the Company shall cause its transfer agent to deliver

unlegended Common Shares to a transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which the Investor has entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration Statement to the extent applicable, prior to the Investor's receipt of the notice of a Grace Period and for which the Investor has not yet settled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Obligations of the Investor</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least five Business Days prior to the first anticipated filing date of each Registration Statement, the Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with any registration statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of each Registration Statement hereunder, unless the Investor has notified the Company in writing of the Investor's election to exclude all of the Investor's Registrable Securities from such 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;(c) The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described in <u>Section 3(f)</u> or the first sentence of <u>Section 3(e)</u>, the Investor will immediately discontinue disposition of Registrable Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor's receipt of the copies of the supplemented or amended prospectus contemplated by <u>Section 3(f)</u> or the first sentence of <u>Section 3(e)</u>. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver Common Shares without any restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of the happening of any event of the kind described in <u>Section 3(f)</u> or the first sentence of <u>Section 3(e)</u> and for which the Investor has not yet settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>Expenses and Fees</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to <u>Sections 2</u> and <u>3</u>, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, FINRA filing fees (if any) and fees and disbursements of counsel for the Company, if any, shall be paid 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;(b) The Company shall pay the fees and expenses of the Legal Counsel in connection with the review and overseeing the Registration Statement and all New Registration Statements on Investors' behalf, subject to a maximum fee of $20,000 per Registration Statement and any New Registration Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **<u>Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who controls the Investor, the members, directors, officers, shareholders, partners, employees, agents, advisors, representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") (each, an "<u>Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, contingencies, costs (including, without limitation, court costs, reasonable attorneys' fees, costs of defense and investigation), attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Claims</u>"), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an indemnified party is or may be a party thereto, whether or not arising from a claim by a third party ("<u>Indemnified Damages</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction in which Registrable Securities are offered, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the any prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the Commission) or in any prospectus supplement or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, "<u>Violations</u>"). The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this <u>Section (a)</u>: (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to <u>Section 3(c)</u> or <u>Section 3(e)</u>; (ii) with respect to any superseded prospectus, shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant to <u>Section 3(c)</u> or <u>Section 3(e)</u>, and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to <u>Section 3(c)</u> or <u>Section 3(e)</u>; and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to <u>Section 9</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Registration Statement or any New Registration Statement, the Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in <u>Section 6(a)</u>, the Company, each of its directors, each of its officers who signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an "<u>Indemnified Party</u>"), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor furnished to the Company by the Investor expressly for use in connection with such registration statement; and, subject to <u>Section 6(d)</u>, the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this <u>Section 6(b)</u> and the agreement with respect to contribution contained in <u>Section 7</u> shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this <u>Section 6(b)</u> for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an Indemnified Person or Indemnified Party under this <u>Section 6</u> of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this <u>Section 6</u> deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; *provided, however*, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this <u>Section 6</u>, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification required by this <u>Section 6</u> 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 Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **<u>Contribution</u>.** To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under <u>Section 6</u> to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **<u>Reports and Disclosures under the Securities Acts</u>.**

With a view to making available to the Investor the benefits of Rule 144, the Company agrees, at the Company's sole expense, to:

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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;(a) make and keep public information available, as those terms are understood and defined in Rule 144;

&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) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144;

&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) furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting and/ or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration (for the avoidance of doubt, any filing available to the Investor via the Commission's live EDGAR system shall be deemed "furnished to the Investor" hereunder); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company's transfer agent as may be requested from time to time by the Investor and otherwise reasonably cooperate with Investor and Investor's broker to effect such sale of securities pursuant to Rule 144.

The Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this <u>Section 8</u> and that Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunction, without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions. Investor agrees that the Rule 144 rights under this Agreement are subject to the delivery by the Investor of a bona fide fair market offer for a licensing or funding opportunity pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Assignment of Registration Rights</u>.** None of the Parties may assign this Agreement or any other Transaction Document to any Person without the prior consent of the others; *provided that* without the consent of the other, (i) the Company may assign its rights and obligations under this Agreement and other Transaction Documents to the Successor Company; (ii) the Purchaser may assign its rights and obligations under this agreement to an Affiliate of the Purchaser. In the event of a Reverse Merger Transaction, the Company's rights and obligations under this Agreement shall be automatically assigned to the Successor Company, and the Parties agree that the terms of this Agreement shall be construed to give effect to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Amendment of Registration Rights</u>.** Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the mutual written consent of the Company and the Investor. Failure of any Party to exercise any right or remedy under this Agreement or otherwise, or delay by a Party in exercising such right or remedy, shall not operate as a waiver thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner 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;(b) Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered upon receipt, when delivered by electronic mail, return receipt requested, properly addressed to the Party to receive the same. The addresses for such communications shall be:

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| | |
|:---|:---|
| If to the Company: | Frontieras North America |
|  | Attn: Matthew McKean |
|  | Email: matthew.mckean@frontieras.com |
| If to GYBL: | GEM Yield Bahamas Ltd. |
|  | Attn: Cristopher F. Brown, Director |
|  | Email: cbrown@gemny.com |
| With a copy (which shall not constitute notice): | Gibson, Dunn & Crutcher LLP |
| With a copy (which shall not constitute notice): | Attn: Boris Dolgonos |
| With a copy (which shall not constitute notice): | Email: bdolgonos@gibsondunn.com |
| If to the Purchaser: | GEM Global Yield LLC SCS |
|  | Attn: Christopher F. Brown, Manager |
|  | Email: cbrown@gemny.com |
| With a copy (which shall not constitute notice): | Gibson, Dunn & Crutcher LLP |
| With a copy (which shall not constitute notice): | Attn: Boris Dolgonos |
| With a copy (which shall not constitute notice): | Email: bdolgonos@gibsondunn.com |

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or at such other address and/or email address and/or to the attention of such other person as the recipient Party has specified by written notice given to each other Party three (3) Trading Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, or (B) mechanically or electronically generated by the sender's computer or email service containing the time, date, recipient email address and text of such transmission shall be rebuttable evidence of personal service or receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure of any Party to exercise any right or remedy under this Agreement or otherwise, or delay by a Party in exercising such right or remedy, shall not operate as a waiver thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall be governed by the internal laws of the State of New York, without giving effect to the choice of law provisions except Section 5-1401 of the New York General Obligations Law. **EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All disputes, controversies or claims between the Parties arising out of or in connection with this Agreement (including its existence, validity or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate the International Center for Dispute Resolution in New York City. The arbitration tribunal shall be composed of one arbitrator. The arbitration will take place in New York City, New York, and shall be conducted in the English language. The arbitration award shall be final and binding on the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement and the Purchase Agreement constitute the entire agreement among the Parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the Parties hereto with respect to the subject matter hereof and 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;(g) Subject to the requirements of <u>Section 9</u>, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a Party, may be delivered to the other Party hereto by email in a "pdf" format data file of a copy of this Agreement bearing the signature of the Party so delivering 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;(j) Each Party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other Party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The language used in this Agreement will be deemed to be the language chosen by the Parties to express their mutual intent, and no rules of strict construction will be applied against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Pursuant to Section 9.13 of the Purchase Agreement, in the event that the Principal Market is not a U.S. stock exchange, then the Parties will negotiate in good faith to amend the Transaction Documents, including this Agreement, to effect the economic consequences thereof while preserving each of their rights and obligations.

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[*Remainder of Page Intentionally Left Blank; Signature Page Follows*]

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**IN WITNESS WHEREOF,** the Parties have caused this Registration Rights Agreement to be duly executed as of day and year first above written.

**<u>THE COMPANY</u>:**

**FRONTIERAS NORTH AMERICA**

By:<u>______________________</u>_

Name:

Title:

**<u>PURCHASER</u>:**

**GEM GLOBAL YIELD LLC SCS**

By:_____________________

Name: Christopher F. Brown

Title: Manager

**GEM YIELD BAHAMAS LIMITED**

By:_____________________

Name: Christopher F. Brown

Title: Director

[*Signature Page to Registration Rights Agreement*]

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**<u>EXHIBIT A</u>**

FORM OF NOTICE OF EFFECTIVENESS OF REGISTRATION STATEMENT

[TRANSFER AGENT]<br>Attn:

Re: Frontieras North America

Ladies and Gentlemen:

We are counsel to Frontieras North America, a corporation incorporated under the laws of the State of Wyoming whose registered office is at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA (the "<u>Company</u>"), and have represented the Company in connection with that certain private placement of shares (the "<u>Offering</u>"), pursuant to which the Company issued to GEM GLOBAL YIELD LLC SCS, a "société en commandite simple" formed under the laws of Luxembourg (the "<u>Investor</u>") ______________ shares of common stock (the "<u>Shares</u>").

Pursuant to the Offering, the Company also has entered into a Registration Rights Agreement with the Investor (the "<u>Registration Rights Agreement</u>") pursuant to which the Company agreed, among other things, to register the Registrable Securities (as defined in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). In connection with the Company's obligations under the Registration Rights Agreement, on ________________, the Company filed a Registration Statement on Form ________ (File No. 333-_____________) (the "<u>Registration Statement</u>") with the Securities and Exchange Commission(the "<u>Commission</u>") relating to the Registrable Securities which names the Investor as a selling shareholder thereunder.

In connection with the foregoing, we advise you that a member of the Commission's staff has advised us by ____________ that the Commission has entered an order declaring the Registration Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS], and we have no knowledge that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the Commission. Thus, the Registrable Securities are available for resale under the Securities Act pursuant to the Registration Statement.

Very truly yours,

_____________________

By:

Name:

Title:

cc: Investor

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**<u>EXHIBIT B</u>**

FORM OF WARRANT

*[See attached.]*

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**NEITHER THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>") OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.**

**WARRANT TO PURCHASE**

**SHARES OF COMMON STOCK**

**OF**

**FRONTIERAS NORTH AMERICA**

Expires: The date that is the third anniversary of the Public Listing Date.

No. of Shares: _____

Date of Issuance: __________

FOR VALUE RECEIVED, the undersigned, Frontieras North America, a corporation incorporated under the laws of the State of Wyoming whose registered office is at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA (together with its successors and assigns, the "<u>Issuer</u>" and the "<u>Company</u>"), hereby certifies that GEM Yield Bahamas Limited ("<u>GEM</u>") or its assigns is entitled to subscribe for and purchase, during the Term (as hereinafter defined), in

accordance with the terms of this Warrant, up to Shares, at an exercise price of $ per Share; provided that, on the first anniversary following the Public Listing Date (the "<u>Adjustment Date</u>"), if all or any portion of this Warrant remains unexercised and the average closing price of the Common Shares for the 10 Trading Days following the Adjustment Date (the "<u>Baseline Price</u>") is less than 90% of the then current exercise price of this Warrant, then the exercise price of this Warrant shall be adjusted to 105% of the Baseline Price. Capitalized terms used in this Warrant shall have the respective meanings specified in <u>Section 8</u> hereof, and capitalized terms used but not defined in this Warrant have the meanings given them in the Purchase Agreement. This Warrant is issued in accordance with, and subject to, the terms and conditions of the Purchase Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** The Holder may exercise this Warrant for a period which shall commence on the date the Warrant Shares are registered, and shall expire at 6:00 p.m., Eastern Time, on the date that is the third anniversary of the Public Listing Date (such period being the "<u>Term</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>2.</u> <u>Method of Exercise; Payment; Issuance of New Warrant; Transfer and</u> <u>Exchange</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Time of Exercise</u>. The purchase rights represented by this Warrant may be exercised in whole or in part during the Term for cash only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Method of Exercise</u>. The Holder hereof may exercise this Warrant, in whole or in part, by delivery to the Issuer of the exercise notice in the form attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuance of Shares</u>. On the first Trading Day (the "<u>Delivery Date</u>") after any exercise of this Warrant in accordance with and subject to the terms and conditions hereof, settlement of the Warrant Shares shall occur via "Delivery Versus Payment" ("<u>DVP</u>") (i.e., on the Closing Date, the Issuer shall issue the Warrant Shares registered in the Holder's name and address and released by the Issuer's transfer agent directly to the brokerage account(s) identified by the Holder; upon receipt of such Warrant Shares by the Holder's broker, payment therefor shall be made by the Holder (or its clearing firm) by wire transfer to the Issuer. The amount of such cash payment shall be equal to the exercise price in effect on the date of such exercise multiplied by the number of Warrant Shares with respect to which this Warrant is then being exercised. The Holder shall deliver this original Warrant, or an indemnification reasonably acceptable to the Issuer undertaking with respect to such Warrant in the case of its loss, theft or destruction, at such time that this Warrant is fully exercised. This Warrant shall be exercisable, either in its entirety or, from time to time, for part only of the number of Warrant Shares referenced by this Warrant. If this Warrant is submitted in connection with any partial exercise and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant Shares being acquired upon such exercise, then the Issuer shall, as soon as practicable, and in no event later than five Business Days after any exercise, and at its own expense, issue a new Warrant of like tenor representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. With respect to partial exercises of this Warrant, the Issuer shall keep written records for the Holder of the number of Warrant Shares exercised as of each date of exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compensation for Buy-In on Failure to Timely Deliver Shares upon Exercise</u>. In addition to any other rights available to the Holder, if the Issuer fails upon exercise by the Holder to cause its transfer agent to transmit to register such Warrant Shares in the name of the Holder (or its designee) on or before the Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Issuer shall (1) pay in cash to the Holder the amount by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Issuer was required to deliver to the Holder in connection with the exercise at issue times (B) the price at which the sell order giving rise to such purchase obligation was executed, and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of Common Shares that would have been issued had the Issuer timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the Issuer shall be required to pay the Holder $1,000. The Holder shall provide the Issuer written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Issuer. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Issuer's failure to timely deliver such Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof.

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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;(e) <u>Transferability of Warrant</u>. This Warrant may be transferred by a Holder, in whole or in part, without the prior written consent of the Issuer, (i) at any time, to an Affiliate of the Holder, or (ii) at any time following the Public Listing Date, to any Person. If transferred pursuant to this paragraph, this Warrant may be transferred on the books of the Issuer by the Holder hereof in person or by duly authorized attorney, upon surrender of this Warrant at the principal office of the Issuer, properly endorsed (by the Holder executing an assignment in the form attached hereto) and upon payment of any necessary transfer tax or other governmental charge imposed upon such transfer. This Warrant is exchangeable at the principal office of the Issuer for Warrants to purchase the same aggregate number of Warrant Shares, each new Warrant to represent the right to purchase such number of Warrant Shares as the Holder hereof shall designate at the time of such exchange. All Warrants issued on transfers or exchanges shall be dated the date hereof and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Continuing Rights of Holder</u>. The Issuer will, at the time of, or at any time after, each exercise of this Warrant, upon the request of the Holder hereof, acknowledge in writing the extent, if any, of its continuing obligation to afford to such Holder all rights to which such Holder shall continue to be entitled after such exercise in accordance with the terms of this Warrant, <u>provided</u> that if any such Holder shall fail to make any such request, the failure shall not affect the continuing obligation of the Issuer to afford such rights to such 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;(g) <u>Compliance with Securities Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are being acquired solely for the Holder's own account and not as a nominee for any other party, and for investment, and that the Holder will not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except pursuant to an effective registration statement, or an exemption from registration, under the Securities Act and any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in paragraph (iii) below, this Warrant and all certificates representing Warrant Shares issued upon exercise hereof shall be stamped or imprinted with a legend in substantially the following form:

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NEITHER THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>") OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) IN COMPLIANCE WITH RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Issuer agrees to reissue this Warrant or certificates representing any of the Warrant Shares, without the legend set forth above if at such time, prior to making any transfer of any such securities, the Holder shall give written notice to the Issuer describing the manner and terms of such transfer. Such proposed transfer will not be effected until: (a) either (i) the Issuer has received an opinion of counsel reasonably satisfactory to the Issuer, to the effect that the registration or qualification of such securities under the Securities Act is not required in connection with such proposed transfer, (ii) a registration statement under the Securities Act or state securities laws covering such proposed disposition has been filed by the Issuer with the Securities and Exchange Commission and has become effective under the Securities Act and the securities have been qualified under state securities laws, (iii) the Issuer has received other evidence reasonably satisfactory to the Issuer that such registration and qualification under the Securities Act and state securities laws are not required, or (iv) the Holder provides the Issuer with reasonable assurances that such security can be sold pursuant to Rule 144 under the Securities Act; and (b) either (i) the Issuer has received an opinion of counsel reasonably satisfactory to the Issuer, to the effect that registration or qualification under the securities or "blue sky" laws of any state is not required in connection with such proposed disposition, or (ii) compliance with applicable state securities or "blue sky" laws has been effected or a valid exemption exists with respect thereto. The Issuer will respond to any such notice from a holder within five Trading Days. In the case of any proposed transfer under this <u>Section 2(g)</u>, the Issuer will use reasonable efforts to comply with any such applicable state securities or "blue sky" laws, but shall in no event be required, (x) to qualify to do business in any state where it is not then qualified, (y) to take any action that would subject it to tax or to the general service of process in any state where it is not then subject, or (z) to comply with state securities or "blue sky" laws of any state for which registration by coordination is unavailable to the Issuer. The restrictions on transfer contained in this <u>Section 2(g)</u> shall be in addition to, and not by way of limitation of, any other restrictions on transfer contained in any other Section of this Warrant. Whenever a certificate representing the Warrant Shares is required to be issued to a the Holder without a legend, in lieu of delivering physical certificates representing the Warrant Shares, the Issuer shall cause its transfer agent to electronically transmit the Warrant Shares to the Holder by crediting the account of the Holder or Holder's prime broker with DTC through its DWAC system (to the extent not inconsistent with any provisions of this Warrant or the Purchase Agreement).

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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;(h) <u>Accredited Investor Status</u>. In no event may the Holder exercise this Warrant in whole or in part unless the Holder is an "accredited investor" as defined in Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Shares Fully Paid; Reservation and Listing of Shares; Covenants</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Registration; Listing</u>. If any Common Shares required to be reserved for issuance upon exercise of this Warrant or as otherwise provided hereunder require registration or qualification with any Governmental Authority under any federal or state law before such shares may be so issued, the Issuer will in good faith use its best efforts as expeditiously as possible at its expense to cause such shares to be duly registered or qualified. If the Issuer shall list any Common Shares on any Principal Market it will, at its expense, list thereon, and maintain and increase when necessary such listing, of, all Warrant Shares from time to time issued upon exercise of this Warrant or as otherwise provided hereunder (provided that such Warrant Shares have been registered pursuant to a registration statement under the Securities Act then in effect), and, to the extent permissible under the applicable securities exchange rules, all unissued Warrant Shares which are at any time issuable hereunder, so long as any Common Shares shall be so listed. The Issuer will also so list on each Principal Market, and will maintain such listing of, any other securities which the Holder of this Warrant shall be entitled to receive upon the exercise of this Warrant if at the time any securities of the same class shall be listed on such Principal Market by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Covenants</u>. The Issuer shall not by any action including, without limitation, amending the Certificate of Incorporation or the by-laws of the Issuer, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of the Holder hereof. Without limiting the generality of the foregoing, the Issuer will (i) not permit the par value, if any, of its Common Shares to exceed the then effective Warrant Price, (ii) not amend or modify any provision of the Certificate of Incorporation or by-laws of the Issuer in any manner that would adversely affect the rights of the Holder, (iii) take all such action as may be reasonably necessary in order that the Issuer may validly and legally issue fully paid and nonassessable Common Shares, free and clear of any liens, claims, encumbrances and restrictions (other than as provided herein) upon the exercise of this Warrant, and (iv) use its best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be reasonably necessary to enable the Issuer to perform its obligations under this Warrant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Loss, Theft, Destruction of Warrant</u>. Upon receipt of evidence satisfactory to the Issuer of the ownership of and the loss, theft, destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security satisfactory to the Issuer or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Issuer will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the number of Common Shares remaining available upon exercise of the Warrant which has been lost, stolen, destroyed or mutilated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payment of Taxes</u>. The Issuer will pay all transfer and issuance taxes attributable to the preparation, issuance and delivery of this Warrant (and any replacement Warrants) including, without limitation, all documentary and stamp taxes attributable to the initial issuance of the Warrant Shares issuable upon exercise of this Warrant; *provided, however*, that the Issuer shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issuance or delivery of any certificates representing Warrant Shares or registration of such Warrant Shares in book-entry form, as applicable, in a name other than that of the Holder in respect to which such shares are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Adjustment of Warrant Price</u>.** The price at which such Warrant Shares may be purchased upon exercise of this Warrant and/or the number of Warrant Shares issuable shall be subject to adjustment from time to time as set forth in this <u>Section 4</u>. The Issuer shall give the Holder notice of any event described below which requires an adjustment pursuant to this <u>Section 4</u> in accordance with the notice provisions set forth in <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Recapitalization, Reorganization, Reclassification, Consolidation, Merger or Sale</u>. In the event that the Holder has elected not to exercise this Warrant prior to the consummation of a Change of Control, so long as the Surviving Corporation pursuant to any Change of Control is a company that has a class of equity securities registered pursuant to the Securities Exchange Act of 1934, as amended, and its common shares are listed or quoted on a U.S. national securities exchange, the Surviving Corporation and/or each Person (other than the Issuer) which may be required to deliver any Securities, cash or property upon the exercise of this Warrant as provided herein shall assume, by written instrument delivered to, and reasonably satisfactory to, the Holder of this Warrant, (A) the obligations of the Issuer under this Warrant, including, without limitation, those under the Registration Rights Agreement (as defined below) (and if the Issuer shall survive the consummation of such Change of Control, such assumption shall be in addition to, and shall not release the Issuer from, any continuing obligations of the Issuer under this Warrant), and (B) the obligation to deliver to such Holder such Securities, cash or property as, in accordance with the foregoing provisions of this <u>Section 4(a)</u>, such Holder shall be entitled to receive, and the Surviving Corporation and/or each such Person shall have similarly delivered to such Holder an opinion of counsel for the Surviving Corporation and/or each such Person, which counsel shall be reasonably satisfactory to such Holder, or in the alternative, a written acknowledgement executed by the President or Chief Financial Officer of the Issuer, stating that this Warrant shall thereafter continue in full force and effect and the terms hereof (including, without limitation, all of the provisions of this <u>Section 4(a)</u>) shall be applicable to the Securities, cash or property which the Surviving Corporation and/or each such Person may be required to deliver upon any exercise of this Warrant or the exercise of any rights pursuant hereto. If following such a Change of Control, the Surviving Corporation does not have a registered class of equity securities and common shares listed on a U.S. national securities exchange as described in the first sentence of this <u>Section 4(a)</u>, then the Holder shall be entitled to receive compensation in accordance with the terms of Section 4.13 of the Purchase Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Share Dividends, Subdivisions and Combinations</u>. If at any time the Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) make or issue or set a record date for the holders of the Common Shares for the purpose of entitling them to receive a dividend payable in, or other distribution of, Common Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subdivide its outstanding Common Shares into a larger number of Common Shares, 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;(iii) combine its outstanding Common Shares into a smaller number of Common Shares,

then (1) the number of Common Shares for which this Warrant is exercisable immediately after the occurrence of any such event shall be adjusted to equal the number of Common Shares which a record holder of the same number of Common Shares for which this Warrant is exercisable immediately prior to the occurrence of such event would own or be entitled to receive after the happening of such event, and (2) the Warrant Price then in effect shall be adjusted to equal (A) the Warrant Price then in effect multiplied by the number of Common Shares for which this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of Common Shares for which this Warrant is exercisable immediately after such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certain Other Distributions</u>. If at any time the Issuer shall make or issue or set a record date for the holders of the Common Shares for the purpose of entitling them to receive any dividend or other distribution of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) cash,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 evidences of its indebtedness, any shares of stock of any class or any other securities or property of any nature whatsoever (other than cash, Common Share Equivalents or Additional Common Shares), 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;(iii) any warrants or other rights to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property of any nature whatsoever (other than cash, Common Share Equivalents or Additional Common Shares),

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then (1) the number of Common Shares for which this Warrant is exercisable shall be adjusted to equal the product of the number of Common Shares for which this Warrant is exercisable immediately prior to such adjustment multiplied by a fraction (A) the numerator of which shall be the Per Share Market Value of Common Shares at the date of taking such record and (B) the denominator of which shall be such Per Share Market Value minus the amount allocable to one share of Common Shares of any such cash so distributable and of the fair value (as determined in good faith by the Board of Directors of the Issuer and supported by an opinion from an investment banking firm mutually agreed upon by the Issuer and the Holder) of any and all such evidences of indebtedness, shares of stock, other securities or property or warrants or other subscription or purchase rights so distributable, and (2) the Warrant Price then in effect shall be adjusted to equal (A) the Warrant Price then in effect multiplied by the number of Common Shares for which this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of Common Shares for which this Warrant is exercisable immediately after such adjustment. A reclassification of the Common Shares (other than a change in par value, or from par value to no par value or from no par value to par value) into Common Shares and shares of any other class of stock shall be deemed a distribution by the Issuer to the holders of its Common Shares of such shares of such other class of stock within the meaning of this <u>Section 4(c)</u> and, if the outstanding Common Shares shall be changed into a larger or smaller number of Common Shares as a part of such reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding Common Shares within the meaning of <u>Section 4(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of Additional Common Shares</u>. In the event the Issuer shall at any time following the Public Listing Date issue any Additional Common Shares (otherwise than as provided in the foregoing subsections (b) through (c) of this <u>Section 4</u>), at a price per share less than the Warrant Price then in effect or without consideration, then the Warrant Price upon each such issuance shall be adjusted to the price equal to the consideration per share paid for such Additional Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Issuance of Common Share Equivalents.</u> In the event the Issuer shall at any time following the Public Listing Date take a record of the holders of its Common Shares for the purpose of entitling them to receive a distribution of, or shall in any manner (whether directly or by assumption in a merger in which the Issuer is the surviving corporation) issue or sell, any Common Share Equivalents, whether or not the rights to exchange or convert thereunder are immediately exercisable, and the price per share for which Common Shares are issuable upon such conversion or exchange shall be less than the Warrant Price in effect immediately prior to the time of such issue or sale, or if, after any such issuance of Common Share Equivalents, the price per share for which Additional Common Shares may be issuable thereafter is amended or adjusted, and such price as so amended shall be less than the Warrant Price in effect at the time of such amendment or adjustment, then the Warrant Price then in effect shall be adjusted as provided in <u>Section 4(d)</u>. No further adjustments of the number of Common Shares for which this Warrant is exercisable and the Warrant Price then in effect shall be made upon the actual issue of such Common Shares upon conversion or exchange of such Common Share Equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other Provisions applicable to Adjustments under this Section</u>. The following provisions shall be applicable to the making of adjustments of the number of Common Shares for which this Warrant is exercisable and the Warrant Price then in effect provided for in this <u>Section 4</u>:

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Computation of Consideration</u>. To the extent that any Additional Common Shares or any Common Share Equivalents (or any warrants or other rights therefor) shall be issued for cash consideration, the consideration received by the Issuer therefor shall be the amount of the cash received by the Issuer therefor, or, if such Additional Common Shares or Common Share Equivalents are offered by the Issuer for subscription, the subscription price, or, if such Additional Common Shares or Common Share Equivalents are sold to underwriters or dealers for public offering without a subscription offering, the initial public offering price (in any such case subtracting any amounts paid or receivable for accrued interest or accrued dividends and without taking into account any compensation, discounts or expenses paid or incurred by the Issuer for and in the underwriting of, or otherwise in connection with, the issuance thereof). In connection with any merger or consolidation in which the Issuer is the Surviving Corporation (other than any consolidation or merger in which the previously outstanding Common Shares of the Issuer shall be changed to or exchanged for the stock, ordinary or common shares, or other securities of another corporation), the amount of consideration therefor shall be deemed to be the fair value, as determined reasonably and in good faith by the Board, of such portion of the assets and business of the non-surviving corporation as the Board may determine to be attributable to such Common Shares or Common Share Equivalents, as the case may be. The consideration for any Additional Common Shares issuable pursuant to any warrants or other rights to subscribe for or purchase the same shall be the consideration received by the Issuer for issuing such warrants or other rights plus the additional consideration payable to the Issuer upon exercise of such warrants or other rights. The consideration for any Additional Common Shares issuable pursuant to the terms of any Common Share Equivalents shall be the consideration received by the Issuer for issuing warrants or other rights to subscribe for or purchase such Common Share Equivalents, plus the consideration paid or payable to the Issuer in respect of the subscription for or purchase of such Common Share Equivalents, plus the additional consideration, if any, payable to the Issuer upon the exercise of the right of conversion or exchange in such Common Share Equivalents. In the event of any consolidation or merger of the Issuer in which the Issuer is not the Surviving Corporation or in which the previously outstanding Common Shares of the Issuer shall be changed into or exchanged for the stock, ordinary or common shares, or other securities of another corporation, or in the event of any sale of all or substantially all of the assets of the Issuer for stock, ordinary or common shares, or other securities of any corporation, the Issuer shall be deemed to have issued a number of Common Shares for stock, ordinary or common shares, or securities or other property of the other corporation computed on the basis of the actual exchange ratio on which the transaction was predicated, and for a consideration equal to the fair market value on the date of such transaction of all such stock, ordinary or common shares, or securities or other property of the other corporation. In the event any consideration received by the Issuer for any securities consists of property other than cash, the fair market value thereof at the time of issuance or as otherwise applicable shall be as determined in good faith by the Board. In the event Common Shares are issued with other shares or securities or other assets of the Issuer for consideration which covers both, the consideration computed as provided in this <u>Section 4(f)(i)</u> shall be allocated among such securities and assets as determined in good faith by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>When Adjustments to Be Made</u>. The adjustments required by this <u>Section 4</u> shall be made whenever and as often as any specified event requiring an adjustment shall occur, except that any adjustment of the number of Common Shares for which this Warrant is exercisable that would otherwise be required may be postponed (except in the case of a subdivision or combination of Common Shares, as provided for in <u>Section 4(b)</u>) up to, but not beyond the date of exercise if such adjustment either by itself or with other adjustments not previously made adds or subtracts less than one percent of the Common Shares for which this Warrant is exercisable immediately prior to the making of such adjustment. Any adjustment representing a change of less than such minimum amount (except as aforesaid) which is postponed shall be carried forward and made as soon as such adjustment, together with other adjustments required by this <u>Section 4</u> and not previously made, would result in a minimum adjustment or on the date of exercise. For the purpose of any adjustment, any specified event shall be deemed to have occurred at the close of business on the date of its occurrence.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Fractional Interests</u>. In computing adjustments under this <u>Section 4</u>, fractional interests in Common Shares shall be taken into account to the nearest one hundredth (1/100th) of a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>When Adjustment Not Required</u>. If the Issuer shall take a record of the holders of its Common Shares for the purpose of entitling them to receive a dividend or distribution or subscription or purchase rights and shall, thereafter and before the distribution to shareholders thereof, legally abandon its plan to pay or deliver such dividend, distribution, subscription or purchase rights, then thereafter no adjustment shall be required by reason of the taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Form of Warrant after Adjustments</u>. The form of this Warrant need not be changed because of any adjustments in the Warrant Price or the number and kind of Securities purchasable upon the exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Notice of Adjustments</u>.** Whenever the Warrant Price or Warrant Share Number shall be adjusted pursuant to <u>Section 4</u> hereof (for purposes of this <u>Section 5</u>, each an "<u>adjustment</u>"), the Issuer shall cause its Chief Financial Officer to prepare and execute a certificate setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated (including a description of the basis on which the Board made any determination hereunder), and the Warrant Price and Warrant Share Number after giving effect to such adjustment, and shall cause copies of such certificate to be delivered to the Holder of this Warrant promptly after each adjustment. Any dispute between the Issuer and the Holder of this Warrant with respect to the matters set forth in such certificate may at the option of the Holder of this Warrant be submitted to a national or regional accounting firm reasonably acceptable to the Issuer and the Holder, <u>provided</u> that the Issuer shall have ten (10) days after receipt of notice from such Holder of its selection of such firm to object thereto, in which case such Holder shall select another such firm and the Issuer shall have no such right of objection. The firm selected by the Holder of this Warrant as provided in the preceding sentence shall be instructed to deliver a written opinion as to such matters to the Issuer and such Holder within thirty (30) days after submission to it of such dispute. Such opinion shall be final and binding on the parties hereto. The costs and expenses of the initial accounting firm shall be paid equally by the Issuer and the Holder and, in the case of an objection by the Issuer, the costs and expenses of the subsequent accounting firm shall be paid in full by the Issuer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Fractional Shares</u>.** No fractional Warrant Shares will be issued in connection with any exercise hereof, but in lieu of such fractional shares, the Issuer shall round the number of shares to be issued upon exercise up to the nearest whole number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Ownership Cap and Exercise Restriction</u>.** Notwithstanding anything to the contrary set forth in this Warrant, at no time may a Holder of this Warrant exercise this Warrant if the number of Common Shares to be issued pursuant to such exercise would exceed, when aggregated with all Other Common Shares owned by such Holder and its Affiliates at such time, the number of Common Shares which would result in such Holder and its Affiliates beneficially owning (as determined in accordance with Section 12(d) of the Exchange Act and the rules thereunder) in excess of 9.99% of the then issued and outstanding Common Shares; *provided, however*, that upon a Holder of this Warrant providing the Issuer with sixty-one (61) days' notice (pursuant to <u>Section 12</u> hereof) (the "<u>Waiver Notice</u>") that such Holder would like to waive this <u>Section 7</u> with regard to any or all Common Shares issuable upon exercise of this Warrant, this <u>Section 7</u> will be of no force or effect with regard to all or a portion of the Warrant referenced in the Waiver Notice until the date that the Holder notifies the Issuer (pursuant to <u>Section 12</u> hereof) that the Holder revokes the Waiver Notice; *provided, further*, that during the sixty-one (61) day period prior to the expiration of the Term, the Holder may waive this <u>Section 7</u> by providing a Waiver Notice at any time during such sixty-one (61) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Definitions</u>.** For the purposes of this Warrant, the following terms have the following meanings:

"<u>Additional Common Shares</u>" means all Common Shares issued by the Issuer after the Public Listing Date, and all Other Common Shares, if any, issued by the Issuer after the Public Listing Date, except: (i) securities issued (other than for cash) in connection with a merger, acquisition, or consolidation, (ii) securities issued pursuant to the conversion or exercise of convertible or exercisable securities issued or outstanding on or prior to the date of the Purchase Agreement or issued pursuant to the Purchase Agreement (so long as the conversion or exercise price in such securities are not amended to lower such price and/or adversely affect the Holder unless the issuance of shares pursuant to the Purchase Agreement results in a lower adjusted price), (iii) the Warrant Shares, (iv) securities issued in connection with bona fide strategic license agreements, consulting agreements, or other partnering or technology development arrangements so long as such issuances are not for the purpose of raising capital, (v) Common Shares issued or the issuance or grants of options to purchase Common Shares pursuant to the Issuer's option plans and employee equity purchase plans outstanding as they exist on the date of the Purchase Agreement or as subsequently approved by the Board provided that the number of Common Shares issued pursuant to such plans does not exceed five percent (5%) of the Common Shares outstanding, and (vi) any warrants or similar rights issued to the finders, placement agents or their respective designees for the transactions contemplated by the Purchase Agreement or in subsequent offerings or placements. The exclusions set forth in this definition shall also apply to the issuance or sale of Common Share Equivalents.

"<u>Affiliate</u>" means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of this definition, the term "control" (including, with correlative meanings, the terms "controlling," "controlled by" and "under common control with"), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract or otherwise.

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"<u>Board</u>" shall mean the Board of Directors of the Issuer.

"<u>Business Day</u>" means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New York, New York, are authorized or required by law or executive order to close.

"<u>Certificate of Incorporation</u>" means the Certificate of Incorporation of the Issuer as in effect on the date hereof, and as hereafter from time to time amended, modified, supplemented or restated in accordance with the terms hereof and thereof and pursuant to applicable law.

"<u>Change of Control</u>" shall mean (i) the acquisition by any Person of direct or indirect beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the then-issued and outstanding equity of the Company; (ii) the occurrence of a merger, consolidation, reorganization, share exchange or similar corporate transaction, whether or not the Company is the Surviving Corporation, other than a transaction which would result in the voting equity outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the Surviving Corporation) at least 50% of the voting shares of the Company or such Surviving Corporation immediately after such transaction; or (iii) the sale, transfer or disposition of all or substantially all of the business and assets of the Company to any Person.

"<u>Common Share Equivalent</u>" means any Convertible Security or warrant, option or other right to subscribe for or purchase any Additional Common Shares or any Convertible Security.

"<u>Convertible Securities</u>" means evidences of indebtedness, shares of Equity Capital or other Securities which are or may be at any time convertible into or exchangeable for Additional Common Shares. The term "<u>Convertible Security</u>" means one of the Convertible Securities.

"<u>Equity Capital</u>" means and includes (i) any and all ordinary shares, stock or other common or ordinary equity shares, interests, participations or other equivalents of or interests therein (however designated), including, without limitation, shares of preferred or preference shares, (ii) all partnership interests (whether general or limited) in any Person which is a partnership, (iii) all membership interests or limited liability company interests in any limited liability company, and (iv) all equity or ownership interests in any Person of any other type.

"<u>Governmental Authority</u>" means any governmental, regulatory or self-regulatory entity, department, body, official, authority, commission, board, agency or instrumentality, whether federal, state or local, and whether domestic or foreign.

"<u>Holders</u>" mean the Persons who shall from time to time own this Warrant or any one or more Warrants issued in replacement hereof in accordance with the terms hereof. The term "Holder" means one of the Holders.

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"<u>Independent Appraiser</u>" means a nationally recognized or major regional investment banking firm or firm of independent certified public accountants of recognized standing (which may be the firm that regularly examines the financial statements of the Issuer) that is regularly engaged in the business of appraising the Equity Capital or assets of corporations or other entities as going concerns, and which is not affiliated with either the Issuer or the Holder of any Warrant.

"<u>Other Common Shares</u>" means any other Equity Capital of the Issuer of any class which shall be authorized at any time after the date of this Warrant (other than Common Shares) and which shall have the right to participate in the distribution of earnings and assets of the Issuer without limitation as to amount.

"<u>Per Share Market Value</u>" means on any particular date (a) the last closing bid price per Common Share on such date on a registered national stock exchange on which the Common Shares are then listed, or if there is no such price on such date, then the closing price on such exchange or quotation system on the date nearest preceding such date, or (b) if the Common Shares are not listed or traded then on any registered national stock exchange, the last closing bid price for a Common Share in the over-the-counter market, as reported by the U.S. national securities exchange on which the Common Shares are traded at the close of business on such date, or (c) if the Common Shares are not then publicly traded the fair market value of a Common Share as determined by an Independent Appraiser selected in good faith by the Holder; *provided, however,* that the Issuer, after receipt of the determination by such Independent Appraiser, shall have the right to select an additional Independent Appraiser, in which case, the fair market value shall be equal to the average of the determinations by each such Independent Appraiser; and *provided, further* that all determinations of the Per Share Market Value shall be appropriately adjusted for any dividends, splits or other similar transactions during such period. The determination of fair market value by an Independent Appraiser shall be based upon the fair market value of the Issuer determined on a going concern basis as between a willing buyer and a willing seller and taking into account all relevant factors determinative of value, and shall be final and binding on all parties. In determining the fair market value of any Common Shares, no consideration shall be given to any restrictions on transfer of the Common Shares imposed by agreement or by federal or state securities laws, or to the existence or absence of, or any limitations on, voting rights.

"<u>Person</u>" means an individual, corporation, limited liability company, partnership, joint stock company, trust, unincorporated organization, joint venture, Governmental Authority or other entity of whatever nature.

"<u>Principal Market</u>" means any U.S. securities exchange on which the Common Shares are traded or any other exchange platform in the world on which the Common Shares are traded, including, but not limited to, the London Stock Exchange, the Berlin Stock Exchange, the Frankfurt Stock Exchange, the Shanghai Stock Exchange, the SIX Swiss Exchange or the Stock Exchange of Hong Kong.

"<u>Purchase Agreement</u>" means the Share Purchase Agreement, dated November 26, 2024, by and among the Issuer, GEM Yield Bahamas Limited and GEM Global Yield LLC SCS.

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"<u>Securities</u>" means any debt or equity securities of the Issuer, whether now or hereafter authorized, any instrument convertible into or exchangeable for Securities or a Security, and any option, warrant or other right to purchase or acquire any Security. "<u>Security</u>" means one of the Securities.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, or any similar federal statute then in effect.

"<u>Subsidiary</u>" means any corporation at least 50% of whose outstanding Voting Shares shall at the time be owned directly or indirectly by the Issuer or by one or more of its Subsidiaries, or by the Issuer and one or more of its Subsidiaries.

"<u>Surviving Corporation</u>" means (a) the corporation surviving or resulting from any merger, consolidation, reorganization, share exchange or similar corporate transaction involving the Company; (b) the direct or indirect parent company of such surviving corporation; or (c) an entity that acquires all or substantially all of the business and assets of the Company.

"<u>Term</u>" has the meaning specified in <u>Section 1</u> hereof.

"<u>Trading Day</u>" means a day on which the Common Shares are traded on a the Principal Market; *provided, however*, that in the event that the Common Shares are not listed or quoted as set forth in the foregoing clause, then Trading Day shall mean any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of New York are authorized or required by law or other government action to close.

"<u>Voting Shares</u>" means, as applied to the Equity Capital of any corporation, Equity Capital of any class or classes (however designated) having ordinary voting power for the election of a majority of the members of the Board of Directors (or other governing body) of such corporation, other than Equity Capital having such power only by reason of the happening of a contingency.

"<u>Warrant Price</u>" means the exercise price set forth in the first paragraph of this Warrant, as such price may be adjusted from time to time as shall result from the adjustments specified in this Warrant, including <u>Section 4</u> hereto.

"<u>Warrant Share Number</u>" means at any time the aggregate number of Warrant Shares which may at such time be purchased upon exercise of this Warrant, after giving effect to all prior adjustments and increases to such number made or required to be made under the terms hereof.

"<u>Warrant Shares</u>" means Common Shares issuable upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Other Notices</u>**. In case at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer shall make any distributions to the holders of Common Shares; 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) the Issuer shall authorize the granting to all holders of its Common Shares of rights to subscribe for or purchase any shares of Equity Capital of any class or other rights; or

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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;(c) there shall be any reclassification of the Equity Capital of the Issuer; 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) there shall be any capital reorganization by the Issuer; 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) there shall be any (i) consolidation or merger involving the Issuer or (ii) sale, transfer or other disposition of all or substantially all of the Issuer's property, assets or business (except a merger or other reorganization in which the Issuer shall be the surviving corporation and its shares of Equity Capital shall continue to be outstanding and unchanged and except a consolidation, merger, sale, transfer or other disposition involving a wholly-owned Subsidiary); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Issuer or any partial liquidation of the Issuer or distribution to holders of Common Shares;

then, in each such case, the Issuer shall, to the extent permitted by law, give written notice to the Holder of the date on which (i) the books of the Issuer shall close or a record shall be taken for such dividend, distribution or subscription rights or (ii) such reorganization, reclassification, consolidation, merger, disposition, dissolution, liquidation or winding-up, as the case may be, shall take place. Such notice also shall specify the date as of which the holders of Common Shares of record shall participate in such dividend, distribution or subscription rights, or shall be entitled to exchange their Common Shares for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, disposition, dissolution, liquidation or winding-up, as the case may be. To the extent permitted by law, such notice shall be given at least twenty (20) days prior to the action in question and not less than five (5) days prior to the record date or the date on which the Issuer's transfer books are closed in respect thereto. This Warrant entitles the Holder to receive copies of all financial and other information distributed or required to be distributed to the holders of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Amendment and Waiver</u>.** Any term, covenant, agreement or condition in this Warrant may be amended, or compliance therewith may be waived (either generally or in a particular instance and either retroactively or prospectively), by a written instrument or written instruments executed by the Issuer and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Governing Law; Jurisdiction</u>.** This Warrant shall be governed by the internal laws of the State of Delaware, without giving effect to the choice of law provisions. **EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.**

All disputes, controversies or claims between the Parties arising out of or in connection with this Warrant (including its existence, validity or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate the International Center for Dispute Resolution in Delaware. The arbitration tribunal shall be composed of one arbitrator. The arbitration will take place in Delaware, and shall be conducted in the English language. The arbitration award shall be final and binding on the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Notices</u>.** Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be delivered in writing by electronic mail, return receipt requested, properly addressed to the party to receive the same. The email addresses for such communications shall be:

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| | |
|:---|:---|
| If to the Company: | Frontieras North America |
|  | Attn: Matthew McKean |
|  | Email: matthew.mckean@frontieras.com |
| With a copy to: | Gallagher & Kennedy |
|  | 2575 East Camelback Road |
|  | Phoenix, AZ 85016 |
|  | Attn: Stephen R. Boatwright |
| If to GEM: | GEM Yield Bahamas Ltd. |
|  | Attn: Christopher F. Brown, Manager |
|  | Email: cbrown@gemny.com |
| With a copy (which shall not constitute notice) to: | Gibson, Dunn & Crutcher LLP |
| With a copy (which shall not constitute notice) to: | Attn: Boris Dolgonos |
| With a copy (which shall not constitute notice) to: | Email: bdolgonos@gibsondunn.com |

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Any party hereto may from time to time change its address for notices by giving written notice of such changed address to the other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Warrant Agent</u>.** The Issuer may, by written notice to each Holder of this Warrant, appoint an agent having an office in New York, New York for the purpose of issuing Warrant Shares on the exercise of this Warrant pursuant to <u>Section 2(b)</u> above, exchanging this Warrant pursuant to <u>Section 2(c)</u> above or replacing this Warrant pursuant to <u>Section 3(d)</u> above, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Remedies</u>**. The Issuer stipulates that the remedies at law of the Holder of this Warrant in the event of any default or threatened default by the Issuer in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate and that, to the fullest extent permitted by law, such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Successors and Assigns</u>.** This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Issuer (including any Successor Company as set forth in the Purchase Agreement), the Holder hereof and (to the extent provided herein) the Holders of Warrant Shares issued pursuant hereto, and shall be enforceable by any such Holder or Holder of Warrant Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Modification and Severability</u>.** If, in any action before any court or agency legally empowered to enforce any provision contained herein, any provision hereof is found to be unenforceable, then such provision shall be deemed modified to the extent necessary to make it enforceable by such court or agency. If any such provision is not enforceable as set forth in the preceding sentence, the unenforceability of such provision shall not affect the other provisions of this Warrant, but this Warrant shall be construed as if such unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Headings</u>.** The headings of the Sections of this Warrant are for convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Registration Rights</u>.** The Holder of this Warrant is entitled to the benefit of certain registration rights with respect to the Warrant Shares issuable upon the exercise of this Warrant pursuant to that certain Registration Rights Agreement, of even date herewith, by and among the Issuer and the Holder (the "<u>Registration Rights Agreement</u>") and the registration rights with respect to the Warrant Shares issuable upon the exercise of this Warrant by any subsequent Holder may only be assigned in accordance with the terms and provisions of the Registration Rights Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

IN WITNESS WHEREOF, the Issuer has executed this Warrant as of the day and year first above written.

---

| | |
|:---|:---|
| **FRONTIERAS NORTH AMERICA** | **FRONTIERAS NORTH AMERICA** |
| By: |  |
|  | Name: |
|  | Title: |

---

------

**EXERCISE FORM**

**WARRANT**

**FRONTIERAS NORTH AMERICA**

The undersigned _______________, pursuant to the provisions of the within Warrant, hereby elects to purchase _____ Common Shares covered by the within Warrant.

---

| | | |
|:---|:---|:---|
| Dated: ________________ | Signature | _____________________________ |
|  | Address | ____________________ |
|  |  | ____________________ |

---

Number of Common Shares beneficially owned or deemed beneficially owned by the Holder on the date of exercise: _________________________

The undersigned is an "accredited investor" as defined in Regulation D under the Securities Act of 1933, as amended.

If the Holder has elected a cash exercise, the Holder shall pay the sum of $________ by certified or official bank check (or via wire transfer) to the Issuer in accordance with the terms of the Warrant.

The number of Common Shares to be issued to the Holder __________________ ("X").

The number of Common Shares purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised ___________________________ ("Y").

The Warrant Price ______________ ("A").

The Per Share Market Value of one Common Share _______________________ ("B").

------

**ASSIGNMENT**

FOR VALUE RECEIVED, _________________ hereby sells, assigns and transfers unto __________________ the within Warrant and all rights evidenced thereby and does irrevocably constitute and appoint _____________, attorney, to transfer the said Warrant on the books of the within named corporation.

---

| | | |
|:---|:---|:---|
| Dated: ________________ | Signature | _____________________________ |
|  | Address | ____________________ |
|  |  | ____________________ |

---

**PARTIAL ASSIGNMENT**

FOR VALUE RECEIVED, _________________ hereby sells, assigns and transfers unto __________________ the right to purchase _________ Warrant Shares evidenced by the within Warrant together with all rights therein, and does irrevocably constitute and appoint ___________________, attorney, to transfer that part of the said Warrant on the books of the within named corporation.

---

| | | |
|:---|:---|:---|
| Dated: ________________ | Signature | _____________________________ |
|  | Address | ____________________ |
|  |  | ____________________ |

---

FOR USE BY THE ISSUER ONLY:

This Warrant No. W-___ canceled (or transferred or exchanged) this _____ day of ___________, _____, Common Shares issued therefor in the name of _______________, Warrant No. W-_____ issued for ____ Common Shares in the name of _______________.

------

**<u>EXHIBIT C</u>**

FORM OF COMPANY CLOSING CERTIFICATE

[*See attached.*]

------

**CLOSING CERTIFICATE**

**OF**

**FRONTIERAS NORTH AMERICA**

November 26, 2024

Reference is made to the Share Purchase Agreement (the "<u>Purchase Agreement</u>"), of even date herewith, by and among Frontieras North America, a corporation incorporated under the laws of the State of Wyoming whose registered office is at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA (the "<u>Company</u>"); GEM GLOBAL YIELD LLC SCS, a "société en commandite simple" formed under the laws of Luxembourg having LEI No. 213800CXBEHFXVLBZO92 having an address at 12C, rue Guillaume J. Kroll, L-1882 Luxembourg ("<u>Purchaser</u>"); and GEM YIELD BAHAMAS LIMITED, a limited company formed under the laws of the Commonwealth of the Bahamas and having an address at 3 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-4875, Nassau, The Bahamas ("<u>GYBL</u>"). Capitalized terms not defined herein shall have the meanings given them in the Purchase Agreement.

Pursuant to Section 5.01 of the Purchase Agreement, the undersigned hereby certifies that he is a Director of the Company, and that, as such, he is authorized to execute and deliver this certificate in the name and on behalf of the Company in connection with the execution and delivery of the Purchase Agreement and that certain Registration Rights Agreement by and among the Parties, in each case as of even date herewith (collectively, the "<u>Transaction Documents</u>"), as well as the transactions contemplated thereby (the "<u>Transactions</u>"), to which this certificate relates, and further certifies in his official capacity, in the name and on behalf of the Company, the items set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached hereto as <u>Exhibit A</u> is a true, correct and complete copy of action of the Board of Directors of the Company taken by written consent, dated November 26, 2024 authorizing and ordering the Transactions and the Company's performance thereof, as well as the execution and delivery of the Transaction Documents, this certificate, and other instruments ancillary thereto. The resolutions contained in <u>Exhibit A</u> have not in any way been amended, modified, revoked or rescinded, have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached hereto as <u>Exhibit B</u> is a true, correct and complete copy of the Certificate of Incorporation of the Company, together with any and all amendments thereto, and no action has been taken to further amend, modify or repeal such Certificate of Incorporation, the same being in full force and effect in the attached form as of the date hereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attached hereto as <u>Exhibit C</u> is a true, correct and complete copy of the Bylaws of the Company, together with any and all amendments thereto, and no action has been taken to further amend, modify or repeal such Bylaws, the same being in full force and effect in the attached form as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company is validly existing and in good standing under the laws of the State of Wyoming, and there are no pending winding up, liquidation or dissolution actions or proceedings by or against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each person listed below has been duly elected or appointed to the position(s) indicated opposite his name and is duly authorized to sign the Purchase Agreement and each of the Transaction Documents on behalf of the Company.

<u>Name</u> <u>Position</u> <br>Matthew McKean Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company has all requisite corporate and legal power and authority to own and operate its assets and to carry on its business as it is now being conducted and to enter into and perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All corporate proceedings of the Company necessary to be taken in connection with the authorization, execution and delivery by the Company of, and the performance by the Company of its obligations under, the Transaction Documents have been duly taken, and all such authorizations are presently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Each of the Transaction Documents has been duly executed and delivered by the Company and constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The undersigned has made due inquiry of all persons deemed necessary or appropriate to verify or confirm the statements contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The registered office of the Company is located at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA.

------

IN WITNESS WHEREOF, the undersigned, being the duly elected and acting Chief Executive Officer of the Company, has executed this certificate as of the date first set forth above.

FRONTIERAS NORTH AMERICA

By: ______________________________

Name:

Its:

------

**<u>EXHIBIT D</u>**

FORM OF COMPANY COMPLIANCE CERTIFICATE

[*See attached.*]

------

**COMPLIANCE CERTIFICATE**

**OF**

**FRONTIERAS NORTH AMERICA**

Reference is made to that certain Share Purchase Agreement (the "<u>Agreement</u>"), dated as of November 26, 2024, by and among Frontieras North America, a corporation incorporated under the laws of the State of Wyoming whose registered office is at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA (the "<u>Company</u>"); GEM GLOBAL YIELD LLC SCS, a "société en commandite simple" formed under the laws of Luxembourg having LEI No. 213800CXBEHFXVLBZO92 having an address at 12C, rue Guillaume J. Kroll, L-1882 Luxembourg ("<u>Purchaser</u>"); and GEM YIELD BAHAMAS LIMITED, a limited company formed under the laws of the Commonwealth of the Bahamas and having an address at 3 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-4875, Nassau, The Bahamas ("<u>GYBL</u>"). Terms capitalized but not defined herein have the meanings given them in the Agreement.

Pursuant to <u>Section 5.03(d)</u> of the Agreement, the undersigned director of the Company, for and on behalf of the Company, in his or her capacity as officer of the Company and not in any individual capacity, hereby certifies as follows:

This certificate is delivered together with a Draw Down Notice in connection with a Draw Down exercise. The Company has performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Agreement and each other Transaction Document to be performed, satisfied or complied with by the Company at or prior to the Draw Down Exercise Date, and shall have performed, satisfied or complied with all of the same as of the Settlement Date in respect of the Draw Down for which this certificate and the related Draw Down Notice are delivered.

IN WITNESS WHEREOF, the undersigned, being a duly elected and acting officer of the Company, has executed this Compliance Certificate as of the date set forth below.

**FRONTIERAS NORTH AMERICA**

By: ______________________________

Name:

Title:

Date: _______________________

------

**<u>EXHIBIT E</u>**

SHARE PURCHASE AGREEMENT

FORM OF DRAW DOWN NOTICE

Reference is made to the Share Purchase Agreement dated as of November 26, 2024, (the "<u>Purchase Agreement</u>") by and among Frontieras North America, a corporation incorporated under the laws of the State of Wyoming whose registered office is at 1712 Pioneer Ave Ste 500 Cheyenne, Wyoming 82001 USA (the "<u>Company</u>"); GEM GLOBAL YIELD LLC SCS, a "société en commandite simple" formed under the laws of Luxembourg having LEI No. 213800CXBEHFXVLBZO92 having an address at 12C, rue Guillaume J. Kroll, L-1882 Luxembourg; and GEM YIELD BAHAMAS LIMITED, a limited company formed under the laws of the Commonwealth of the Bahamas and having an address at 3 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-4875, Nassau, The Bahamas. Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Purchase Agreement.

In accordance with and pursuant to <u>Section 6.01</u> of the Purchase Agreement, the Company hereby issues this Draw Down Notice to exercise a Draw Down request for the Draw Down Amount indicated below.

---

| |
|:---|
| Draw Down Amount Requested: |
| Draw Down Pricing Period start date: |
| Draw Down Pricing Period end date: |
| Settlement Date: |
| Draw Down Threshold Price: |
| Dollar Amount and Number of Shares Currently Unissued under the Registration Statement: |
| Dollar Amount and Number of Shares Currently Available under the Aggregate Limit: |

---

Dated: _______________________

---

| | |
|:---|:---|
| By: | FRONTIERAS NORTH AMERICA |
|  | Name: |
|  | Title: |
|  | Address: |

---

------

**<u>EXHIBIT F</u>**

FORM OF CLOSING NOTICE

**To:**

Frontieras North America

1712 Pioneer Ave Ste 500

Cheyenne, WY 82001

USA

**Attention:**

We refer to the share purchase agreement (the "<u>Agreement</u>") dated November 26, 2024 by and among us, GEM Global Yield LLC SCS and GEM Yield Bahamas Ltd., and yourselves and to the Draw Down Notice delivered to us on _______________ 20___. Terms defined in the Agreement have the same meaning herein.

We hereby give you notice pursuant to <u>Section 6.01(i)</u> of the Agreement that we accept the Draw Down Notice, being ______ percent of the Draw Down Amount stated therein. [The reason that such number of Shares represents a smaller/greater number than the number of Shares set forth in the Draw Down Notice is as follows: ____________________________________________.]

The average of the closing bid prices in the Draw Down Pricing Period (excluding any closing bid prices pursuant to <u>Section 6.01(g)</u>) is ______ and the resulting Purchase Price is ______ (____ percent. of such average closing bid price). The aggregate Purchase Price pursuant to this Closing Notice is therefore ______. Copy extracts from Bloomberg showing each of the closing bid prices during the Draw Down Pricing Period are attached.

Please deliver such Shares in accordance with the following instructions:

Electronic book entry transfer requested (check one): YES ____ NO _____

[CREST] Participant ID: _____________________

[CREST] Account ID: __________________

Signed by: __________________________

Name: _____________________________

Date: ______________________________

For and on behalf of

**GEM GLOBAL YIELD LLC SCS**

------

**<u>SCHEDULE 3.01(R)</u>**

MATERIAL AGREEMENTS

[*See attached.*]

------

**<u>Schedule 3.01(r)</u>**

The Company is a party to the following material agreements:

&nbsp;&nbsp;&nbsp;&nbsp;(i) License Agreement effective July 22, 2022 by and between Frontier Applied Sciences, Inc. and Frontieras North America; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Real Estate Option Agreement dated March 10, 2022 by and between BJ Builders, Inc. and Frontieras North America.

------

## Ex1A-6

------

![](exhibit6-5x003.jpg)

**Order Form<br>Reg A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Prepared for:*** Frontieras North America | &nbsp;&nbsp;***Quote Date: Jul 28, 2025*** |
| &nbsp;&nbsp;***Contact:*** Matthew McKean | &nbsp;&nbsp;***Valid Until: Aug 31, 2025*** |
| &nbsp;&nbsp;***Email:*** matthew.mckean@frontieras.com | &nbsp;&nbsp;***Proposed By: Maxx Cho*** |

---

**Billing Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Effective Date:*** | &nbsp;&nbsp;Jul 30, 2025 12:49:17 PM UTC-0700 |
| &nbsp;&nbsp;***Payment Terms:*** | &nbsp;&nbsp;100% Due on Signing |
| &nbsp;&nbsp;***Billing Contact:*** | &nbsp;&nbsp;Doug Remy |
| &nbsp;&nbsp;***Billing Phone:*** | &nbsp;&nbsp;480-363-3650 |
| &nbsp;&nbsp;***Billing Email:*** | &nbsp;&nbsp;d.remy@frontieras.com |
| &nbsp;&nbsp;***Billing Address:*** | &nbsp;&nbsp;1000 Main Street Suite 2300, Houston TX USA 77002 |

---

---

| | | |
|:---|:---|:---|
| **Set Up Fees** |  |  |
| &nbsp;&nbsp;**Set Up Fees** |  | &nbsp;&nbsp;**Net Price** |
| &nbsp;&nbsp;DealMaker Reach - Full Package Setup |  | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;DealMaker Securities - Reg A Onboarding Setup |  | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;DealMaker.tech Plus Setup |  | &nbsp;&nbsp; 0 |
|  | &nbsp;&nbsp;Discount | &nbsp;&nbsp;100% |
|  | &nbsp;&nbsp;**Total Net Setup** | &nbsp;&nbsp;**$0** |

---

---

| | | |
|:---|:---|:---|
| **Monthly Fees** |  |  |
| &nbsp;&nbsp;**Monthly Fees** |  | &nbsp;&nbsp;**Net Price** |
| &nbsp;&nbsp;DealMaker Reach - Marketing Consulting Monthly Fee |  | &nbsp;&nbsp;$2000 |
| &nbsp;&nbsp;DealMaker Reach - Marketing Advisory Monthly Fee |  | &nbsp;&nbsp; $8000 |
| &nbsp;&nbsp;DealMaker.tech - Plus Platform Monthly Fee |  | &nbsp;&nbsp;$2000 |
|  | &nbsp;&nbsp;Discount | &nbsp;&nbsp;20% |
|  | &nbsp;&nbsp;**Total Net Monthly** | &nbsp;&nbsp;**$12000** |

---

------

This Order Form sets forth the terms of service by which a number of separate DealMaker affiliates are engaged to provide services to Customer (collectively, the "**Services**"). By its signature below in each applicable section, Customer hereby agrees to the terms of service of each company referenced in such section. Unless otherwise specified above, the Services shall commence on the date hereof.

By proceeding with its order, Customer agrees to be bound contractually with each respective company. The Applicable Terms of Service include and contain, among other things, warranty disclaimers, liability limitations and use limitations.

&nbsp;&nbsp;In particular, Customer understands and agrees that it is carrying out a self-hosted capital raise and bears primary responsibility for the success of its own raise. No DealMaker entity is ever responsible for the success of Customer's campaign and no guarantees or representations are ever in place with respect to (i) capital raised (ii) investor solicitation or (iii) completion of investor transactions with Customers. Customer agrees and acknowledges that online capital formation is uncertain, and that nothing in this agreement prevents Customer from pursuing concurrent or sequential alternative forms of capital formation. Customer should use its discretion in choosing to engage the vendors described in this Agreement and agrees that such entities bear no responsibility to Customer with respect to raising capital.

There shall be no force or effect to any different terms other than as described or referenced herein (including all terms included or incorporated by reference) except as entered into by one of the companies referenced herein and Customer in writing.

A summary of Services purchased is described in the Schedule "Summary of Compensation" attached. The applicable Terms of Service are described on the Schedules thereafter, and are incorporated herein.

&nbsp;&nbsp;Services NEVER include providing any investment advice nor any investment recommendations to any investor.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Frontieras North America | &nbsp;&nbsp; Frontieras North America |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Matthew T. McKean |
| &nbsp;&nbsp;**Title** | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;**Signature** | &nbsp;&nbsp;![](exhibit6-5x004.jpg) |
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;Jul 30, 2025 12:49:17 PM UTC-0700 |

---

------

**Schedule "Summary of Compensation"**

**A. Regulation A Offering Advance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **$0 Advance** (an advance against accountable expenses anticipated to be incurred, and refunded to extent not actually incurred)

*This advance includes:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. $0 prepaid to DealMaker Securities LLC for Pre-Offering Analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. $0 prepaid to Novation Solutions Inc. O/A DealMaker for infrastructure for self-directed electronic roadshow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. $0 prepaid to DealMaker Reach LLC for consulting and developing materials for self-directed electronic roadshow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• $10,000 monthly account management compensation.**

o Monthly account management and software access fees commence in the month of the Commencement date. If no Commencement date is stated on the Order Form, monthly fees commence in the first month following the Effective Date.

o To the extent services are commenced in advance of a FINRA no objection letter being received, such amounts shall be considered an advance against accountable expenses anticipated to be incurred, and fully refunded to extent not actually incurred). A maximum of $30,000 or three months of account management fees are payable prior to a no objection letter

being received.

o Monthly compensation includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2,000 account maintenance fees payable to DealMaker (up to a maximum of $24,000 during 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $8,000 marketing advisory fees payable to Reach (up to a maximum of $96,000 during the Offering)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 4.5% Cash Compensation From All Proceeds:**

o Cash compensation does not include processing investor refunds for Customers, which are chargeable at $50.00 per refund.

o Customer shall be responsible for third-party fees with respect to payment processing.\*

o Customer may elect to offset all or a portion of these fees by levying an administrative fee to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Supplementary Marketing Services to be determined on a case-by-case basis, as may be authorized by the Customer, up to a maximum of an additional $250,000 of compensation during the Offering.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• $4,250 in Corporate Filing Fees (payable to FINRA)**

**\*Fees are estimated to be approximately 2% of offering proceeds.**

------

**Fair Compensation**

To ensure adherence to fair compensation guidelines, DealMaker Securities will ensure that, in any scenario, the aggregate fees payable to DealMaker Securities and its affiliates in respect of Services related to the Offering shall never exceed the amounts set forth in the table below (the column entitled "Maximum Compensation").

If the Offering is fully subscribed, the maximum amount of underwriting compensation will be $1,519,000.

*\*In the event that the Financial Industry Regulatory Authority ("FINRA") Department of Corporate Finance does not issue a no objection letter for the Offering, all DMS Fees are fully refundable other than services actually rendered.*

**B. Non-Regulation A Offering Fees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• $2,000 monthly consulting fees to DealMaker Reach LLC for branding and marketing services unrelated to the Offering.**

------

**Schedule "Marketing Scope of Services (DealMaker Reach LLC)"**

Full Marketing Compensation Includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Website Design and Development:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copywriting and design of the website with up to 3 rounds of revisions at the copywriting stage and design stage each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development of the website using Webflow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration of tracking, analytics, and pixels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing maintenance and management of website content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Audience-Building Infrastructure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audience building through email capture on landing pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of the following email series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Investor educational email series (4 to 6 emails)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Post investment series (1-2 emails)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing email list nurturing with updates from the Customer's campaign announcements, relevant news, and webinars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design and implementation of email capture in Klaviyo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration of DealMaker webhooks to build and track the investor funnel and status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Video Production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of a campaign video to highlight the investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 90-120 Seconds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Basic Motion Graphics (includes lower-thirds, basic text animations, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Access to Stock Footage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of video script with up to 2 rounds of revisions on the script.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One full day of video shooting (up to 10 hours).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of final video with up to three revisions of edits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Conversion Rate Optimization (CRO):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuous testing of website content to improve conversion rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Email Marketing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing nurturing of the email list with updates repurposed from the Customer's campaign announcements, relevant news, and webinars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Ad Creative

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4-6 image assets resized for all channels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2-3 video assets resized for all channels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3-4 copy variations applicable to respective channels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Paid Media

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management of Google ADs including Search, Display, Google Discovery, and YouTube ads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management of Meta Ads (Facebook & Instagram) as well as Twitter/X ads upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing testing of ad copy and creative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Partnerships:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sourcing and negotiating private ad placements with relevant publishers and email newsletters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regular calls: bi-weekly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic planning, implementation, and execution of the marketing budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordination with third-party agents in connection with the performance of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly forecasting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly and bimonthly report generation.

Customer is responsible for reviewing items 1 through 9 with Customer's professional advisors, as required Marketing Services monthly fee will commence in the first month following **the Effective Date**.

COMPENSATION NOT INCLUDED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expenses

**Marketing Services are provided by DealMaker Reach LLC. Customer hereby agrees to the terms set forth in the DealMaker Reach Terms of Service, with compensation described on Schedules "Summary of Compensation" and "Marketing Score of Services (DealMaker Reach LLC)" hereto.**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Customer**<br>**Signature** | ![](exhibit6-5x005.jpg) |

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**Schedule "Broker Dealer Services" (DealMaker Securities LLC)**

**Pre-Offering Analysis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing Customer, its affiliates, executives and other parties as described in Rule 262 of Regulation A, and consulting with Customer regarding the same.

**Pre-Offering Consulting for Self-Directed Electronic Roadshow**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing with Customer on best business practices regarding raise in light of current market conditions and prior self-directed capital raises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing with Customer on question customization for investor questionnaire, selection of webhosting services, and template for campaign page

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advising Customer on compliance of marketing material and other communications with the public with applicable legal standards and requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing advice to Customer on content of Form 1A and Revisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assisting in the preparation of SEC and FINRA filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working with the Client's SEC counsel in providing information to the extent necessary

**Advisory, Compliance and Consulting Services During the Offering**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing investor information, including identity verification, performing AML (Anti-Money Laundering) and other compliance background checks, and providing Customer with information on an investor in order for Customer to determine whether to accept such investor into the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If necessary, discussions with the Customer regarding additional information or clarification on an Customer-invited investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinating with third party agents and vendors in connection with performance of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing each investor's subscription agreement to confirm such investor's participation in the offering and provide a recommendation to the company whether or not to accept the subscription agreement for the investor's participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contracting and/or notifying the company, if needed, to gather additional information or clarification on an investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing ongoing advice to Customer on compliance of marketing material and other communications with the public, including with respect to applicable legal standards and requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing with Customer regarding any material changes to the Form 1A which may require an amended filing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing third party provider work-product with respect to compliance with applicable rules and regulations.

**Customer hereby engages and retains DealMaker Securities LLC, a registered Broker-Dealer, to provide the applicable services described above. Customer hereby agrees to the terms set forth in the DealMaker Securities Terms, with compensation described on Schedule "Summary of Compensation" hereto.**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Customer**<br>**Signature** | ![](exhibit6-5x005.jpg) |

---

**Schedule**

**"DealMaker.tech Subscription Platform and Shareholder Services Online Portal"**

**During the Offering, Subscription Processing and Payments Functionality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full analytics suite to track all aspects of the offering and manage the conversion of prospective investors into actual investors.

**Apart from the Offering, Shareholder Management via DealMaker Shareholder Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to DM Shareholder Management Technology to provide corporate updates, announce additional financings, and track engagement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Document-sharing functionality to disseminate share certificates, tax documentation, and other files to investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly compensation is payable to DealMaker.tech while the client has engaged DealMaker Shareholder Services

**Subscription Management and DM Shareholder Management Technology is provided by Novation Solutions Inc. O/A DealMaker. Customer hereby agrees to the terms set forth in the DealMaker Terms of Service with compensation described on Schedule "Summary of Compensation" hereto.**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Customer**<br>**Signature** | ![](exhibit6-5x005.jpg) |

---

**DEALMAKER TERMS OF SERVICE**

These Terms of Services **("Terms")** govern access to the software and services provided by any of the DealMaker entities such as Novation Solutions Inc., O/A DealMaker (**"DealMaker.tech"**), DealMaker Reach, LLC (**"DM Reach"**), DealMaker Securities LLC (**"DMS"**) and DealMaker Transfer Agent LLC, O/A DealMaker Shareholder Services (**"DMTA"**) (individually, each a **"DealMaker Entity"** and collectively, the **"DealMaker Entities"**). Each of the entities may be referred to as **"DealMaker"** or the **"Company"** in these Terms.

These Terms have legal implications. It is important that you read these terms carefully, and consult legal counsel if you determine that is appropriate, in order to understand these Terms.

The Terms, together with the DealMaker order form from which this page was linked (**"Order Form"**), form an agreement between the Customer (as defined in the order form) and the applicable DealMaker entit(ies) being engaged for technology or services (each an **"Agreement"**). Each of these Agreements may be referred to as "an Agreement" or "the Agreement" in these Terms.

Each Agreement contains, among other things, warranty disclaimers, liability limitations and use limitations. Each Agreement also contains an arbitration provision which is enforceable against the parties and may impact your rights and obligations. By signing the Order Form and using the DealMaker Entity services described in such Order Form, Customer accepts and agrees to be bound by these Terms.

These Terms apply to all DealMaker Entities unless a DealMaker Entity is explicitly excluded or alternative terms are supplemented, as indicated below.

**<u>1. Definitions</u>**

**"Account"** means Investment funds deposited in Customer's account with a financial institution by (i) Customer's investors directly, funded via wire or check or (ii) a third party payment processor, prior to the Closing of any transaction involving such investments.

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**"Closing"** means the resolution of all applicable AML-related exceptions or discrepancies identified through any searches provided by third parties through Company or otherwise identified by or to Company for all transactions associated with an investment and the acceptance by the Customer of the investment associated with such transactions.

**"Closing Date"** means the date of each Closing.

**"Commencement Date"** occurs in the month the Customer begins paying monthly subscription fees. If no Commencement Date is stated on the Order Form, monthly subscription fees are payable in the month following the Effective Date.

**"Customer Payment Processing Account"** means a Customer's account with a third party payment processor into which Customer deposits investment funds.

**"DM Shareholder Management Technology"** means DealMaker's investor communication functionality technology and/or services provided by DealMaker.tech.

**"Effective Date"** is the date the Agreement is signed.

**"Escrow Account"** means Customer's third party escrow account into which Customer directs investment funds from Investors.

**"Improvements"** means any improvements, updates, variations, modifications, alterations, additions, error corrections, enhancements, functional changes or other changes to the Software, including, without limitation: (i) improvements or upgrades to improve software efficiency and maintainability; (ii) improvements or upgrades to improve operational integrity and efficiency; (iii) changes or modifications to correct errors; and (iv) additional licensed computer programs to otherwise update the Software.

**"Intended Purpose"** means Customer's use of the Software to raise capital online via technology or services provided by DealMaker.tech.

**"Offerings"** refers to online capital formation transactions completed by Company's Customers or Customer's clients, using the Software.

**"Software"** means the DealMaker™ cloud-based software program developed by Company, including its features, functionality, performance, application and use, any related printed, electronic and online documentation, manuals, training aids, user guides, system administration documentation and any other files that may accompany the Software used by the Customer.

**"TOS"** means the DealMaker.tech website terms of service located at https://www.dealmaker.tech/terms.

**<u>2.</u> <u>Term and Termination</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>2.1.</u> <u>Term</u>**

**Unless otherwise stated in the Order Form, the Agreement will remain in effect from the Effective Date until the first day of the month following the completion of an Offering ("Term"). The Term for DMTA is set forth in the DMTA terms.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>2.2.</u> <u>Renewal</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. <u>Activation Fees</u>: Unless otherwise specified in the Order Form, activation fees do not renew. Activation fees are one-time fees. These may also be referred to as "Launch Expenses" or "Setup," if they precede the Offering launch or commencement of Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. <u>Monthly Subscription Fees</u>: Unless otherwise specified in the Order Form, Monthly Subscription Fees ("Subscription Fee") automatically renew each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3. <u>DM Shareholder Management Technology Fees</u> : DM Shareholder Management Technology is a service offered by DealMaker.tech. Unless otherwise specified in the DealMaker.tech or DMTA fee schedules to your Order Form, fees for use of the DM Shareholder Management Technology, when applicable, will automatically renew each month and the services can be canceled within any month upon written notice, effective the month following cancellation of DealMaker.tech services, except for DMTA Customers. Cancellation of fees for use of DM Shareholder Management Technology for DMTA customers is governed by the DMTA terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4. <u>DealMaker Transactional Fees</u> are incurred at the time of each transaction and charged on a per use basis, as specified in the Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>2.3.</u> <u>Termination</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1. <u>Termination for Cause</u>. Customer or any DealMaker Entity may terminate this Agreement immediately for Cause, as to any or all Subscription services. "Cause" includes a determination that a party is acting, or have acted, in a way that has negatively reflected on or impacted, or may negatively reflect on or impact the other party, its prospects, or its customers, including without limitation in a way that violates or causes a violation of applicable law or regulation. Upon termination for cause, there are no additional fees incurred. All prepaid unused fees would be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2. Otherwise, an Agreement may only be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Material Breach</u>: A party may terminate this Agreement upon sixty (60) days written notice if the breaching party fails to perform or observe any material term, covenant, or condition to be performed or observed by it under this Agreement and such failure continues to be unremedied after sixty (60) days' written notice of such failure from Company to Customer.

If the breach has not been cured within the sixty day period, the non-breaching party may terminate this Agreement forthwith and may immediately exercise any one or more of the remedies available to it under the Terms of this Agreement, in addition to any remedy available at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Customer Default</u>. If Customer defaults in performing its obligations under an Agreement, Company may terminate this Agreement (i) upon written notice if any material representation or warranty made by Customer proves to be incorrect at any time in any material respect or (ii) upon written notice, in order to comply with a legal requirement, if such compliance cannot be timely achieved using commercially reasonable efforts, after Company has provided Customer with as much notice as practicable.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Right of Termination - Insolvency/Bankruptcy</u>: A party may terminate an Agreement immediately, if the other party becomes the subject of a petition in bankruptcy or any other proceeding relating to insolvency, cessation of business, liquidation or assignment for the benefit of creditors, reorganization or other relief, or is adjudged bankrupt or insolvent or has entered against it a final and unappealable order for relief, under any bankruptcy, insolvency, or other similar law. In the event of Company insolvency, all of the Customer's assets are immediately released.

**(collectively, "Termination Reasons")**

Other than the Termination Reasons, unless explicitly stated otherwise, an Agreement may not otherwise be terminated prior to the end of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3. The termination of an Agreement as described herein shall not exclude the availability of any other remedies. Any delay or failure by either party to exercise, in whole or in part, any right, power, remedy or privilege shall not be construed as a waiver or limitation to exercise, in whole or in part, such right, power, remedy or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4. All terms of an Agreement, which should reasonably survive termination, shall survive, including, without limitation, confidentiality, limitations of liability and indemnities, arbitration and the obligation to pay fees relating to services provided by the DealMaker Entity prior to termination.

**<u>3.</u> <u>Payment & Billing</u>**

DealMaker shall be compensated as set out in the Order Form. Unless otherwise specified in the schedules to the Order Form, Customer will be invoiced on a monthly basis. Payment will be automatically debited from the Customer's bank account or credit card on file, with a receipt to be automatically delivered. Invoices will be available for the Customer to review upon request. In the event that any Customer payment fails, in respect of any invoice due and payable to a DealMaker Entity (**"Arrears"**), Customer must re-connect its bank account or update credit card within fourteen (14) days and submit payment for any Arrears. Unless Arrears are cleared and accounts are brought back into good standing within 14 days, automated payouts and reconciliation reporting will be disabled. In the event the Arrears are not cleared or accounts are not brought back into good standing within 30 days, all services will be paused until payment is received and the Customer's bank account or credit card authorization is restored. DealMaker reserves the right to debit from Customer's payment account in respect of any Arrears aged beyond thirty days unless the Customer disputes the charges in writing.

**<u>4.</u> <u>Intellectual Property</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Title</u>. Company retains title to and sole ownership of the Software and all Improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Cloud-Based Software</u>. The Software is cloud based. As such, the source and object code are located on servers outside of the Customer's premises. Customer shall have no access to the facilities at which the Software is hosted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Intellectual Property</u>. All Intellectual Property, Intellectual Property Rights and distribution rights associated with or arising from Company's Confidential Information including but not limited to the Software, remain exclusively with Company. **"Intellectual Property"** includes, without limitation, with respect to all DealMaker Products: all technical data, designs, specifications, software, data, drawings, plans, reports, patterns, models, prototypes, demonstration units, practices, inventions, methods and related technology, processes or other information, and all rights therein, including, without limitation, patents, copyrights, industrial designs, trade-marks and any registrations or applications for the same and all other rights of intellectual property therein, including any rights that arise from the above items being treated by the parties as trade secrets (the rights being **"Intellectual Property Rights."**)

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4.4. <u>Restrictions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. Customer may not: (i) modify, enhance, reverse-engineer, decompile, disassemble or create derivative forms of the Software; (ii) copy the Software; (iii) sell, sub-license, lease, transmit, distribute or otherwise transfer rights in/to the Software; (iv) allow third-party use of the Software installed at the Site; or (v) pledge, hypothecate, alienate or otherwise encumber the Software to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. Use of the Software is restricted to the Intended Purpose only. Customer agrees not to engage in any activity restricted by the TOS or transfer any information restricted by the TOS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3. Customer acknowledges that unauthorized reproduction or distribution of the Software is expressly prohibited by law, and may result in civil and criminal penalties. Violators may be prosecuted. Customer may not reverse engineer, decompile, disassemble or otherwise attempt to discover the source code of the Software, DealMaker website or any part thereof, except and only to the extent that such activity is expressly permitted by applicable law notwithstanding this limitation.

4.5. Customer represents and warrants that any Customer assets or materials provided and the intended use thereof in accordance with the terms of each Agreement, will not infringe, violate, or misappropriate any third party rights, including without limitation, any copyrights, trademarks, trade secrets, privacy, publicity, or other proprietary or intellectual property rights.

4.6. Customer represents and warrants that Customer will not to bid on or use any DealMaker Entity trademarks, brand names, or any variations thereof in Customer's paid search advertising campaigns. This includes, but is not limited to, Google AdWords, Bing Ads, and other search engine marketing platforms. Unless otherwise provided for in the Agreement, Customer shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1. bid on or use our trademarks as keywords in Customer's paid search campaigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2. include DealMaker Entity trademarks in Customer's ad copy, display URL, or landing page URL; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3. use any misspellings, variations, or confusingly similar terms to DealMaker Entity trademarks in Customer's paid search activities;

DealMaker reserves the right to monitor and enforce compliance with these trademark bidding restrictions.

**<u>5. Confidential Information</u>**

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![](exhibit6-5x001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. **"Confidential Information"** means any and all confidential or proprietary information of DealMaker or Customer, including affiliates thereof, which has been or may be disclosed by one party to this Agreement ("Disclosing Party") to the other party ("Receiving Party"), at any time prior to and during the Agreement Term, including, without limitation, the names of employees and owners, the names or other personally identifiable information of customers, business and marketing information, technology, know- how, ideas, reports, techniques, methods, processes, uses, composites, skills, and configurations, intellectual property of any kind and all documentation provided by investors in the Offering. Without limiting the generality of the foregoing, DealMaker's Confidential Information includes: (i) the Software; (ii) the computer code underlying the Software, including source and compiled code and all associated documentation and files; (iii) information relating to the performance or quality of the Software and services provided by the DealMaker Entity; (iv) the details of any technical assistance provided to Customer during the Term; (v) any other products or service made available to Customer by DealMaker during the Agreement Term; and (vi) information regarding DealMaker's business operations including its research and development activities. All work product, pricing, Agreement terms and process information of either party exchanged with the other party to perform the terms of the Agreement is agreed to be Confidential Information, except that any logos or marketing references are not Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **"Confidential Information"** does not include information that: (i) is or has become generally known to the public without any action by the non-disclosing party; (ii) was known by either party prior to entering into the Agreement; (iii) was independently determined by either party; or (iv) was disclosed to the relevant party without restriction by a third party who, to the best of such party's knowledge and belief, had no obligation not to disclose such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Neither party may disclose Confidential Information without the express written consent of the other party, except as specifically contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Trade Secrets.</u> Notwithstanding anything to the contrary herein, with respect to Confidential Information that constitutes a trade secret under the laws of any jurisdiction, such rights and obligations shall survive such expiration or termination until, if ever, such Confidential Information loses its trade secret protection other than due to an act or omission of the receiving Party or its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. By executing this Agreement, the Customer is providing written consent for DealMaker to disclose Confidential Information but only to the extent required to carry out the terms of this Agreement. Customer's investors will be required to sign-in to the DealMaker.tech portal and agree to the DealMaker.tech TOS. The parties agree that this process shall not constitute a disclosure of "Confidential Information" as described in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. Notwithstanding anything in this section, Customer and DealMaker hereby agree that each party may use the other party's logo for promotional purposes (**"Logo Use"**). The parties acknowledge that Logo Use does not include the use of any descriptive copy, all of which must be approved by Customer and DealMaker in writing. Except as provided for in this paragraph, nothing contained in this Agreement will be construed as granting Customer or DealMaker any right, title or interest in or to any or to use any of the other party's Confidential Information. Customer or DealMaker may terminate Logo Use at any time, with or without cause, upon written notice to the other party. For any Customer conducting a public offering on the DealMaker platform (i.e. Regulation A or Regulation CF offerings), in which the offering is already in the public domain, Customer agrees that DealMaker may disclose Customer name and offering proceeds to third party data aggregators for the purpose of generating industry reports. Industry reports shall not include publication of Customer name or the amount raised.

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![](exhibit6-5x002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Authorized Disclosure</u>. Each party may, without the consent of the other party, disclose Confidential Information to the extent reasonably necessary to comply with applicable regulatory demands or orders in connection with the purpose for which the Customer enters into this Agreement. Each party may disclose the existence of this Agreement and any relationship between the parties.

**<u>6.</u> <u>Exclusion of Warranties</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Except as expressly stated in this Agreement, DealMaker makes no representations or warranties or covenants to Customer, either express or implied, with respect to the Software, services provided by the DealMaker Entity or with respect to any Confidential Information disclosed to Customer. DealMaker specifically disclaims any implied warranty or condition of non-infringement, merchantable quality or fitness for a particular purpose. Customer acknowledges that the Software is in continuous development and that it has been advised by DealMaker to undertake its own due diligence with respect to all matters arising from this Agreement. All services are provided on an "as is" and "as available" basis without any warranties, express or implied, including, without limitation, implied warranties of merchantability or fitness for a particular purpose, and DealMaker expressly disclaims all warranties. Customer agrees and understands that no DealMaker entity has any fiduciary duty to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>No Improvements</u>. Company is under no obligation to provide Improvements to the Software during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Any Improvements Gratuitous</u>. Any Improvements provided by DealMaker to Customer from time to time during the Term shall be, unless otherwise stated, construed as being provided on a purely gratuitous basis and shall not give rise to any right or entitlement on the part of Customer, except as otherwise specifically provided in this Agreement. Any Improvements so provided shall be governed by the same terms and conditions applicable to the Software, as described herein, unless otherwise outlined in a fee schedule or addendum to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>No Future Entitlement.</u> Nothing in this Agreement shall be construed as creating any obligation on DealMaker to continue to develop, commercialize, offer, make available or support (i) the Software; or (ii) any feature, functionality or Improvement as may be encompassed in the Software from time to time during the Term, beyond the duration of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Company Templates and Samples are Provided with No Warranties</u>. Customer may request access to DealMaker's templates and resources to help organize and set up an offering or any communications related thereto. These resources may include template communications, educational packages, resources for the management of administrative and collaborative tasks, and best practices observed from other offerings and industries. Customer acknowledges and agrees that, by providing access to any documents, training, or resources, DealMaker is not rendering and shall not be deemed to have rendered any legal, tax, investment, or financial planning advice. Customer shall, as it deems necessary or advisable, consult its own legal, tax, investment, or financial planning advisers. All templates and samples are provided with no warranties whatsoever and by making use of such materials, Customer is agreeing to voluntarily assume any liability with respect thereto.

**<u>7.</u> <u>Limitation and Exclusion of Liability</u>**

Unless otherwise specified herein, in no event is DealMaker's liability for any damages on any basis, in contract, tort or otherwise, of any kind and nature whatsoever, arising in respect of this Agreement, howsoever caused, including damages of any kind and nature caused by DealMaker's negligence or by a breach of contract or any other breach of duty whatsoever, to exceed the fees actually paid to DealMaker by Customer during the Term. Customer acknowledges that DealMaker has set its fees under this Agreement in reliance on the limitations and exclusions of liability set forth in this Agreement and such reliance forms an essential basis of this Agreement.

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**<u>8. Indemnification</u>**

<u>Applicability of Indemnification Clause:</u> Customers of DMTA are bound by the separate indemnification clauses applying only to DMTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. **Indemnification by Customer**. Customer shall indemnify and hold each DealMaker Entity, its affiliates and their respective members, officers, directors and agents (**"Indemnified Parties"**) harmless from any and all actual or direct losses, liabilities, claims, demands, judgements, arbitrations awards, settlements, damages, direct fees, costs and expenses (including attorney fees and costs) (collectively **"Losses"**), resulting from or arising out of any third party suits, actions, claims, demands, investigations or similar proceedings (collectively **"Claim"**) to the extent they are based upon (i) a breach of this Agreement by Customer, (ii) the wrongful acts or omissions of Customer, (iii) Customer, or Customer's clients' engagement with DealMaker and any actions taken in conjunction therewith, including but no limited to usage of the Software, whether or not such activities are in accordance with Intended Usage or (iv) the Offering. **"Losses"** includes, losses arising from payment processing which are losses arising from chargebacks, clawbacks, payment reversals, fraudulent charges, insufficient credit, unauthorized charges, claims of Customer or third parties regarding payment disputes, and any other problems relating to card or ACH payments made for the benefit of Customer (**"Payment Processing Losses"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. **Indemnification by Company.** The applicable DealMaker Entity shall indemnify and hold Customer, Customer's affiliates and Customer's representatives and agents harmless from any Losses resulting from or arising out of Claims to the extent they are based upon (i) such DealMaker Entity's breach of this Agreement (ii) the negligence, fraud, bad faith or willful misconduct of the DealMaker Entity or (iii) DealMaker Entity's failure to comply with any applicable laws in the performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. **Indemnification Procedure**. If any proceeding is commenced against a party entitled to indemnification under this section, prompt notice of the proceeding shall be given to the party obligated to provide such indemnification. The indemnifying party shall be entitled to take control of the defense, investigation or settlement of the Proceedings and the indemnified party agrees to reasonably cooperate, at the indemnifying party's cost in ensuing investigations, defense or settlement. The indemnifying party shall reimburse the indemnified party for all expenses (including reasonable fees, disbursements and other charges of counsel) as they are incurred in connection with investigating, preparing, pursuing, defending, or settling a Claim (including without limitation any shareholder or derivative action); provided, however, that indemnifying party will not be liable to indemnify and hold harmless or reimburse an indemnified party pursuant to this paragraph to the extent that an arbitrator (or panel of arbitrators) or court of competent jurisdiction will have determined by a final non-appealable judgment that such Claim resulted from the gross negligence or willful misconduct of such indemnified party. The Indemnifying Party will not settle, compromise or consent to the entry of a judgment in any pending or threatened Claim unless such settlement, compromise or consent includes a release of the indemnified parties satisfactory to the indemnified parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. **Indemnified Party Limitation Of Liability**. In no event shall the Indemnified Parties be liable or obligated in any manner for any consequential, exemplary or punitive damages or lost profits incurred by Customer arising from or relating to the Agreement, an Offering, or any actions or inactions taken by an Indemnified Parties in connection with the Agreement, and the Customer agrees not to seek or claim any such damages under any circumstances.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. **Recovery of Payment Processing Losses.** Notwithstanding anything to the contrary in this Agreement, upon Company giving Customer prior written notice of no less than five business days, DealMaker.tech shall have the right, in its sole discretion, to request Customer reimburse Company for Payment Processing Losses from Customer Account or from Customer's Payment Processing Account, unless prohibited by law. Customer acknowledges and agrees that recovery of Losses from Customer's Payment Processing Account will not serve as any limitation on the indemnification obligations of Customer under this Agreement or any remedy or claim that Company may be entitled to pursue against Customer in respect of such Losses.

**<u>9.</u> <u>Third Party Services</u>**

Customer may request introductions to DealMaker's network of partners and vendors for the purpose of sourcing additional services (including but not limited to, a call center, marketing support, investment relations). Unless otherwise specified in writing, all engagements with third parties in this respect are to be made directly between the Customer and the vendor at the Customer's discretion. Customer acknowledges and agrees that, by making such introductions, DealMaker is not recommending and shall not be deemed to have recommended any partner or vendor's products or services or to have assumed any responsibility for Customer's selection of any partner or vendor or procurement of such products or services.

Without limiting any other protection of DealMaker under this Agreement and notwithstanding anything to the contrary, DealMaker shall bear no responsibility or liability whatsoever in connection with any third party services provided by a vendor engaged by Customer, the decision to engage such vendors rests solely with the management of the Customer on the terms contracted between the Customer and such parties.

**<u>10. Escrow</u>**

Customer acknowledges that if Customer opens a third-party escrow account (either by Customer's choice or as necessary to comply with applicable laws or regulations) in connection with the Company services, Customer will apply for escrow account with a DealMaker-approved escrow provider.

**<u>11.</u> <u>Customer Obligations</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1. General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. Customer shall be responsible for providing Offering terms to its subscribers. Such disclosure shall include, but is not limited to the following material information: a method of Customer valuation, a description of the security available in the Offering, the risks related to the investment, whether there are existing investors and any additional capital expectations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. Customer is solely responsible for ensuring that the funds raised in the Offering are used, allocated or invested in accordance with the use of funds described in the Offering disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. Customer acknowledges that following the final closing for the Offering, Customer will have sufficient liquidity (from the proceeds raised in the Offering or alternate Customer funds) to sustain Customer operations for that period of time which is clearly identified in the Offering disclosure or alternatively, until the next Customer funding round.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. Nothing in this Agreement shall be construed to relieve the managers or officers of Customer from the performance of their respective duties or limit the exercise of their powers in accordance with the Customer's bylaws, operating and constituent documents, written supervisory procedures, applicable law or otherwise. The Customer bears ultimately responsibility for all decisions with regard to any matter upon which Company has rendered its services. The Company shall not, and shall have no authority to control Customer or Customer's day-to-day operations, whether through the performance of the Company's duties hereunder or otherwise. The Customer's directors, managers, officers and employees shall retain all responsibility for Customer, and its operations as and to the extent required by Customer's bylaws, operating and constituent documents, and applicable law. In furtherance and not in limitation of the above, and notwithstanding any other provision of this Agreement or of any other agreement, understanding or document that purports to have any contrary effect or meaning, the DealMaker shall not control, or have the right to control, directly or indirectly, the wages, hours, or terms and conditions of employment of the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2. Privacy.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1. Notwithstanding any other provision of this Agreement, Customer shall not take or direct any action that would contravene, or cause the other party to contravene, applicable legislation that addresses the protection of individuals' personal information (collectively, **"Privacy Laws"**). Customer shall, prior to transferring or causing to be transferred personal information to Company, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws, including any consents required from third parties pursuant to applicable Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2. Customer acknowledges that, when used for an Offering, the Customer's personalized Software dashboard (**"Software Dashboard"**) will contain personal identifying information (**"PII"**) of Customer's investors. Customer is solely responsible for ensuring compliance with all applicable Privacy Laws when Customer (a) downloads and stores any PII obtained from the Software Dashboard and (b) provides Customer's representatives with access to the Software Dashboard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3. Customer is solely responsible for notifying Company when any Customer representative is no longer working for the Customer and/or authorized to access the Software Dashboard for the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 Customer shall cause all third parties with access to PII obtained from the Software Dashboard to execute agreements acknowledging the third parties' obligation to comply with applicable Privacy Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5. Customer has implemented and continually monitors and enforces an agreement or policy with its Customer representatives, employees and agents that addresses (i) confidentiality and security provisions for all data, including data obtained through the Software Dashboard and (ii) permitted and impermissible use of this data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3. Bad Actor Checks**

Customer agrees to provide DealMaker Entity with documentation verifying completion of bad actor checks in compliance with all applicable regulations (**"Bad Actor Checks"**). Customer shall provide DealMaker Entity with a copy of Customer's Bad Actor Checks within thirty (30) days of the Effective Date of this Agreement, failing which, DealMaker Entity shall notify Customer in writing that it shall take steps to complete Customer's Bad Actor Checks at Customer's sole expense.

**<u>12.</u> <u>General Terms</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Publications.</u> Each party acknowledges that its name, logo(s) and a description of the general nature of this Agreement may be used in any press release, public announcement or public communication during and following the Term. Without limiting the generality of the foregoing, Company may publish such information on its websites and in its promotional materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>General Cooperation</u>. The parties shall with reasonable diligence do all such things and provide all such reasonable assurances and execute all such documents, agreements and other instruments as may reasonably be necessary for the purpose of carrying out the provisions and intent of any Agreement. The parties further acknowledge that the implementation of each Agreement will require the co-operation and assistance of each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <u>No Books And Records Obligations</u>. Any and all obligations of Customer related to the storage of books and records remains the sole obligation of Customer. Company expressly disclaims any and all responsibility with respect to any regulatory or industry requirements with respect to the Customer's obligations related to record keeping and maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. <u>Survival.</u> These terms shall continue in effect until the expiration or termination of the Agreement, whichever is earlier. The provisions of these Terms of Service which should by their nature survive expiration or termination of this Agreement shall so survive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. <u>Currency.</u> All currencies referred to herein are in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. <u>Amendment and Waiver</u>. Amendments to any Agreement, including any schedule or attachment hereto, shall be enforceable only if in writing and signed by authorized representatives of each of the applicable parties. A party does not waive any right under this Agreement by failing to insist on compliance with any of the terms of this Agreement or by failing to exercise any right hereunder. No waiver of any breach of any terms or provisions of this Agreement is effective or binding unless made in writing and signed by the authorized representative of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. <u>Assignment</u>: No party may assign an Agreement or any of its rights or obligations hereunder without the prior written consent of the other party, such consent not to be unreasonably withheld.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8. <u>Inurement</u>. Each Agreement inures to the benefit of and is binding on each of the parties and their respective successors and permitted assignees, heirs and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9. <u>Force Majeure</u>. Excluding any obligations of a party to pay monies due hereunder, neither party will be responsible for any delay or failure in its performance or obligations under this Agreement due to causes beyond its reasonable control, including, without limitation, labor disputes, strikes, civil disturbances, government actions, fire, floods, acts of God, war, terrorism, or other similar occurrences (each, a **"Force Majeure Event"**); provided that the party affected by such Force Majeure Event (a) is without fault in causing such delay or failure, (b) notifies the other party of the circumstances causing the Force Majeure Event, and (c) takes commercially reasonable steps to eliminate the delay or failure and resume performance as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10. <u>Governing Law.</u> Each Agreement is made in New York governed by and construed in accordance with the laws of the state of New York and the federal laws applicable therein. In connection with each Agreement, the Parties attorn to the jurisdiction of the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11. <u>Arbitration</u>. Any and all controversies, claims, or disputes arising out of or relating to each Agreement, or the interpretation, performance, or breach thereof, including the scope or applicability of this provision to arbitrate (**"Dispute"**) shall be referred to senior management of the parties for good faith discussion and resolution. In the event the parties cannot resolve any Dispute informally, then such Dispute shall be submitted to confidential, final, and binding arbitration with venue in New York, NY, pursuant to the rules of the American Arbitration Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11.1. <u>Arbitration Procedure</u>. The arbitration shall take place in New York. The arbitration shall be before a single, neutral arbitrator who is a former or retired New York state or federal court judge. The arbitration may be initiated by any party by giving to the other party written notice requesting arbitration, which notice shall also include a statement of the claims asserted and the facts upon which the claims are based. Customer and Company each consent to this method of dispute resolution, as well as jurisdiction, and consent to this being a convenient forum for any such claim or dispute and waive any right it may have to object to either the method or jurisdiction for such claim or dispute. In the event of any dispute among the parties, the prevailing party shall be entitled to recover damages plus reasonable costs and attorney's fees and the decision of the arbitrator shall be final, binding and enforceable in any court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11.2. <u>Compelling Arbitration</u>. Any party may bring an action in any court of competent jurisdiction to compel arbitration under this Agreement and to enforce an arbitration award. Notwithstanding this arbitration provision, either party shall be entitled to seek injunctive relief (unless otherwise precluded by any other provision of this Agreement) from any court of competent jurisdiction. If for any reason an action proceeds in court rather than in arbitration, it shall be brought exclusively in a state or federal court of competent jurisdiction located in New York and the parties expressly consent to personal jurisdiction and venue therein and expressly waive any right to trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11.3. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LITIGATION, ACTION, PROCEEDING, CROSS-CLAIM, OR COUNTERCLAIM IN ANY COURT (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF, RELATING TO OR IN CONNECTION WITH (I) THIS AGREEMENT OR THE VALIDITY, PERFORMANCE, INTERPRETATION, COLLECTION OR ENFORCEMENT HEREOF OR (II) THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, AUTHORIZATION, EXECUTION, DELIVERY, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12. <u>Entire Agreement</u>: Each Agreement including all schedules thereto, constitutes the entire agreement between the parties concerning the applicable subject matter and supersedes all prior or collateral agreements, communications, presentations, representations, understandings, negotiations and discussions, oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13. <u>Headings</u>**:** Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14. <u>Number and Gender.</u> Words importing the singular mean the plural and vice versa. Words in the masculine gender include the feminine gender and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15. <u>Severability.</u> If any term, covenant, condition or provision of an Agreement is held by a court or arbitrator(s) of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court or arbitrator(s) only to the extent deemed necessary by that court or arbitrator(s) to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16. <u>Notices.</u> Any notice required to be given pursuant to an Agreement shall be in writing and delivered by electronic mail, addressed to the appropriate party. Any notice given is deemed to have been received on the date on which it was delivered if a business day, or, failing that, on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17. **<u>Testimonials.</u>** Customer acknowledges that DealMaker's materials may from time to time include testimonials, real world experiences and insights or opinions about other people's experiences with DealMaker (***"Examples"***) and that this information is for illustration purposes only. Customer further acknowledges that campaigns are affected by a variety of factors including but not limited to time, external global events, varying business plans, different industries, and that these Examples are in no way a representation or guarantee that current or future customers will achieve the same or similar results.

**DealMaker Additional Terms Applicable to Certain DealMaker.tech Services: Third Party Payment Processing, AML/KYC Background Checks, Accreditation Verification and Analytics, Marketing Review Tool.**

**The following sections of the Terms only apply to those DealMaker.tech Customers who purchase the specific services noted.**

**<u>13. Background Checks: AML compliance and "clearing"</u>**

DealMaker's integrated AML searches are tools provided to Customer to assist Customer (or its agents) in complying with applicable obligations related to KYC/AML regulations. Company is not engaged to perform and will not perform, and shall not be deemed responsible for performing, any services related to reviewing or analyzing search results, sources of funds or wealth, or making any determination as to whether Customer has complied with its obligations under applicable anti-money laundering legislation and regulations or as to whether any prospective investor poses any risk of money laundering, terrorist financing, or other criminal or suspicious activity. Customer and/or its agents (including counsel or broker dealer as applicable) shall bear primary responsibility to determine compliance with applicable AML legislation and regulation and shall assist in the clearing of any AML exceptions. Customer's KYC/AML clearing obligations may require Customer to undertake efforts to ensure that individual and corporate investors provide applicable identity verification, explanations of adverse regulatory/disciplinary/bankruptcy history or media reports, confirmation of false positive results, or other documents or information required for AML purposes. DealMaker.tech's AML searches are limited by capabilities and design of products and services of the third parties DealMaker.tech engages to perform such searches, including limitations on the search methodology, matching logic, data sources, and information accuracy.

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**<u>14.</u> <u>Regulation D, 506(c) Accredited Investor Verification</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. Customer may engage either Company or a third party (each a **"Reviewer"**) to assist Customer in complying with applicable obligations related to accredited investor verification pursuant to Rule 506(c) of Regulation D promulgated under the Securities Act (**"Regulation D"**). If Reviewer is Company, Company shall review investor submissions and uploaded documentation on the DealMaker portal and make a determination as to whether Customer has complied with its obligations to verify accredited investors (as defined by Rule 501 of Regulation D promulgated under the Securities Act) (**"DM Verification"**). Customer acknowledges that Company may contact investor for the purpose of accredited investor verification and that Customer has obtained investor's consent to receive communications from Company and/or DealMaker regarding investor's accreditation verification. If Reviewer is a third party, Company will not perform, and shall not be deemed responsible for performing, any services related to reviewing or analyzing search results, sources of funds or wealth, or making any determination as to whether Customer has complied with its obligations to verify accredited investors (as defined by Rule 501 of Regulation D promulgated under the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. Company does not make and hereby disclaims any warranty, expressed or implied with respect to the information provided through DM Verification. Company does not guarantee or warrant the correctness, merchantability, or fitness for a particular purpose of the information provided through DM Verification. Customer acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1. DM Verification shall not include accreditation verification of non-U.S. investors (**"foreign accredited investors"**) who may be subject to foreign accreditation verification requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2. DM Verification is conducted using a variety of third party database searches, public record services and user submissions. Company cannot represent or warrant that the data provided will be 100% accurate, complete or up to date. The data is time sensitive and Company provides the information as is. Public records may be incomplete, out of date or have errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3. The results of a DM Verification search for any type of personal verification should be interpreted cautiously. Criminal and civil record search results may not provide a complete or accurate representation of a person's criminal background or civil judgment history. Records are available for the majority, but not all, of states and counties. Records can be incomplete, contain inaccuracies or false matches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4. Company is not a consumer reporting agency as defined in the Fair Credit Reporting Act

(**"FCRA"**), and the information in DealMaker.tech's databases has not been collected in whole or in part for the purpose of furnishing consumer reports, as defined in the FCRA. CUSTOMER SHALL NOT USE DM VERIFICATION SERVICES AS A FACTOR IN (1) ESTABLISHING AN INDIVIDUAL'S ELIGIBILITY FOR PERSONAL CREDIT OR INSURANCE OR ASSESSING RISKS ASSOCIATED WITH EXISTING CONSUMER CREDIT OBLIGATIONS, (2) EVALUATING AN INDIVIDUAL FOR EMPLOYMENT, PROMOTION, REASSIGNMENT OR RETENTION, OR (3) ANY OTHER PERSONAL BUSINESS TRANSACTION WITH ANOTHER INDIVIDUAL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.5. Customer assumes all risks arising from its use or disclosure of DM Verification information Company provides to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.6. DM Verification Services are provided in English only. Customer acknowledges that data provided in any other language will require a certified translation which Customer shall pay for, or alternatively, reject the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.7. Notwithstanding anything in the DealMaker Terms of Service, Customer agrees that it shall indemnify, defend and hold harmless Company, its officers, directors, employees and agents, and the entities that have contributed information to or provided services for DM Verification against any and all direct or indirect losses, claims, demands, expenses (including attorneys' fees and cost) or liabilities of whatever nature or kind arising out of Customer's use of the information provided by DM Verification and Customer's use or distribution of any information obtained therefrom, except for losses caused exclusively and directly by Company's gross negligence, fraud, bad faith or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.8. THE DM VERIFICATION SERVICES AND INFORMATION ARE PROVIDED "AS-IS" AND "AS AVAILABLE" AND NEITHER COMPANY NOR ANY OF ITS DATA SUPPLIERS REPRESENTS OR WARRANTS THAT THE INFORMATION IS CURRENT, COMPLETE OR ACCURATE. COMPANY HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES REGARDING THE PERFORMANCE OF THE WEBSITE OR OUR SERVICES, AND THE ACCURACY, CURRENCY, OR COMPLETENESS OF THE INFORMATION, INCLUDING (WITHOUT LIMITATION) ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Customer acknowledges that these disclaimers are an integral part of this Agreement, and that Company would not provide DM Verification services if Customer did not agree to these disclaimers.

**<u>15.</u> <u>Third-Party Payment Processing</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1. For the processing of electronic payments (including bank-to-bank payments, credit card, etc.), the Company may submit material(s) and or application(s) to partner third-party payment processors on behalf of the Customer. Upon approval, the Company will enable the partner processors' intake form/system within the Customer's online DealMaker.tech portal.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. Customer acknowledges that Company makes no guarantee that Customer will be approved by any third party, and approval is subject to each third party's sole discretion, including, to the extent applicable, its due diligence and compliance policies and procedures. Use of payment processing service(s) is further contingent on the mutual acceptance by Company and Customer of each third party's respective terms, service agreements, and fees (including fees for merchant processing account and ongoing maintenance, which may be applied on a per-issuer basis) to be included as an addendum to this Agreement and/or presented to Customer for acceptance at the time Customer engages third party, and as updated from time to time. Note holdback periods may apply for electronic payment transfer methods, as enforced by processors. Company shall not be deemed responsible for delivery or any interruption or cessation of any services provided by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. All transactions must clear prior to being made available to Customer. US Federal regulations provide investors with 60 days to recall funds. Customer remains liable to immediately and without protestation or delay return any funds recalled by investors for whatever reason.

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15.4.Customer agrees that funds deposited into Customer's Account shall remain in Customer's Account and shall not be withdrawn by Customer or a person authorized by Customer, from the Customer's Account prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. Company reserves the right to deny, suspend or terminate participation of any investor in the offering to the extent Company, in its sole discretion, deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with laws, rules, regulations, best practices, or the protection of its reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6. **Holdbacks.** The Customer hereby acknowledges that certain terms apply in respect of electronic or credit card payment to cover against charge-backs and/or rescission (**"Chargeback"**). Chargeback windows can vary in duration and amount. For this reason, a holdback is applied to all funds processed online and deposited in Customer Payment Processing Account. Company shall have the right, in its sole discretion, to revise the amount and duration of any holdback. Unless otherwise advised in writing prior to the Effective Date, the holdback is 5.00% of payments processed, for a ninety (90) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7. In the event that a Customer's investor disputes, through their financial institution, a subscription payment made using electronic or credit card payments **("Chargeback Dispute")**, Customer acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.1. If the Chargeback Dispute is initiated by a subscriber before the Customer has accepted the subscriber's investment, the Company shall refund the subscriber, and no further action will be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.2. If the Chargeback Dispute is initiated by a subscriber after the Customer has accepted the subscriber's investment, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.2.1. notify the Customer within twenty-four (24) hours of the Chargeback Dispute; 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;15.7.2.2. Provide Customer with five (5) business days to resolve the Chargeback Dispute directly with the subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.3. If, after (5) business days, the subscriber and Customer fail to resolve the Chargeback Dispute, Company will submit evidence contesting the Chargeback Dispute, on behalf of the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.4. Customer agrees to promptly notify Company upon receipt of any Chargeback Dispute notifications, provide all necessary information and documentation requested by the Company to support the Chargeback Dispute and refrain from directly engaging with the payment processor or any other third party regarding the Chargeback Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.5. Customer acknowledges that contesting a Chargeback Dispute may require the Company to share certain transaction details with third party payment processors. The Customer agrees to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) only share information necessary to contest the Chargeback Dispute and (b) comply with all applicable data protection and privacy laws when handling Customer data and providing Customer data to Company related to the Chargeback Dispute.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.6. For the avoidance of doubt, although the Company will make best efforts to represent the Customer in contesting a Chargeback Dispute, Company shall not be liable for and bares no responsibility whatsoever for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.6.1. The outcome of the Chargeback 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.6.2. Any fees or penalties imposed by payment processors or financial institutions as a result of the Chargeback or Chargeback Dispute; 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;15.7.6.3. Any loss of revenue or business opportunity resulting from the Chargeback or Chargeback Dispute.

**<u>16.</u> <u>Analytics</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. <u>Data and Analytics</u>. Company reserves the right to collect data relating to Customer's usage of the Software during the Term. Without limiting the generality of the foregoing, Company may collect information relating to: (i) Software use (including the number of users, duration of usage sessions, and number of transactions initiated or completed using the Software); (ii) error information (including error messages and any feedback text submitted via any in-application feedback form); (iii) performance data (including software run time); (iv) user experience information (including time spent on each page of the user interface); and (v) license status information (including confirmation of license activation status). Customer shall have the right to access and use data relating to its usage of the Software for its own purposes, as available through the online dashboard or other reports provided by Company.

**<u>17.</u> <u>Marketing Review Tool</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. DealMaker's integrated third party marketing review tool is made available to Customer (or its agents) to review Customer's marketing materials and assist Customer in complying with applicable marketing regulations (**"Marketing Review Tool"**). If reviewer is Company, Customer may request that a DealMaker Entity assistant Customer with uploading documentation into the Marketing Review Tool but Company will not perform, and shall not be deemed responsible for performing, any services related to reviewing or analyzing search results. Company is not engaged to perform and will not perform, and shall not be deemed responsible for making any determination as to whether Customer has complied with its obligations under applicable marketing regulations based on information provided by the Marketing Review Tool. Customer and/or its agents (if so designated) shall be responsible for reviewing the results, and determining compliance with applicable marketing legislation and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. Use of the Marketing Review Tool is contingent upon Customer's acceptance of third party provider's terms and fees (if applicable) to be presented to the Customer at the time Customer initiates engagement with the Marketing Review Tool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3. Company does not make and hereby disclaims any warranty, express or implied with respect to the information provided through the Marketing Review Tool. Customer acknowledges that (i) Company does not guarantee or warrant the correctness, merchantability or fitness for a particular purpose of the information provided through Marketing Review Tool; (ii) Marketing Review Tool is PROVIDED "AS-IS"

AND "AS AVAILABLE" AND NEITHER COMPANY NOR ANY OF ITS THIRD PARTY SUPPLIER REPRESENTS OR WARRANTS THAT THE INFORMATION IS CURRENT, COMPLETE OR ACCURATE; and (iii) Customer assumes all risks arising from Company or its agents' use of the Marketing Review Tool.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4. Notwithstanding anything in the DealMaker Terms of Service, Customer agrees that it shall indemnify, defend and hold harmless Company, its officers, directors, employees and agents, and affiliates that have contributed information to or provided services related to the Marketing Review Tool against any and all direct or indirect losses, claims, demands, expenses (including attorneys' fees and cost) or liabilities of whatever nature or kind arising out of Customer's or its agent's use of the Marketing Review Tool and Customer's use or distribution of any information obtained therefrom.

**<u>Enterprise Customer Terms</u>**

**For DealMaker Customers who have signed an Enterprise Order Form, the Terms apply, as well as the following additional terms. If you are not an Enterprise Customer, these additional terms do not apply to you:**

**<u>18. Definitions</u>**

**"Enterprise Customer"** means a Customer that has entered into an Enterprise Order Form.

**"License"** means the Company's grant to Enterprise Customer of a non-exclusive, non-transferable license for use of the Software by an unlimited number of individual users. Company will designate a DealMaker Enterprise Account to Enterprise Customers with a License.

**"Intended Purpose"** For the purposes of this section, Intended Purpose also includes usage by issuers invited by Enterprise Customer to use Enterprise Customer's Enterprise Account for the above-described purpose.

**"Software"** as it pertains to this section, shall also include any related printed, electronic and online documentation, manuals, training aids, user guides, system administration documentation and any other files that may accompany the Software licensed by Enterprise Customer.

**<u>19.</u> <u>SLA</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. It is expressly understood and agreed that the Company shall determine its capacity to offer consulting services, only to such extent and at such times and places as may be mutually convenient to the parties. Company shall be free to provide similar services to such other business enterprises or activities as the Company may deem fit without any limitation or restriction whatsoever.

**<u>20.</u> <u>Licensed Intermediary Terms.</u>**

**If Enterprise Customer is a licensed Intermediary (as defined below), the following additional terms apply:**

A. Books and Records

<u>Books and Records.</u> Any and all obligations of Customer related to the storage of books and records including but not limited to, obligations in accordance with Sections 17(a)(1), 17(a)(3) and 17(a)(4) of the Securities Exchange Act of 1934 (**"Exchange Act"** or "SEA") remain the sole obligation of Customer and its clients. Company expressly disclaims any and all responsibility with respect to any regulatory or industry requirements with respect to the Customer and its clients' obligations related to record keeping and maintenance.

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B. Regulation CF Offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Obligations of the Customer (acting as an Licensed Intermediary):

Where Customer using the Software has been engaged by its client to (i) act as a Broker-Dealer and a licensed Intermediary pursuant to Regulation CF, 17 C.F.R. Part 227 (the **"Regulation CF"**), or (ii) act as a registered Funding Portal and licensed Intermediary pursuant to Regulation CF, in a transaction involving the offer or sale of securities in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)), Customer shall comply with the requirements of Regulation CF (**"Licensed Intermediary"**). For greater certainty, this includes the requirements that Customer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Register with the Securities and Exchange Commission (**"Commission"**) as either (i) a broker or (ii) a Funding Portal under section 15(b) of the Exchange Act (15 U.S.C. 78o(b)), pursuant to Regulation CF, §227.400;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If registering with the Commission as a Funding Portal, refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Offering investment advice or recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Soliciting purchases, sales or offers to buy the securities displayed on its platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Compensate employees, agents, or other persons for such solicitation or based on the sale of securities displayed or referenced on the DealMaker platform; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Hold, manage, possess, or otherwise handle investor funds or securities.

(Regulation CF, §227.300(2)(c))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Verify that no director, officer or partner of Customer, or any person occupying a similar status or performing a similar function has a prohibited "financial interest in an issuer" as the term is defined in Regulation CF, §227.300(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Have a reasonable basis for believing that Customer's client seeking to initiate an offering of securities under the Regulation has a reasonable basis for keeping accurate records of security holders and is not disqualified to offer securities pursuant to Regulation CF, §227.301(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Make available to SEC and to the public, the disclosure required by Regulation CF, §227.201 and §227.303;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide educational materials to all investors, pursuant to Regulation CF, §227.302(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Verify that Customer's clients are not disqualified from offering securities pursuant to Regulation CF, §227.100(b);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Only accept an Investor into an offering after (1) the Investor opens an account with Customer, (2) the Investor consents to electronic delivery and the review of the educational materials regarding the offering and (3) Customer has a reasonable basis to believe that the Investor meets the investment limitations in Regulation CF pursuant to Regulation CF, §227.302 and §227.303.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Provide communication channels by which Investors who have opened accounts can communicate with one another and with representatives of the Customer about offerings made available through the Customer or its clients, pursuant to Regulation CF, §227.303(c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Provide Investors the opportunity to reconsider their investment decision and to cancel their investment commitment until 48 hours prior to the new offering deadline, pursuant to Regulation CF §227.304

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Provide Investors with notice of material changes as described in Regulation CF, §227.304

(**"Notice"**), including but not limited to notice that the investor's investment commitment will be canceled unless the investor reconfirms his or her investment commitment within five business days of receipt of the Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If registering with the Commission as a Funding Portal, comply with the Conditional Safe Harbor provisions in Regulation CF, §227.402; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. If registering with the Commission as a Funding Portal, implement written policies and procedures reasonably designed to achieve compliance with federal securities laws and the rules and regulations thereunder, relating to its business as a Funding Portal, as required by Regulation CF, §227.402(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. If registering with the Commission as a Funding Portal, manage any reconciliation or reporting questions with the Issuer directly.

**("Regulation CF Requirements")**

For greater certainty, the parties acknowledge that Company shall bear no responsibility for or liability whatsoever in connection with the Regulation CF Requirements and Customer shall be solely responsible for ensuring that Customer and its clients comply with Regulation CF.

Further Assurances. When Customer or its clients use the Software for an offering in reliance on Regulation CF, Customer shall verify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The issuer has filed a Form C Offering Statement with the SEC, as described in Regulation CF, §227.203(a), prior to making an offering to the public pursuant to Regulation CF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Issuer complies with marketing and advertising requirements of Regulation CF, §227.204;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provider is notified of any investor who, having received Customer's Notice pursuant to Regulation CF §227.304, opts-out of their investment and whose investment must therefore be refunded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Signed and funded subscription agreements, executed by investors who have cleared AML/KYC, are reviewed by the Customer prior to countersignature;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The aggregate amount of all securities sold to all Investors by the Issuer in a single offering during a 12 month period shall not exceed $5,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Non-accredited Investors (as defined by Rule 501, CFR §230.301) investing in the offering pursuant to Regulation CF do not exceed the maximum investment permitted in a 12 month period per Regulation CF, §227.100.

<u>Payments To Escrow.</u> Customer acknowledges that it shall direct all payments from Investors in respect of a Regulation CF offering to Issuer's Escrow Account. Customer is responsible for (1) applying for escrow account with a DealMaker-selected Escrow Provider; (2) configuring instructions on the DealMaker platform to ensure that all payments are directed to the appropriate Escrow Account; (3) using the DealMaker.tech application to manage closings pursuant to the DealMaker user guide and (4) coordinating with the escrow company managing the Escrow Account to disburse funds upon request from the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Regulation A/A+ Offerings

Obligations of the Customer. Where Customer has been engaged by its client as a broker-dealer in connection with an offering pursuant to Regulation A, 17 C.F.R. Parts 230.251-230.263 (**"Regulation A"**), the Customer shall verify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Customer shall complete a reasonable due diligence ensuring no anti-fraud or civil liabilities provisions of federal securities laws have been violated. As such, Customer shall maintain a Due Diligence file including the Issuer Agreement (or Selling Agreement); organizational, constating, financial, and administrative support to accept such Issuer engagement; and Issuer's Offering Memoranda, Subscription Document. Further, the Due Diligence folder shall evidence the collection of such documents in a form as described in Customer's Written Supervisory Procedures ("WSPs"). Customer shall create and maintain customer files, including new account, accredited investor, or qualified purchaser questionnaires, including Investor attestations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Issuer has filed a Form 1-A Offering Statement with the SEC, as described in Regulation A, §230.252 and §239.90, prior to making an offering to the public pursuant to Regulation A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Issuer complies with marketing and advertising requirements of 17 C.F.R. Part II, Securities and Exchange Commission and the SRO, FINRA, including but not limited to, setting up the issuer landing page for the Offering website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Signed and funded subscription agreements, executed by investors who have cleared AML/KYC, are reviewed by the Customer and a recommendation is made by Customer to Issuer regarding countersignature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prior to enabling countersignature:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Issuer has provided written confirmation to Customer that it has BlueSky notice filed in each state, as applicable depending on the states in which the securities are offered and whether the offering is conducted pursuant to Tier 1 or Tier 2 of Regulation A §230.252; 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;b. For the first 25 days of an offering, Customer will monitor investors until the issuer has provided written confirmation that all state BlueSky requirements have been met for the 53 US jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Issuer and Issuer counsel have taken the steps required to review non-US investors, as required by the applicable international regulations.

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![](exhibit6-5x007.jpg)

**DEALMAKER SECURITIES LLC ("DMS") CUSTOMER TERMS**

**For any DealMaker Securities Customer, the following additional terms also apply:**

**Broker-Dealer Agreement.** These terms and conditions for DealMaker Securities LLC (**"DMS Terms"**), along with the Order Form and schedules attached to the Order Form create a binding agreement by and between the Customer who has signed the Order Form (**"DMS Customer"**), and DealMaker Securities LLC, a FINRA-registered Broker-Dealer (**"DMS"**)(the **"DMS Agreement"**), as of the Effective Date. DMS Customer may also be considered a Customer of the other DealMaker Entities, depending on the services the Customer purchases.

DMS is a registered broker-dealer providing services in the equity and debt securities market, including offerings conducted via SEC approved exemptions such as Rules 506(b) and 506(c) of Regulation D under the Securities Act of 1933 (the **"Securities Act"**); Regulation A under the Securities Act (**"Regulation A"**); Regulation CF under the Securities Act (**"Regulation CF"**) and others. DMS Customer is offering securities directly to the public in an offering exempt from registration under either Regulation A or Regulation CF (the **"Offering"**). DMS Customer recognizes the benefit of having DMS provide advisory and other services as described herein, on the terms hereof.

Capitalized terms used but not defined in these DMS Terms have the meanings set forth in the Order Form or the Terms. In the event of a conflict between the Terms and the DMS Terms, the DMS Terms shall control.

**<u>1. Appointment & Termination</u>**

DMS Customer hereby engages and retains DMS to provide operations and compliance services at Customer's discretion/ subject to DMS's approval as a FINRA-registered broker-dealer. DMS Customer acknowledges that DMS obligations hereunder are subject to (a) DMS's acceptance of DMS Customer as a customer following DMS's due diligence review and (b) if applicable, issuance by the Financial Industry Regulatory Authority ("FINRA") Department of Corporate Finance of a no objection letter for the Offering.

In addition to the Termination Reasons, DMS may terminate this DMS Agreement if, at any time after the commencement of DMS's due diligence of the potential DMS Customer, DMS reasonably believes that is not advisable to proceed with the contemplated Offering.

**<u>2. Services</u>**

DMS will perform the services listed on the Order Form in connection with the Offering (the **"Services"**).

**<u>3. Fees</u>**

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As payment for the Services, DMS Customer shall pay to DMS such fees as described in the Order Form. Transaction-based Fees including equity are earned once the DMS Customer's investors are reviewed by DMS. DMS Customer's acceptance of an investor completes DMS's service obligation at which time fees are due and payable to DMS. DMS Customer authorizes DMS to deduct any fees owing directly from the DMS Customer's bank account or third-party escrow account (if Customer has engaged an escrow provider). In the event this DMS Agreement is terminated in accordance with paragraph 1 of the DMS Terms, any advance against accountable expenses anticipated to be incurred, shall be refunded to the extent said expenses are not actually incurred as of the termination date.

**<u>4.</u> <u>Regulatory Compliance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. DMS Customer and all its third-party providers shall at all times (i) comply with direct reasonable requests of DMS: (ii) maintain all required registrations and licenses, including foreign qualification, if necessary; and (iii) pay all related fees and expenses (including the FINRA corporate filing fee) in each case that are necessary or appropriate to perform their respective obligations under this Agreement. Customer shall comply with and adhere to all DMS policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. DMS Customer shall at all times disclose all compensation received by any third party promoters (including but not limited to social media influencers) in connection with the Offering, in accordance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. DMS Customer and DMS will have shared responsibility for the review of all documentation related to the Offering but the ultimate discretion about accepting an Investor will be the sole decision of the DMS Customer. Each Investor will be considered to be that of the DMS Customer and NOT that of DMS. DMS Customer shall advise DMS of each Investor who shall not be accepted into the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. DMS Customer and DMS shall each supervise and train their respective employees, agents, representatives and independent contractors in the performance of functions allocated to them pursuant to the terms of this DMS Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. DMS Customer may request DMS assistance with preparation of the Form C for the Offering and guidance on filing the Form C for the Offering in the SEC-Edgar system but DMS Customer is ultimately responsible for the review and filing the Form C related to the Offering. In the event that DMS Customer files a Form C-W or Form 1-A-W withdrawing its filing in relation to its Offering, DMS Customer agrees to the prompt return to investors of all funds received from investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. DMS Customer agrees to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide accurate, complete, and timely information through the online form provided. The filing creation timeline will commence only upon receipt of all required information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review all filings with their securities counsel to ensure accuracy before each EDGAR filing. DealMaker Securities, LLC is not liable for errors, omissions, or inaccuracies in filings due to incomplete or inaccurate information provided by the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit requested revisions within the specified review windows, as additional rounds or delays may incur further fees and impact timelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. If either DMS Customer or DMS receives material communications (orally or in writing) from any Governmental Authority or Self-Regulatory Organization with respect to this Agreement or the performance of either party's obligations thereunder, the receiving party shall promptly provide said communications to the other party, unless such notification is expressly prohibited by the applicable Governmental Authority.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. DMS Customer is responsible for the preparation of financial statements using the going concern basis of accounting and required disclosures alerting investors about any underlying financial conditions and management's plans to address them. DMS Customer acknowledges that it must maintain at least six months of operating capital and update investor disclosures to reflect any change in operating capital below this threshold. DMS Customer acknowledges that these updates to investors disclosures will be made in accordance with the advice of the DMS Customer's professional advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. DMS Customer is solely responsible for confirming that DMS Customer is authorized to use or wholly owns all DMS Customer intellectual property used in connection with the Offering.

**<u>5.</u> <u>Role of DMS</u>**

DMS Customer acknowledges and agrees that it relies on its own judgment in engaging DMS Services. DMS Customer understands and agrees that (i) DMS is not assuming any responsibility for the DMS Customer's underlying business decision to pursue any business strategy or effect any Offering; (ii) DMS makes no representations with respect to the quality of any investment opportunity in connection with the Offering (iii) DMS does not guarantee the performance to or of any Investor in the Offering, (iv) DMS does not guarantee the performance of any third party which provides services to DMS or DMS Customer with respect to the Offering), (v) DMS will make commercially reasonable efforts to perform the Services pursuant to this DMS Agreement, (vi) DMS is not an investment adviser, does not provide investment advice and does not recommend securities transactions and any display of data or other information about the Offering, does not constitute a recommendation as to the appropriateness, suitability, legality, validity, or profitability of any Offering, (vii) DMS Services in connection with this DMS Agreement should not be construed as creating a partnership, joint venture, or employer-employee relationship of any kind, (ix) Services in connection with this DMS Agreement that require registration as a FINRA/SEC registered broker-dealer shall be performed exclusively by DMS or an associated person of DMS, (x) DMS is not providing any accounting, legal or tax advice, and (xi) will use "commercially reasonable efforts" to perform Services pursuant to this DMS Agreement but that this shall not give rise to any express or implied commitment by DMS to purchase or place any of the DMS Customer's securities. DMS <u>Customer explicitly acknowledges that DMS shall not and is under no duty to recommend DMS Customer's security and DMS is not selling DMS Customer's security to retail investors.</u>

**<u>6. Indemnification</u>**

<u>Insufficient Funding For A Claim</u>. If the foregoing indemnification or reimbursement is judicially determined to be unavailable or insufficient to fully indemnify and hold harmless DMS as an indemnified party against a Claim, the DMS Customer will contribute to the amount paid or payable by an indemnified party as a result of such Claim in such proportion as is appropriate to reflect the relative financial benefits of the Offering to the Company, on the one hand, and the indemnified party, on the other hand; or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the DMS Customer on the one hand and the indemnified party on the other hand with respect to such Claim as well as any other relevant equitable considerations. Notwithstanding the preceding paragraphs, in no event will the aggregate amount to be contributed by all indemnified parties towards all Claims and DMS Customer losses, exceed the actual fees received by DMS pursuant to the DMS Agreement.

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**<u>7. Witness Reimbursement</u>**

In the event that DMS or any of its employees, officers, directors, affiliates or agents are requested or required to appear as a witness or subpoenaed to produce documents in any action in which the DMS Customer or any of its affiliates is a party to and DMS is not, the DMS Customer will reimburse DMS for all expenses incurred by its employees, officers, directors, affiliates or agents in preparing for and appearing as a witness or producing documents, including the reasonable fees and disbursements of legal counsel.

**<u>8. Notices</u>**

Any notices required by the agreement shall be in writing and shall be addressed, and delivered via email at the email address included in the Order Form.

**<u>9. Confidentiality and Mutual Non-Disclosure:</u>**

Nothing contained herein shall be construed to prohibit the SEC, FINRA, or other government entities from obtaining, reviewing, and auditing any information, records, or data of either party containing Confidential Information, as defined in this Agreement.

<u>Disclosure and Retention Of Confidential Information.</u> DMS is hereby expressly permitted by DMS Customer to disclose Confidential Information to third parties involved in the Offering contemplated herein, provided that DMS Customer has been informed of such disclosure in advance and has approved such disclosure (either orally or in writing). DMS may retain one copy of the DMS Customer's Confidential Information to the extent necessary to comply with industry-specific document retention rules and other regulations, and in an archived computer backup system stored as a result of automated backup procedures for compliance purposes. DMS Customer acknowledges that regulatory record- keeping requirements, as well as securities industry best practices, require DMS to maintain copies of practically all data and communications, even after this Agreement is terminated.

**<u>10.</u> <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1. FINRA Arbitration Rules Apply To DMS Customers. Notwithstanding anything to the contrary in this Agreement, ANY DISPUTE, CONTROVERSY, CLAIM OR CAUSE OF ACTION BETWEEN THE DMS Customer AND DMS DIRECTLY OR INDIRECTLY RELATING TO OR ARISING OUT OF THIS AGREEMENT, OR BREACH THEREOF required or allowed to be conducted by the Financial Industry Regulatory Authority's ("FINRA") rules (including the FINRA Code of Arbitration Procedure for Industry Disputes) shall be arbitrated in accordance with such rules. Any arbitration shall be before a neutral arbitrator or panel of arbitrators selected under the FINRA Neutral List Selection System (or any successor system) and in a forum designated by the Director of FINRA Dispute Resolution or any member of FINRA Staff to whom such Director has delegated authority. In general accordance with FINRA Rule 2268, by signing an arbitration agreement the parties agree as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. This Agreement contains a pre-dispute arbitration clause.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. Except as otherwise provided in this Agreement, all parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4. The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5. The arbitrators do not have to explain the reason(s) for their award unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6. Any panel of arbitrators may include a minority of arbitrators who were or are affiliated with the securities industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.7. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.8. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.9. As provided in FINRA Rule 2268, no person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; or (ii) the class is decertified; or (iii) the DMS Customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. **DMS Customer Identifying Information**. Pursuant to the requirements of Title III of Pub. L. 107-56 (the USA Patriot Act), as amended (the **"Patriot Act"**) and other applicable laws, rules and regulations, DMS is required to obtain, verify and record information that identifies the DMS Customer which information includes the name and address of the DM Customer and other information that that allows DMS to identify the DMS Customer in accordance with the Patriot Act and other such laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. **Affiliates of DMS**: DMS Customer acknowledges that agreements with DMS affiliates (also referred to as DealMaker Entities in this Agreement), if any, shall be governed by the DMS affiliates' applicable terms of service and exclusive remedy for DM Reach to recover any Losses against Customer in respect of the Agreement."

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![](exhibit6-5x008.jpg)

**DEALMAKER REACH, LLC CUSTOMER TERMS**

**For usage of DealMaker Reach Services, the following additional terms apply to you ("Reach Terms"):**

**<u>1.</u> <u>THE SERVICES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1. Overview.** DM Reach shall provide certain digital marketing services as described on the Order Form (collectively, the **"DM Reach Services"**) subject to the following additional terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** Customer shall provide DM Reach with all reasonably necessary materials, company history, financial statements, business and market description, bios of principals and key employees, customers, products, services, tax returns, financial models, systems, pricing, intellectual property, technical specifications, access to social media channels, and all other pre-conditions necessary for providing the DM Reach Services (the **"Information"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** The parties acknowledge and agree that all such Information comes from Customer and that DM Reach does not create such Information and relies on its accuracy, ownership and property. Customer represents and warrants to the DM Reach that all such Information is accurate, true and correct and that, in the event Information changes during the Reach Term (as defined below), Customer shall provide updated Information to DM Reach. Customer further acknowledges that DM Reach bases its DM Reach Services on such Information.

**<u>2.</u> <u>RELATIONSHIP</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** DM Reach and Customer are independent contractors in all matters relating to DM Reach Services. DM Reach is not a broker-dealer, investment advisor, investment bank or financial advisor. Nothing in this Agreement shall be construed to create any partnership, joint venture, agency, employment, or any other relationship between the parties. Except for DM Reach's provision of DM Reach Services to Customer in connection with the Marketing Spend, neither party has the authority to act on behalf of or to enter into any contract, incur any liability, or make any representation on behalf of the other party, unless otherwise expressly agreed to in writing signed by both parties. DM Reach has exclusive control over its employees, representatives, agents, contractors and subcontractors, and none of the foregoing shall be deemed to be employees of Customer or eligible to participate in any employment benefit plans or other benefits available to Customer employees. Customer shall exercise no immediate control over the actual means and manner of DM Reach's performance under this Agreement, except to the extent that Customer expects the satisfactory completion of the DM Reach Services under this Agreement. Each party is responsible for its respective employees, representatives, agents, contractors and subcontractors, and the foregoing's compliance with the terms of this Agreement. DM Reach is not and shall not be deemed to be a dealer, broker, finder, intermediary or otherwise entitled to any brokerage, finder's, or other fee or commission in connection with any purchase or sale of securities resulting from DM Reach's general marketing services. DM Reach shall be solely responsible for all local, state and federal tax liabilities arising from any income received under this Agreement, whether cash or stock.

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**<u>3.</u> <u>FEES AND EXPENSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** Customer is responsible for all costs and expenses incurred on Customer's behalf in connection with the provision of the DM Reach Services (***"Expenses"***). Any Expenses outside of the agreed budget are subject to Customer's prior written approval. Customer is also responsible for its own costs and expenses incurred in connection with the Offering on the platform, and Customer acknowledges and agrees that the platform charges fees related to the Offering as set forth in the platform's terms and conditions. These platform fees are completely unrelated to DM Reach's compensation as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2. Budget and Marketing Spend.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. As part of engaging DM Reach, Customer is authorizing and directing DM Reach to allocate the marketing and advertising budget expended during the Customer's marketing campaign (***"Marketing Spend"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. **Partnership Program.** The Partnership Program is an invitation based program in which Customers may have the opportunity to purchase advertising slots in a variety of publications subject to Customer's agreement to the program terms and conditions ("Partnership Program") as part of the Marketing Spend. Customer acknowledges that it may be eligible for the DealMaker Partnership Program, however DM Reach has sole control of whether Customer is admitted to the Partnership Program. Customer acknowledges that DM Reach manages the program and charges fees for the Partnership Program. Customer explicitly acknowledges that DM Reach shall have sole discretion to terminate Customer's participation in the Partnership Program for non- compliance with Partnership Program terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. For Customers eligible for the Partnership Program, DM Reach shall have discretion to allocate Marketing Spend during the marketing campaign, except for fees in connection with the placement of partnership advertisements (**"Partnership Fees."**) Once invoiced, Partnership Fees are non-refundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. Customer shall approve Partnership Fees in accordance with required timelines by either (a) executing an authorization for each placement (**"Partnership Insertion Order"**) or (b) pre- approval of a bi-weekly budget for all Partnership Fees (**"Approved Partnership Budget"**) as follows:

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Partnership Insertion Order**: Customer shall authorize DM Reach in writing via execution of electronic confirmation to incur Partnership Fees. DM Reach shall not incur Partnership Fees without the written approved Partnership Insertion Order from Customer. Customer acknowledges that Customer must execute Partnership Insertion Order and prepay DM Reach for all Partnership Fees before DM Reach places an advertisement on Customer's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) **Approved Partnership Budget**: On a bi-weekly basis, Customer shall provide written approval of a Partnership Budget. DM Reach shall have full discretion to allocate Partnership Fees for the placement of partnership advertisements up to the bi-weekly Approved Partnership Budget. All Marketing Spend up to the agreed budget amount will be charged directly to Customer's provided payment method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5. Customer acknowledges that DM Reach or its affiliates (a) may have an ownership interest in some providers of placement advertisements, details of which are available upon Customer's request; and (b) as a result of DM Reach relationships and negotiated terms with various vendors, certain benefits may accrue to DM Reach or its affiliates including but not limited to additional revenue from certain partnership placements. Unless Customer expressly instructs otherwise, DM Reach may use its discretion in deploying Marketing Spend, including but not limited to approved Partnership Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3. Customer Representations**. Customer further acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1. Return on Marketing Spend, Partnership spend and/or advertising spend (***"Return"***) can vary greatly with each Offering or campaign and may differ from historical averages, both with respect to DM Reach fees and fees for any third party partners introduced by DM Reach or its affiliates. Historical data, averages and information are not a representation of what can be achieved in any particular Offering or campaign as each Offering and campaign is unique and influenced by numerous external factors including but not limited to the Customer's industry, the Customer's management team, the economic environment at the time of an Offering and the funds available for Marketing Spend and Partnership Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2. There are many marketing strategies and tools available to raise capital. Customer is responsible for selecting the capital raising approach that is best suited to Customer's business. DM Reach and its affiliates cannot predict and do not guarantee that a market participant will attain a particular result. The success of an Offering depends on the Customer's own effort, motivation, commitment and follow-through.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3. Customer may use the marketing assets created pursuant to this Agreement for purposes other than raising capital. For example Marketing Spend and Partnership Fees may be used to create valuable Customer brand collateral, brand positioning, investor mailing lists and investor analytics, regardless of the amount of capital raised. Customer shall be solely responsible for using the marketing assets created pursuant to this Agreement for purposes other than raising capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4. DM Reach Services may involve, among other things, communicating with third party publishers to secure advertising space for DM Reach Customer (**"Publishers"**). Customer agrees and warrants that it shall not, directly or indirectly, or through a third party, contact said Publishers by any means and shall not interfere with, circumvent, attempt to circumvent, avoid or bypass DM Reach's communication with Publishers, interfere with the relationship between DM Reach and Publishers for the purpose of gaining any benefit, whether such benefit is monetary or otherwise or re-sell paid media or advertising placements to DealMaker Customers without the express written consent of DM Reach.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4. Payment.** The Customer will be billed as set out in the Terms. At the end of the month in which the DM Reach Services are delivered, payment will be automatically debited from the Customer's bank account or credit card on file, with a receipt to be automatically delivered. Invoices will be available for the Customer to review upon request. In respect of **Partnership Fees** only, such fees shall be due and payable on or before the due date on the invoice (**"Due Date"**) using ACH or the Client's pre-authorized payment method on file, unless stated otherwise on the Customer Partnership Insertion Order. DealMaker reserves the right to charge the Client's pre-authorized payment method on file for the amount of the Partnership Fee invoice in Arrears (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5. Paused DM Reach Services.** Customer may request that DM Reach Services (and corresponding Fees) be paused (**"Pause Date"**). Customer shall pay (a) any Partnership Fees incurred prior to the Pause Date; and (b) DM Reach's monthly service fees for sixty (60) days from the Pause Date. When a campaign is paused, DM Reach may place the campaign in a queue behind other marketing Campaigns that are ready to launch (**"Launch Queue"**). Customer acknowledges that DM Reach may not have staff available to relaunch a paused campaign on the Customer's date of choice. Customer campaign may be relaunched once Customer's campaign reaches the beginning of the Launch Queue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6. Unpaid Invoices**. Notwithstanding anything to the contrary in the Agreement, in the event that Customer fails to pay all outstanding invoices pursuant to this Agreement, Customer agrees that it shall pay the full amount of the outstanding invoices from the proceeds of the Offering, within seven (7) days of the disbursement of such proceeds to the Customer, plus applicable interest. In the event that a Customer payment for any DM Reach fee fails, Customer has fourteen (14) days to re-connect their bank account or credit card and submit payment for any outstanding invoices. In the event that payment for all outstanding invoices is not cleared within 14 days, all partnership advertisements and DM Reach Services will be paused until payment is received and the Customer's bank account or credit card authorization is restored, except for non-payment of Partnership Fees by Due Date, which shall result in immediate cancellation of the advertising placements. In the event that Customer fails to pay any invoice due and payable (**"Arrears"**) to DM Reach and such Arrears are not cleared or Customer account is not brought back into good standing within 30 days, all DM Reach Services pursuant to this Agreement will be paused and Customer's campaign will be placed at the end of the Launch Queue until payment is received in full. Once payment is received in full, Customer's campaign will move forward through the Launch Queue.

***Customer acknowledges that marketing assets created using DM Reach Services shall not be released to Customer until all outstanding invoices and Arrears are paid in full. DM Reach shall have the right to register a lien on any assets or property of the Customer in respect of fees owed and outstanding to DM Reach for more than sixty (60) days.***

**<u>4. WORK PRODUCT OWNERSHIP</u>**

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**<u>5. ADDITIONAL INDEMNIFICATION</u>**

Notwithstanding and without limitation of any other provision of this Agreement, and notwithstanding whether such losses or damages are foreseeable or unforeseeable, DM Reach shall not be liable under any circumstances whatsoever for any breach by any other Customer Partner, which term includes third party consultants, agents, corporations, partnerships, trusts or any other entities involved in the placement of partnership advertisements, of securities laws or other rule of any securities regulatory authority, for lost profits or for special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages. Customer agrees that its liability hereunder shall be absolute and unconditional, regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to DM Reach or any of the Indemnified Parties and shall accrue and become enforceable without prior demand or any other precedent action or proceeding. Customer shall ensure that all agreements with the Customer's Partners include the following indemnity:

"Partner agrees to indemnify, defend and hold Customer and any current or former officers, directors, employees, subsidiaries, affiliates, partners, agents or contractors (**"Representatives"**) harmless from any and all costs, demands, damages, losses, fees, expenses and liabilities (including attorneys' fees and costs) (**"Losses"**) as a result of any third parties demands, regulatory investigations, causes of action, losses, damages, liabilities, costs, fines, claims, class actions and expenses (including reasonable attorney's fees) (**"Claims"**) in connection with the services provided and the content prepared by the Partner for the Offering, unless Customer is proven to have been grossly negligent." The Parties hereby agree that DM Reach shall be a third party beneficiary of such indemnity provisions in the Customer's agreement with Partner in respect of any "Losses" suffered by DM Reach related to the Partner's services in respect of the Offering. The Parties further agree that this remedy shall not be the sole and exclusive remedy for DM Reach to recover any Losses against Customer in respect of the Agreement."

**Customer further agrees that with respect to Publishers who are retained by DM Reach on Customer's behalf to place Customer's advertisements in third party publications, Customer shall indemnify and hold harmless Publishers and their Representatives with respect to any Claims arising from Customer content provided directly or indirectly to Publisher.**

**<u>6.</u> <u>GENERAL</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1. Customer No Unauthorized Usage.** Customer acknowledges that DM Reach Customers must use DealMaker as the platform for their Offering, and Customer must execute a separate Order form with Novation Solutions Inc., o/a DealMaker.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** Customer acknowledges that it is engaging in a self-hosted raise. Customer is responsible for carrying out the self-hosted capital raise and bears primary responsibility for the success of its own Offering. Customer understands that DM Reach does not and cannot make any guarantees about Customer's campaign of Offering. No language or provision in this Agreement or any related proposal shall be construed as a guarantee or warranty of any type by DM Reach, including, without limitation, the success of the Customer's campaign or the Offering, the amount of funds raised in the Offering, the costs associated with the capital raised in an Offering or anything relating to the scope of work or quality of work by DM Reach on the Customer's campaign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** Customer understands and acknowledges that all changes to marketing assets and marketing collateral, including but not limited to, the Customer's website for the Offering and all press releases, must be reviewed according to the terms of Customer's broker-dealer engagement agreement, where Customer has retained a broker-dealer.

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## Ex1A-6

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**FRONTIERAS NORTH AMERICA<br>2025 EQUITY INCENTIVE PLAN**

1. <u>Purpose; Eligibility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>General Purpose</u>. The name of this plan is the Frontieras North America 2025 Equity Incentive

Plan (the "**Plan**"). The purposes of the Plan are to (a) enable Frontieras North America, a Wyoming corporation (the "**Company**"), and any Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company's long range success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the Company; and

(c) promote the success of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Eligible Award Recipients</u>. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its Affiliates and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants and Directors after the receipt of Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Available Awards</u>. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c) Stock Appreciation Rights, and (d) Restricted Awards.

2. <u>Definitions</u>.

"**Affiliate**" means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common control with, the Company by virtue of being part of a parent-subsidiary group in which each entity owns at least fifty percent (50%) of the equity interests in the other entity.

"**Applicable Laws**" means the requirements related to or implicated by the administration of the Plan under applicable state corporate law, United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.

"**Award**" means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right or a Restricted Award.

"**Award Agreement**" means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

"**Board**" means the Board of Directors of the Company, as constituted at any time.

"**Cause**" means:

With respect to any Employee or Consultant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Cause, the definition contained therein; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) conduct that results in or is reasonably likely to result in harm to the reputation or business of the Company or any of its Affiliates; (iii) gross negligence or willful misconduct with respect to the Company or an Affiliate; or (iv) material violation of state or federal securities laws.

With respect to any Director, a determination by a majority of the disinterested Board members that the Director has engaged in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) malfeasance in office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) gross misconduct or neglect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) false or fraudulent misrepresentation inducing the director's appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) willful conversion of corporate funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

The Committee or disinterested Board members, as applicable, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

**"Change in Control" means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) One Person (or more than one Person acting as a group) acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; *provided, that*, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company's stock and acquires additional stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) One Person (or more than one Person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the

Company's stock possessing 30% or more of the total voting power of the stock of such corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by majority of the Board before the date of appointment or election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) One Person (or more than one Person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately before such acquisition(s).

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"**Code**" means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

"**Committee**" means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with **Section 3.3** and **Section 3.4**.

"**Common Stock**" means the common stock, $0.0001 par value per share, of the Company, or such other securities of the Company as may be designated by the Committee from time to time in substitution thereof.

"**Company**" means Frontieras North America, a Wyoming corporation, and any successor thereto.

"**Consultant**" means any individual who is engaged by the Company or any Affiliate to render consulting or advisory services.

"**Continuous Service**" means that the Participant's service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted or terminated. The Participant's Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, *provided that* there is no interruption or termination of the Participant's Continuous Service; *provided further that* if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence.

"**Covered Employee**" has the same meaning as set forth in Section 162(m)(3) of the Code, as interpreted by IRS Notice 2007-49.

**"Deferred Stock Units (DSUs)" has the meaning set forth in Section 7.2(b)(ii) hereof.**

"**Director**" means a member of the Board or a member of the Board of Directors of any Affiliate of the Company.

"**Disability**" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment; *provided, however,* for purposes of determining the term of an Incentive Stock Option pursuant to **Section 6.10** hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee. Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock Option pursuant to **Section 6.10** hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates.

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**"Disqualifying Disposition"** has the meaning set forth in **Section 14.11.**

"**Effective Date**" shall mean the date as of which this Plan is adopted by the Board.

"**Employee**" means any person (including those who serve as an Officer or Director but are also employed by the Company) employed by the Company or an Affiliate; *provided, that,* for purposes of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director's fee by the Company or an Affiliate shall not be sufficient to constitute "employment" by the Company or an Affiliate.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Fair Market Value**" means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on any established stock exchange or a national market system, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in the *Wall Street Journal* or such other source as the Company deems reliable. In the absence of an established market for the Common Stock, the Fair Market Value shall be determined by the Committee in accordance with Section 409A of the Code, and such determination shall be conclusive and binding on all persons.

**"Free Standing Rights"** has the meaning set forth in **Section 7.1(a).**

"**Grant Date**" means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set forth in such resolution.

"**Incentive Stock Option**" means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code.

"**Non-Employee Director**" means a Director who is a "non-employee director" within the meaning of Rule 16b-3.

"**Non-qualified Stock Option**" means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

"**Officer**" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

"**Option**" means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

"**Optionholder**" means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

"**Option Exercise Price**" means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

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"**Outside Director**" means a Director who is an "outside director" within the meaning of Section 162(m) of the Code and Treasury Regulations Section 1.162-27(e)(3) or any successor to such statute and regulation.

"**Participant**" means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

"**Permitted Transferee**" means: (a) a member of the Optionholder's immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships), any person sharing the Optionholder's household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests; (b) third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified Stock Option; and (c) such other transferees as may be permitted by the Committee in its sole discretion.

"**Plan**" means this Frontieras North America 2025 Equity Incentive Plan, as further amended and/or amended and restated from time to time.

"**Related Rights**" has the meaning set forth in **Section 7.1(a)**.

"**Restricted Award**" means any Award granted pursuant to **Section 7.2(a)**.

"**Restricted Period**" has the meaning set forth in **Section 7.2(a)**.

"**Rule 16b-3**" means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Stock Appreciation Right**" means the right pursuant to an Award granted under **Section 7.1** to receive, upon exercise, an amount payable in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified in the Stock Appreciation Right Award Agreement.

**"Stock for Stock Exchange"** has the meaning set forth in **Section 6.4.**

"**Substitute Awards**" means Awards granted solely in assumption of, or in substitution for, outstanding awards previously granted by a company acquired by the Company or with which the Company combines.

"**Ten Percent Shareholder**" means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

3. <u>Administration</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authority of Committee</u>. The Plan shall be administered by the Committee or, in the Board's sole discretion, by the Board. Subject to the terms of the Plan, the Committee's charter and Applicable Laws, and in addition to other express powers and authorization conferred by the Plan, the Committee shall have the authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to construe and interpret the Plan and apply its provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve Covered Employees or "insiders" within the meaning of Section 16 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to determine when Awards are to be granted under the Plan and the applicable Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) from time to time to select, subject to the limitations set forth in this Plan, those Participants to whom Awards shall be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to determine the number of shares of Common Stock to be made subject to each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Award Agreement relating to such grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award; *provided, however*, that if any such amendment impairs a Participant's rights or increases a Participant's obligations under his or her Award or creates or increases a Participant's federal income tax liability with respect to an Award, such amendment shall also be subject to the Participant's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under the Company's employment policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan.

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The Committee also may modify the purchase price or the exercise price of any outstanding Award, but in no event shall the modification be less than the Fair Market Value on the date of the modification, *provided that* if the modification effects a repricing, shareholder approval shall be required before the repricing is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Committee Decisions Final</u>. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Delegation</u>. The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee or committees of one or more members of the Board, and the term "**Committee**" shall apply to any person or persons to whom such authority has been delegated. The

Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business as it may determine to be advisable. Notwithstanding the foregoing, the Board, and not the Committee, shall administer the Plan with respect to all Awards to any Director who is not also an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Committee Composition</u>. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors who are also Outside Directors. The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3 and/or Section 162(m) of the Code. However, if the Board intends to satisfy such exemption requirements, with respect to Awards to any Covered Employee and with respect to any insider subject to Section 16 of the Exchange Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors who are also Outside Directors. Within the scope of such authority, the Board or the Committee may (a) delegate to a committee of one or more members of the Board who are not Outside Directors the authority to grant Awards to eligible persons who are either (i) not then Covered Employees and are not expected to be Covered Employees at the time of recognition of income resulting from such Award or (ii) not persons with respect to whom the Company wishes to comply with Section 162(m) of the Code or (b) delegate to a committee of one or more members of the Board who are not Non-Employee Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors who are also Outside Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Indemnification</u>. In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney's fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof (*provided, however,* that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; *provided, however,* that within 60 days after institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.

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4. <u>Shares Subject to the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Subject to adjustment in accordance with **Section 11**, a total of 50,000,000 shares of Common Stock shall be available for the grant of Awards under the Plan. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Any shares of Common Stock subject to an Award that is canceled, forfeited or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the Plan. Notwithstanding anything to the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Any shares of Common Stock issued by the Company as Substitute Awards in connection with the assumption or substitution of outstanding grants from any acquired company shall not reduce the shares of Common Stock available for Awards under the Plan to the extent that the rules and regulations of any stock exchange or other trading market on which the shares of Common Stock are listed or traded provide an exemption from shareholder approval for assumption, substitution, conversion, adjustment, or replacement of outstanding awards in connection with mergers, acquisitions, or other corporate combinations.

5. <u>Eligibility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Eligibility for Specific Awards</u>. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to become Employees, Consultants and Directors following the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Ten Percent Shareholders</u>. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is at least 110% of the Fair Market Value of the Common Stock at the Grant Date and the Option is not exercisable after the expiration of five years from the Grant Date.

6. <u>Option Provisions</u>. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in this **Section 6**, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All

Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Term</u>. Subject to the provisions of **Section 5.2** regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the Committee; *provided, however,* no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Exercise Price of an Incentive Stock Option</u>. Subject to the provisions of **Section 5.2** regarding Ten Percent Shareholders, the Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Exercise Price of a Non-qualified Stock Option</u>. The Option Exercise Price of each Non-qualified Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Consideration</u>. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a "**Stock for Stock Exchange**"); (ii) a "cashless" exercise program established with a broker; (iii) by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time of exercise; (iv) any combination of the foregoing methods; or (v) in any other form of legal consideration that may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by shares of the Common Stock of the Company that have been held for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period for which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or a national market system) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under this Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Transferability of an Incentive Stock Option</u>. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Transferability of a Non-qualified Stock Option</u>. A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Vesting of Options</u>. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may vary. No Option may be exercised for a fraction of a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Termination of Continuous Service</u>. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have been approved by the Committee, in the event an Optionholder's Continuous Service terminates (other than upon the Optionholder's death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the Optionholder's Continuous Service or (b) the expiration of the term of the Option as set forth in the Award Agreement; *provided that,* if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Extension of Termination Date</u>. An Optionholder's Award Agreement may also provide that if the exercise of the Option following the termination of the Optionholder's Continuous Service for any reason would be prohibited at any time because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the expiration of the term of the Option in accordance with **Section 6.1** or (b) the expiration of a period after termination of the Participant's Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of such registration or other securities law requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Disability of Optionholder</u>. Unless otherwise provided in an Award Agreement, in the event that an Optionholder's Continuous Service terminates as a result of the Optionholder's Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Death of Optionholder</u>. Unless otherwise provided in an Award Agreement, in the event an

Optionholder's Continuous Service terminates as a result of the Optionholder's death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder's estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder's death, but only within the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Optionholder's death, the

Option is not exercised within the time specified herein or in the Award Agreement, the Option shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Incentive Stock Option $100,000 Limitation</u>. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options.

7. <u>Provisions of Awards Other Than Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Stock Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General

Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock Appreciation Right so granted shall be subject to the conditions set forth in this **Section 7.1**, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone ("**Free Standing Rights**") or in tandem with an Option granted under the Plan ("**Related Rights**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grant Requirements

Any Related Right that relates to a Non-qualified Stock Option may be granted at the same time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Term of Stock Appreciation Rights

The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; *provided, however,* no Stock Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Vesting of Stock Appreciation Rights

Each Stock Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Stock Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised as the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation Right may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Stock Appreciation Right upon the occurrence of a specified event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Exercise and Payment

Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an amount equal to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (i) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified in the Stock Appreciation Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on the date of exercise. Payment shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk of forfeiture and transferability, as determined by the Committee in its sole discretion), cash or a combination thereof, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Exercise Price

The exercise price of a Free Standing Stock Appreciation Right shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise price as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable only to the same extent as the related Option; *provided, however,* that a Stock Appreciation Right, by its terms, shall be exercisable only when the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds the exercise price per share thereof and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements of **Section 7.1(b)** are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Reduction in the Underlying Option Shares

Upon any exercise of a Related Right, the number of shares of Common Stock for which any related Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised. The number of shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the number of shares of Common Stock for which such Option has been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Restricted Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General

A Restricted Award is an Award of actual shares of Common Stock ("**Restricted Stock**") or hypothetical Common Stock units ("**Restricted Stock Units**") having a value equal to the Fair Market Value of an identical number of shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose for such period (the "**Restricted Period**") as the Committee shall determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this **Section 7.2**, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Restricted Stock and Restricted Stock Units

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement. If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to receive dividends; *provided that,* any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld by the Company for the Participant's account, and interest may be credited on the amount of the cash dividends withheld at a rate and subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence of a future payment date or event set forth in an Award Agreement ("**Deferred Stock Units**"). At the discretion of the Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common Stock) may be credited with an amount equal to the cash and stock dividends paid by the Company in respect of one share of Common Stock ("**Dividend Equivalents**"). Dividend Equivalents shall be paid currently (and in no case later than the end of the calendar year in which the dividend is paid to the holders of the Common Stock or, if later, the 15th day of the third month following the date the dividend is paid to holders of the Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement; and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period, and satisfaction of any applicable performance goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted Period

With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or settled for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting in the terms of any Award Agreement upon the occurrence of a specified event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Delivery of Restricted Stock and Settlement of Restricted Stock Units

Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in **Section 7.2(c)** and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any cash dividends or stock dividends credited to the Participant's account with respect to such Restricted Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, or at the expiration of the deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one share of Common Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock Unit ("**Vested Unit**") and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with **Section 7.2(b)(ii)** hereof and the interest thereon or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents and the interest thereon, if any; *provided, however*, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed in the case of Restricted Stock Units, or the delivery date in the case of Deferred Stock Units, with respect to each Vested Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Stock Restrictions

Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company deems appropriate.

8. <u>Securities Law Compliance</u>. Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder unless and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell shares of Common Stock upon exercise of the Awards; *provided, however,* that this undertaking shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authority is obtained.

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9. <u>Use of Proceeds from Stock</u>. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute general funds of the Company.

10. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Shareholder Rights</u>. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until such Participant has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Common Stock certificate is issued, except as provided in **Section 11** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>No Employment or Other Service Rights</u>. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without Cause or (b) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Transfer; Approved Leave of Absence</u>. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the

Employee's right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Section 409A of the Code if the applicable Award is subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Withholding Obligations</u>. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition to the Company's right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award, *provided, however,* that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; (c) delivering to the Company previously owned and unencumbered shares of Common Stock of the Company; or (d) by such other method as may be set forth in the Award Agreement.

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11. <u>Adjustments Upon Changes in Stock</u>. In the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Stock Appreciation Rights, the maximum number of shares of Common Stock subject to all Awards stated in **Section 4** and the maximum number of shares of Common Stock with respect to which any one person may be granted Awards during any period stated in **Section 4** will be equitably adjusted or substituted, as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this **Section 11**, unless the Committee specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Stock Options, ensure that any adjustments under this **Section 11** will not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Stock Options, ensure that any adjustments under this **Section 11** will not constitute a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code. Any adjustments made under this **Section 11** shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. Further, with respect to Awards intended to qualify as "performance-based compensation" under Section 162(m) of the Code, any adjustments or substitutions will not cause the Company to be denied a tax deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

12. <u>Effect of Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Unless otherwise provided in an Award Agreement or in a Participant's employment or service agreement, notwithstanding any provision of the Plan to the contrary, in the event of a Change in Control, all outstanding Options and Stock Appreciation Rights shall become immediately exercisable with respect to 100% of the shares subject to such Options or Stock Appreciation Rights, and the Restricted Period shall expire immediately with respect to 100% of the shares of Restricted Stock or Restricted Stock Units. To the extent practicable, any actions taken by the Committee under the immediately preceding sentence shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control with respect to the shares of Common Stock subject to their Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days' advance notice to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company in the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price in the case of a Stock Appreciation Right) that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole.

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13. <u>Amendment of the Plan and Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Amendment of Plan</u>. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided in **Section 11** relating to adjustments upon changes in Common Stock and **Section 13.3**, no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Shareholder Approval</u>. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of Section 162(m) of the Code and the regulations thereunder regarding the exclusion of performance-based compensation from the limit on corporate deductibility of compensation paid to certain executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>Contemplated Amendments</u>. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>No Impairment of Rights</u>. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 <u>Amendment of Awards</u>. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; *provided, however,* that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

14. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Forfeiture Events</u>. The Committee may specify in an Award Agreement that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of the Participant's Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Clawback</u>. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>Other Compensation Arrangements</u>. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>Sub-plans</u>. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>Unfunded Plan</u>. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <u>Recapitalizations</u>. Each Award Agreement shall contain provisions required to reflect the provisions of **Section 11**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <u>Delivery</u>. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30 days shall be considered a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 <u>No Fractional Shares</u>. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 <u>Other Provisions</u>. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan, including, without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 <u>Section 409A</u>. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that are due within the "short-term deferral period" as defined in Section 409A of the Code shall not be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant's termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant's separation from service (or the Participant's death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 <u>Disqualifying Dispositions</u>. Any Participant who shall make a "disposition" (as defined in Section 424 of the Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option (a "**Disqualifying Disposition**") shall be required to immediately advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such shares of Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 <u>Section 16</u>. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this **Section 14.12**, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 <u>Section 162(m)</u>. To the extent the Committee issues any Award that is intended to be exempt from the deduction limitation of Section 162(m) of the Code, the Committee may, without shareholder or grantee approval, amend the Plan or the relevant Award Agreement retroactively or prospectively to the extent it determines necessary in order to comply with any subsequent clarification of Section 162(m) of the Code required to preserve the Company's federal income tax deduction for compensation paid pursuant to any such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 <u>Beneficiary Designation</u>. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant's death. Each designation will revoke all prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing with the Company during the Participant's lifetime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 <u>Expenses</u>. The costs of administering the Plan shall be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 <u>Severability</u>. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 <u>Plan Headings</u>. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.18 <u>Non-Uniform Treatment</u>. The Committee's determinations under the Plan need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements.

15. <u>Effective Date of Plan</u>. The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or, in the case of a stock Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board.

16. <u>Termination or Suspension of the Plan</u>. The Plan shall terminate automatically on the ten-year anniversary of the Effective Date. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant to **Section 13.1** hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

17. <u>Choice of Law</u>. The law of the State of Wyoming shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such state's conflict of law rules.

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## Ex1A-6

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**Exhibit B**

Form of Stock Option Grant Notice (including Option Agreement and Notice of Exercise)

FRONTIERAS NORTH AMERICA<br>STOCK OPTION GRANT NOTICE<br>(2025 EQUITY INCENTIVE PLAN)

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Frontieras North America, a Wyoming corporation (the "Company"), pursuant to its 2025 Equity Incentive Plan (as amended and/or restated as of the Date of Grant set forth below, the "Plan"), has granted to Optionholder an option to purchase the number of shares of the Common Stock set forth below (the "Option"). The Option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice (the "Grant Notice") and in the Plan, the Option Agreement, and the Notice of Exercise, all of which are attached to this Grant Notice and incorporated into this Grant Notice in their entirety. Capitalized terms not explicitly defined in this Grant Notice but defined in the Plan or the Option Agreement shall have the meanings set forth in the Plan or the Option Agreement, as applicable. If the Company uses an electronic capitalization table system (such as Carta or Shareworks) and the fields below are blank or the information is otherwise provided in a different format electronically, the blank fields and other information (such as exercise schedule and type of grant) shall be deemed to come from the electronic capitalization system and is considered part of this Grant Notice.

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| |
|:---|
| Optionholder: |
| Date of Grant: |
| Vesting Commencement Date: |
| Number of Shares Subject to Option: |
| Exercise Price (Per Share)1: |

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________________________

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| |
|:---|
| Total Exercise Price: |
| Expiration Date: |
| Exercise Schedule: |
| Type of Grant2: |

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| | |
|:---|:---|
| **Vesting Schedule:** | ______th of the total shares will vest on the one-year anniversary of the Vesting Commencement Date, and th of the total shares will vest each month thereafter on the same day of the month as the Vesting Commencement Date (or if there is no corresponding day, on the last day of the month), subject to Optionholder's Continuous Service as of each such date. |

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**Optionholder Acknowledgements:** By Optionholder's signature below or by electronic acceptance or authentication in a form authorized by the Company, Optionholder understands and agrees that the Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Option Agreement and the Notice of Exercise, all of which are made a part of this document.

By accepting this Option, Optionholder consents to receive this Grant Notice, the Option Agreement, the Plan, and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Optionholder represents that he or she has read and is familiar with the provisions of the Plan and the Option Agreement. Optionholder acknowledges and agrees that this Grant Notice and the Option Agreement may not be modified, amended or revised except in writing signed by Optionholder and a duly authorized officer of the Company.

Optionholder further acknowledges that in the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise and the terms of the Plan, the terms of the Plan shall control. Optionholder further acknowledges that the Option Agreement sets forth the entire understanding between Optionholder and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of other equity awards previously granted to Optionholder and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and Optionholder in each case that specifies the terms that should govern this Option.

Optionholder further acknowledges that this Grant Notice has been prepared on behalf of the Company by Gallagher & Kennedy, P.A., counsel to the Company and that Gallagher & Kennedy, P.A. does not represent, and is not acting on behalf of, Optionholder in any capacity. Optionholder has been provided with an opportunity to consult with Optionholder's own counsel with respect to this Grant Notice.

This Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

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| | |
|:---|:---|
| **Frontieras North America** | **Optionholder: _________________________** |
| By: | By: |
| (Signature) | (Signature) |
| Title: | Email: |
| Date: | Date: |

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**Attachments**: Option Agreement, 2025 Equity Incentive Plan, and Notice of Exercise

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ATTACHMENT I

**OPTION AGREEMENT**

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**FRONTIERAS NORTH AMERICA<br>2025 Equity Incentive Plan**

OPTION AGREEMENT

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK OPTION)

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Pursuant to your Stock Option Grant Notice ("***Grant Notice***") and this Option Agreement, **Frontieras North America** (the "***Company***") has granted you an option under its 2025 Equity Incentive Plan (the "***Plan***") to purchase the number of shares of the Company's Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice (the "***Date of Grant***"). If there is any conflict between the terms in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan.

The details of your option, in addition to those set forth in the Grant Notice and the Plan, are as follows:

**Vesting**. Your option will vest as provided in your Grant Notice. Vesting will cease upon the termination of your Continuous Service.

**Number of Shares and Exercise Price**. The number of shares of Common Stock subject to your option and your exercise price per share in your Grant Notice will be adjusted for capitalization adjustments pursuant to Section 11 of the Plan.

**Exercise Restriction for Non-Exempt Employees**. If you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (that is, a "***Non-Exempt Employee***"), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six months of Continuous Service measured from the Date of Grant, even if you have already been an employee for more than six months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six month anniversary in the case of (i) your death or disability, (ii) a corporate transaction, such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization in which your option is not assumed, continued or substituted, (iii) a Change in Control or (iv) your termination of Continuous Service on your "retirement" (as defined in the Company's benefit plans).

**Method of Payment**. You must pay the full amount of the exercise price for the shares you wish to exercise. The permitted methods of payment are as set forth in Section 6.4 of the Plan.

**Whole Shares**. You may exercise your option only for whole shares of Class A Common Stock.

**Securities Law Compliance**. In no event may you exercise your option unless the shares of Common Stock issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option also must comply with all other applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions on exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable).

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**Term**. You may not exercise your option before the Date of Grant or after the expiration of the option's term. Except as set forth in your Grant Notice, the term of your option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following:

immediately upon the termination of your Continuous Service for Cause;

three months after the termination of your Continuous Service for any reason other than Cause, your Disability or your death (except as otherwise provided in Section 8(d) below); *provided, however,* that if during any part of such three month period your option is not exercisable solely because of the condition set forth in the section above relating to "Securities Law Compliance," your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three months after the termination of your Continuous Service; *provided further,* that if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six months after the Date of Grant, and (iii) you have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until the earlier of (x) the later of (A) the date that is seven months after the Date of Grant, and (B) the date that is three months after the termination of your Continuous Service, and (y) the Expiration Date;

12 months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 8(d)) below;

18 months after your death if you die either during your Continuous Service or within three (3) months after your Continuous Service terminates for any reason other than Cause;

the Expiration Date indicated in your Grant Notice; or

the day before the 10th anniversary of the Date of Grant.

If your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the Date of Grant and ending on the day three months before the date of your option's exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your option more than three months after the date your employment with the Company or an Affiliate terminates.

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**Exercise.**

You may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so permits) during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours. If required by the Company, your exercise may be made contingent on your execution of any additional documents specified by the Company as more fully set forth in Section 15 below.

By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your option, (ii) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise.

If your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within 15 days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two years after the Date of Grant or within one year after such shares of Common Stock are transferred upon exercise of your option.

By exercising your option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with applicable FINRA rules (the "***Lock-Up Period***"); *provided, however*, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 9(d). The underwriters of the Company's stock are intended third party beneficiaries of this Section 9(d) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

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You further agree that the obligations contained in this Section 9(d) shall also, if so determined by the Company's Board of Directors, apply in the Company's initial listing of its Common Stock on a national securities exchange by means of a registration statement on Form S-1 under the Securities Act (or any successor registration form under the Securities Act subsequently adopted by the Securities and Exchange Commission) filed by the Company with the Securities and Exchange Commission that registers shares of existing capital stock of the Company for resale (a "***Direct Listing***"), provided that all holders of at least 5% of the Company's outstanding Common Stock (after giving effect to the conversion into Common Stock of any outstanding Preferred Stock of the Company) are subject to substantially similar obligations with respect to such Direct Listing.

**Transferability**. Except as otherwise provided in this Section 10, your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you.

**Certain Trusts**. Upon receiving written permission from the Board or its duly authorized designee, you may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust. You and the trustee must enter into transfer and other agreements required by the Company.

**Domestic Relations Orders**. Upon receiving written permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is contained within the domestic relations order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.

**Beneficiary Designation**. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to exercise this option and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and receive, on behalf of your estate, the Common Stock or other consideration resulting from such exercise.

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**Right of First Refusal**. Shares of Common Stock that you acquire upon exercise of your option are subject to any right of first refusal that may be described in the Company's bylaws in effect at such time the Company elects to exercise its right; *provided, however,* that if there is no right of first refusal described in the Company's bylaws at such time, the right of first refusal described below will apply. The Company's right of first refusal will expire on the first date upon which any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system (the "***Listing Date***").

Prior to the Listing Date, you may not validly Transfer (as defined below) any shares of Common Stock acquired upon exercise of your option, or any interest in such shares, unless such Transfer is made in compliance with the following provisions:

Before there can be a valid Transfer of any shares of Common Stock or any interest therein, the record holder of the shares of Common Stock to be transferred (the "***Offered Shares***") will give written notice (by registered or certified mail) to the Company. Such notice will specify the identity of the proposed transferee, the cash price offered for the Offered Shares by the proposed transferee (or, if the proposed Transfer is one in which the holder will not receive cash, such as an involuntary transfer, gift, donation or pledge, the holder will state that no purchase price is being proposed), and the other terms and conditions of the proposed Transfer. The date such notice is mailed will be hereinafter referred to as the "***Notice Date***" and the record holder of the Offered Shares will be hereinafter referred to as the "***Offeror***." If, from time to time, there is any stock dividend, stock split or other change in the character or amount of any of the outstanding Common Stock which is subject to the provisions of your option, then in such event any and all new, substituted or additional securities to which you are entitled by reason of your ownership of the shares of Common Stock acquired upon exercise of your option will be immediately subject to the Company's Right of First Refusal (as defined below) with the same force and effect as the shares subject to the Right of First Refusal immediately before such event.

For a period of 30 calendar days after the Notice Date, or such longer period as may be required to avoid the classification of your option as a liability for financial accounting purposes, the Company will have the option to purchase all (but not less than all) of the Offered Shares at the purchase price and on the terms set forth in Section 11(a)(iii) (the Company's "***Right of First Refusal***"). In the event that the proposed Transfer is one involving no payment of a purchase price, the purchase price will be deemed to be the Fair Market Value of the Offered Shares as determined in good faith by the Board in its discretion. The Company may exercise its Right of First Refusal by mailing (by registered or certified mail) written notice of exercise of its Right of First Refusal to the Offeror prior to the end of said 30 days (including any extension required to avoid classification of the option as a liability for financial accounting purposes).

The price at which the Company may purchase the Offered Shares pursuant to the exercise of its Right of First Refusal will be the cash price offered for the Offered Shares by the proposed transferee (as set forth in the notice required under Section 11(a)(i)), or the Fair Market Value as determined by the Board in the event no purchase price is involved. To the extent consideration other than cash is offered by the proposed transferee, the Company will not be required to pay any additional amounts to the Offeror other than the cash price offered (or the Fair Market Value, if applicable). The Company's notice of exercise of its Right of First Refusal will be accompanied by full payment for the Offered Shares and, upon such payment by the Company, the Company will acquire full right, title and interest to all of the Offered Shares.

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If, and only if, the option given pursuant to Section 11(a)(ii) is not exercised, the Transfer proposed in the notice given pursuant to Section 11(a)(i) may take place; *provided, however*, that such Transfer must, in all respects, be exactly as proposed in said notice except that such Transfer may not take place either before the 10<sup>th</sup> calendar day after the expiration of the 30 day option exercise period or after the ninetieth 90<sup>th</sup> calendar day after the expiration of the 30 day option exercise period, and if such Transfer has not taken place prior to said 90<sup>th</sup> day, such Transfer may not take place without once again complying with this Section 11(a). The option exercise periods in this Section 11(a)(iv) will be adjusted to include any extension required to avoid the classification of your option as a liability for financial accounting purposes.

As used in this Section 11, the term "***Transfer***" means any sale, encumbrance, pledge, gift or other form of disposition or transfer of shares of Common Stock or any legal or equitable interest therein; *provided, however*, that the term Transfer does not include a transfer of such shares or interests by will or intestacy to your Immediate Family (as defined below). In such case, the transferee or other recipient will receive and hold the shares of Common Stock so transferred subject to the provisions of this Section, and there will be no further transfer of such shares except in accordance with the terms of this Section 11. As used herein, the term "***Immediate Family***" will mean your spouse, the lineal descendant or antecedent, father, mother, brother or sister, child, adopted child, grandchild or adopted grandchild of you or your spouse, or the spouse of any child, adopted child, grandchild or adopted grandchild of you or your spouse.

None of the shares of Common Stock purchased on exercise of your option will be transferred on the Company's books nor will the Company recognize any such Transfer of any such shares or any interest therein unless and until all applicable provisions of this Section 11 have been complied with in all respects. The certificates of stock evidencing shares of Common Stock purchased on exercise of your option will bear an appropriate legend referring to the transfer restrictions imposed by this Section 11.

To ensure that the shares subject to the Company's Right of First Refusal will be available for repurchase by the Company, the Company may require you to deposit the certificates evidencing the shares that you purchase upon exercise of your option with an escrow agent designated by the Company under the terms and conditions of an escrow agreement approved by the Company. If the Company does not require such deposit as a condition of exercise of your option, the Company reserves the right at any time to require you to so deposit the certificates in escrow. As soon as practicable after the expiration of the Company's Right of First Refusal, the agent will deliver to you the shares and any other property no longer subject to such restriction. In the event the shares and any other property held in escrow are subject to the Company's exercise of its Right of First Refusal, the notices required to be given to you will be given to the escrow agent, and any payment required to be given to you will be given to the escrow agent. Within 30 days after payment by the Company for the Offered Shares, the escrow agent will deliver the Offered Shares that the Company has repurchased to the Company and will deliver the payment received from the Company to you.

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**Option not a Service Contract**. Your option is not an employment or service contract, and nothing in your option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate the Company or an Affiliate, their respective stockholders, boards of directors, officers or employees to continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate.

**Withholding Obligations.**

At the time you exercise your option, in whole or in part, and at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a "same day sale" pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option.

If this option is a Nonstatutory Stock Option, then upon your request and subject to approval by the Company, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid classification of your option as a liability for financial accounting purposes). If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant to the preceding sentence will not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of shares of Common Stock acquired upon such exercise with respect to which such determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding the filing of such election, shares of Common Stock will be withheld solely from fully vested shares of Common Stock determined as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure will be your sole responsibility.

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You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein, if applicable, unless such obligations are satisfied.

**Tax Consequences**. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified in the Grant Notice is at least equal to the "fair market value" per share of the Common Stock on the Date of Grant and there is no other impermissible deferral of compensation associated with the option. Because the Common Stock is not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service will agree with the valuation as determined by the Board, and you will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the Board is less than the "fair market value" as subsequently determined by the Internal Revenue Service.

**Imposition of Other Requirements**. You agree to execute further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of this option. You further agree to execute, to the extent requested by the Company, at any time and from time to time, any agreements entered into with holders of capital stock of the Company, including without limitation a right of first refusal and co-sale agreement, stockholders agreement and/or a voting agreement.

**Notices**. Any notices provided for in your option or the Plan will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic means or to request your consent to participate in the Plan by electronic means. By accepting this option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

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**Governing Plan Document**. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those of the Plan, the provisions of the Plan will control.

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**ATTACHMENT II**

**2025 Equity Incentive Plan**

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ATTACHMENT III

NOTICE OF EXERCISE

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FRONTIERAS NORTH AMERICA

NOTICE OF EXERCISE

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This constitutes notice to **Frontieras North America** (the "***Company***") under my stock option that I elect to purchase the below number of shares of Common Stock of the Company (the "***Shares***") for the price set forth below. Use of certain payment methods is subject to Company and/or Board consent and certain additional requirements set forth in the Option Agreement and the Plan. If the Company uses an electronic capitalization table system (such as Carta or Shareworks) and the fields below are blank, the blank fields shall be deemed to come from the electronic capitalization system and is considered part of this Notice of Exercise.

**<u>Option Information</u>**

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| | | |
|:---|:---|:---|
| Type of option (check one): | Incentive **☐** | Nonstatutory ☐ |
| Stock option dated: |  |  |
| Number of Shares as to which option is exercised: |  |  |
| Certificates to be issued in name of:3 |  |  |

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**<u>Exercise Information</u>**

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| |
|:---|
| Date of Exercise: |
| Total exercise price: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash:4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation T Program (cashless exercise):5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of _________ Shares delivered with this notice:6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of _________ Shares pursuant to net exercise:7 |

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By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the 2025 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, (iii) if this exercise relates to an incentive stock option, to notify you in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this option that occurs within two years after the date of grant of this option or within one year after such Shares are issued upon exercise of this option, and (iv) to execute, if and when requested by the Company, at any time or from time to time, any agreements entered into with holders of capital stock of the Company, including without limitation a right of first refusal and co-sale agreement, stockholders agreement and/or a voting agreement. I further agree that this Notice of Exercise may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

______________________________

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I hereby make the following certifications and representations with respect to the number of Shares listed above, which are being acquired by me for my own account upon exercise of the option as set forth above:

I acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the "***Securities Act***"), and are deemed to constitute "restricted securities" under Rule 701 and Rule 144 promulgated under the Securities Act. I warrant and represent to the Company that I have no present intention of distributing or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws.

I further acknowledge and agree that, except for such information as required to be delivered to me by the Company pursuant to the option or the Plan (if any), I will have no right to receive any information from the Company by virtue of the grant of the option or the purchase of shares of Common Stock through exercise of the option, ownership of such shares of Common Stock, or as a result of my being a holder of record of stock of the Company. Without limiting the foregoing, to the fullest extent permitted by law, I hereby waive all inspection rights under Section 220 of the Wyoming Business Corporations Act and all such similar information and/or inspection rights that may be provided under the law of any jurisdiction, or any federal, state or foreign regulation, that are, or may become, applicable to the Company or the Company's capital stock (the "Inspection Rights"). I hereby covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights.

I further acknowledge that I will not be able to resell the Shares for at least 90 days after the stock of the Company becomes publicly traded (*i.e.,* subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144.

I further acknowledge that all certificates representing any of the Shares subject to the provisions of the option will have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company's Certificate of Incorporation, Bylaws and/or applicable securities laws.

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I further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters or the Company will request to facilitate compliance with applicable FINRA rules) (the "***Lock-Up Period***"). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. I further agree that the obligations contained in this paragraph shall also, if so determined by the Company's Board of Directors, apply in the Company's initial listing of its Common Stock on a national securities exchange by means of a registration statement on Form S-1 under the Securities Act (or any successor registration form under the Securities Act subsequently adopted by the Securities and Exchange Commission) filed by the Company with the Securities and Exchange Commission that registers shares of existing capital stock of the Company for resale (a "***Direct Listing***"), provided that all holders of at least 5% of the Company's outstanding Common Stock (after giving effect to the conversion into Common Stock of any outstanding Preferred Stock of the Company) are subject to substantially similar obligations with respect to such Direct Listing.

Very truly yours,

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| | |
|:---|:---|
|  | (Signature) |
|  | Name (Please Print) |
| Address of Record: |  |
| Email: |  |

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## Ex1A-6

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**EMPLOYMENT AGREEMENT**

This Employment Agreement ("<u>Agreement</u>") is made by and between Jose Lopez ("<u>Executive</u>") and Frontieras North America, a Wyoming corporation (the "<u>Company</u>") located at 1000 Main Street Suite 2300, Houston, Texas, 77002. This Agreement is effective as of **June 16, 2025** (the "Effective Date").

WHEREAS, the Company is engaged in the business of developing energy and industrial technologies (the "<u>Business</u>");

WHEREAS, the parties desire that the Company hire or retain Executive under the terms and conditions set forth in this Agreement; and

WHEREAS, the parties desire to express their mutual agreements, covenants, promises, and understandings in a written agreement.

NOW THEREFORE, in consideration of the premises and the agreements, promises, covenants, and provisions contained in this Agreement, the parties agree and declare 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;1. <u>Employment</u>. The Company hereby employs Executive and Executive accepts employment under the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.</u> <u>Position and Duties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive will faithfully and diligently serve the Company to the best of his ability in his position as Chief Financial Officer and in the performance of such other duties and responsibilities consistent with Executive's status and position as the Company or its Board of Directors (the "Board") may assign to him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive will devote his full professional time, attention, and energies to the performance of his duties for the Company, and will not, during his employment under this Agreement, engage in any other business activity, whether or not for profit, except for passive investments in firms or businesses that do not compete with the Company, without the advance written and signed consent of the Company. Notwithstanding this Section 2(b), Executive will be permitted to serve as a director of not for profit and for-profit businesses that do not compete with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive warrants that during the term of his employment under this Agreement, Executive will not do any act or engage in any conduct, or permit, condone, or acquiesce in any act or conduct of other persons, that Executive knew or should have known could cause the Company to be in violation of any law or statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Executive agrees to comply with the policies and procedures of the Company as may be adopted and changed from time to time, including without limitation, those described in the Company's employee handbook, and Code of Conduct and Ethics (when such a Code is implemented by the Company in anticipation of being a public Company). If this Agreement conflicts with such policies or procedures, this Agreement will control. Executive is not subject to any of the "bad actor" disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Securities Act.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As an Executive of the Company, Executive owes a duty of care and loyalty to the Company as well as a duty to perform such duties in a manner that is in the best interests 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;3. <u>Compensation and Benefits</u>. For and in consideration of all services rendered under this Agreement, the Company will compensate Executive as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Salary</u>. During the term of Executive's employment under this Agreement, Executive will be compensated on the basis of an annual salary of $225,000.00, payable in accordance with the Company's standard payroll practices. All payments made to Executive, including all payments of annual salary and any bonuses or equity or equity-based compensation, shall be subject to all withholding required by law (such as income and payroll taxes) and any additional agreed upon withholding amounts. Executive may be eligible for periodic increases of his annual salary as determined by the Company in its sole discretion from time to time utilizing such processes and procedures as the Company may utilize for the consideration of merit salary increases for personnel in Executive's same or similar class.

Executive's salary may not be decreased without his written consent, other than as part of a general arrangement implemented by the Board affecting all of the Company's senior executive officials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus</u>. In addition to Executive's base salary (<u>Section 3(a)</u>), throughout his employment, Executive will be eligible for a quarterly and/or an annual discretionary bonus as periodically established by the Compensation Committee, based upon metrics that will be established by the Compensation Committee in its sole discretion and paid at the time periods determined by the Compensation Committee ("Target Bonus"); provided, however, that Executive may request that the Board review and ratify such metrics. Until a Compensation Committee is appointed, the Board of Directors will serve in this capacity. In order to be eligible to receive such Target Bonus (or portion thereof), except as otherwise provided herein, Executive must remain employed by the Company and in good standing through (i) the payment date if earlier than the end of the calendar year or (ii) the end of the applicable Target Bonus calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Equity Awards</u>. Executive shall be eligible to participate in and receive equity awards under any relevant equity incentive plan of the Company, as such plan may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Expenses</u>. Company will reimburse Executive for all reasonable and necessary expenses that Executive incurs in carrying out his duties under this Agreement in accordance with the Company reimbursement policies as in effect from time to time, provided that Executive presents to the Company from time to time an itemized account of such expenses in such form as the Company may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Vacation and Sick Leave</u>. During the Term, Executive will be entitled to paid time off and sick time in accordance with the terms and conditions of the Company's policies, procedures, and practices applicable to Company employees, as in effect from time to time, and applicable law. <br>

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Participation in Benefit Plans</u>. As of the Effective Date, Executive shall be included in any and all plans of the Company providing general benefits for the Company's employees, including, without limitation, medical, dental, vision, disability, life insurance, 401(k) plan, and holidays. The Company reserves the right to terminate, modify, or amend any employee benefit plan in its sole and absolute discretion in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>At Will Employment/Termination of Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>At Will Employment</u>. Executive and the Company understand and acknowledge that Executive's employment with the Company constitutes "at-will" employment, and the employment relationship may be terminated at any time, with or without cause, and with or without advance notice, subject, however, to the terms herein. Executive's employment shall also be deemed terminated upon Executive's death or becoming disabled. Notice of termination of employment must be given in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding the at-will employment relationship defined in <u>Section 4(a)</u>, Executive's employment under this Agreement may be terminated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Mutual written agreement between Executive and the

Company at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company For Cause (as defined in <u>Section 4(c)</u> below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Resignation by Executive with 60 Days' written notice to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Resignation by Executive for Good Reason (as defined in <u>Section 4(d)</u> below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Termination without Cause, which shall mean any termination of employment by the Company which is not set forth in <u>Section 4(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Termination of Executive by the new company that occurs concurrently with a Change in Control (as such terms are defined in <u>Section 11</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination For Cause</u>. The Company may terminate Executive's employment under this Agreement upon the occurrence of any of the following events (each, a "For Cause" termination):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive's conviction by a court of or plea of guilty or nolo contendere to fraud, dishonesty, or other acts of misconduct in rendering services on behalf of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Executive's gross negligence in the performance of duties assigned to him under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Executive's material violation of a federal or state law that the Board reasonably determines has had, or is reasonably likely to have, a material detrimental effect on the Company's reputation or business or embezzlement or fraud committed (or attempted) by Executive or Executive's direction;

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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;&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) Executive's material breach of a material term, covenant, or promise in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Executive's acceptance of any other employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a willful and material breach of a material written Company policy that causes significant financial or reputational harm to the Company.

In the case of (iii), (iv), and (v) above, termination shall not be considered for "Cause" unless the Board gives Executive written notice specifically describing the Cause condition and Executive fails to cure the Cause condition within 30 days of receipt of such written notice. The Company may place Executive on paid leave with full benefits during such 30-day period and such action shall not be considered Good Reason for Executive to resign. Prior to any decision to terminate Executive's employment, Executive shall be given the opportunity to appear before the Board, including through counsel. If the Company fails to terminate Executive's employment within 60 days after giving notice of "Cause," such Cause condition shall be deemed waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Resignation for Good Reason. The Executive may resign from his employment upon the occurrence of each of the following events (each a "Good Reason" event):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the material breach by the Company of any material provision of this agreement (for the removal of doubts, material delay in any material payment to the Executive under this agreement constitutes material breach);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) material diminution in Executive's title, position, duties, responsibilities or compensation or benefits, without Executive's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) failure to provide Executive with the level of directors' and officers' insurance coverage as provided to the directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) failure of any successor to the Company to adopt the terms of this Agreement in its entirety.

In order to resign for Good Reason, Executive must give the Company written notice of the Good Reason condition within 90 days of when the Executive becomes aware of the Good Reason condition, allow the Company 30 days to cure the Good Reason condition, and, if the Company fails to cure, resign within 45 days after giving the Company written notice of the Good Reason condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Company's Post-Termination Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Executive's employment terminates for any of the reasons set forth in <u>Section 4(b)(i)</u>, <u>4(b)(ii)</u>, or <u>4(b)(iii)</u>, then the Company will pay Executive (i) all accrued but unpaid wages, based on Executive's then current base salary, through the termination date and the amount of any bonus announced but not yet paid; and (ii) all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company's policies and submitted within five (5) business days of Executive's termination date. Executive's rights with respect to equity grants after termination of employment will be governed by the terms of the Company's equity plan except where such plan conflicts with the terms of this Agreement, in which case the terms of this Agreement shall control. Amounts payable pursuant to this <u>Section 5</u> shall be paid within the time required by the State of Arizona.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company terminates Executive's employment pursuant to <u>Section 4(b)(v)</u> or Executive resigns for Good Reason under <u>Section 4(b)(iv)</u>, or Executive's employment is terminated by the new Company under <u>Section 4(b)(vi)</u>, then the Company or the new Company, as applicable, will: (i) pay Executive all accrued but unpaid wages through the termination date, based on Executive's then current base salary, through the termination date; (ii) reimburse all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company's policies and submitted within five (5) business days of Executive's termination date; (iii) pay Executive twelve (12) months' base salary as severance, based on Executive's then current base salary, to be paid monthly; (iv) pay Executive an amount equal to Executive's Target Bonus, pro-rated on the basis of the number of full months Executive has been employed during the fiscal year of Executive's termination; and (v) pay Executive an amount equivalent to the premiums for continuation of Executive's health insurance coverage under COBRA for twelve (12) months. Executive's rights with respect to equity grants after termination of employment will be governed by the terms of the Company's equity plan, except where such plan conflicts with the terms of this Agreement, in which case the terms of this Agreement shall control. Terminations pursuant to Sections 4(b)(iv), 4(b)(v) and 4(b)(vi) will result in the immediate vesting of all equity-based awards owned by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Immediately upon a Change in Control (as defined in <u>Section 11</u>), and regardless of whether or not Executive is retained by the new company, all equity-based awards owned by Executive will vest in full and the Company will pay Executive twelve (12) months' pay based on Executive's then current base salary, to be paid in accordance with the Company's regular payroll practices ("Change in Control Compensation"). If Executive's employment with the new company thereafter terminates under any circumstance within 12 months of such Change in Control, Executive will not be entitled to the severance pay provided for under Section 5(b)(iii) hereof other than in an amount equivalent to such portion of the Change in Control Compensation that Executive has not then already received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company's obligation to provide the payments set forth in <u>Section 5(b)</u> shall be conditioned upon the following (the "<u>Separation Conditions</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive's execution of a separation agreement, in a form prepared by the Company, within 21 days of receiving the separation agreement, which will include a general release from liability by Executive that releases the Company and its subsidiaries from any and all liability and claims of any kind arising from or concerning Executive's employment as permitted by law, *provided, however,* that such release shall not release any claims of Executive to vested benefits, to vested equity grants, or to any relief Executive is entitled to as a shareholder of the Company; 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;&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) Executive's compliance with the restrictive covenants (<u>Sections 6</u> through <u>9</u>) and all post-termination obligations, including but not limited to the obligations contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Executive refuses to execute (or revokes) an effective separation agreement as set forth in <u>Section 5(c)(i)</u> above prior to the expiration of the 21-day period (or if any applicable revocation period has not yet ended prior to such time), the Company will not provide any payments or benefits to Executive under <u>Section 5(b</u>) until such separation agreement is executed and becomes effective. The Company's obligation to make the separation payments set forth in <u>Section 5(b)</u> shall terminate immediately upon any breach by Executive of any post-termination obligations to which Executive is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as provided in <u>Section 5(b)</u>, following termination of Executive's employment, the Company shall have no other obligations for compensation of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Mitigation</u>. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and any amounts payable pursuant to this or Section 11 shall not be reduced by compensation the Executive earns on account of employment with another employer.

&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. <u>Confidential Commercial Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive acknowledges that he or she will be entrusted with price lists, customer lists, vendor contact information, customer contact information, information about customer transactions, development and research work, marketing programs, plans, and proposals, and data contained within internally employed software, data bases, and computer operations developed by or for the Company ("<u>Confidential Commercial Information</u>"); provided, however, that for the purposes of this Agreement, Confidential Commercial Information does not include information (i) that was publicly available prior to Executive's disclosure or use thereof; (ii) that Executive lawfully received from some person who was not under any obligation of confidentiality with respect thereto; (iii) that becomes publicly available other than as the result of any breach of this Agreement by Executive; or (iv) that is generally known to or readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use. Executive acknowledges that Confidential Commercial Information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and that the Company has made efforts that are reasonable under the circumstances to maintain the secrecy of Confidential Commercial Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive acknowledges that he or she has been instructed by the Company to, and agrees that he or she will, maintain Confidential Commercial Information in a confidential manner. During his employment, Executive will not, directly or indirectly, disclose any Confidential Commercial Information to any person or entity not authorized by the Company to receive or use such Confidential Commercial Information. After the termination of Executive's employment, for whatever reason and by whatever party, Executive will not, directly or indirectly, use or disclose to any person or entity any Confidential Commercial Information without the prior written authorization of the Company.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Executive acknowledges that all of the commercially available software that the Company uses on its computer system that was not developed specially by or for the Company is either owned or licensed for use by the Company, and that the use of such software is governed strictly by the explicit terms and conditions of licensing agreements between the Company and the publisher of the software, and Executive agrees to adhere to those terms and conditions. Executive will not copy, duplicate, download, transfer, or otherwise make personal use of any software on the Company's computer system without the Company's express, written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executive represents that to the best of his knowledge, the performance of all the terms of this Agreement and of his duties as an employee of the Company will not breach any agreement to keep in confidence any proprietary information that Executive acquired in confidence prior to his employment under this Agreement, and that Executive has not entered into, and agrees that Executive will not enter into, any agreement either written or oral in conflict with this Agreement. Executive represents that to the best of his knowledge, Executive has not brought and will not bring to the Company or use in the performance of his responsibilities at the Company any materials or documents of a former employer that are not generally available to the public, unless Executive has obtained express written authorization from the former employer for their possession and use. Executive represents that he or she has delivered to the Company a true and correct copy of any employment, proprietary information, confidentiality, or non-competition agreement to which Executive is or was a party with any former employers, and that is or may be in effect as of the date hereof. Executive has been instructed not to breach any obligation of confidentiality that Executive may have to any former employer and agrees that Executive will not commit any such breach during employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-Interference with Governmental Agency Rights</u>. The provisions of this Agreement and of any other agreement between Executive and the Company regarding confidentiality and non-disclosure are not intended to interfere with, or waive, any right or obligation (if any) to file a charge, cooperate, testify, report, or participate in an investigation with any appropriate federal, state or local governmental agency, including the Securities and Exchange Commission ("<u>SEC</u>"), the Equal Employment Opportunity Commission ("<u>EEOC</u>"), the Occupational Safety and Health Administration ("<u>OSHA</u>"), the National Labor Relations Board ("<u>NLRB</u>"), or any other federal, state or local government agency charged with enforcement of any law, rule, or regulation applicable to Company's business ("<u>Governmental Agency</u>"); including the ability to communicate with such agency; the reporting of possible violations of any law, rule or regulation; making other disclosures that are protected under whistleblower provisions of any law, rule or regulation; or the receiving of an award for information provided to any Governmental Agency.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Defend Trade Secrets Act</u>. Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and may use the trade secret information in the court proceeding, if Executive (X) files any document containing the trade secret under seal and (Y) does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.</u> <u>Inventions and Copyrights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive acknowledges that, as a part of his duties, during his employment, he or she may develop discoveries, concepts, and ideas concerning or relating to the Business, whether or not patentable, including without limitation processes, methods, formulas, and techniques, as well as improvements thereof or know-how related thereto, and concerning any present or prospective activities of the Company that are published before such discoveries, concepts, and ideas ("<u>Inventions</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive will fully disclose and will continue to disclose to the Company all Inventions that Executive makes or conceives, in whole or in part, at this time or during his employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any and all Inventions will be the absolute property of the Company or its designees and, at the request of the Company and at its expense, but without additional compensation, Executive will make application in due form for United States patents and foreign patents on such Inventions, and will assign to the Company all his right, title, and interest in such Inventions, and will execute any and all instruments and do any and all acts necessary or desirable in connection with any such application for patents or in order to establish and perfect in the Company the entire right, title, and interest in such Inventions, patent applications, or patents, and also execute any instrument necessary or desirable in connection with any continuations, renewals, or reissues thereof or in the conduct of any related proceedings or litigation.

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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;<u>8.</u> <u>Post-Employment Restrictions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Solicitation of Executives/Contractors.</u> Executive acknowledges the character of the Company's business and the substantial amount of time, money, and effort that the Company has spent and will spend in recruiting, hiring, training, and retaining, and developing Confidential Commercial Information relating to, employees and contractors. Executive agrees that he or she will not, during Executive's employment with the Company and for a period of twelve (12) months following the termination of employment, alone or with others, directly or indirectly, except for the Company's benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Solicit for employment, hire, or employ, or cause to be solicited for employment, hired, or employed, any employee or contractor that Executive has had contact with during his relationship with 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;&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) Induce, attempt to induce, encourage or attempt to persuade to leave the Company or otherwise to alter its business relationship with the Company any Company employee or contractor that Executive has had contact with during his relationship with the Company.

If any court of competent jurisdiction finds that a twelve (12) month restricted period following the termination of employment is not reasonably necessary to protect legitimate business interests of the Company, Executive agrees that the restricted period for the non- solicitation of employees/contractors shall be six (6) months immediately following the termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation of Company Customers</u>. Executive agrees that during his employment with the Company and for a period of twelve (12) months following the termination of employment, Executive shall not, either directly or indirectly, on his own behalf or on behalf of another person or entity, without the prior written permission of the Company, (i) solicit, call on, contact, or communicate with any Company Customer (as defined in Section 8(c)); (ii) provide to any Company Customer products or services of the kind provided by the Company; (iii) induce, influence, or attempt to induce or influence, any Company Customer to refrain from purchasing products or services from the Company; (iv) induce, influence, or attempt to induce or influence, any Company Customer to terminate or otherwise alter its contractual or other business relationship with the Company; or (v) accept any money or financial benefit from referring, introducing, or disclosing information about any Company Customer to anyone outside of the Company. If any court of competent jurisdiction finds that a twelve (12) month restricted period following the termination of employment is not reasonably necessary to protect legitimate business interests of the Company, Executive agrees that the restricted period for the non- solicitation of Company Customers shall be six (6) months immediately following the termination of employment. <br>

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Definition of Company Customer</u>. The term "Company Customer" means any person or entity (i) with which Executive had business-related contact of any kind (including, without limitation, in person, by phone, or in writing) on behalf of the Company during the one (1) year immediately prior to Executive's termination of employment; or (ii) who is a person or entity about which Executive learned or had access to information about that is not publicly known during the twelve (12) months immediately prior to Executive's termination of employment; or (iii) who is a person or entity (including vendor or supplier) the Company has a contractual relationship with during the twelve (12) months immediately prior to Executive's termination of employment and with which Executive had business-related contact on behalf of the Company or about which Executive learned or had access to any information about that is not publicly known. "Company Customer" does not include persons or entities who ceased doing business with the Company for reasons unrelated to a breach of this Agreement by or other wrongful act of the Executive or by others who were under the direction of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acknowledgement</u>. Executive acknowledges that Executive's fulfillment of the obligations contained in Section 8 is necessary to protect the Company's Confidential Commercial Information as that term is defined herein and to preserve trade secrets, value, and goodwill of the Company. Executive further acknowledges that the time and scope limitations of Executive's obligations set forth in Section 8 are reasonable, especially in light of the Company's desire to protect its Confidential Commercial Information and trade secrets, and that Executive will not be precluded from earning a living if Executive is obligated not to solicit any Company Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Non-Disparagement</u>. Executive agrees, during the term of Executive's services to the Company and at any time thereafter, not to make or communicate any comments or other remarks which are negative or derogatory to the Company or which would tend to disparage, slander, ridicule, degrade, harm, or injure the Company (or any business relationship of the Company) or any officer, director, or employee of the Company or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Remedies</u>. Any breach of the duties and obligations imposed upon Executive by this Agreement would cause irreparable harm to the Company, and the Company could not be fully compensated for any such breach with money damages. Therefore, injunctive relief is an appropriate remedy for any such breach. Such injunctive relief will be in addition to and not in limitation of or substitution for any other remedies or rights to which the Company may be entitled at law or in equity, including without limitation liquidated damages under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Change of Control</u>. Notwithstanding anything to the contrary in the Company's existing or future incentive plans or any award agreement granted to Executive thereunder, upon a Change of Control, all of Executive's outstanding unvested equity-based awards, at Executive's option, shall vest and become immediately exercisable and unrestricted, without any action by the Board or any committee thereof. "Change of Control" shall mean the first of the following events to occur after the Effective Date:

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) One Person (or more than one Person acting as a group) acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; provided, that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company's stock and acquires additional stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) One Person (or more than one Person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the Company's stock possessing 30% or more of the total voting power of the stock of such corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by majority of the Board before the date of appointment or election; 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;(d) One Person (or more than one Person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately before such acquisition(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of this Section 11,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) "Person" shall mean a "person" as defined in Section 7701(a)(1) of the Internal Review Code of 1986, as amended (the "Code"), except that such term shall not include (A) the Company (or any subsidiary thereof); (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company; (C) an underwriter temporarily holding securities pursuant to an offering of such securities; or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Stock ownership shall be determined in accordance with the attribution rules of Section 318(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 gross fair market value of an asset shall be determined without regard to any liabilities associated with that asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 "Change of Control" shall not occur (A) by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions; or (B) as a result of any primary or secondary offering of shares of the Company's common stock or preferred stock to the general public through a registration statement filed with the Securities and Exchange Commission.

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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;<u>12.</u> <u>Golden Parachute Excise Tax.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Parachute Payments</u>. If any payment or benefit Executive would receive pursuant to this Agreement or pursuant to any other agreement with the Company following a change in the ownership or effective control of the Company or change in the ownership of a substantial portion of the assets of the Company (which change, as further defined in Section 280G of the Code and regulations promulgated thereunder ("Section 280G"), is referred to herein as a "280G Change in Control" from the Company or otherwise ("Payment") would (i) constitute a "parachute payment" within the meaning of Section 280G, and (ii) but for this section, be subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then such Payment shall be reduced to the Reduced Amount. The "Reduced Amount" shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive's receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting "parachute payments" is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: (1) cash payments, in the following order: (a) first, severance payments under this Agreement, (b) second, severance payments under any other agreement with the Company and (c) third, any other cash payments under any of the foregoing agreements; (2) cancellation of the acceleration of vesting of stock options, restricted stock, restricted stock units or any other awards that vest based on attainment of performance measures; (3) cancellation of the acceleration of vesting of stock options, restricted stock and restricted stock units or any other awards that vest only based on Executive's continued service to the Company, taking the last ones scheduled to vest (absent the acceleration) first, and (4) other non-cash forms of benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Calculations</u>. The foregoing calculations will be performed at the expense of the Company by an independent public accounting firm (the "Accounting Firm")

selected by the Company. The Company will direct the Accounting Firm to submit its determination and detailed supporting calculations to both the Company and Executive within thirty (30) calendar days after the 280G Change in Control, the date of termination, if applicable, and any such other time or times as may be reasonably requested by the Company or Executive. If the Accounting Firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations of the Accounting Firm made hereunder shall be final, binding, and conclusive upon the Company and Executive. Notwithstanding the foregoing, if the stockholder approval exception set forth in Section 280G(b)(5) of the Code is utilized to eliminate the application of Sections 280G and 4999 of the Code of Payments, this Section 12(b) shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13.</u> <u>Section 409A.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance</u>. This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") and any regulations and Treasury guidance promulgated thereunder ("Section 409A of the Code"). If the Company determines in good faith that any provision of this Agreement would cause Executive to incur an additional tax, penalty, or interest under Section 409A of the Code, the Company and Executive shall use reasonable efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition of such additional tax, penalty, or interest under Section 409A of the Code. The preceding provisions, however, shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this Agreement.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Treatment of Installments</u>. For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may Executive, directly, or indirectly, designate the calendar year of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reimbursement</u>. With respect to any reimbursement of expenses of, or any provision of in-kind benefits to, Executive, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in- kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Code; (2) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Definitions</u>. "Termination of employment," "resignation," or words of similar import, as used in this Agreement means, for purposes of any payments under this Agreement that are payments of deferred compensation subject to Section 409A of the Code, Executive's "separation from service" as defined in Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Exception to Applications</u>. To the extent that Section 409A of the Code would cause an adverse tax consequence to the Executive upon accelerating any payment of Termination Compensation pursuant to Section 5(b) and Section 11 upon a 280G Change in Control ("Section 409A Payments"), a 280G Change in Control shall not be deemed to occur with respect to such Section 409A Payments unless the 280G Change in Control qualifies as a "Change in the Ownership or Effective Control of a Corporation or in the Ownership of a Substantial Portion of the Assets of a Corporation" under Treasury Department Regulation 1.409A-3(i)(5), as revised from time to time in either subsequent regulations or other guidance and such Section 409A Payments shall be made at the time such payments would have otherwise been made absent the 280G Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Acceleration</u>. Neither the Company nor Executive, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Specified Employee</u>. If a payment obligation under this Agreement arises on account of Executive's separation from service while Executive is a "specified employee" (as defined under Section 409A of the Code and determined in good faith by the Company), any payment of "deferred compensation" (as defined under Treasury Regulation Section 1.409A- 1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and shall be paid within 15 days after the end of the six-month period beginning on the date of such separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of Executive's estate following Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Dispute Resolution</u>. The Parties agree that, except as otherwise provided in this Agreement, any controversy, claim or dispute arising out of or relating to this Agreement or the breach thereof, or arising out of or relating to the employment of Executive, or the termination thereof, including any statutory or common law claims under federal, state, or local law, including all laws prohibiting discrimination in the workplace, shall first be submitted to mediation conducted by the Judicial Arbitration and Mediation Service (JAMS). The Parties agree to attempt in good faith to resolve any such dispute in the course of such mediation. If any such dispute is not resolved by mediation, the Parties agree that such dispute shall be submitted to the exclusive jurisdiction and venue of the Superior Court of the State of Arizona and the Parties hereby waive any and all defenses and/or objections to such jurisdiction and venue. Notwithstanding anything herein to the contrary, the Parties further acknowledge and agree that, due to the nature of the confidential information, trade secrets, and intellectual property belonging to the Company to which Executive has or will be given access, and the likelihood of significant harm that the Company would suffer in the event that such information was disclosed to third parties, nothing in this paragraph shall preclude the Company from immediately going to court to seek injunctive relief to prevent Executive from violating the obligations established in Sections 6, 7, 8 or 9 of this Agreement. Each of the parties irrevocably agrees to waive any and all rights they may have to trial by jury in any action, proceeding or claim of any nature relating to this Agreement, or the enforcement of this Agreement, and acknowledge that such waiver is knowing and voluntary. In the event of any dispute regarding the interpretation or enforcement, or otherwise arising out of this Agreement, the prevailing party shall be entitled to an award of its reasonable attorney's fees and costs, including through appeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Indemnification</u>. The Company shall indemnify Executive with respect to activities in connection with his employment hereunder to the fullest extent provided in the Company's bylaws, or by state law or insurance policy. Executive will be named as an insured on the director and officer liability insurance policy currently maintained, or as may be maintained by the Company from time to time, and, in addition, Executive will enter into the form of the indemnification agreement provided to other similarly situated executive officers and directors 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;16. <u>Prevailing Party's Litigation Expenses</u>. In the event of litigation between the Company and Executive related to this Agreement, the non-prevailing party shall reimburse the prevailing party for any costs and expenses (including, without limitation, attorneys' fees) reasonably incurred by the prevailing party in connection therewith.

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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;17. <u>Withholding</u>. All amounts payable to Executive hereunder shall be subject to required payroll deductions and tax withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18.</u> <u>Adjudication of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maximum Application</u>. If any court of competent jurisdiction holds that any restriction imposed upon Executive by this Agreement exceeds the limit of restrictions that are enforceable under applicable law, the parties desire and agree that the restriction will apply to the maximum extent that is enforceable under applicable law, agree that the court so holding may reform and enforce the restriction to the maximum extent that is enforceable under applicable law, and desire and request that the court do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Enforceability</u>. If any court of competent jurisdiction holds that any provision of this Agreement is invalid or unenforceable, the parties desire and agree that the remaining parts of this Agreement will nevertheless continue to be valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Modification or Waiver of Agreement</u>. No modification or waiver of this Agreement will be valid unless the modification or waiver is in writing and signed by both of the parties. The failure of either party at any time to insist upon the strict performance of any provision of this Agreement will not be construed as a waiver of the right to insist upon the strict performance of the same provision at any future time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. Any notices required or permitted under this Agreement will be sufficient if in writing and sent by certified mail to, in the case of Executive, the last address Executive has filed in writing with the Company or, in the case of the Company, its principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Opportunity to Consider Agreement; Legal Representation</u>. Executive acknowledges that he or she has had a full opportunity to consider this Agreement, to offer suggested modifications to its terms and conditions, and to consult with an attorney of his own choosing before deciding whether to sign it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>No Rule of Strict Construction</u>. The language of this Agreement has been approved by both parties, and no rule of strict construction will be applied against either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Entire Agreement</u>. This Agreement contains all of the agreements between the parties relating to Executive's employment with the Company. The parties have no other agreements relating to Executive's employment, written or oral. This Agreement supersedes all prior agreements, arrangements, and understandings relating to Executive's employment, and no such agreements, arrangements, or understandings are of any force or effect. The parties will execute and deliver to each other any and all such further documents and instruments, and will perform any and all such other acts, as reasonably may be necessary or proper to carry out or effect the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Assignment of Agreement</u>. Executive has no right to transfer or assign any or all of his rights or interests under this Agreement. The Company may assign its rights and interests under this Agreement to any successor entity as part of any sale, transfer, or other disposition of all or substantially all of the assets of the Company.

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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;25. <u>Headings</u>. The descriptive headings of the sections and subsections of this Agreement are intended for convenience only, and do not constitute parts of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Clawback.</u> Executive hereby acknowledges and agrees that certain payments hereunder will be subject to recoupment in accordance with any clawback policy that the Company may adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed or as is otherwise required by the Dodd- Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of the Company's common stock or other cash or property upon the occurrence of a termination of your employment for cause. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for "Good Reason" hereunder or under any other agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>Choice of Forum</u>. The parties agree that the proper and exclusive forum for any action arising out of or relating to this Agreement or arising out of or relating to Executive's employment by the Company will be the State of Arizona, and that any such action will be brought only in the State of Arizona. Executive consents to the exercise of personal jurisdiction in any such action by the courts of Arizona, or if such court does not have subject matter jurisdiction, any court of the United States located in the State of Arizona.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>Governing Law</u>. This Agreement will be construed in accord with, and any dispute or controversy arising from any breach or asserted breach of this Agreement will be governed by the laws of the State of Arizona, without reference to the choice of law principles thereof.

[Signature Page follows]

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IN WITNESS WHEREOF, the parties have executed this Agreement on the dates indicated at their respective signatures below, to be effective on the Effective Date.

---

| |
|:---|
| **EXECUTIVE** |
| DATED this __ day of __________, 2025. |
| Name: |
| **COMPANY** |
| DATED this __ day of __________, 2025. |
| Frontieras North America, |
| a Wyoming corporation |
| By: |
| Its: |

---

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## Ex1A-6

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**FRONTIERAS NORTH AMERICA**

**STOCK OPTION GRANT NOTICE**<br>**(2025 EQUITY INCENTIVE PLAN)**

Frontieras North America, a Wyoming corporation (the "Company"), pursuant to its 2025 Equity Incentive Plan (as amended and/or restated as of the Date of Grant set forth below, the "Plan"), has granted to Optionholder an option to purchase the number of shares of the Common Stock set forth below (the "Option"). The Option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice (the "Grant Notice") and in the Plan, the Option Agreement, and the Notice of Exercise, all of which are attached to this Grant Notice and incorporated into this Grant Notice in their entirety. Capitalized terms not explicitly defined in this Grant Notice but defined in the Plan or the Option Agreement shall have the meanings set forth in the Plan or the Option Agreement, as applicable. If the Company uses an electronic capitalization table system (such as Carta or Shareworks) and the fields below are blank or the information is otherwise provided in a different format electronically, the blank fields and other information (such as exercise schedule and type of grant) shall be deemed to come from the electronic capitalization system and is considered part of this Grant Notice.

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| | |
|:---|:---|
| Optionholder: | Jose Lopez |
| Date of Grant: | June 16, 2025 |
| Vesting Commencement Date: | June 16, 2026 |
| Number of Shares Subject to Option: | 500,000 Class A Common Stock Shares |
| Exercise Price (Per Share)[<sup>1</sup>](#_ftn1): | $6.00 |
| Total Exercise Price: | $3000000 |
| Expiration Date: | June 16, 2035 |
| Exercise Schedule: | At Optionholder discretion after vesting |
| Type of Grant[<sup>2</sup>](#_ftn2): | ISO |

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**Vesting Schedule:** Twenty-fiver percent (25%) of the total shares (125,000 shares) will vest on the one-year anniversary of the Vesting Commencement Date (June 16, 2026), and twenty-five percent (25%) of the total shares will vest at the end of each year thereafter on the anniversary of the Vesting Commencement Date, subject to Optionholder's Continuous Service as of each such date.

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[<sup>1</sup>](#_ftnref1) The exercise price may be paid by one or a combination of the methods permitted in the Option Agreement.

[<sup>2</sup>](#_ftnref2) If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first *exercisable* for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option.

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**Optionholder Acknowledgements:** By Optionholder's signature below or by electronic acceptance or authentication in a form authorized by the Company, Optionholder understands and agrees that the Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Option Agreement and the Notice of Exercise, all of which are made a part of this document.

By accepting this Option, Optionholder consents to receive this Grant Notice, the Option Agreement, the Plan, and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Optionholder represents that he or she has read and is familiar with the provisions of the Plan and the Option Agreement. Optionholder acknowledges and agrees that this Grant Notice and the Option Agreement may not be modified, amended or revised except in writing signed by Optionholder and a duly authorized officer of the Company.

Optionholder further acknowledges that in the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise and the terms of the Plan, the terms of the Plan shall control. Optionholder further acknowledges that the Option Agreement sets forth the entire understanding between Optionholder and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of other equity awards previously granted to Optionholder and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and Optionholder in each case that specifies the terms that should govern this Option.

Optionholder further acknowledges that this Grant Notice has been prepared on behalf of the Company by Gallagher & Kennedy, P.A., counsel to the Company and that Gallagher & Kennedy, P.A. does not represent, and is not acting on behalf of, Optionholder in any capacity. Optionholder has been provided with an opportunity to consult with Optionholder's own counsel with respect to this Grant Notice.

This Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

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| | |
|:---|:---|
| **Frontieras North America** | **Optionholder: _________________________** |
| By: | By: |
| (Signature) | (Signature) |
| Title: | Email: |
| Date: | Date: |

---

**Attachments**: Option Agreement, 2025 Equity Incentive Plan, and Notice of Exercise

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**ATTACHMENT I**

**OPTION AGREEMENT**

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**FRONTIERAS NORTH AMERICA**

**2025 Equity Incentive Plan**<br>**OPTION AGREEMENT**<br>**(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK OPTION)**

Pursuant to your Stock Option Grant Notice ("***Grant Notice***") and this Option Agreement, **Frontieras North America** (the "***Company***") has granted you an option under its 2025 Equity Incentive Plan (the "***Plan***") to purchase the number of shares of the Company's Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice (the "***Date of Grant***"). If there is any conflict between the terms in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan.

The details of your option, in addition to those set forth in the Grant Notice and the Plan, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Vesting**. Your option will vest as provided in your Grant Notice. Vesting will cease upon the termination of your Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Number of Shares and Exercise Price**. The number of shares of Common Stock subject to your option and your exercise price per share in your Grant Notice will be adjusted for capitalization adjustments pursuant to Section 11 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Exercise Restriction for Non-Exempt Employees**. If you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (that is, a "***Non-Exempt Employee***"), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six months of Continuous Service measured from the Date of Grant, even if you have already been an employee for more than six months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six month anniversary in the case of (i) your death or disability, (ii) a corporate transaction, such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization in which your option is not assumed, continued or substituted, (iii) a Change in Control or (iv) your termination of Continuous Service on your "retirement" (as defined in the Company's benefit plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Method of Payment**. You must pay the full amount of the exercise price for the shares you wish to exercise. The permitted methods of payment are as set forth in Section 6.4 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Whole Shares**. You may exercise your option only for whole shares of Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Securities Law Compliance**. In no event may you exercise your option unless the shares of Common Stock issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option also must comply with all other applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions on exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Term**. You may not exercise your option before the Date of Grant or after the expiration of the option's term. Except as set forth in your Grant Notice, the term of your option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest 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)** immediately upon the termination of your Continuous Service for Cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** three months after the termination of your Continuous Service for any reason other than Cause, your Disability or your death (except as otherwise provided in Section 8(d) below); *provided, however,* that if during any part of such three month period your option is not exercisable solely because of the condition set forth in the section above relating to "Securities Law Compliance," your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three months after the termination of your Continuous Service; *provided further,* that if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six months after the Date of Grant, and (iii) you have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until the earlier of (x) the later of (A) the date that is seven months after the Date of Grant, and (B) the date that is three months after the termination of your Continuous Service, and (y) the Expiration Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** 12 months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 8(d)) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** 18 months after your death if you die either during your Continuous Service or within three (3) months after your Continuous Service terminates for any reason other than Cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** the Expiration Date indicated in your Grant Notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** the day before the 10th anniversary of the Date of Grant.

If your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the Date of Grant and ending on the day three months before the date of your option's exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your option more than three months after the date your employment with the Company or an Affiliate terminates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Exercise**.

&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)** You may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so permits) during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours. If required by the Company, your exercise may be made contingent on your execution of any additional documents specified by the Company as more fully set forth in Section 15 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your option, (ii) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise.

&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 your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within 15 days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two years after the Date of Grant or within one year after such shares of Common Stock are transferred upon exercise of your option.

&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)** By exercising your option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with applicable FINRA rules (the "***Lock-Up Period***"); *provided, however*, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 9(d). The underwriters of the Company's stock are intended third party beneficiaries of this Section 9(d) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto. You further agree that the obligations contained in this Section 9(d) shall also, if so determined by the Company's Board of Directors, apply in the Company's initial listing of its Common Stock on a national securities exchange by means of a registration statement on Form S-1 under the Securities Act (or any successor registration form under the Securities Act subsequently adopted by the Securities and Exchange Commission) filed by the Company with the Securities and Exchange Commission that registers shares of existing capital stock of the Company for resale (a "***Direct Listing***"), provided that all holders of at least 5% of the Company's outstanding Common Stock (after giving effect to the conversion into Common Stock of any outstanding Preferred Stock of the Company) are subject to substantially similar obligations with respect to such Direct Listing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Transferability**. Except as otherwise provided in this Section 10, your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you.

&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) Certain Trusts**. Upon receiving written permission from the Board or its duly authorized designee, you may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust. You and the trustee must enter into transfer and other agreements required 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;**(b) Domestic Relations Orders**. Upon receiving written permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is contained within the domestic relations order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Beneficiary Designation**. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to exercise this option and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and receive, on behalf of your estate, the Common Stock or other consideration resulting from such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Right of First Refusal**. Shares of Common Stock that you acquire upon exercise of your option are subject to any right of first refusal that may be described in the Company's bylaws in effect at such time the Company elects to exercise its right; *provided, however,* that if there is no right of first refusal described in the Company's bylaws at such time, the right of first refusal described below will apply. The Company's right of first refusal will expire on the first date upon which any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system (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;**(a)** Prior to the Listing Date, you may not validly Transfer (as defined below) any shares of Common Stock acquired upon exercise of your option, or any interest in such shares, unless such Transfer is made in compliance with the following provisions:

4. ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Before there can be a valid Transfer of any shares of Common Stock or any interest therein, the record holder of the shares of Common Stock to be transferred (the "***Offered Shares***") will give written notice (by registered or certified mail) to the Company. Such notice will specify the identity of the proposed transferee, the cash price offered for the Offered Shares by the proposed transferee (or, if the proposed Transfer is one in which the holder will not receive cash, such as an involuntary transfer, gift, donation or pledge, the holder will state that no purchase price is being proposed), and the other terms and conditions of the proposed Transfer. The date such notice is mailed will be hereinafter referred to as the "***Notice Date***" and the record holder of the Offered Shares will be hereinafter referred to as the "***Offeror***." If, from time to time, there is any stock dividend, stock split or other change in the character or amount of any of the outstanding Common Stock which is subject to the provisions of your option, then in such event any and all new, substituted or additional securities to which you are entitled by reason of your ownership of the shares of Common Stock acquired upon exercise of your option will be immediately subject to the Company's Right of First Refusal (as defined below) with the same force and effect as the shares subject to the Right of First Refusal immediately before 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** For a period of 30 calendar days after the Notice Date, or such longer period as may be required to avoid the classification of your option as a liability for financial accounting purposes, the Company will have the option to purchase all (but not less than all) of the Offered Shares at the purchase price and on the terms set forth in Section 11(a)(iii) (the Company's "***Right of First Refusal***"). In the event that the proposed Transfer is one involving no payment of a purchase price, the purchase price will be deemed to be the Fair Market Value of the Offered Shares as determined in good faith by the Board in its discretion. The Company may exercise its Right of First Refusal by mailing (by registered or certified mail) written notice of exercise of its Right of First Refusal to the Offeror prior to the end of said 30 days (including any extension required to avoid classification of the option as a liability for financial accounting purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** The price at which the Company may purchase the Offered Shares pursuant to the exercise of its Right of First Refusal will be the cash price offered for the Offered Shares by the proposed transferee (as set forth in the notice required under Section 11(a)(i)), or the Fair Market Value as determined by the Board in the event no purchase price is involved. To the extent consideration other than cash is offered by the proposed transferee, the Company will not be required to pay any additional amounts to the Offeror other than the cash price offered (or the Fair Market Value, if applicable). The Company's notice of exercise of its Right of First Refusal will be accompanied by full payment for the Offered Shares and, upon such payment by the Company, the Company will acquire full right, title and interest to all of the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** If, and only if, the option given pursuant to Section 11(a)(ii) is not exercised, the Transfer proposed in the notice given pursuant to Section 11(a)(i) may take place; *provided, however*, that such Transfer must, in all respects, be exactly as proposed in said notice except that such Transfer may not take place either before the 10<sup>th</sup> calendar day after the expiration of the 30 day option exercise period or after the ninetieth 90<sup>th</sup> calendar day after the expiration of the 30 day option exercise period, and if such Transfer has not taken place prior to said 90<sup>th</sup> day, such Transfer may not take place without once again complying with this Section 11(a). The option exercise periods in this Section 11(a)(iv) will be adjusted to include any extension required to avoid the classification of your option as a liability for financial accounting purposes.

5. ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** As used in this Section 11, the term "***Transfer***" means any sale, encumbrance, pledge, gift or other form of disposition or transfer of shares of Common Stock or any legal or equitable interest therein; *provided, however*, that the term Transfer does not include a transfer of such shares or interests by will or intestacy to your Immediate Family (as defined below). In such case, the transferee or other recipient will receive and hold the shares of Common Stock so transferred subject to the provisions of this Section, and there will be no further transfer of such shares except in accordance with the terms of this Section 11. As used herein, the term "***Immediate Family***" will mean your spouse, the lineal descendant or antecedent, father, mother, brother or sister, child, adopted child, grandchild or adopted grandchild of you or your spouse, or the spouse of any child, adopted child, grandchild or adopted grandchild of you or your spouse.

&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)** None of the shares of Common Stock purchased on exercise of your option will be transferred on the Company's books nor will the Company recognize any such Transfer of any such shares or any interest therein unless and until all applicable provisions of this Section 11 have been complied with in all respects. The certificates of stock evidencing shares of Common Stock purchased on exercise of your option will bear an appropriate legend referring to the transfer restrictions imposed by this Section 11.

&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)** To ensure that the shares subject to the Company's Right of First Refusal will be available for repurchase by the Company, the Company may require you to deposit the certificates evidencing the shares that you purchase upon exercise of your option with an escrow agent designated by the Company under the terms and conditions of an escrow agreement approved by the Company. If the Company does not require such deposit as a condition of exercise of your option, the Company reserves the right at any time to require you to so deposit the certificates in escrow. As soon as practicable after the expiration of the Company's Right of First Refusal, the agent will deliver to you the shares and any other property no longer subject to such restriction. In the event the shares and any other property held in escrow are subject to the Company's exercise of its Right of First Refusal, the notices required to be given to you will be given to the escrow agent, and any payment required to be given to you will be given to the escrow agent. Within 30 days after payment by the Company for the Offered Shares, the escrow agent will deliver the Offered Shares that the Company has repurchased to the Company and will deliver the payment received from the Company to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Option not a Service Contract**. Your option is not an employment or service contract, and nothing in your option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate the Company or an Affiliate, their respective stockholders, boards of directors, officers or employees to continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Withholding Obligations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** At the time you exercise your option, in whole or in part, and at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a "same day sale" pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option.

6. ------

&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 this option is a Nonstatutory Stock Option, then upon your request and subject to approval by the Company, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid classification of your option as a liability for financial accounting purposes). If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant to the preceding sentence will not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of shares of Common Stock acquired upon such exercise with respect to which such determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding the filing of such election, shares of Common Stock will be withheld solely from fully vested shares of Common Stock determined as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure will be your sole responsibility.

&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)** You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein, if applicable, unless such obligations are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Tax Consequences**. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified in the Grant Notice is at least equal to the "fair market value" per share of the Common Stock on the Date of Grant and there is no other impermissible deferral of compensation associated with the option. Because the Common Stock is not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service will agree with the valuation as determined by the Board, and you will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the Board is less than the "fair market value" as subsequently determined by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Imposition of Other Requirements**. You agree to execute further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of this option. You further agree to execute, to the extent requested by the Company, at any time and from time to time, any agreements entered into with holders of capital stock of the Company, including without limitation a right of first refusal and co-sale agreement, stockholders agreement and/or a voting agreement.

7. ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Notices**. Any notices provided for in your option or the Plan will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic means or to request your consent to participate in the Plan by electronic means. By accepting this option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Governing Plan Document**. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those of the Plan, the provisions of the Plan will control.

8. ------

**ATTACHMENT II**

**2025 Equity Incentive Plan**

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**ATTACHMENT III**

**NOTICE OF EXERCISE**

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**FRONTIERAS NORTH AMERICA**<br>**NOTICE OF EXERCISE**

This constitutes notice to **Frontieras North America** (the "***Company***") under my stock option that I elect to purchase the below number of shares of Common Stock of the Company (the "***Shares***") for the price set forth below. Use of certain payment methods is subject to Company and/or Board consent and certain additional requirements set forth in the Option Agreement and the Plan. If the Company uses an electronic capitalization table system (such as Carta or Shareworks) and the fields below are blank, the blank fields shall be deemed to come from the electronic capitalization system and is considered part of this Notice of Exercise.

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| | |
|:---|:---|
| <u>**Option Information**</u> |  |
| Type of option (check one): | &nbsp;&nbsp;Incentive **☐** Nonstatutory ☐ |
| Stock option dated: |  |
| Number of Shares as to which option is exercised: |  |
| Certificates to be issued in name of:[<sup>3</sup>](#_ftn3) |  |
| <u>**Exercise Information**</u> |  |
| Date of Exercise: |  |
| Total exercise price: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash:[<sup>4</sup>](#_ftn4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation T Program (cashless exercise):[<sup>5</sup>](#_ftn5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of _________ Shares delivered with this notice:[<sup>6</sup>](#_ftn6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of _________ Shares pursuant to net exercise:[<sup>7</sup>](#_ftn7) |  |

---

By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the 2025 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, (iii) if this exercise relates to an incentive stock option, to notify you in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this option that occurs within two years after the date of grant of this option or within one year after such Shares are issued upon exercise of this option, and (iv) to execute, if and when requested by the Company, at any time or from time to time, any agreements entered into with holders of capital stock of the Company, including without limitation a right of first refusal and co-sale agreement, stockholders agreement and/or a voting agreement. I further agree that this Notice of Exercise may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

I hereby make the following certifications and representations with respect to the number of Shares listed above, which are being acquired by me for my own account upon exercise of the option as set forth above:

I acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the "***Securities Act***"), and are deemed to constitute "restricted securities" under Rule 701 and Rule 144 promulgated under the Securities Act. I warrant and represent to the Company that I have no present intention of distributing or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws.

------

[<sup>3</sup>](#_ftnref3) If left blank, will be issued in the name of the option holder.

[<sup>4</sup>](#_ftnref4) Cash may be in the form of cash, check, bank draft, electronic funds transfer or money order payment.

[<sup>5</sup>](#_ftnref5) Subject to Company and/or Board consent and must meet the public trading and other requirements set forth in the Option Agreement.

[<sup>6</sup>](#_ftnref6) Subject to Company and/or Board consent and must meet the public trading and other requirements set forth in the Option Agreement. Shares must be valued in accordance with the terms of the option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate.

[<sup>7</sup>](#_ftnref7) Subject to Company and/or Board consent and must be a Nonstatutory Option.

------

I further acknowledge and agree that, except for such information as required to be delivered to me by the Company pursuant to the option or the Plan (if any), I will have no right to receive any information from the Company by virtue of the grant of the option or the purchase of shares of Common Stock through exercise of the option, ownership of such shares of Common Stock, or as a result of my being a holder of record of stock of the Company. Without limiting the foregoing, to the fullest extent permitted by law, I hereby waive all inspection rights under Section 220 of the Wyoming Business Corporations Act and all such similar information and/or inspection rights that may be provided under the law of any jurisdiction, or any federal, state or foreign regulation, that are, or may become, applicable to the Company or the Company's capital stock (the "Inspection Rights"). I hereby covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights.

I further acknowledge that I will not be able to resell the Shares for at least 90 days after the stock of the Company becomes publicly traded (*i.e.,* subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144.

I further acknowledge that all certificates representing any of the Shares subject to the provisions of the option will have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company's Certificate of Incorporation, Bylaws and/or applicable securities laws.

I further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters or the Company will request to facilitate compliance with applicable FINRA rules) (the "***Lock-Up Period***"). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. I further agree that the obligations contained in this paragraph shall also, if so determined by the Company's Board of Directors, apply in the Company's initial listing of its Common Stock on a national securities exchange by means of a registration statement on Form S-1 under the Securities Act (or any successor registration form under the Securities Act subsequently adopted by the Securities and Exchange Commission) filed by the Company with the Securities and Exchange Commission that registers shares of existing capital stock of the Company for resale (a "***Direct Listing***"), provided that all holders of at least 5% of the Company's outstanding Common Stock (after giving effect to the conversion into Common Stock of any outstanding Preferred Stock of the Company) are subject to substantially similar obligations with respect to such Direct Listing.

Very truly yours,

---

| |
|:---|
| (Signature) |
| Name (Please Print) |

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| |
|:---|
| Address of Record: |
| Email: |

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## Ex1A-8

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---

| | |
|:---|:---|
| **HLC** | Eric Hess, Managing Counsel |
| Hess Legal Counsel, LLC |  |

---

<br>October 30, 2025

Frontieras North America, Inc.

1000 Main Street Suite 2300

Houston, TX 77002

<u>Re: Form 1-A Offering Statement</u>

Ladies and Gentlemen:

Hess Legal Counsel LLC has acted as special counsel to Frontieras North America, Inc., a Wyoming corporation (the "Company"), in connection with the preparation and filing with the Securities and Exchange Commission of a Regulation A Offering Statement on Form 1-A (the "Offering Statement") relating to the sale by the Company of up to 3,387,533 shares of its Class C common stock (the "Shares") for total potential gross proceeds of $24,749,993.35. This opinion is being delivered in accordance with the requirements of Part III of Form 1-A.

In rendering this opinion, we have examined (i) the Offering Statement and the exhibits thereto, (ii) certain resolutions of the Company, relating to the issuance and sale of the Shares, and (iii) such other records, instruments and documents as we have deemed advisable in order to render this opinion. In such examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies and the authenticity of the originals of such latter documents. As to certain factual matters, we have relied upon resolutions and representations of the manager of the Company and have not sought independently to verify such matters.

Based on the foregoing, we are of the opinion that when sold and issued against payment therefor as described in the Offering Statement, the Shares will be validly authorized, legally issued, fully paid and non-assessable.

Our opinion herein is expressed solely with respect to the Wyoming Business Corporation Act, as currently in effect, and we express no opinion as to whether the laws of any jurisdiction are applicable to the subject matter hereof. No opinion is being rendered hereby with respect to the truth, accuracy or completeness of the Offering Statement or any portion thereof.

The information set forth herein is as of the date hereof. We assume no obligation to supplement this opinion letter if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. Our opinion is expressly limited to the matters set forth above, and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the Shares, the Offering Statement, or the circular included therein.

We hereby consent to the filing of this opinion as an exhibit to the Offering Statement. In giving such consent, we do not believe that we are "experts" within the meaning of such term as used in the

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![](exhibit8-1xm001.jpg) | 908-377-5587 | ![](exhibit8-1xm002.jpg) | <u>eric@hesslegalcounsel.com</u> | ![](exhibit8-1xm003.jpg) | https://hesslegalcounsel.com |

---

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---

| | |
|:---|:---|
| **HLC** | Eric Hess, Managing Counsel |
| Hess Legal Counsel, LLC |  |

---

Securities Act of 1933 or the rules and regulations of the Commission issued thereunder with respect to any part of the Offering Statement, including this opinion as an exhibit or otherwise.<br>

Very Truly Yours,

HESS LEGAL COUNSEL LLC

---

| | |
|:---|:---|
| By: | ![](exhibit8-1xm004.jpg) |
|  | Eric W. Hess, Managing Partner |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![](exhibit8-1xm001.jpg) | 908-377-5587 | ![](exhibit8-1xm002.jpg) | <u>eric@hesslegalcounsel.com</u> | ![](exhibit8-1xm003.jpg) | https://hesslegalcounsel.com |

---

------

## Ex1A-11

------

**CONSENT**

**OF**

**INDEPENDENT PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Offering Statement on Form 1-A of our report dated August 26, 2025, with respect to the balance sheets of Frontieras North America as of September 30, 2024, and 2023, and the related statements of operations, changes in stockholders' equity and cash flows for the years ended September 30, 2024 and 2023 and the related notes to the financial statements, which report appears in the Offering Circular that is a part of this Offering Statement. Our opinion does not cover any subsequent events from the date of our report date i.e. August 26, 2025, until the date of this letter that might have an impact on the financial statements.<br>

![](exhibit11-1x002.jpg)

SetApart Accountancy Corp

October 30, 2025

Calabasas, California

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Frontieras North America

**Jurisdiction of Incorporation/Organization:** WY

**Year of Incorporation:** 2021

**CIK:** 0002035321

**I.R.S. Employer Identification Number:** 87-2916838

**Primary Standard Industrial Classification Code:** 2990

**Total number of full-time employees:** 1

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 1000 Main Street, Suite 2300, —, Houston, TX 77002

**Company Phone:** 602-509-0950

**Person to contact:** Matthew T. McKean

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount     |
|:---|:---|
| Cash and Cash Equivalents                | $66438.00  |
| Investment Securities                    | $0.00      |
| Accounts and Notes Receivable            | $0.00      |
| Property, Plant and Equipment (PP&E)     | $0.00      |
| Total Assets                             | $398938.00 |
| Accounts Payable and Accrued Liabilities | $15581.00  |
| Long-Term Debt                           | $0.00      |
| Total Liabilities                        | $67678.00  |
| Total Stockholders' Equity               | $331260.00 |
| Total Liabilities and Equity             | $398938.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount       |
|:---|:---|
| Total Revenues                            | $0.00        |
| Costs and Expenses Applicable to Revenues | $0.00        |
| Depreciation and Amortization             | $0.00        |
| Net Income                                | $-1022285.00 |
| Earnings Per Share - Basic                | 0.00         |
| Earnings Per Share - Diluted              | 0.00         |

**Auditor Information**

| Metric          | Amount                    |
|:---|:---|
| Name of Auditor | SetApart Accountancy Corp |

### Outstanding Securities

| Class                |   Outstanding | CUSIP   | Publicly Traded   |
|:---|---:|:---|:---|
| Class A Common Stock |     250380995 | N/A     | None              |
|  |             0 |  |  |
|  |             0 |  |  |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** No

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 3387533      |
| Number of securities outstanding                                | 714695       |
| Price per security                                              | $7.38        |
| Issuer's aggregate offering price                               | $24999993.54 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $24999993.54 |

**Anticipated Fees**

| Service Provider   | Name                       | Fees       |
|:---|:---|:---|
| Auditor            | SetApart Accountancy Corp. | $15000.00  |
| Legal              | Hess Legal Counsel, LLC    | $100000.00 |
| Promoters          | N/A                        | $0.00      |

**Estimated Net Proceeds to the Issuer:** $18499245.17

### Item 5. Jurisdictions in Which Securities are to be Offered

- All States and Territories

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** Frontieras North America, Inc.

**Title of Securities Issued:** Class C Common Stock

**Total Amount of Securities Issued:** 772556

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** $4,991,306 (proceeds received as of date of filing)

**Basis for aggregate consideration:** —

**Securities Act Exemption:** Section 4(a)(6) of the Securities Act and Regulation Crowdfunding (limited offering to both accredited and non-accredited investors via crowdfunding platform, with investment limits and disclosure requirements).