# EDGAR Filing Document

**Accession Number:** 0001960355
**File Stem:** 0001104659-26-008617
**Filing Date:** 2026-1
**Character Count:** 1044886
**Document Hash:** 5f1ea025b59860added5ce1f6fc14c96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-008617.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0001104659-26-008617

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exyn Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001960355
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 472345934
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08762
- **FILM NUMBER:** 26583266

**BUSINESS ADDRESS:**
- **STREET 1:** 2118 WASHINGTON AVENUE
- **STREET 2:** SUITE 1000
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19146
- **BUSINESS PHONE:** 917-806-1345

**MAIL ADDRESS:**
- **STREET 1:** 2118 WASHINGTON AVENUE
- **STREET 2:** SUITE 1000
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19146

[**TABLE OF CONTENTS**](#TOC)

 **As submitted confidentially to the Securities and Exchange Commission on January 30, 2026. This draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.** 

#### Registration No. 333-

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### (Confidential Draft Submission No. 2)

### Form S-1

#### REGISTRATION STATEMENT Under The Securities Act of 1933

### Exyn Technologies, Inc.
(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** <br> (State or other jurisdiction of <br> incorporation or organization)  | **3823** <br> (Primary Standard Industrial <br> Classification Code Number)  | **47-2345934** <br> (I.R.S. Employer <br> Identification Number)  |

---

#### Exyn Technologies, Inc. 2118 Washington Avenue, Suite 1000 Philadelphia, PA 19146 (215) 999-0200
(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

#### Brandon Torres Declet Chief Executive Officer 2118 Washington Avenue, Suite 1000 Philadelphia, PA 19146 (215) 999-0200
(Name, address, including zip code, and telephone number, including area code, of agent for service)

#### Copies to:

---

| | |
|:---|:---|
| **Andrew P. Gilbert <br> Anna K. Spence <br> DLA Piper LLP (US) <br> 51 John F. Kennedy Parkway <br> Suite 120 <br> Short Hills, NJ 07078 <br> (973) 520-2550**  | **Mitchell S. Nussbaum <br> David J. Levine <br> Loeb & Loeb LLP <br> 345 Park Avenue <br> New York, NY 10154 <br> (212) 407-4000**  |

---

#### Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement is declared effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box: ☐

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

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

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

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

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

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

 **The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

------

[**TABLE OF CONTENTS**](#TOC)

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

#### SUBJECT TO COMPLETION, DATED , 2026

#### PRELIMINARY PROSPECTUS

### Shares
![[MISSING IMAGE: lg_exyn-bwlr.jpg]](lg_exyn-bwlr.jpg)

### Exyn Technologies, Inc.

### Common Stock
This is the initial public offering of shares of common stock of Exyn Technologies, Inc. We are offering shares of our common stock, par value $0.0001 per share.

Prior to this offering, there has been no public market for our common stock. We currently anticipate that the initial public offering price will be between $ and $ per share.

 **We intend to apply to have our common stock listed on the Nasdaq Capital Market ("Nasdaq") under the trading symbol "EXYN." However, no assurance can be given that our listing application will be approved. If our listing application is not approved by Nasdaq, we will not be able to consummate this offering.** 

We are an "emerging growth company" and a "smaller reporting company" as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and, as such, have elected to take advantage of certain reduced public company reporting requirements for this prospectus and future filings. See "Prospectus Summary — Implications of Being an Emerging Growth Company and a Smaller Reporting Company."

 **Investing in our common stock involves a high degree of risk. See "Risk Factors" beginning on page [15](#tRIFA) to read about factors you should consider before buying shares of our common stock.** 

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

---

| | | |
|:---|:---|:---|
| | **PER SHARE**  | **TOTAL**  |
| Initial public offering price  |  | $— |
| Underwriting discounts and commissions<sup>(1)</sup>  |  | $— |
| Proceeds to us, before expenses  |  | $— |

---

(1) See the section titled "Underwriting" for additional information regarding underwriting compensation.

We have granted the underwriters an option to purchase up to an additional shares of common stock from us, at the public offering price, less the underwriting discounts and commissions, for 30 days after the date of this prospectus. If the underwriters exercise the option in full, the total underwriting discounts and commissions payable by us will be $, and the total proceeds to us, before expenses, will be $.

The underwriters expect to deliver the shares of common stock against payment therefor in New York, New York on or about , 2026.

### Lucid Capital Markets, LLC

#### , 2026

------

[**TABLE OF CONTENTS**](#TOC)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page**  |
| [PROSPECTUS SUMMARY](#tPRSU)  | [1](#tPRSU) |
| [RISK FACTORS](#tRIFA)  | [15](#tRIFA) |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tSNRF)  | [54](#tSNRF) |
| [INDUSTRY AND MARKET DATA](#tIAMD)  | [56](#tIAMD) |
| [USE OF PROCEEDS](#tUOP)  | [57](#tUOP) |
| [DIVIDEND POLICY](#tDIPO)  | [58](#tDIPO) |
| [CAPITALIZATION](#tCAP)  | [59](#tCAP) |
| [DILUTION](#tDIL)  | [62](#tDIL) |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDAA)  | [65](#tMDAA) |
| [BUSINESS](#tBUS)  | [75](#tBUS) |
| [MANAGEMENT](#tMAN)  | [93](#tMAN) |
| [EXECUTIVE COMPENSATION](#tEXCO)  | [102](#tEXCO) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCRAR)  | [112](#tCRAR) |
| [PRINCIPAL STOCKHOLDERS](#tPRST)  | [114](#tPRST) |
| [DESCRIPTION OF CERTAIN INDEBTEDNESS](#tDOCI)  | [116](#tDOCI) |
| [DESCRIPTION OF CAPITAL STOCK](#tDOCS)  | [118](#tDOCS) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#tSEFF)  | [123](#tSEFF) |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS TO NON-U.S. HOLDERS OF OUR COMMON STOCK](#tMUFI)  | [125](#tMUFI) |
| [UNDERWRITING](#tUND)  | [129](#tUND) |
| [LEGAL MATTERS](#tLEMA)  | [138](#tLEMA) |
| [EXPERTS](#tEXP)  | [138](#tEXP) |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#tWYCF)  | [138](#tWYCF) |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#tITCF)  | [F-1](#tITCF) |

---

Neither we nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. We are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where it is lawful to do so. The information in this prospectus, or any applicable free writing prospectus, is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our common stock. Our business, financial condition, results of operations, and prospects may have and are likely to have changed since that date.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or the possession or distribution of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this offering of our common stock and the distribution of this prospectus outside the United States.

 **Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.** 

i

------

[**TABLE OF CONTENTS**](#TOC)

For investors outside the United States: Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside of the United States.

This prospectus contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the <sup>®</sup> or™ symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

#### NON-GAAP FINANCIAL MEASURES
This prospectus contains "non-GAAP financial measures" that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Specifically, we make use of the non-GAAP financial measure "Adjusted EBITDA."

We present Adjusted EBITDA in this prospectus as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. We believe this non-GAAP measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management believes Adjusted EBITDA is useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure and capital investments. Management uses Adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.

Adjusted EBITDA is not a recognized term under GAAP and should not be considered as an alternative to net income (loss) or gross margin as measures of financial performance or cash provided by operating activities as measures of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, this measure is not intended to be a measure of free cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. Because not all companies use identical calculations, the presentation of this measure may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. For a discussion of the use of this measure and a reconciliation of the most directly comparable GAAP measure, see "Summary — Summary Historical Financial and Other Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

#### NON-GAAP FINANCIAL MEASURES DEFINITIONS
We define Adjusted EBITDA as net income (loss) before interest expense, net, income tax benefit, and depreciation and amortization, further adjusted to exclude stock-based compensation expense and impairment charges.

ii

------

[**TABLE OF CONTENTS**](#TOC)

#### PROSPECTUS SUMMARY
 *The following summary contains selected information contained elsewhere in this prospectus about us and about this offering. It does not contain all of the information that is important to you and your investment decision. Before you make an investment decision, you should review this prospectus in its entirety, including matters set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our Consolidated Financial Statements and the related notes included elsewhere in this prospectus. Some of the statements in the following summary constitute forward-looking statements. See "Special Note Regarding Forward-Looking Statements." Unless the context otherwise requires, all references in this prospectus to "Exyn," the "Company," "we," "us," "our," or similar terms refer to Exyn Technologies, Inc. and our wholly owned subsidiaries, Exyn Latin America, SPA and Exyn Defense Inc.* 

#### Overview
We are a pioneer in fully adaptive and cognitive mission-level autonomous robotics and artificial intelligence ("AI"), delivering advanced solutions that enable safe, efficient, and scalable autonomy in complex, GPS-denied environments. Our mission is to deliver world-class autonomous robots to data-hungry industries to unlock new insights that drive smarter decisions. Leveraging proprietary Level 4B autonomy software and cutting-edge aerial and ground robotic systems, we empower industries, including mining, construction, critical infrastructure, and defense with real-time 3D mapping, data analytics, and autonomous navigation.

Founded in 2014 as a spin-out from the renowned General Robotics, Automation, Sensing and Perception Laboratory ("GRASP Laboratory") at the University of Pennsylvania by Dr. Vijay Kumar, the Nemirovsky Family Dean for the School of Engineering and Applied Science and headquartered in Philadelphia, Pennsylvania, Exyn has developed a robust suite of hardware-agnostic autonomy software that allows aerial and ground robots to navigate and operate without human control, prior maps, or external infrastructure. Our solutions provide customers with the ability to rapidly digitize and analyze challenging environments such as underground mines, warehouses, tunnels, and contested battlefields, while improving safety, efficiency, and decision-making.

We are in the market with commercially-available and robustly field tested, full autonomy robots capable of completely self-directed flight and ground navigation in GPS-denied, communication-limited, and dynamic environments. Our platform is designed to integrate seamlessly with a wide range of robotic form factors, enabling original equipment manufacturers ("OEMs"), defense agencies, and industrial customers to extend and scale autonomy across diverse mission sets.

Our software for localization, autonomous navigation, and 3D map creation is ExynAI. Currently, we package ExynAI software modules within our hardware, Nexys, a modular mapping and autonomy payload that allows users to quickly capture highly accurate, colorized, real-time 3D point clouds in complex, dangerous, or inhospitable environments. Our unique technology is built upon the fusion of multiple sensor inputs that create a highly accurate real-time map, thus enabling autonomous flight and ground operations. Nexys-enabled robots are highly differentiated and robust, making them ideal and practical for complex industrial environments.

Our products are designed to serve customers of all sizes and complexity across multiple industry verticals, such as mining, construction, energy, geospatial, critical infrastructure inspection and defense. Whether packaged as Exyn branded products or via software as part of third-party systems, our Nexys product and our ExynAI software platform are easily integrated into existing business systems and processes, making them essential to a wide range of operators. As customers of our software deploy robotic systems at scale, the use of ExynAI enables them to not only save money and improve productivity, but in many cases to avoid needless "hazardous man-hours" and reduce environmental impact, thereby creating significant value across multiple categories.

#### Software

#### ExynAI
ExynAI is our proprietary mobile mapping and autonomy software that incorporates industry leading capabilities in simultaneous localization and mapping ("SLAM"), motion planning, and control. It enables

------

[**TABLE OF CONTENTS**](#TOC)

autonomous navigation in unstructured, GPS-denied environments while simultaneously capturing a feature-rich, colorized digital twin that can be rendered in real-time. Running on our modular hardware product, the Nexys, ExynAI is a critical tool in the modern surveyor's toolkit. ExynAI is also built from the ground up to be modular, platform agnostic, and open to third-party data streams, making it highly versatile and extensible. Now, with years of customer operations all across the globe in a variety of environments, we believe it is poised to become a core software component for the mapping and autonomous systems of the future.

Specialized modes for ExynAI give users the ability to quickly define mission types and create a high-level mission objective in seconds. The most common example of this is Exploration mode, which is built for venturing into the unknown, and is the most widely used mode by our autonomous navigation users via ExynAI. Operators can simply define an area of interest inside ExynView and then launch a mission for the robot to explore. Once the mission is started, ExynAI takes control to autonomously map the entire area without the need for a connection to ExynView or an operator in control.

On the capture and navigation side, ExynAI, when coupled with our SLAM-based light detection and ranging ("LiDAR") scanning technology, delivers survey-grade 3D models without a pilot. ExynAI is capable of consuming and analyzing a variety of data streams once the appropriate sensors are connected to Nexys while mapping. This can be a vital tool for first responders, for example, looking to capture gas sensor readings while creating a response plan or for simply overlaying Global Navigation Satellite System ("GNSS") information on a digital twin; other examples of rich data additions are radiation and depth. The Nexys autonomy and mapping ecosystem, which includes Nexys, ExynAI, ExynView and the various accessories and supported systems, is built from the ground up to give operators a modular, mobile tool to collect real world data and transform it into accurate, actionable digital twins.

Since 2016, ExynAI has performed thousands of completely autonomous flights traveling around the world, proving our autonomous navigation and mapping can safely complete missions in the most challenging environments where and when operators need it the most.

![[MISSING IMAGE: tb_webclaims-4c.jpg]](tb_webclaims-4c.jpg)

Our hardware and software solutions are designed to perform in the most demanding conditions and are built around the capabilities our customers depend on every day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Precision Mapping**: Generate survey-grade 3D maps in real-time, even in GPS-denied or signal-limited environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Robust Localization**: Reliable and accurate localization performance across challenging environments, including GPS-rich, GPS-denied, high-speed, and complex 3D settings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Proven Field-Ready Autonomy**: Validated across hundreds of deployments and thousands of flights, with demonstrated resilience and reliability in diverse and challenging conditions, including dusty environments and obstacle-rich terrains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Scalable Solutions**: Allows customers to expand their hardware's capabilities to meet diverse mission needs quickly and efficiently.

#### ExynView
ExynView is our proprietary software suite used to plan and execute fully autonomous missions, view real-time point cloud data, and post-process that data into actionable 3D digital models. Surveying professionals can quickly and easily plan autonomous missions through ExynView to send Nexys-enabled robots into areas too dangerous for people to work. Operators can track real-time progress of the mission while communications are in range.

------

[**TABLE OF CONTENTS**](#TOC)

ExynView's robust post-processing capabilities can quickly take a scan from captured to actionable data. Its capabilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • refinement, cleanup, and colorization of the point cloud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ground Control Points ("GCPs") or Global Positioning System / Global Navigation Satellite System ("GPS/GNSS") based georeferencing and anchoring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • export of georeferenced maps in standard data formats for use in customer workflows.

ExynView's post-processing software transforms Nexys data into actionable 3D models without ever needing to leave the job site.

#### Hardware

#### Exyn Nexys
The Nexys product line is a modular 3D mapping solution designed to reduce time to capture data, increase safety, and drive efficiency for challenging, complex, or dangerous environments. Nexys also provides platform-agnostic autonomy, meaning it can be swapped from robot to robot depending on the use case or environment. The ExynAI software is embedded on the Nexys hardware and is able to operate without any offboard communications. Our team is continually validating new robotic platforms and additional sensors to expand the supported ecosystem.

Nexys can quickly and easily switch between a variety of configurations — handheld, backpack, aerial robot, terrestrial robot, vehicle, pole and custom configurations. Built with rigorous industrial usage in mind, Nexys may be used in any mapping environment, offering users flexibility and cost efficiency. ExynAI on Nexys creates detailed 3D maps in real time, updating continuously as new data comes in. It delivers reliable, survey-grade accuracy within about one centimeter while capturing about one million data points every second. The full power of Nexys is unlocked with an ExynAI autonomy license, where our industry leading Level 4B autonomy enables drones and ground robots to autonomously navigate and map the most dangerous environments.

#### Competitive Strengths
We believe the following strengths are key differentiators for our business, enabling us to provide innovative and mission-critical solutions to our customers and drive profitable growth in our business.

#### Proprietary Level 4B Autonomy Software
Leveraging our proprietary Level 4B autonomy software allows us to enable true self-navigating robots. We believe ExynAI represents a significant opportunity to increase safety in a number of industries, reduce operational costs to our customers. As our platform capabilities expand, we believe our target applications, use cases, and points of differentiation in the marketplace will similarly expand.

#### Hardware-Agnostic Payload
We focus on continuing to innovate adaptable hardware platforms across aerial and ground systems. Nexys is a hardware-agnostic autonomy and mapping payload, meaning it can be swapped from robot to robot depending on the use case or environment.

#### Nexys Integration into Other Products via an API
The Nexys is the only mobile mapping and autonomy payload that offers an Application Programming Interface ("API") to interact with and control the device's various functions. The API enables other companies to incorporate the Nexys into their own products. These customers use their own software applications (instead of ExynView) to communicate with the Nexys and are able to build on top of its capabilities to address specialized use-cases.

------

[**TABLE OF CONTENTS**](#TOC)

#### Established Track Record
As illustrated by the graphic below, we have an established track record with deployments in mining, construction, and infrastructure sectors. Our customers range from commercial and federal information technology specialists to corporate construction managers and have one thing in common: appreciation for safe, efficient, and sophisticated data-capture technology.

![[MISSING IMAGE: pc_dealsbyindustry-4c.jpg]](pc_dealsbyindustry-4c.jpg)

#### Experienced Leadership Team with Deep Experience in Robotics, AI, and Advanced Autonomy

Although we believe these competitive strengths will contribute to the growth and success of our company, our business is subject to risks that may prevent us from achieving our business objectives or otherwise adversely affect our business, results of operations or financial condition. For a description of the competitive challenges we face and the limitations of our business and operations, see "Risk Factors."

------

[**TABLE OF CONTENTS**](#TOC)

#### Growth Strategy
![[MISSING IMAGE: ph_growthstrategy-4clr.jpg]](ph_growthstrategy-4clr.jpg)

As indicated above, we started with proving the core capabilities of the ExynAI software with a highly integrated and verticalized product, the ExynAero. Over time, we have greatly extended the reach of that software through modularity and flexibility across the next few generations of products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Platform Growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ExynAero & ExynPak — Initially fielded our SLAM and autonomy software on Exyn hardware and a single drone (ExynAero) and single hand-held; targeted the specific use-case of mine survey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nexys Modular — Extended our flexibility and productization by combining Aero + Pak into a single device that could also be used as a system payload (geospatial).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nexys (Flexible Integration) — Further modularized the product (Nexys) and added support for a range of configurations, aerial platforms, and a ground platform to continue to push market share for general geospatial survey application and greatly improved mapping performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Software Growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nexys + API — Extending the capabilities for the Nexys by adding an API so that it can be integrated into third party products to address more specialized use-cases, at scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ExynAI Software Development Kit ("SDK") — With market-validated mature SLAM and autonomy software hardened over years of operation, packing the software into an SDK allows third-party OEMs to greatly improve their platforms using our hard-earned capabilities, and significantly expands the markets we can operate in.

We have spent the past decade refining and improving our proprietary technology platform and product offerings in some of the most hostile operating environments imaginable. With our proven capabilities in GPS-denied, autonomous navigation and mapping, we are now focused on expanding our reach across a wide range of market opportunities that we believe are primed for rapid adoption of robotic autonomy.

We intend to pursue the following strategies in order to continue realizing meaningful growth across our business:

1. Expanding OEM partnerships to integrate our software into third-party robotic systems.

Exyn's software-defined autonomy mapping and autonomy software is flexible across numerous hardware stacks, enabling rapid integration into a variety of robots and applications via both the Nexys

------

[**TABLE OF CONTENTS**](#TOC)

application programming interface ("API") and through the ExynAI software-only SDK. We believe that embedding ExynAI into third-party systems will significantly increase our market penetration and recurring software revenue.

2. Scaling our presence in defense markets.

The defense sector is undergoing rapid transformation through accelerated adoption of autonomous systems for reconnaissance, contested logistics, and force protection. Exyn's autonomy has been validated in defense-relevant environments such as subterranean tunnels and urban structures.

3. Growing commercial deployments in mining, construction, and infrastructure inspection.

We have already demonstrated measurable ROI in underground mining by reducing survey times, improving worker safety, and enabling digitization of mine planning. We intend to scale these successes globally while expanding into adjacent verticals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Mining:** Expanding deployments with global operators in Australia, South America, and Africa. According to Pro Market Reports, the mine mapping system market is forecast to reach $2.5 billion by 2033.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Construction:** Enabling digital twin creation, progress tracking, and quality assurance in megaprojects. According to Global Market Insights, the construction inspection robotics market is expected to reach $9.8 billion by 2034.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Infrastructure inspection:** Delivering autonomous inspection of bridges, tunnels, energy assets, and transportation infrastructure, tapping into the global infrastructure inspection services market, which according to BIS Research is projected to reach $3.2 billion by 2029.

4. Investing in R&D to extend autonomy capabilities across multiple domains, including maritime and space robotics.

We believe the long-term opportunity for autonomous systems extends across every domain of operation. Exyn's roadmap includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Maritime autonomy:** Expanding ExynAI into subsea autonomous underwater vehicles ("AUVs") and unmanned surface vessels for ocean surveying, port security, and offshore infrastructure inspection. According to Verified Market Reports, the unmanned maritime systems market is projected to grow from $4.9 billion to $16.0 billion by 2033, with a CAGR of approximately 14.3% between 2026 and 2033.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Space robotics:** Building capabilities for GPS-denied planetary exploration, autonomous inspection of spacecraft, and participation in lunar exploration programs. According to Grand View Research, the global space robotics market was valued at $4.4 billion in 2022 and is projected to reach $8.5 billion by 2030, growing at a CAGR of 8.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **AI/Machine Learning autonomy enhancements:** Advancing multi-agent coordination, energy optimization, and adaptive autonomy to maintain technological leadership.

5. Pursuing strategic acquisitions and partnerships to strengthen our technology stack and market reach.

We expect the autonomy and robotics sectors to consolidate over the next several years. We intend to opportunistically pursue acquisitions of complementary software, perception, and sensor technologies to accelerate product innovation and market expansion. Additionally, partnerships across communications, AI/machine learning, and systems integration will broaden our customer reach and strengthen our competitive moat.

#### Risk Factors Summary
Investing in our common stock involves risks, which are discussed more fully under "Risk Factors." You should carefully consider all the information in this prospectus, including under "Risk Factors," before making an investment decision. Some of the most significant risks we face include, but are not limited to, the following:

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our financial statements have been prepared on a going-concern basis and our continued operations are in doubt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have identified several material weaknesses in our internal control over financial reporting. If we fail to implement and maintain effective internal control over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may be subject to significant liabilities, penalties, interest, and other adverse consequences if we fail to properly assess, collect, and remit Canadian indirect taxes, and any such exposure could be material to our business, financial condition, results of operations, and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have a history of losses, and we may not be able to generate sufficient revenue to achieve or maintain profitability in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are an early-stage company with a limited sales history, which makes it difficult to evaluate our prospects and future operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If we fail to manage our growth effectively, our business and operating results will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will need to raise substantial additional funds in the future, which funds may not be available or, if available, may not be available on acceptable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our substantial indebtedness could materially adversely affect our financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs or requirements, our solutions may become less competitive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If we fail to penetrate new markets, including the future sale of our software development kits and application programming interfaces to OEMs, our revenue and financial condition could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may face commercial operational risks because of our reliance on technology. Our information technology systems may be subject to failure, interruption or security breaches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our products and future services may be affected from time to time by design and manufacturing defects that could materially adversely affect our business and result in harm to our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our products use third-party software and services that may be difficult to replace or cause errors or failures of our products that could lead to a loss of customers or harm to our reputation and our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For certain of the components and services included in our products there may be a limited number of suppliers we can rely upon and if we are unable to obtain these components and services when needed we could experience delays in the manufacturing of our products and delivering our services, and our financial results could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may face competition from other technology companies, many of which have substantially greater resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Third-party claims that we are infringing or otherwise violating the intellectual property rights of others, whether successful or not, could subject us to costly and time-consuming litigation or require us to obtain expensive licenses, and our business could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Operating in highly regulated businesses with new and ever-changing laws and regulations requires significant resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Policy changes affecting international trade could adversely impact the cost of our products and our competitive position.

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

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

These and other risks are more fully described in the section entitled "Risk Factors" in this prospectus. If any of these risks actually occurs, our business, financial condition, results of operations, cash flows, and

------

[**TABLE OF CONTENTS**](#TOC)

prospects could be materially and adversely affected. As a result, you could lose all or part of your investment in our common stock.

#### Implications of Being an Emerging Growth Company and a Smaller Reporting Company
We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"). We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year following the fifth anniversary of the completion of this offering, (2) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (3) the date on which we are deemed to be a large accelerated filer (which, in addition to certain other criteria, means the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the end of the second quarter of that fiscal year), or (4) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

An emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not being required to comply with the independent registered public accounting firm attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • only being required to present two years of audited financial statements, plus unaudited condensed financial statements for any interim period, and related management's discussion and analysis of financial condition and results of operations in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

We have elected to take advantage of certain of the reduced disclosure obligations regarding financial statements and executive compensation in this prospectus and expect to elect to take advantage of other reduced burdens in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We are electing to take advantage of this extended transition period for complying with new or revised accounting standards provided for by the JOBS Act. We will therefore comply with new or revised accounting standards when they apply to private companies. As a result, our financial statements may not be comparable with companies that comply with public company effective dates for accounting standards.

We qualify as a "smaller reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long as the market value of our voting and non-voting common stock held by non-affiliates is less than $250 million measured on the last business day of our second fiscal quarter, or our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our voting and non-voting common stock held by non-affiliates is less than $700.0 million measured on the last business day of our second fiscal quarter. As a result, the information in this prospectus and that we provide to our investors in the future may be different than what you might receive from other public reporting companies.

For risks related to our status as an emerging growth company and a smaller reporting company, see "Risk Factors — Risks Related to This Offering and Ownership of Our Common Stock — We are an "emerging growth company" and may elect to comply with reduced public company reporting requirements, which could make our common stock less attractive to investors."

------

[**TABLE OF CONTENTS**](#TOC)

#### Corporate Information
We were incorporated in Delaware on December 10, 2014. We have two wholly owned subsidiaries, Exyn Latin America SPA and Exyn Defense Inc. ("Range"). Our principal executive offices are located at 2118 Washington Avenue, Suite 1000, Philadelphia, PA 19146, and our telephone number is (215) 999-0200.

The following diagram illustrates our corporate structure as of the date of this prospectus:

![[MISSING IMAGE: fc_corporateorgchart-4clr.jpg]](fc_corporateorgchart-4clr.jpg)

Our website address is www.exyn.com. Information contained on, or that can be accessed through, our website is not part of and is not incorporated by reference into this prospectus, and you should not consider information on our website to be part of this prospectus.

------

[**TABLE OF CONTENTS**](#TOC)

#### THE OFFERING
Common stock offered by us

shares of common stock.

Underwriters' option to purchase additional shares of common stock

shares of common stock.

Common stock to be outstanding after this offering

shares of common stock (shares of common stock if the underwriters exercise their option to purchase additional shares in full).

Use of proceeds

We estimate that the net proceeds to us from this offering will be approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional shares in full), based on an assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover page of this prospectus), and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering for growth capital, working capital, repayment of certain indebtedness, which includes (i) $3.5 million in aggregate principal amount outstanding under the Loan and Security Agreement between the Company and Western Alliance Bank, dated as of September 27, 2023, as amended on July 11, 2025 (the "WAB Loan Agreement"), (ii) $1.5 million outstanding under the Company's senior unsecured convertible promissory note due April 15, 2026 (the "Convertible Note") to Neolync Holdings Ltd ("Neolync Holdings") and (iii) $0.6 million in aggregate principal amount outstanding under the Business Term Loan Agreement between the Company and Maximcash Solutions LLC, dated as of December 26, 2025 (the "Maximcash Loan Agreement" and together with the WAB Loan Agreement, the "Loan Agreements"), and for general corporate purposes. See "Use of Proceeds."

Dividend policy

We currently do not anticipate paying any cash dividends after this offering and for the foreseeable future. Any future determination relating to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including restrictions in our current and future debt instruments, our future earnings, capital requirements, financial condition, future prospects, and applicable Delaware law, which provides that dividends are only payable out of surplus or current net profits. See "Dividend Policy."

Risk factors

You should read the section titled "Risk Factors" and the other information included in this prospectus for a discussion of certain factors to consider carefully before deciding to purchase any shares of our common stock.

Proposed Nasdaq trading symbol

"EXYN"

Unless otherwise indicated, the number of shares of our common stock to be outstanding after this offering is based on 32,915,388 shares of common stock outstanding as of September 30, 2025, and excludes:

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of common stock issuable upon the exercise of outstanding options as of September 30, 2025, under our Amended and Restated 2015 Equity Compensation Plan (the "2015 Plan") at a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 5,530,432 shares of common stock reserved for future issuance under our 2015 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 268,174 shares of preferred stock issuable upon the exercise of our outstanding warrants with Silicon Valley Bank (the "SVB Warrants");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 197,551 shares of common stock issuable upon the exercise of our outstanding warrants with Western Alliance Bank (the "WAB Warrants");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of common stock issuable upon exercise of warrants to be issued to the Representative of the underwriters (the "Representative's Warrants") at the closing of this offering at an exercise price of $(assuming an initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of our common stock reserved for future issuance under our 2026 Equity Incentive Plan (the "2026 Plan"), which will become effective as of immediately prior to the completion of this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of our common stock reserved for future issuance under our 2026 Employee Stock Purchase Plan (the "2026 ESPP"), which will become effective as of immediately prior to the completion of this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 ESPP.

Unless otherwise indicated, all information contained in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the filing and effectiveness of our amended and restated certificate of incorporation and the adoption of our amended and restated bylaws immediately prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a -for- split of our common stock expected to be completed prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the automatic conversion of all of our outstanding SAFEs in the aggregate amount of $6.2 million into an aggregate of shares of common stock immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the automatic conversion of all outstanding shares of our convertible preferred stock into 66,205,264 shares of our common stock immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no exercise by the underwriters of their option to purchase up to additional shares of our common stock.

------

[**TABLE OF CONTENTS**](#TOC)

#### SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA
The following tables set forth our summary consolidated financial and other data for the years ended December 31, 2024 and 2023, which were derived from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future.

You should read the following summary consolidated financial data in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace, and are qualified in their entirety by, the consolidated financial statements and related notes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period over period change**  | **Period over period change**  |
| | **2024**  | **2023**  | **($)**  | **(%)**  |
| Revenues, net  | $5568280 | $4551877 | $1016403 | 22.3% |
| Cost of revenues  | 3611850 | 2841708 | 770142 | 27.1% |
| Gross profit  | 1956340 | 1710169 | 246171 | 14.4% |
| **Operating expenses:** |  |  |  |  |
| Selling, general and administrative expenses  | 6358093 | 6195563 | 162530 | 2.6% |
| Research and development expenses  | 6487224 | 8269427 | (1782203) | (21.6)% |
| Stock-based compensation  | 935525 | 179756 | 755769 | 420.4% |
| Restructuring and severance  | 349630 |  | 349630 | N/A |
| Total operating expenses  | 14130472 | 14644746 | (514274) | (3.5)% |
| Operating loss  | (12174042) | (12934577) | 760535 | 5.9% |
| **Non-operating income (expense):** |  |  |  |  |
| Interest expense  | (315167) | (52445) | (262722) | (500.9)% |
| Interest income  | 138133 | 454450 | (316317) | (69.6)% |
| Other expense  | (459041) | (377835) | (81206) | (21.5)% |
| Total non-operating income (expense)  | (636075) | 24170 | (660245) | (2,731.7)% |
| Net loss before income tax benefit  | (12810117) | (12910406) | 100289 | 0.8% |
| Income tax benefit  |  |  |  | N/A |
| **Net loss**  | $(12810117) | $(12910406) | $100289 | 0.8% |
| **Net loss per share:** |  |  |  |  |
| **Net loss per share – basic and diluted<sup>(1)</sup>**  | $(0.39) | $(0.37) |  |  |
|  Weighted average number of common shares outstanding – basic and diluted<sup>(1)</sup>  | 32913629 | 32900388 |  |  |
| Pro forma net loss per share – basic and diluted<sup>(2)</sup>  | $— | $— |  |  |
|  Pro forma weighted average number of common shares outstanding – basic and diluted<sup>(2)</sup>  |  |  |  |  |

---

(1) See Note 2 of our audited financial statements included elsewhere in this prospectus for an explanation of the calculations of our basic and diluted net (loss) income per share attributable to common stockholders and the weighted average number of shares outstanding used in the computation of the per share amounts.

(2) Unaudited pro forma net loss per shares and weighted average shares of common stock outstanding attributable to common stockholders have been prepared to give effect to (i) the automatic conversion of all outstanding shares of our convertible preferred stock as of December 31, 2024 into 66,205,264 shares of our common stock and (ii) the automatic conversion of all of our outstanding SAFEs in the aggregate amount of $6.2 million into shares of common stock, in each case immediately prior to the closing of this offering.

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | | |
|:---|:---|:---|:---|
| | **As of <br> December 31, 2024**  | **As of <br> December 31, 2024**  | **As of <br> December 31, 2024**  |
| | **Actual**  | **Pro Forma<sup>(1)</sup>**  | **Pro Forma <br> As Adjusted<sup>(2)</sup>**  |
| **Consolidated Balance Sheet Data:** |  |  |  |
| Total current assets  | $5653751 |  | $|
| Total assets  | 6789095 |  |  |
| Total liabilities  | 6713906 |  |  |
| Accumulated deficit  | (63721509) |  |  |
| Total stockholders' equity  | 75189 |  |  |

---

(1) The pro forma consolidated balance sheet data give effect to (i) the automatic conversion of all outstanding shares of our convertible preferred stock as of December 31, 2024 into 66,205,264 shares of our common stock and (ii) the automatic conversion of all of our outstanding SAFEs in the aggregate amount of $6.2 million into shares of common stock, in each case immediately prior to the closing of this offering.

(2) The pro forma as adjusted consolidated balance sheet data give effect to (i) the pro forma adjustments set forth in footnote (1) above, (ii) the issuance and sale of shares of our common stock in this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the use of the net proceeds from this offering to repay certain indebtedness, including (a) $3.5 million in aggregate principal amount outstanding under the WAB Loan Agreement, (b) $1.5 million outstanding under the Convertible Note and (c) $0.6 million outstanding under the Maximcash Loan Agreement. Pro forma as adjusted balance sheet data is illustrative only and will change based on the actual initial public offering price and other terms of this offering determined at pricing. Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the pro forma as adjusted amount of each of total assets and total stockholders' equity by approximately $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Each 1,000,000 increase (decrease) in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase or decrease the pro forma as adjusted amount of each of total assets and total stockholders' equity by approximately $ million, assuming no change in the assumed initial offering price per share, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

#### Non-GAAP Financial Measures
In assessing the performance of our business, we consider a variety of financial measures that directly or indirectly impact our revenue and profitability. Certain Non-GAAP financial measures we use are set forth below, as of and for the years ended December 31, 2024 and 2023.

#### Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest expense, net, income tax benefit, and depreciation and amortization, further adjusted to exclude stock-based compensation expense and impairment charges.

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| | **Year Ended**  | **Year Ended**  |
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| Net income (loss)  | $(12810117) | $(12910406) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 421919 | 498827 |
| &nbsp;&nbsp;&nbsp; Income tax benefit  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 177034 | (402005) |
| EBITDA  | (12211164) | (12813584) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 935525 | 179756 |
| &nbsp;&nbsp;&nbsp; Amortization of debt issuance costs  | 28000 |  |
| &nbsp;&nbsp;&nbsp; Amortization of right of use assets  | 141264 | 82340 |
| &nbsp;&nbsp;&nbsp; Restructuring and severance  | 349630 |  |
| Adjusted EBITDA  | $(10756745) | $(12551488) |

---

------

[**TABLE OF CONTENTS**](#TOC)

#### RISK FACTORS
 *Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should consider carefully the risks described below, together with the other information contained in this prospectus, including our consolidated financial statements and the related notes appearing elsewhere in this prospectus. We believe the risks described below are the risks that are material to us as of the date of this prospectus. If any of the following risks actually occur, our business, financial condition, results of operations, and future growth prospects could be materially and adversely affected. In these circumstances, the market price of our common stock could decline, and you may lose all or part of your investment.* 

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

#### Our financial statements have been prepared on a going-concern basis and our continued operations are in doubt.
The uncertainty about our ability to continue in operation is based on our continuing losses from operations since inception. We have incurred losses resulting in an accumulated deficit of $63,721,509 as of December 31, 2024, and anticipate further losses in the development of our business. As of December 31, 2024 and 2023, the Company had cash and cash equivalents of $1,981,564 and $4,931,297, respectively. As of December 3, 2025, we expect that our current cash and cash equivalents of approximately $547,000, will not be sufficient to support its our projected operating requirements for at least the next 12 months. Given all these facts, we are dependent on obtaining funding from operations and the sale of debt or equity to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Our ability to continue as a going concern depends on the success of any future offering and receipt of additional funds through debt or equity financing and our operations. In the event we are unable to obtain such funding, we may have to delay, reduce or eliminate certain of our planned operations, including some of our research and development and/or reduce overall overhead expense, or divest assets. This in turn may have an adverse effect on our ability to realize the value of our assets. If we are unable to continue as a going concern, you will lose all or part of your investment.

 ***We have identified several material weaknesses in our internal control over financial reporting. If we fail to implement and maintain effective internal control over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud.***

In connection with the audit of our consolidated financial statements as of and for the years ended December 31, 2023 and 2024, our independent registered public accounting firm communicated to us, and management concluded, that there were 9 material weaknesses in our internal control over financial reporting largely arising from our having too few staff within our operations with sufficient knowledge of, and experience in, technical accounting and reporting matters.

These material weaknesses included: (1) a lack of sufficient oversight and monitoring controls related to inventory tracking and valuation, including controls over completeness, accuracy, and the application of appropriate costing methodologies; (2) failure to properly analyze the allowance for credit losses, resulting in an understatement of the allowance and related credit loss expense; (3) failure to register with the applicable Canadian provinces to collect and remit required Canadian sales tax, see "Risk Factors — We may be subject to significant liabilities, penalties, interest, and other adverse consequences if we fail to properly assess, collect, and remit Canadian indirect taxes, and any such exposure could be material to our business, financial condition, results of operations, and cash flows"; (4) failure to properly state accrued liabilities, resulting in corresponding errors in expense recognition; (5) failure to appropriately identify or fair value option issuances in accordance with U.S. GAAP, resulting in a material understatement of stock-based compensation expense and additional paid-in capital; (6) failure to appropriately identify or fair value warrants issued in connection with our WAB Loan Agreement, resulting in an understatement of debt discount, additional paid-in capital and interest expense; (7) issues with our deferred tax analysis and related footnote disclosures; (8) issues with our consolidated financial statement preparation processes, including errors and inconsistencies with footnote disclosures, classification errors and failure to reconcile to the underlying

------

[**TABLE OF CONTENTS**](#TOC)

financial information and (9) failure to maintain adequate segregation of duties within our accounting and financial reporting functions, including transaction authorization, journal entry preparation and posting, account reconciliation, and review.

Each of the above material weaknesses indicates a current lack of adequate review controls over our financial reporting process. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

While we are working to identify measures to remedy the material weaknesses noted above, we have not yet implemented any of these measures and cannot predict the success of such measures or the time it will take to remedy such material weaknesses, assuming we are able to do so. In an effort to remediate these material weaknesses, we plan to hire additional qualified accounting, finance and IT personnel to provide needed levels of expertise in our internal accounting and IT functions and maintain appropriate segregation of duties. We intend to complete an appropriate risk assessment to identify relevant risks and specify needed objectives. We also intend to formalize and communicate our policies and procedures surrounding our financial close, financial reporting and other accounting processes. We may incur significant costs in the implementation of such measures, which may place a significant strain on our management, operational and financial resources and systems for the foreseeable future, and we can give no assurance that these measures will remediate the material weaknesses in internal controls or that additional material weaknesses or significant deficiencies in our internal control over financial reporting will not be identified in the future. We intend as an "emerging growth company" to take advantage of applicable exemptions from certain reporting requirements that are applicable to most other public companies, including, but not limited to, an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act (requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting). This may mean that any remedial measures we take to remedy control deficiencies will not be independently verified until such time as we no longer qualify as an "emerging growth company".

Our failure to implement and maintain effective internal control over financial reporting could result in errors in our financial statements that may lead to a restatement of our financial statements or cause us to fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our common stock. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting of our common stock, regulatory investigations and civil or criminal sanctions.

The growth and expansion of our business may place a significant strain on our operational and financial resources in the future. Further growth of our operations to support our customer base, our platform and our internal controls and procedures may not be adequate to support our operations. We may not be able to successfully implement requisite improvements to our internal control systems, controls and processes, such as system access and change management controls, in a timely or efficient manner. Our failure to improve our systems and processes, or their failure to operate in the intended manner, whether as a result of the growth of our business or otherwise, may result in our inability to accurately forecast our revenue and expenses, or to prevent certain losses. Moreover, the failure of our systems and processes could undermine our ability to provide accurate, timely and reliable reports on our financial and operating results and could impact the effectiveness of our internal control over financial reporting.

 ***We may be subject to significant liabilities, penalties, interest, and other adverse consequences if we fail to properly assess, collect, and remit Canadian indirect taxes, and any such exposure could be material to our business, financial condition, results of operations, and cash flows.***

The Company derived approximately 32% and 26% of its revenue from sales occurring in Canada in 2024 and 2023, respectively. We have identified a material weakness in our internal control over financial reporting related to our processes for assessing, charging, collecting, and remitting Canadian indirect taxes, including the federal goods and services tax ("GST"), harmonized sales tax ("HST") and provincial sales taxes ("PST"). We are not registered with certain Canadian provinces as required, and in some instances we may have undercharged or failed to charge customers for applicable GST, HST, and PST. Although these

------

[**TABLE OF CONTENTS**](#TOC)

taxes are generally intended to be pass-through to customers, when we do not properly assess and charge customers, we remain responsible for remitting the taxes out-of-pocket.

As a result, we may incur cash payments for past periods, which would adversely affect our expenses, margins, and liquidity.

Canadian federal and provincial tax authorities may assert liabilities for uncollected and unremitted taxes for prior periods, together with interest and penalties. These assessments could be substantial and may require us to make payments that we may be unable to recover from customers, particularly where contracts do not permit retroactive billing or where customer collection is impracticable. Any such assessments could also require us to establish or increase reserves, record additional liabilities and expenses, or make cash payments that could be material. In addition, we may be required to implement remedial measures, including registering with multiple tax authorities, changing our invoicing and billing systems, enhancing our tax determination engines and compliance processes, and engaging outside advisors, each of which could result in additional costs and divert management attention.

The identified material weakness indicates that our controls did not operate effectively to prevent or detect errors in the assessment and recording of indirect tax liabilities. If we are unable to remediate this or any other material weakness in a timely manner, or if we identify additional weaknesses, we could continue to be exposed to financial reporting errors, tax non-compliance, and related liabilities. Moreover, failure to remediate could harm investor confidence in our reported financial information and could result in increased audit costs, adverse regulatory attention, or limitations on our ability to complete financing or strategic transactions.

We may also face business and operational risks in implementing corrective actions. For example, instituting proper tax collection may require changes to our pricing, contracts, and billing practices, which could reduce demand, negatively affect customer satisfaction, or compress margins. If we seek to recover taxes that were not previously charged, customers may resist payment, seek concessions, or assert claims against us. Furthermore, tax laws and administrative practices in Canada, including those of individual provinces, are complex, subject to change, and may be interpreted or applied inconsistently, increasing the risk of future non-compliance or additional liabilities even after we implement remedial measures.

Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations. There can be no assurance that tax authorities will not assert additional liabilities, that we will be able to successfully recover uncollected taxes from customers, or that our remediation efforts will prevent future non-compliance.

#### We have a history of losses, and we may not be able to generate sufficient revenue to achieve or maintain profitability in the future.
We incurred net losses of $12,810,117 and $12,910,406 in the fiscal years ended December 31, 2023 and 2024, respectively, and had an accumulated deficit of $63,721,509 at December 31, 2024. We may not be able to generate sufficient revenue to achieve or sustain profitability. We expect to continue to incur losses for the foreseeable future and we expect costs to increase in future periods as we expend substantial financial and other resources on, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales and marketing, which may require time before these investments generate sales results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • technology infrastructure, enhancements to our software, development of new products and product features, increasing data security, compliance and operations expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general and administration, including significantly increasing expenses in accounting and legal related to the increase in the sophistication and resources required for public company compliance and other work arising from the growth and maturity of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competing with other companies and custom development efforts that are currently in, or may in the future enter, the markets in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • maintaining high customer satisfaction and ensuring quality and timely releases of product enhancements and applications;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • developing our indirect sales channels and strategic partner network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • maintaining the quality of our technology infrastructure to minimize latency when using our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increasing market awareness of our product offerings and enhancing our brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • maintaining compliance with applicable governmental regulations and other legal obligations, including those related to drone operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • attracting and retaining top talent in a competitive market.

These expenditures may not result in additional revenue or the growth of our business. If we fail to continue to grow revenue or to achieve or sustain profitability, our business, financial condition, results of operations, and prospects could be materially adversely affected and the market price of our common stock could be adversely affected.

#### We are an early-stage company with a limited sales history, which makes it difficult to evaluate our prospects and future operating results.
Our limited sales history makes our ability to forecast future operating results difficult and subjects us to a number of uncertainties, including our ability to plan and model future growth. In addition, we are still in the process of developing the features and applications that will make our solutions distinct from our competitors and the uptake of our product will be dependent on that development effort. Historical revenue growth is not necessarily indicative of future performance. Our revenue growth rate may decline in future periods due to a number of reasons, which may include the maturation of our business, increase in overall revenue over time, slowing demand for our products, increasing competition, a decrease in the growth of the markets in which we compete, or if we fail, for any reason, to continue to capitalize on growth opportunities in our revenues.

Developing products and services in the autonomous robotics industry is very time-consuming and expensive and, to date, we have devoted a significant amount of our resources to our research and development programs. These programs may not produce successful results, and our new products and services may not achieve market acceptance, create additional revenue or become profitable. We expect our expenses to increase in connection with our ongoing activities, particularly as we aim to increase our headcount in the near-term, advance the development of our products, seek regulatory approvals, and launch and commercialize our products at scale.

We have encountered and will continue to encounter risks and uncertainties frequently experienced by growing companies in rapidly changing industries, such as determining appropriate investments of our limited resources, market adoption of our products, competition, acquiring and retaining customers, hiring, integrating, training and retaining skilled personnel, developing new product enhancements and applications, determining prices and contract terms, and unforeseen expenses and challenges in forecasting accuracy. If our assumptions regarding these risks and uncertainties, which we use to plan our business, are incorrect or change, or if we do not address these risks successfully, our prospects, operating results and business could be adversely affected.

#### If we fail to manage our growth effectively, our business and operating results will be adversely affected.
We intend to continue to grow our business. For example, we plan to continue to expand our customer base, invest in new products, features, and functionality, enhance our products, and develop strategic partnerships with leading OEM companies. We must successfully manage growth to achieve our objectives. Although our business has experienced growth in the past, we cannot provide any assurance that our business will continue to grow at any particular rate, or at all.

Our ability to effectively manage the growth of our business will depend on a number of factors, including our ability to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • effectively recruit, integrate, train and motivate new employees and make them productive, while retaining existing employees, maintaining the beneficial aspects of our corporate culture and effectively executing our business plan;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • attract new customers, and retain and increase usage by existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • successfully enhance our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • continue to improve our operational, financial and management controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • build strategic partnerships with leading technology companies in the autonomous robotics and drone markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • protect and further develop strategic assets, including intellectual property rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • manage market expectations and other challenges associated with operating as a public company.

These activities will require significant financial resources and allocation of valuable management and employee resources, and growth will continue to place significant demands on management and our operational and financial infrastructure. In addition, the integration of new personnel will continue to result in some disruption to ongoing operations.

Our future financial performance and ability to execute our business plan will depend, in part, on our ability to effectively manage any future growth. There are no guarantees we will be able to do so. In particular, any failure to successfully implement systems enhancements and improvements will likely negatively impact our ability to manage our expected growth, ensure uninterrupted operation of key business systems and comply with the rules and regulations that are applicable to public reporting companies. Moreover, if we do not effectively manage the growth of our business and operations, the quality of our products could suffer, which could negatively affect our brand, operating results and business.

 ***We will need to raise substantial additional funds in the future, which funds may not be available or, if available, may not be available on acceptable terms.***

Changing circumstances may cause us to consume capital more rapidly than we currently anticipate. The continued growth of our business, including the development, regulatory approval and commercialization of new products, will significantly increase our expenses going forward, regardless of our ability to generate revenue. As a result, we are required to seek substantial additional funds to continue our business and start commercial operations. Our future capital requirements will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost of developing our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • obtaining and maintaining regulatory clearance or approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs associated with commercializing new products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any change in our development priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the revenue generated by sales of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs associated with expanding our sales and marketing infrastructure for commercialization of new products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any change in our plans regarding the manner in which we choose to commercialize any product or service in the United States or internationally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost of ongoing compliance with regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expenses we incur in connection with potential litigation or governmental investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the costs to develop additional intellectual property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • anticipated or unanticipated capital expenditures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unanticipated general and administrative expenses.

We may need to raise additional funds in the future to support our commercial operations. If we are required to secure additional financing, such additional fundraising efforts may divert our management from our day-to-day activities. If we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may be prevented from carrying out our business plan. This would have a material adverse effect on our business, financial condition and results of operations.

------

[**TABLE OF CONTENTS**](#TOC)

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

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

#### Our substantial indebtedness could materially adversely affect our financial condition.
We have, and after this offering we expect that we will continue to have, a significant amount of indebtedness, including $3.5 million outstanding under the WAB Loan Agreement, $1.5 million outstanding under the Convertible Note and $0.6 million outstanding under the Maximcash Loan Agreement. As of September 30, 2025, our total outstanding indebtedness was approximately $5.0 million. We intend to use part of the net proceeds received by us from this offering to repay the current outstanding amount of indebtedness under the WAB Loan Agreement, the Convertible Note and the Maximcash Loan Agreement in full, with any remaining proceeds being used for general corporate and working capital purposes. We may also incur additional indebtedness in connection with this offering. After giving effect to this offering, on an as adjusted basis, as of , 2026, our total indebtedness would have been approximately $ million.

Our substantial existing indebtedness and any future indebtedness we may incur, could have important consequences to the holders of our common stock, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • making it more difficult for us to satisfy our obligations with respect to our and our subsidiaries' other debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limiting our and our subsidiaries' ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions, or other general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • requiring us to dedicate a substantial portion of our cash flows to debt service payments, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions, and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exposing us to the risk of increased interest rates, to the extent any of our borrowings are at variable rates of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • placing us at a disadvantage compared to other, less leveraged competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increasing our cost of borrowing.

In addition, the Loan Agreements and Convertible Note agreement contain, and agreements governing our future borrowing may contain, restrictive covenants that limit our and certain of our subsidiaries' ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all our debt. See "Description of Certain Indebtedness."

We and our subsidiaries may be able to incur significant additional indebtedness in the future. Although the Loan Agreements contain restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of qualifications and exceptions, and the amount of additional indebtedness incurred

------

[**TABLE OF CONTENTS**](#TOC)

in compliance with these restrictions could be substantial. These restrictions also will not prevent us from incurring obligations that do not constitute "indebtedness" under the Loan Agreements. The WAB Loan Agreement will mature on September 27, 2027. The Maximcash Loan Agreement will mature on December 26, 2026. On July 11, 2025, we entered into a Subordination Agreement (the "Subordination Agreement") with Western Alliance Bank and Neolync Electronics Private Limited ("Neolync"), whereby Neolync agreed to subordinate all of our existing and future indebtedness obligations to Neolync to all of our existing and future indebtedness obligations to Western Alliance Bank.

We expect to repay the Loan Agreements and Convertible Note with proceeds from this offering, with approximately $5.6 million of the net proceeds of this offering to repay outstanding borrowings under the Loan Agreements and Convertible Note, any applicable prepayment premiums, and accrued interest. See "Use of Proceeds." We may need to refinance all or a portion of our indebtedness on or before the maturity thereof. Depending on market conditions, we may not be able to obtain such financing on commercially reasonable terms or at all. Failure to refinance our indebtedness could have a material adverse effect on us.

 ***We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.***

Our ability to make scheduled principal and interest payments on or refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to financial, business, legislative, regulatory, and other factors, some of which are beyond our control. We cannot be sure that our business will generate sufficient cash flows from operating activities, or that future borrowings will be available, to permit us to pay the principal and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow us to meet our scheduled debt service obligations. The Loan Agreements restrict, and any agreement governing any debt we incur in the future may restrict, our ability to dispose of assets and use the proceeds from those dispositions and also limits our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. See "Description of Certain Indebtedness."

Additionally, if we cannot make scheduled payments on our debt, we will be in default, and the outstanding principal amount of indebtedness thereunder may be accelerated, commitments to loan money may be terminated and/or assets securing such borrowings may be foreclosed against, as applicable in the relevant debt instrument, and we could be forced into bankruptcy or liquidation. Any of these events could result in you losing all or a portion of your investment in the common stock.

 ***Agreements governing our current and future indebtedness will contain covenants that restrict our current and future operations, including our ability to respond to changes or to take certain actions.***

The Loan Agreements and Convertible Note agreement contain, and any future indebtedness agreements we enter into will likely contain, a number of restrictive covenants that impose significant operating and financial restrictions on us and our subsidiaries and may limit our and our subsidiaries' abilities to engage in acts that may be in our long-term best interest. See "Description of Certain Indebtedness." These covenants may include restrictions on our and our subsidiaries abilities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur additional indebtedness and guarantee indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pay dividends or make other distributions or repurchase or redeem our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prepay, redeem, or repurchase junior debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issue certain preferred stock or similar equity securities;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make loans and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell assets or property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell or license intellectual property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • dispose of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • modify or waive certain material agreements in a manner that is adverse in any material respect to the lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into agreements restricting our subsidiaries' ability to pay dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make fundamental changes in our business, corporate structure, or capital structure, including, among other things, entering into mergers, acquisitions, consolidations, and other business combinations or selling all or substantially all of our assets.

As a result of these restrictions, we may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limited in how we conduct our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unable to raise additional debt or equity financing to operate during general economic or business downturns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unable to compete effectively or to take advantage of new business opportunities.

These restrictions may affect our ability to grow in accordance with our strategy. If we incur indebtedness provided or guaranteed by the U.S. government, we may be subject to additional restrictions on our operations, including limitations on employee headcount and compensation reductions and other cost reduction activities.

#### Risks Related to Our Business Operations
 ***If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs or requirements, our solutions may become less competitive.***

Our success depends on our customers' willingness to adopt and use our products, as well as our ability to continually adapt and enhance our products. To attract new customers and increase revenue from existing customers, we need to continue to enhance and improve our products and to meet customer needs at prices that customers are willing to pay. Such efforts will require adding new features, expanding related applications and responding to technological advancements, which will increase our research and development costs. If we are unable to develop solutions that address customers' needs or enhance and improve our products in a timely manner, we may not be able to increase or maintain market acceptance of our products.

Further, we may make changes to our products that customers do not find useful. We may also discontinue certain features, begin to charge for certain features that are currently free or increase fees for any features or usage of our products. We may also face unexpected problems or challenges in connection with new applications or feature introductions. Enhancements and changes to our products could fail to attain sufficient market acceptance for many reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to predict market demand accurately in terms of products functionality and capability or to supply features that meets this demand in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • inability to operate effectively with the technologies, systems or applications of existing or potential customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • defects, errors or failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • negative publicity about their performance or effectiveness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays in releasing new enhancements and additional features to our products to the market;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the introduction or anticipated introduction of competing products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an ineffective sales force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • poor business conditions for our end-customers, causing them to delay purchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • challenges with customer adoption and use of our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the reluctance of customers to purchase solutions incorporating open source software.

In addition, because our products are designed to operate on and with a variety of systems, we will need to continuously modify and enhance our products to keep pace with changes in technology, and we may fail to do so.

Moreover, many competitors expend a considerably greater amount of funds on their research and development programs, and those that do not may be acquired by larger companies that would allocate greater resources to competitors' research and development programs. If we fail to maintain adequate research and development resources or compete effectively with the research and development programs of competitors, our business could be harmed. Our ability to grow is also subject to the risk of future disruptive technologies. If new technologies emerge that are able to deliver business intelligence solutions at lower prices, more efficiently, more conveniently or more securely, such technologies could adversely affect our ability to compete.

 ***If we fail to penetrate new markets, including the future sale of our software development kits ("SDKs") and application programming interfaces ("APIs") to OEMs, our revenue and financial condition could be harmed.***

We believe that our future revenue growth, if any, significantly depends on our ability to penetrate, or further penetrate, the OEM markets by pursuing future SDK sales or licensing models for our software, that may include per-install or tiered subscriptions, which we believe will support future SaaS-based growth and recurring revenue opportunities. However, we have not yet made any such sales or licensing arrangements and cannot guarantee that we will be successful in our efforts to do so. If these future goals do not develop as we currently anticipate, the technical requirements of these markets evolve in ways we do not anticipate, the development of such markets is delayed or impacted by factors outside of our control, or if we are unable to penetrate them successfully with our solutions, our revenue could decline and our financial condition would be negatively impacted. Some of these markets are primarily served by only a few large, multinational OEMs with substantial negotiating power relative to us and, in some instances, with internal solutions that are competitive to our products. Meeting the technical requirements and securing design wins with any of these companies requires a substantial investment of our time and resources and we cannot assure you that we will secure design wins from these or other companies or that we will achieve meaningful revenue from the sales of our solutions into these markets. In addition, we face competition from larger competitors with greater resources and more history in these markets, which may put us at a competitive disadvantage to these larger competitors. If we fail to penetrate these or other new markets we are targeting, our financial condition would likely suffer. Moreover, if we are successful in achieving design wins in these new markets, it will likely take longer to generate revenue from such design wins than in our traditional markets.

 ***We may face commercial operational risks because of our reliance on technology. Our information technology systems may be subject to failure, interruption or security breaches.***

Information technology systems are critical to our business. Our business requires us to collect, process, transmit and store significant amounts of confidential information regarding our customers, employees and our own business, operations, plans and business strategies. We use various technology systems to manage our customer relationships and general ledger. Our computer systems, data management and internal processes, as well as those of third parties, are integral to our performance. Our commercial operational risks may include the risk of malfeasance by persons outside our company, errors relating to transaction processing and technology, systems failures or interruptions, breaches of our internal control systems and compliance requirements, and business continuation and disaster recovery. Such risks related to cyber-attacks include computer viruses, malicious or destructive code, phishing attacks, denial of service or information or other security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or

------

[**TABLE OF CONTENTS**](#TOC)

destruction of confidential, proprietary and other information, damages to systems, or other material disruptions to network access or business operations. Although we take protective measures and believe that we have not experienced any of the data breaches described above, the security of our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information security. Because the techniques used to cause security breaches change frequently, we may be unable to proactively address these techniques or to implement adequate preventative measures. In the event of a breakdown in our internal control systems, improper operation of our systems or improper employee actions, or a breach of our security systems, including if confidential or proprietary information were to be mishandled, misused or lost, we could suffer financial loss, loss of customers and damage to our reputation, and face regulatory action or civil litigation. Any of these events could have a material adverse effect on our financial condition and results of operations. Insurance coverage may not be available for such losses, or where available, such losses may exceed insurance limits.

 ***Our products and future services may be affected from time to time by design and manufacturing defects that could materially adversely affect our business and result in harm to our reputation.***

Our value proposition relies heavily on the performance and reliability of our Level 4B autonomy software. If our software fails to deliver consistent results in challenging environments, our reputation and demand may suffer. Our software products and services may be affected by design and manufacturing defects. Sophisticated operating system software and applications, such as those that we offer, often have issues that can unexpectedly interfere with the intended operation of hardware or software products, particularly given the complexity of autonomous systems operating in hazardous or GPS-denied environments. Defects can also exist in components and products that we purchase from third parties. Component defects could make our products unsafe and create a risk of environmental or property damage and personal injury. In addition, our service offerings could have quality issues and may from time to time experience outages, service slowdowns or errors. As a result, our services may from time to time not perform as anticipated and may not meet customer expectations. There can be no assurance we will be able to detect and fix all issues and defects in the hardware, software and services we offer. Failure to do so can result in widespread technical and performance issues affecting our future products and services. In addition, we may be exposed to product liability claims, recalls, product replacements or modifications, write-offs of inventory, property, plant and equipment, and/or intangible assets, and significant warranty and other expenses, including litigation costs and regulatory fines. Quality problems can also adversely affect the experience for users of our products and services, and result in harm to our reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and services, delay in new product and service introductions and lost sales.

 ***If we are unable to attract new customers in a manner that is cost-effective, our revenue growth could be slower than we expect and our business may be harmed.***

To increase our revenue, we must add new customers, upsell to our existing customers, and enhance our product with a feature set that sets us apart from our competitors. Demand for our products is affected by a number of factors, many of which are beyond our control, such as continued market acceptance of our products for existing and new use cases, the timing of development and release of new applications and features, technological change, growth or contraction in our addressable market, and accessibility across devices, operating systems, and applications. In addition, if competitors introduce lower cost or differentiated products or services that are perceived to compete with our features, our ability to sell our features based on factors such as pricing, technology and functionality could be impaired. As a result, we may be unable to attract new customers at rates or on terms that would be favorable or comparable to prior periods, which could negatively affect the growth of our revenue.

Even if we do attract customers, the cost of new customer acquisition may prove so high as to prevent us from achieving or sustaining profitability. If our sales and marketing efforts do not result in substantial increases in revenue, our business, results of operations, and financial condition may be adversely affected.

#### Our sales efforts involve considerable time and expense, and our sales cycle can be long and unpredictable.
Our sales process involves educating prospective customers about the benefits and technical capabilities of our products and software. Some of our prospective customers may be municipalities and other

------

[**TABLE OF CONTENTS**](#TOC)

governmental entities, which may be required to conduct a thorough procurement process involving a detailed review of competitive bids. If we are not able to effectively expand our sales capabilities to meet the needs of our customers, it could harm our ability to increase our customer base. We may not be able to continue to expand sales through these channels as quickly as anticipated, due to customer reluctance or regulatory change. For example, it may take nine to eleven months from opportunity creation to contract execution and some solutions can be implemented within minutes while others may require two to three months from contract execution to go-live generally due to complexity of change management, community communications and scope of services. We may spend substantial time, effort, and money on our sales and marketing efforts without any assurance that our efforts will result in a new contract or renewal. As a result of these factors, we may face greater costs, longer sales cycles, and less predictability.

#### A significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating results.
The quality and safety of our products and services will be critical to the success of our business and future commercial operations. As such, it is imperative that our quality control systems operate effectively and successfully. Quality control systems can be negatively impacted by the design of the quality control systems, the quality training programs and adherence by employees to quality control guidelines. Although we strive to ensure that we continue to adhere to high-quality control systems, any significant failure or deterioration of such quality control systems could have a material adverse effect on our business and operating results.

#### Our failure to maintain effective internal controls over financial reporting could have an adverse impact on us.
We are required to establish and maintain appropriate internal controls over financial reporting. Failure to establish those controls, or any failure of those controls once established, could adversely impact our public disclosures regarding our business, financial condition, results of operations, liquidity and stock price. In addition, management's assessment of internal controls over financial reporting has identified, and may identify in the future, weaknesses and conditions that need to be addressed in our internal controls over financial reporting or other matters that may raise concerns for investors. Any actual or perceived weaknesses and conditions that need to be addressed in our internal control over financial reporting, disclosure of management's assessment of our internal controls over financial reporting or disclosure of our public accounting firm's attestation to or report on management's assessment of our internal controls over financial reporting may have an adverse impact on the market price of our common stock.

In addition, discovery and disclosure of a material weakness in the future or our inability to cure the material weakness we previously discovered and disclosed, by definition, could have a material adverse impact on our consolidated financial statements. Such an occurrence could negatively affect our business and affect how our stock trades. This could, in turn, negatively affect our ability to access public equity or debt markets for capital.

#### Future operating results and key metrics may fluctuate significantly due to a wide range of factors, which makes our future results difficult to predict.
Our operating results and key metrics could vary significantly from quarter to quarter as a result of various factors, some of which are outside of our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the expansion of our customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the size, duration and terms of our contracts with both existing and new customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the introduction of products and product enhancements by competitors, and changes in pricing for products offered by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • customers delaying purchasing decisions in anticipation of new products or product enhancements by us or our competitors or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in customers' budgets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing of satisfying revenue recognition criteria, particularly with regard to large transactions, including the procurement process of our government customers;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount and timing of payment for expenses, including infrastructure costs to deliver our products, research and development, sales and marketing expenses, employee benefit and stock-based compensation expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • costs related to the hiring, training and maintenance of our employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in laws and regulations that impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and growth of our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general economic and political conditions, both domestically and internationally, as well as economic conditions specifically affecting industries in which our customers operate.

Any one of these or other factors discussed elsewhere in this prospectus may result in fluctuations in our operating results, meaning that quarter-to-quarter comparisons may not necessarily be indicative of our future performance.

 ***We may not timely and effectively scale our existing technology to meet the performance and other requirements placed on our products, which could increase expenditures unexpectedly and create risk of outages and other performance and quality of service issues for our customers.***

Our future growth depends on our ability to meet customers' expectations with respect to the speed, reliability and other performance attributes of our products, and to meet the expanding needs of customers as their use of our products grows. The number of users, the amount and complexity of data ingested, created, transferred, and processed by our products, the number of locations where our products are being accessed, and the number of processes and systems managed by us on behalf of these customers, among other factors, separately and combined, can have an effect on the performance of our products. We plan to develop partnerships in the future with various third parties in order to scale deployments globally. However, such third parties may experience outages, disruptions, or other performance problems, or to the extent we do not effectively address capacity constraints, upgrade our systems as needed, and continually develop our technology and network architecture to accommodate actual and anticipated changes in technology, our business and operating results may be adversely affected.

In order to ensure that we meet the performance and other requirements of customers, we continue to make significant investments to develop and implement new technologies in our products and infrastructure operations. These technologies, which include application advancements and automation, are often advanced, complex, and sometimes broad in scope and untested through industry-wide usage. We may not be successful in developing or implementing these technologies. To the extent that we do not develop offerings and scale our operations in a manner that maintains performance as our customers expand their use, our business and operating results may be harmed.

We may not accurately assess the capital and operational expenditures required to successfully fulfill our objectives and our financial performance may be harmed as a result. Further, we may make mistakes in the technical execution of these efforts to improve our products, which may affect our customers. Issues that may arise include performance, data loss or corruption, outages, and other issues that could give rise to customer satisfaction issues, loss of business, and harm to our reputation. If any of these were to occur there would be a negative and potentially significant impact to our financial performance. Lastly, our ability to generate new applications and improve our current solutions may be limited if and to the extent resources are necessarily allocated to address issues related to the performance of existing solutions.

 ***Our products use third-party software and services that may be difficult to replace or cause errors or failures of our products that could lead to a loss of customers or harm to our reputation and our operating results.***

We license third-party software and depend on services from various third parties for use in our products. In the future, this software or these services may not be available to us on commercially reasonable terms, or at all. Any loss of the right to use any of the software or services could result in decreased functionality of our products until equivalent technology is either developed by us or, if available from another provider, is identified, obtained and integrated, which could harm our business. In addition, any errors or defects in or failures of the third-party software or services could result in errors or defects in our products or cause our

------

[**TABLE OF CONTENTS**](#TOC)

products to fail, which could harm our business and be costly to correct. Many of these providers attempt to impose limitations on their liability for such errors, defects or failures, and if enforceable, we may have additional liability to our customers or third-party providers that could harm our reputation and increase our operating costs.

We will need to maintain our relationships with third-party software and service providers, and to obtain software and services from such providers that do not contain any errors or defects. Any failure to do so could adversely impact our ability to deliver effective products to our customers and could harm our operating results.

#### Interruptions or performance problems associated with our technology and infrastructure may adversely affect our business and operating results.
Our continued growth depends in part on the ability of existing and potential customers to access our products at any time. We may in the future experience disruptions, outages, and other performance problems due to a variety of factors, including infrastructure changes, introductions of new capabilities, human or technology errors, distributed denial of service attacks, or other security related incidents. Despite efforts to test our updates, errors, failures or bugs may not be found in our products until after they are deployed to our customers. In some instances, we may not be able to identify the cause or causes of these performance problems within an acceptable period of time. It may become increasingly difficult to maintain and improve our performance, especially during peak usage times and as our products become more complex, new features or capabilities are released and user traffic increases. If our products are unavailable or if users are unable to access our solutions within a reasonable amount of time, or at all, our business will be harmed. Real or perceived errors, failures or bugs in our products could result in negative publicity, government inquiries, loss of or delay in market acceptance of our products, loss of competitive position, or claims by customers for losses sustained by them. In such an event, we may be required, or may choose, for customer relations or other reasons, to expend additional resources in order to help correct the problem.

We implement bug fixes and upgrades as part of our regular system maintenance, which may lead to system downtime. Even if we are able to implement the bug fixes and upgrades in a timely manner, any history of inaccuracies in the data we collect for our customers, or the loss, damage, unauthorized access to or acquisition of, or inadvertent release or exposure of confidential or other sensitive data could cause our reputation to be harmed and result in claims against us, and customers may elect not to purchase or renew their agreements with us or we may incur increased insurance costs. The costs associated with any material defects or errors in our software or other performance problems may be substantial and could harm our operating results.

We also rely on technologies from third parties in order to operate critical functions of our business. To the extent that our third-party service providers experience outages, disruptions, or other performance problems, or to the extent we do not effectively address capacity constraints, upgrade our systems as needed, and continually develop our technology and network architecture to accommodate actual and anticipated changes in technology, our business and operating results may be adversely affected. In addition, if our agreements with third-party software or services vendors are not renewed or the third-party software or services become obsolete, fail to function properly, are incompatible with future versions of our products or services, are defective or otherwise fail to address our needs, there is no assurance that we would be able to replace the functionality provided by the third-party software or services with software or services from alternative providers.

We have taken steps to increase redundancy in our products and infrastructure and have plans in place to mitigate events that could disrupt our products' services. However, there can be no assurance that these efforts would protect against interruptions or performance problems.

#### We utilize independent distributors who are free to market products that compete with ours.
For the years ended December 31, 2024 and 2023, approximately 42% and 21%, respectively, of our sales were generated by independent distributors, with C.R. Kennedy & Company and Optron Pty Ltd. accounting for approximately 15% and 10%, respectively, of those amounts alone. None of our independent

------

[**TABLE OF CONTENTS**](#TOC)

distributors has been required to sell our products exclusively. Our distributor agreements generally have one-year initial terms and automatic renewals for an additional year. If any of our key independent distributors, including C.R. Kennedy & Company and Optron Pty Ltd., were to cease to distribute our products, our sales could be adversely affected. In such a situation, we may need to seek alternative independent distributors or increase our reliance on our other independent distributors or our direct sales representatives, which may not prevent our sales from being adversely affected. Additionally, to the extent that we enter into additional arrangements with independent distributors to perform sales, marketing, or distribution services, the terms of the arrangements could cause our product margins to be lower than if we directly marketed and sold our products.

 ***For certain of the components and services included in our products there may be a limited number of suppliers we can rely upon and if we are unable to obtain these components and services when needed we could experience delays in the manufacturing of our products and delivering our services, and our financial results could be adversely affected.***

We acquire most of the components for the manufacture of our products from suppliers and subcontractors. Suppliers of some of the components may require us to place orders with significant lead-times to assure supply is in accordance with its manufacturing requirements. Any delay in the supply of any of the components of our products by any third party may cause us to delay the placement of any future potential orders and may result in the cancellation of an order or the services we plan to provide. Delays in supply, or unavailability of services, may significantly hurt our ability to fulfill our contractual obligations and may significantly hurt our business and result of operations. In addition, we may not be able to continue to obtain such components or services from these suppliers on satisfactory commercial terms. Disruptions of our manufacturing and information systems operations could ensue if we were required to obtain components or services from alternative sources, which would have an adverse effect on our business, results of operations and financial condition.

#### We may incur product liability claims relating to our software .
Claims could be brought against us if use and misuse of our software causes, or merely appears to have caused, personal injury or death. In addition, malfunction or bugs in our software may lead to other potential life, health, and property risks. Any claims against us, regardless of their merit, could severely harm our financial condition, strain our management and other resources. We are unable to predict if we will be able to obtain or maintain insurance for such claims.

#### If our or our customers' access to data becomes limited, our business, results of operations and financial condition may be adversely affected.
The success of our products is dependent in large part on our customers' ability to integrate our software with third-party drones, sensors and robotic platforms. Generally, we do not have agreements in place with these third parties that guarantee access to their platforms, and any agreements that we do have in place with these third parties are typically terminable for convenience by the third party. If these third parties restrict or prevent our ability to integrate our products with their hardware, software or solutions, including but not limited to, by limiting the functionality of our data connectors, our ability to access the data maintained on their systems or the speed at which such data is delivered, customers' ability to access their relevant data in a timely manner may be limited, and our business and operating results may be adversely affected.

#### We may face competition from other technology companies, many of which have substantially greater resources.
The autonomous robotics industry is evolving rapidly and is highly competitive. There are many well-capitalized technology companies and startups that are developing autonomous devices, robotics, and LiDAR or photogrammetry solutions. Our direct competitors include, but are not limited to, Emesent, NEA, Skydio, Airobotics, and Iris Automation. Some of these competitive firms have substantially greater financial, management, research and marketing resources than we have. Our competitors may be able to utilize their substantially greater resources and economies of scale to develop competing products, services, and technologies more efficiently, divert sales away from us by winning broader contracts, or hire away our

------

[**TABLE OF CONTENTS**](#TOC)

employees by offering more lucrative compensation packages. The market for drones and autonomous robotics is expanding, and competition is intensifying, which both provides an opportunity for our products but also may attract additional competitors to the market, and enable current competitors to expand their product and service lines. In order to secure contracts successfully when competing with larger, well-financed companies, we may be forced to agree to contractual terms that provide for lower aggregate payments to us over the life of our future contracts, which could adversely affect our margins. In addition, larger diversified competitors serving as prime contractors may be able to supply underlying products and services from affiliated entities, which would prevent us from competing for subcontracting opportunities on these contracts. Moreover, besides our trademarks, we own limited intellectual property relating to our products. Consequently, this segment is characterized by intense competition, the frequent introduction of new products and potential upgrades for existing products. We may also face competition from smaller businesses, or customers may adopt in-house solutions that reduce their reliance on third-party providers like us. Our failure to compete effectively with respect to any of these or other factors could have a material adverse effect on our business, prospects, financial condition or operating results.

 ***We use "open source" software components in our solutions as well as other licensed software, which may require that we release the source code of certain software subject to open source licenses or subject us to possible litigation or other actions that could adversely affect our business.***

We utilize software that is licensed under so-called "open source," "free" or other similar licenses, or that contain components that are licensed in such manner. Our use of open source software may entail different or greater risks than use of third-party commercial software. Open source licensors sometimes do not provide warranties or other contractual protections regarding infringement claims or the quality of the code, and open source software is sometimes made available to the general public on an "as-is" basis under the terms of a non-negotiable license. In addition, if we combine our proprietary software with open source software in a certain manner, we could, under certain open source licenses, be required to release the source code of our proprietary software to the public. We do not believe we have combined any of our proprietary software with open source software in such a manner, but if that were to occur this would allow our competitors to create similar offerings with lower development effort and time.

We may also face claims alleging noncompliance with open source license terms or other license terms, or infringement or misappropriation of proprietary software. These claims could result in litigation, require us to purchase a costly license or require us to devote additional research and development resources to change our software, any of which would have a negative effect on our business and results of operations. Few courts have interpreted open source licenses and these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to use our proprietary software. We cannot guarantee that we have incorporated or will incorporate open source or other software in our software in a manner that will not subject us to liability or require us to release the source code of our proprietary software to the public.

#### If we fail to protect our intellectual property rights, we could lose our ability to compete in the marketplace.
Our intellectual property and proprietary rights are important to our ability to remain competitive and for the success of our products and our business. Patent protection can be limited and not all intellectual property is or can be patented. We rely on a combination of patent, trademark, copyright, and trade secret laws as well as confidentiality agreements and procedures and other contractual provisions to protect our intellectual property, other proprietary rights and our brand. We have little protection when we must rely on trade secrets and nondisclosure agreements. Our intellectual property rights may be challenged, invalidated or circumvented by third parties. We may not be able to prevent the unauthorized disclosure or use of our technical knowledge or other trade secrets by employees or competitors.

Furthermore, we currently have no intellectual property rights for our products. Consequently, we may not be able to prevent third parties from using or adapting our inventions. Competitors may use our technologies to develop their own products. These products may compete with our devices, and our patents or other intellectual property rights may not be effective or adequate to prevent such competition. Our competitors may also independently develop technologies and products that are substantially equivalent or superior to our technologies and/or products, which could result in decreased revenues for us. Moreover, the

------

[**TABLE OF CONTENTS**](#TOC)

laws of foreign countries may not protect our intellectual property rights to the same extent as the laws of the United States. Litigation may be necessary to enforce our intellectual property rights, which could result in substantial costs to us and substantial diversion of management attention. If we do not adequately protect our intellectual property, our competitors could use it to enhance their products. Our inability to adequately protect our intellectual property rights could adversely affect our business and financial condition and the value of our brand and other intangible assets.

 ***Other companies may claim that we infringe their intellectual property, which could materially increase our costs and harm our ability to generate future revenue and profit.***

While we are not aware that our technologies infringe the proprietary rights of any third party, we do not regularly conduct freedom to operate searches. Claims of infringement are becoming increasingly common and third parties may assert infringement claims against us. A number of companies, including competing companies, are actively developing extensive patent portfolios on aerial drones or autonomous robots. These companies include big players like Amazon.com, Inc., Google LLC, International Business Machines Corporation, Qualcomm Incorporated, Verizon Communications Inc., Walmart Inc., The Boeing Company, The Lockheed Martin Corporation and SZA DJI Technology Co., LTD ("DJI"), as well as a variety of smaller companies, universities and startups. It may be difficult or impossible to identify, prior to receipt of notice from a third party, the trade secrets, patent position or other intellectual property rights of a third party, either in the United States or in foreign jurisdictions. Any such assertion may result in litigation or may require us to obtain a license for or otherwise restrict our use of the intellectual property rights of third parties. If we are required to obtain licenses to use any third-party technology, we would have to pay royalties, which may significantly reduce any profit on our products. In addition, any such litigation could be expensive and disruptive to our ability to generate revenue or enter into new market opportunities. If any of our products are found to infringe other parties' proprietary rights and we are unable to come to terms regarding a license with such parties, we may be forced to modify our products to make them non-infringing or to cease production of such products altogether.

 ***Third-party claims that we are infringing or otherwise violating the intellectual property rights of others, whether successful or not, could subject us to costly and time-consuming litigation or require us to obtain expensive licenses, and our business could be harmed.***

The technology industry is characterized by the existence of a large number of patents, copyrights, trademarks, trade secrets, and other intellectual property rights. Companies in the technology industry must often defend against litigation claims based on allegations of infringement or other violations of intellectual property rights. Third parties, including our competitors, may own patents or other intellectual property rights that cover aspects of our technology or business methods and may assert patent or other intellectual property rights against us and others in the industry. From time to time, we may receive in the future threatening letters, notices or "invitations to license," or may be the subject of claims that our technology and business operations infringe or otherwise violate the intellectual property rights of others. Responding to such claims, regardless of their merit, can be time consuming, costly to defend in litigation, divert management's attention and resources, damage our reputation and brand and cause us to incur significant expenses. Claims of intellectual property infringement or other violations of intellectual property rights might require us to stop using technology found to infringe or violate a third party's rights, redesign our products, which could require significant effort and expense and cause delays of releases, enter into costly settlement or license agreements or pay costly damage awards, or face a temporary or permanent injunction prohibiting us from marketing or selling our products. If we cannot or do not license the infringed or otherwise violated technology on commercially reasonable terms or at all, or substitute similar technology from another source, we could be forced to limit or stop selling our products, we may not be able to meet our obligations to customers under our customer contracts, revenue and operating results could be adversely impacted, and we may be unable to compete effectively. Even if we are successful in defending against allegations of intellectual property infringement, litigation may be costly and may divert the time and other resources of our management. Additionally, customers may not purchase our products if they are concerned that they may infringe or otherwise violate third-party intellectual property rights. The occurrence of any of these events may harm our business.

------

[**TABLE OF CONTENTS**](#TOC)

 ***Our business is highly dependent upon our brand recognition and reputation, and the failure to maintain or enhance our brand recognition or reputation would likely adversely affect our business and operating results.***

We believe that maintaining and enhancing a strong brand identity and reputation are critical to our relationships with customers and strategic partners and to our ability to attract new customers and strategic partners. We also believe that the importance of our brand recognition and reputation will continue to increase as competition in our market continues to develop. Our success in this area will depend on a wide range of factors, some of which are beyond our control, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the efficacy of our marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to maintain high-quality, innovative and error- and bug-free products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain new customers and retain and/or upsell to existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to maintain high customer satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the quality and perceived value of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain, maintain and enforce trademarks and other indicia of origin that are valuable to our brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to successfully differentiate our products from competitors' products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actions of competitors and other third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to provide customer support and professional services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any actual or perceived data breach or data loss, or misuse or perceived misuse of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • positive or negative publicity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • interruptions, delays or attacks on our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • litigation or regulatory related developments.

#### If our brand promotion activities are not successful, our operating results and growth may be harmed.
Independent industry analysts often provide reviews of our products, as well as competitors' products, and perception of our products in the marketplace may be significantly influenced by these reviews. If these reviews are negative, or less positive as compared to those of competitors' products and services, our brand may be adversely affected.

Furthermore, negative publicity, whether or not justified, relating to events or activities attributed to us, our employees, partners or others associated with any of these parties, may tarnish our reputation and reduce the value of our brand. Damage to our reputation and loss of brand equity may reduce demand for our products and have an adverse effect on our business, operating results and financial condition. Moreover, any attempts to rebuild our reputation and restore the value of our brand may be costly and time consuming, and such efforts may not ultimately be successful.

 ***Our future success depends on the continuing efforts of our key personnel and on our ability to attract and retain highly skilled personnel and senior management.***

Due to the specialized nature of our business, our future performance is highly dependent upon the continued services of our key technical personnel and executive officers, including the contributions of Brandon Torres Declet, our Chief Executive Officer ("CEO"), as well as other members of our management team, and the hiring, development, and retention of qualified technical, engineering, manufacturing, marketing, sales, and management personnel for our operations. The loss of services of any of these individuals could make it more difficult to achieve our business plans. Although we have executed employment agreements or offer letters with each member of our senior management team, these agreements are terminable at will with or without notice and, therefore, we may not be able to retain their services. We do not currently maintain "key person" life insurance on the lives of our executives. This lack of insurance means that we may not have adequate compensation for the loss of the services of these individuals.

------

[**TABLE OF CONTENTS**](#TOC)

We aim to significantly increase our headcount in the near-term, but have experienced, and continue to experience, challenges hiring highly qualified personnel including engineers, skilled laborers, and. In addition, the cost of labor remains high. Some candidates and new personnel may have job-related expectations that differ from our current workforce and are inconsistent with our corporate culture. With respect to existing personnel, some may become required to receive various security clearances and substantial training in order to work on certain programs or perform certain tasks. Necessary security clearances may be delayed, which may impact our ability to perform on our U.S. government contracts. We also may not be successful in training or developing qualified personnel with the requisite relevant skills or security clearances. Moreover, some of our employees are covered by collective bargaining agreements. If we have additional challenges renegotiating agreements or if our employees pursue new collective representation, then we could experience additional costs and/or be subject to work stoppages. Any of the above factors could seriously harm our business.

#### If we are unable to attract, integrate and retain additional qualified personnel, including top technical talent, our business could be adversely affected.
Future success depends in part on our ability to identify, attract, integrate and retain highly skilled technical, managerial, sales and other personnel. We face intense competition for qualified individuals from numerous other companies, including other software and technology companies, many of whom have greater financial and other resources than we do. These companies also may provide more diverse opportunities and better chances for career advancement. Some of these characteristics may be more appealing to high-quality candidates than those we have to offer. In addition, new hires often require significant training and, in many cases, take significant time before they achieve full productivity. We may incur significant costs to attract and retain qualified personnel, including significant expenditures related to salaries and benefits and compensation expenses related to equity awards, and we may lose new employees to competitors or other companies before we realize the benefit of our investment in recruiting and training them. Moreover, new employees may not be or become as productive as we expect, as we may face challenges in adequately or appropriately integrating them into our workforce and culture. If we are unable to attract, integrate and retain suitably qualified individuals who are capable of meeting our growing technical, operational and managerial requirements, on a timely basis or at all, our business will be adversely affected. In addition, changes in immigration laws or varying applications of immigration laws to limit the availability of certain work visas or increase visa fees in the United States may impact our ability to hire the engineering and other talent that we need to continue to enhance our platform, which could have an adverse impact on our business, financial condition, results of operations, and prospects. It is difficult to predict the political and economic events that could affect immigration laws, or the restrictive impact they could have on obtaining or renewing work visas for our technology professionals.

Volatility or lack of positive performance in our stock price may also affect our ability to attract and retain our key employees. Employees may be more likely to leave us if the shares they own or the shares underlying their vested options have significantly appreciated in value relative to the original purchase prices of the shares or the exercise prices of the options, or, conversely, if the exercise prices of the options that they hold are significantly above the market price of our common stock. If we are unable to appropriately incentivize and retain our employees through equity compensation, or if we need to increase our compensation expenses in order to appropriately incentivize and retain our employees, our business, operating results, financial condition and cash flows would be adversely affected.

#### Future acquisitions could disrupt our business and adversely affect our operating results, financial condition and cash flows.
We may make acquisitions that could be material to our business, operating results, financial condition and cash flows. Our ability as an organization to successfully acquire and integrate technologies or businesses is unproven. Acquisitions involve many risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an acquisition may negatively affect our operating results, financial condition or cash flows because it may require us to incur charges or assume substantial debt or other liabilities, may cause adverse tax consequences or unfavorable accounting treatment, may expose us to claims and disputes by third parties, including intellectual property claims and disputes, or may not generate sufficient financial return to offset additional costs and expenses related to the acquisition;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may encounter difficulties or unforeseen expenditures in integrating the business, technologies, products, personnel or operations of any company that we acquire, particularly if key personnel of the acquired company decide not to work for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an acquisition may disrupt our ongoing business, divert resources, increase our expenses and distract our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an acquisition may result in a delay or reduction of customer purchases for both us and the company we acquired due to customer uncertainty about continuity and effectiveness of service from either company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may encounter difficulties in, or may be unable to, successfully sell any acquired products or solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an acquisition may involve the entry into geographic or business markets in which we have little or no prior experience or where competitors have stronger market positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential strain on our financial and managerial controls and reporting systems and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potential known and unknown liabilities associated with an acquired company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if we incur debt to fund such acquisitions, such debt may subject us to material restrictions on our ability to conduct our business as well as financial maintenance covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risk of impairment charges related to potential write-downs of acquired assets or goodwill in future acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to the extent that we issue a significant amount of equity or convertible debt securities in connection with future acquisitions, existing stockholders may be diluted and earnings per share may decrease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • managing the varying intellectual property protection strategies and other activities of an acquired company.

We may not succeed in addressing these or other risks or any other problems encountered in connection with the integration of any acquired business. The inability to integrate successfully the business, technologies, products, personnel or operations of any acquired business, or any significant delay in achieving integration, could have a material adverse effect on our business, operating results, financial condition and cash flows.

#### Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement and other losses.
Our agreements with customers and other third parties may include indemnification provisions under which we agree to indemnify them for losses suffered or incurred as a result of claims of intellectual property infringement or other violations of intellectual property rights, damages caused by us to property or persons, or other liabilities relating to or arising from our software, services or other contractual obligations. Large indemnity payments could harm our business, results of operations and financial condition. Any dispute with a customer with respect to such obligations could have adverse effects on our relationship with that customer and other existing customers and new customers and harm our business and results of operations.

#### Our insurance may not adequately cover our future operating risk.
We have insurance to protect our assets, future operations and employees. While we believe our insurance coverage addresses all material risks to which we may be exposed and is adequate and customary according to our current projections for our future operations, such insurance is subject to coverage limits and exclusions and may not be available for the risks and hazards to which we may be exposed. In addition, no assurance can be given that such insurance will be adequate to cover our liabilities or will be generally available in the future or, if available, that premiums will be commercially justifiable. If we were to incur substantial liability and such damages were not covered by insurance or were in excess of policy limits, or if we were to incur such liability at a time when we are not able to obtain liability insurance, our business, results of operations and financial condition could be materially adversely affected. Insurance that is otherwise readily

------

[**TABLE OF CONTENTS**](#TOC)

available, such as workers' compensation, general liability, title insurance and directors' and officers' insurance, is more difficult for us to find and more expensive because of our involvement in emerging areas. There are no guarantees that we will be able to find insurance coverage at otherwise competitive, or even economically viable terms.

#### Risks Related to Regulation and Government

#### Operating in highly regulated businesses with new and ever-changing laws and regulations requires significant resources.
We operate in highly regulated businesses that are regulated by a number of federal agencies and laws, including, but not limited to, regulations relating to drone use, data security and privacy, and artificial intelligence. The regulatory landscape is evolving to address the increased use of drones in recreational and commercial spaces. Federal, state and local governmental entities and foreign governments may regulate aspects of the drone industry, including the production or distribution of our drone hardware, software or services. The United States Department of Transportation ("USDOT"), the Federal Aviation Administration (the "FAA"), and other agencies at the federal, state and local levels are beginning to address some of the numerous certification, regulatory and legal challenges associated with unmanned aerial systems ("UAS"). These aircraft will also need to comply with existing regulations or be the subject of new regulations to cover their activities. Current regulations govern operating beyond visual line of sight ("BVLOS") without a waiver, operating over people and public streets, privacy, transporting commercial cargo across state lines and instrument-based flight. The integration of UAS into the National Airspace System and air traffic management is a critical factor, requiring a remote identification process (i.e., Remote ID) for these aircraft to provide identification and location information during flight. The FAA's Unmanned Aircraft System Integration Pilot Program ("IPP") provides a means to test and evaluate UAS operations, accelerating the approval of certain operations that require authorizations. It is uncertain how new or changed laws and regulations will affect our products and operations. We may be unable to respond effectively and on a timely basis to comply with the evolving regulations. If we are unable to adapt to the changing regulatory environment successfully and on a faster pace than our competitors, such developments could adversely affect our ability to complete.

In addition, regulations in accounting standards, taxation requirements (including changes in applicable income tax rates, new tax laws and revised tax law interpretations), financial matters, and other administrative and industry restrictions may lead to increased compliance costs or adversely affect our operations. While we endeavor to take all the steps necessary to comply with these laws and regulations, there can be no assurance that we can maintain compliance on a continuing basis. Failure to comply could result in monetary liabilities and other sanctions which could increase our costs or decrease our revenue resulting in a negative impact on our business, financial condition and results of operations. We expect a significant amount of our management's time and external resources to go towards ensuring compliance with the laws, regulations and guidelines that impact our business, and changes thereto, and such compliance may place a significant burden on our management and other resources. Additionally, we may be subject to a variety of local laws, regulations and guidelines in each of the future jurisdictions in which we plan to operate, which may differ among these various jurisdictions. Complying with multiple regulatory regimes will require additional resources and may impair our ability to expand into certain jurisdictions.

Further, any future changes in applicable federal, state, and local regulations, including zoning restrictions, environmental requirements, FAA and the Federal Communications Commission (the "FCC") compliance, security requirements, or permitting requirements and fees, could restrict the products and services we may offer or impose additional compliance costs on us. Environmental regulations, including those on noise pollution, emissions from battery production, or waste from drone manufacturing, could impose additional costs or restrictions. For example, local zoning laws may limit drone operations due to environmental impacts, and failure to comply with the U.S. Environmental Protection Agency ("EPA") or international standards (for example, EU drone sustainability directives) could delay product launches or increase liability. Violations of applicable laws, or allegations of such violations, could disrupt our future business and result in a material adverse effect on our commercial operations. We cannot predict the nature of any future laws, regulations, interpretations or applications, including local, state or federal, and it is possible that regulations may be enacted in the future that will be materially adverse to our business or

------

[**TABLE OF CONTENTS**](#TOC)

which would have materially significant costs of compliance which could negatively impact our business and commercial operations. In addition, we may operate in multiple countries and therefore may be exposed to foreign changes in foreign regulations, which could negatively impact our financial results. We may face difficulty in adapting to or managing foreign regulatory risks.

See also "Risk Factors — Risks Related to Regulation and Government — Privacy and data security laws and regulations could require us to make changes to our business, impose additional costs on us and reduce the demand for our software solutions."

#### Opportunities for expanded uses of our drone-based services in the United States are limited by federal and state laws and rulemaking.
The products we offer to customers within the United States are limited by federal laws and rulemaking, including Part 107 of the commercial drone regulations adopted by the FAA at the end of August 2016. Our ability to develop and provide new services for use in the United States will be subject to federal law and regulations, which can be slow and subject to delays based on political turnover and disruptions in federal funding, among other reasons. The Part 107 rules limit the altitude, available airspace and weight of a drone and also requires the certification of remote pilots that can operate a drone for commercial purposes in the United States. We, or our customers, may seek waivers and exemptions from the Part 107 rules for expanded operations; however, the processing of waivers is lengthy and uncertain. In August 2025, the FAA published a Notice of Proposed Rulemaking ("NPRM") for Part 108 in the Federal Register, aiming to normalize BVLOS operations, allowing for routine flights without the need for individual waivers and exemptions currently required under Part 107. However, there is no guarantee that such regulation will be adopted in its proposed form or on a timely basis, and delays could arise from industry feedback, technical challenges or shifts in FAA priorities. Political limits on the ability to issue new regulations could slow the growth of this market. To date, the FAA has not issued any formal rules and regulations specifically regarding software applications used by drones. However, it could decide to issue formal rules and regulations which could cause us to withdraw our products from the market. It is possible that we may not be able to comply with new rules and regulations issued by the FAA.

 ***Because a portion of our business depends on contracting with government entities and other heavily regulated organizations, we face a number of challenges and risks unique to such business.***

Our solutions are used across both commercial and defense applications. We expect to derive a meaningful portion of our revenue from the U.S. government and government-related entities, as well as foreign government contracts, in the future.

Sales to government agencies are subject to a number of challenges and risks. Our results of operations could be adversely affected by government spending caps or changes in government budgetary priorities at the federal, state or local level, as well as by delays in the government budget process, program starts, or the award of contracts or orders under existing contracts in any jurisdiction in which we operate. Future U.S. government spending levels for various programs remain uncertain, and may not be sustained at the levels associated with government fiscal year 2024. In addition, the Trump Administration has issued executive orders which, among other things, pause disbursement of funds appropriated through the Inflation Reduction Act and Infrastructure Investment and JOBS Act. Further, the Trump Administration has stated its intent to evaluate overall government spending. This and other actions taken in connection with government spending could adversely impact our business, results of operations, financial condition, and growth prospects. Future spending and program authorizations may not increase or may decrease or shift to programs in areas in which we do not provide services or are less likely to be awarded contracts. Such changes in spending authorizations and budgetary priorities may occur as a result of shifts in spending priorities as a result of competing demands for federal funds or other factors.

Further, government programs in which we may seek to participate, and contracts for our products, must compete with other programs for consideration during Congress' budget and appropriations hearings, and may be affected by changes not only in political power and appointments but also general economic conditions and other factors beyond our control. A government closure based on a failure of Congress to agree on federal appropriations or the uncertainty surrounding a continuing resolution may result in termination or delay of federal funding opportunities we are pursuing. Reductions, extensions, or terminations

------

[**TABLE OF CONTENTS**](#TOC)

in a program in which we are seeking to participate, or overall defense or other spending could adversely affect our ability to generate revenues and realize any profits. We cannot predict whether potential changes in security, defense, communications, and intelligence priorities will afford opportunities for our business in terms of research and development or product contracts, but any reduction in government spending on such programs could negatively impact our ability to generate revenues. In addition, our ability to participate in U.S. government programs may be affected by the adoption of new laws or regulations relating to government contracting or changes in existing laws or regulations, changes in political or public support for certain programs, such as defense, and uncertainties associated with the current global threat environment and other geo-political matters.

In addition, our quarterly financial results may fluctuate significantly due to timing of large contract wins, government procurement cycles, and seasonality of commercial projects. Selling to government agencies involves a procurement process which can be highly competitive, expensive, and time-consuming, may lead to irregular revenue recognition, and often requires significant upfront time and expense to craft a formal proposal that meets the detailed procurement requirements without any assurance that these efforts will generate a sale. In addition, contracts with government agencies frequently contain terms including termination for convenience provisions, discretion for the government customer to suspend or delay performance, and government options for future periods of performance. Compliance with complex regulations and procurement rules across many jurisdictions can be expensive and consume significant resources. Because of the large number of jurisdictions in which we currently operate in, it is a challenge to identify and ensure compliance with all local, state, federal, and foreign rules and regulations regarding public procurement. These rules can relate to the formation, administration, or performance of government contracts that give public sector customers substantial rights and remedies, many of which are not typically found in private sector commercial contracts. These may include rights with respect to the accuracy of information provided to the government, contractor compliance with requirements to use disadvantaged business entities as subcontractors, and other terms that are particular to government contracts.

In certain jurisdictions, our ability to win business may be constrained by political and other factors unrelated to our competitive position in the market. Our business, financial condition, and results of operations may be adversely affected by certain events or activities, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in fiscal or contracting policies or decreases in available government funding at the federal, state or local level, including those driven by changes in the political environment (e.g., a change in elected or appointed government officials, and any resulting uncertainty or changes in policy or priorities and funding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the approach of government agencies towards the autonomous robotics and drone markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in government policy towards our industry or our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to appropriately price our proposals based on limited information, resulting in either being disqualified for pricing too high or winning by bidding so low that our margins are impacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • appeals, disputes, or litigation relating to government procurement, including but not limited to bid protests by unsuccessful bidders on potential or actual awards of contracts to us or our customers by the government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the adoption of new laws or regulations or changes to existing laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • budgetary constraints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulties in collecting payment for software and services provided to government agencies, including delays in the timing of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • influence by, or competition from, third parties (including but not limited to competitors, existing service providers, or local labor unions) with respect to pending, new, or existing contracts with government customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potential delays or changes in the government appropriations or procurement processes, including as a result of events such as war, incidents of terrorism, natural disasters, and public health threats.

------

[**TABLE OF CONTENTS**](#TOC)

Public sector and heavily regulated customers may have contractual, statutory, or regulatory rights to terminate current contracts with us for convenience or due to a default. If a contract is terminated for convenience, we may only be able to collect fees for services delivered prior to termination and settlement expenses. If a contract is terminated due to a default, we may be liable for excess costs incurred by the customer for procuring alternative services or be precluded from doing further business with government entities.

Governmental entities routinely investigate and audit contractors for compliance with applicable government contracting requirements. If, as a result of an audit or review, it is determined that we have failed to comply with these requirements, we may be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, forfeiture of profits, cost associated with the triggering of price reduction clauses, fines and suspensions, or debarment from future government business. In the event that we fail an audit or contribute to one of our customers failing an audit, we may suffer significant harm to our reputation in addition to potential debarment from other government business. In addition, state and local government entities may revise existing contract rules and regulations or adopt new contract rules and regulations during the term of a contract and may also face restrictions or pressure regarding the type and amount of services that they may obtain from private contractors. Any of these changes, especially in the United States where we expect to continue to generate the vast majority of our revenue, could impair our ability to obtain contracts with additional government customers or renew our current contracts with government customers.

 ***A portion of our revenue is derived from a small number of enterprise and government customers. The loss of, or default by, one or more of such large customers, or a material adverse change in any such customer's business or financial condition, could materially reduce our revenues.***

Two customers represented in the aggregate 28% and 22% of total revenues for the years ended December 31, 2024 and 2023, respectively. As of September 30, 2025, our top five customers together accounted for approximately 32% of our revenues year-to-date. For the years ended December 31, 2024 and 2023, approximately 4% and 8%, respectively, of our revenue was generated by government customers, and approximately 96% and 92%, respectively, of our revenue was generated by enterprise customers. Our customers may change their ordering patterns or business strategy, be delayed in the fulfillment of their contractual obligations to us, reduce or cease their use of our services, or become unable to pay for services they had contracted to buy, whether due to a downturn in their business or otherwise. A substantial amount of our revenues from government customers is also subject to risks of future government funding levels, which may be substantially curtailed or abandoned, resulting in contract cancellations, modifications, delays, or reduction in orders. In particular, the current administration has indicated it is committed to decreasing federal spending and the size of government. If the administration were to take actions that impacted the amount our government customers are able to spend on our services, it could materially adversely impact our business, results of operations, and financial condition. In addition, some of our customers' industries are undergoing significant consolidation, and our customers may be acquired by each other or other companies, including by our competitors. Such acquisitions could adversely affect our ability to sell services to such customers and to any end-users whom they serve. Our customers may in the future default, on their obligations to us due to bankruptcy, lack of liquidity, operational failure, or other reasons. Such defaults could adversely affect our revenues, operating margins, and cash flows. In addition, under our contracts, our customers generally have the right to terminate, cancel, or curtail our contracts for convenience. Any decisions by our customers to terminate, cancel, or curtail our contracts would adversely affect our backlog revenues, revenue growth, and profitability. If our customers experience financial difficulties which result in cancellations, our revenues, operating margins, and cash flows would be further negatively impacted.

#### Policy changes affecting international trade could adversely impact the cost of our products and our competitive position.
Changes in government policies on foreign trade and investment may affect the manufacturing costs of the components for our products or prevent us from being able to sell products in certain countries. Our business benefits from free trade agreements, and efforts to withdraw from or substantially modify such agreements, in addition to the implementation of more restrictive trade policies, such as more detailed

------

[**TABLE OF CONTENTS**](#TOC)

inspections, higher tariffs, import or export licensing requirements, economic sanctions, anti-boycott laws, exchange controls or new barriers to entry, could have a material adverse effect on our business, financial condition, results of operations and cash flows. For example, we are already experiencing increased tariffs on certain of our product components from our manufacturers in China. In addition, in April 2025, the Trump Administration announced a baseline tariff of 10% on products imported from all countries and an individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. These tariffs, including retaliatory measures from trading partners, have increased uncertainty and costs, as seen in ongoing U.S.-China trade tensions. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Such tariffs and any retaliatory tariffs may put upwards pressure on prices in other jurisdictions from which we purchase product components, which could reduce our ability to offer competitive pricing to potential customers and affect the demand for our products. Additionally, the Trump Administration has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions.

We cannot predict what changes to trade policy will be made by the Trump Administration, the U.S. Congress or other governments, including whether existing tariff policies will be maintained or modified or whether the entry into new bilateral or multilateral trade agreements will occur, nor can we predict the effects that any such changes would have on our business or the global economy. Changes in U.S. trade policy, or threat of such changes, have resulted and could again result in reactions from U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export our products or import product components from countries where we currently purchase products or product components or sell products. Such changes, or threatened changes, to trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could materially and adversely affect our business, financial condition, results of operations and liquidity.

#### Governmental export or import controls could limit our ability to compete in foreign markets and subject us to liability if we violate them.
Our products and software may be subject to U.S. export controls, and we incorporate encryption technology into our products. These products and the underlying technology may be exported only with the required export authorizations, including by license, a license exception or other appropriate government authorizations. U.S. export controls may require submission of a product classification and annual or semi-annual reports. Governmental regulation of encryption technology and regulation of imports or exports of encryption products, or our failure to obtain required import or export authorization for our products, when applicable, could harm our international sales and adversely affect our revenue. Compliance with applicable regulatory requirements regarding the export of our products, including with respect to new releases of our products, may create delays in the introduction of our product releases in international markets, prevent customers with international operations from deploying our products or, in some cases, prevent the export of our products to some countries altogether. Furthermore, U.S. export control laws and economic sanctions prohibit the shipment of certain products and services to countries, governments and persons targeted by U.S. sanctions. On September 15, 2025, the U.S. Department of State announced an update easing the review policy for military drone exports, potentially facilitating certain international sales. However, this does not eliminate underlying risks, and any failure to comply could still result in penalties.

International sales of certain of our products, including our AI products, may be subject to U.S. laws, regulations and policies like the International Traffic in Arms Regulations ("ITAR") and other export laws and regulations and may be subject to first obtaining licenses, clearances or authorizations from various regulatory entities. If we are not allowed to export our products or the clearance process is burdensome, our ability to generate revenue would be adversely affected. Our use of AI in drone products also exposes us to additional regulatory scrutiny. Evolving U.S. and international AI regulations or export restrictions under ITAR and Export Administration Regulations ("EAR"), could require modifications, increase compliance costs, or limit market access. Ethical concerns, biases in AI algorithms, or liability for AI-driven decisions (e.g., in autonomous flights) could also lead to litigation or reputational harm.

The failure to comply with any of these regulations could adversely affect our ability to conduct our business and generate revenues, as well as increase our operating costs. If we fail to comply with export and

------

[**TABLE OF CONTENTS**](#TOC)

import regulations and such economic sanctions, we may be fined or other penalties could be imposed, including a denial of certain export privileges. Moreover, any new export or import restrictions, new legislation or shifting approaches in the enforcement or scope of existing regulations, or in the countries, persons or technologies targeted by such regulations, could result in decreased use of our products by, or in our decreased ability to export or sell our products to, existing or potential customers with international operations. Any decreased use of our products or limitation on our ability to export or sell our products would likely adversely affect our business, financial condition and operating results.

#### Failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws could subject us to penalties and other adverse consequences.
We are subject to the Foreign Corrupt Practices Act (the "FCPA"), the U.K. Bribery Act and other anti-corruption, anti-bribery and anti-money laundering laws in various jurisdictions both domestic and abroad. Anti-corruption, anti-bribery, and anti-money laundering laws have been enforced aggressively in recent years and are interpreted broadly and generally prohibit companies and their directors, officers, employees and agents from promising, authorizing, making or offering improper payments or other benefits to government officials and others in the private sector. Such laws apply to our agents and third parties, and we plan to leverage third parties to sell our products and conduct our business abroad. We and our third-party intermediaries may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities and may be held liable for the corrupt or other illegal activities of these third-party business partners and intermediaries, our employees, representatives, contractors, partners, and agents, even if we do not explicitly authorize such activities. While we have policies and procedures to address compliance with such laws, these policies and procedures were only recently adopted and we cannot assure you that all of our employees and agents will not take actions in violation of our policies and applicable law, for which we may be ultimately held responsible. Any violation of the FCPA or other applicable anti-bribery, anti-corruption laws, and anti-money laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions, a significant diversion of management's resources and attention or suspension or debarment from U.S. government contracts, all of which may have a material adverse effect on our reputation, business, operating results and prospects.

 ***Future investments in the Company may be subject to U.S. and non-U.S. foreign investment screening regulations, which may impose conditions or limitations on certain future investment transactions (including, but not limited to, limits on purchasing our capital stock, limits on our ability to share information with our shareholders, corporate governance modifications, forced divestitures, or other measures).***

Certain investments that involve the acquisition of or investment in a U.S. business by a non-U.S. buyer or investor may be subject to review and approval by CFIUS. Whether CFIUS has jurisdiction to review an acquisition or investment transaction depends on, among other factors, the nature and structure of the transaction, including the level of the investor's beneficial ownership interest and the nature of any information or governance rights involved. For example, investments that result in "control" of a U.S. business by a foreign person (as defined in 31 CFR § 800.208) always have been subject to CFIUS jurisdiction. Significant CFIUS reform legislation-which was fully implemented through regulations that became effective in October 2020-expanded the scope of CFIUS's jurisdiction to cover investments that do not involve "control" dynamics but nonetheless afford certain foreign investors certain information or governance rights in U.S. businesses that have a qualifying nexus to "critical technologies," "critical infrastructure" and/or "sensitive personal data" (as defined in 31 CFR §§ 800.215, 800.214, and 800.241, respectively). The new CFIUS legislation and implementing regulations also imposed mandatory CFIUS filing requirements for certain transactions involving U.S. businesses with a qualifying nexus to critical technologies. Given that the Company produces, tests, designs, develops, fabricates, and/or manufactures one or more "critical technologies," as defined at 31 CFR § 800.215, including but not limited to payloads controlled under the U.S. International Traffic in Arms Regulations and the U.S. Export Administration Regulations, CFIUS may impose certain requirements on the management, control and conduct of our business. CFIUS's review of any future investments or acquisitions may have outsized impacts on the certainty, timing, feasibility, and cost of such future investments or acquisitions, which could adversely affect our business and operating results.

------

[**TABLE OF CONTENTS**](#TOC)

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

We transmit a significant amount of personally identifiable information ("PII") through our products. Privacy and data security have become significant issues in the United States and in other jurisdictions where we may offer our solutions. The regulatory framework relating to privacy and data security issues worldwide is evolving rapidly and is likely to remain uncertain for the foreseeable future. Federal, state and foreign government bodies and agencies have in the past adopted, or may in the future adopt, laws and regulations regarding the collection, use, processing, storage and disclosure of personal or identifying information obtained from customers and other individuals. In addition to government regulation, privacy advocates and industry groups may propose various self-regulatory standards that may legally or contractually apply to our business. Because the interpretation and application of many privacy and data security laws, regulations and applicable industry standards are uncertain, it is possible that these laws, regulations and standards may be interpreted and applied in a manner inconsistent with our existing privacy and data management practices. As we expand into new jurisdictions or verticals, we will need to understand and comply with various new requirements applicable in those jurisdictions or verticals. To the extent applicable to our business or the businesses of our customers, these laws, regulations and industry standards could have negative effects on our business, including by increasing our costs and operating expenses, and delaying or impeding our deployment of new core products or services. Compliance with these laws, regulations and industry standards requires significant management time and attention, and failure to comply could result in negative publicity, subject us to fines or penalties or result in demands that we modify or cease existing business practices. In addition, the costs of compliance with, and other burdens imposed by, such laws, regulations and industry standards may adversely affect our customers' ability or desire to collect, use, process and store PII using our products and services, which could reduce overall demand for them. Even the perception of privacy and data security concerns, whether or not valid, may inhibit market acceptance of our products and services in certain verticals. In particular, some regulatory bodies have recently become more interested in technologies that we employ, including AI. Any of these outcomes could adversely affect our business and operating results.

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

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

 ***If our network or computer systems are breached or unauthorized access to customer data is otherwise obtained, our products may be perceived as insecure and we may lose existing customers or fail to attract new customers, our reputation may be damaged and we may incur significant liabilities.***

Our operations involve the storage and transmission of our customers' sensitive and proprietary information. Cyber-attacks and other malicious internet-based activity continue to increase generally, and cloud-based platform providers of software and services have been targeted. If any unauthorized access to or security breach or security incident impacting our products, our networks or systems, or any systems or

------

[**TABLE OF CONTENTS**](#TOC)

networks of our service providers, occurs, or is believed to have occurred, whether as a result of third-party action, employee, vendor, or contractor error, malfeasance, phishing attacks, social engineering or otherwise, such an event or perceived event could result in the loss of, or unauthorized access to or acquisition of, data or intellectual property of ourselves or our customers, loss of business, severe reputational or brand damage adversely affecting customer or investor confidence, regulatory investigations and orders, litigation or other demands, indemnity obligations, damages for contract breach, penalties for violation of applicable laws, regulations, or contractual obligations, and significant costs for remediation that may include liability for stolen assets or information and repair of system damage that may have been caused, incentives offered to customers or other business partners in an effort to maintain business relationships after a breach or other incident, and other liabilities. Additionally, any such event or perceived event could impact our reputation, harm customer confidence, hurt our sales and expansion into existing and new markets, or cause us to lose existing customers. We could be required to expend significant capital and other resources to alleviate problems caused by such actual or perceived breaches or other incidents and to remediate our systems, we could be exposed to a risk of loss, litigation or regulatory action and possible liability, and our ability to operate our business may be impaired. Additionally, actual, potential or anticipated attacks may cause us to incur increasing costs, including costs to deploy additional personnel and protection technologies, train employees and engage third-party experts and consultants.

In addition, if the security measures of our customers are compromised, even without any actual compromise of our products or systems, or any networks or systems of our service providers, we may face negative publicity or reputational harm if customers or anyone else incorrectly attributes the blame for such security breaches or other incidents to us, our products, our systems or networks, or those of our service providers. If customers believe that our products do not provide adequate security for the storage of personal or other sensitive information or its transmission over the internet, our business will be harmed.

Our errors and omissions insurance covering certain security and privacy damages and claim expenses may not be sufficient to compensate for all liability. Although we maintain insurance for liabilities incurred as a result of some security and privacy damages, we cannot be certain that our coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have a material adverse effect on our business, including our financial condition, operating results, and reputation.

Because the techniques used and vulnerabilities exploited to obtain unauthorized access or to sabotage systems change frequently and generally are not identified until they are launched against a target, we may be unable to anticipate these techniques or vulnerabilities or implement adequate preventative measures. We may also experience security breaches that may remain undetected for an extended period.

Additionally, with data security a critical competitive factor in our industry, we make public statements in our privacy policies, on our website, and elsewhere describing the security of our products. Should any of these statements be untrue, become untrue, or be perceived to be untrue, even if through circumstances beyond our reasonable control, we may face claims, including claims of unfair or deceptive trade practices, brought by the FTC, state, local, or foreign regulators, and private litigants.

 ***We have an accrued payroll tax liability of approximately $85,600 as of September 30, 2025. There is no guarantee we can resolve this liability to the satisfaction of the Internal Revenue Service ("IRS").***

As of September 30, 2025, approximately $85,600 of employee and employer payroll taxes and associated interest and penalties have been accrued but not remitted by us to the IRS. These accruals are for payroll from the first quarter of 2022 until and including the third quarter of 2025. These balances primarily reflect legacy timing and control gaps that arose during a period of rapid growth and resource constraints. We intend to fully resolve all payroll tax obligations promptly following the completion of this offering. We have commenced payment of payroll taxes for current periods. In order to mitigate the risks or consequences of this liability, we have proactively approached the IRS (all parties including federal, state and Canadian) and are actively discussing a settlement with them. However, there can be no assurance that that the IRS will agree to the terms of a settlement and not instead demand immediate payment of the amounts due. Even

------

[**TABLE OF CONTENTS**](#TOC)

if a settlement offer is accepted, the terms of any settlement may require substantial upfront payments, which we may have not sufficient funds available for. Willful failure to comply with statutory obligations to collect, account for and pay over taxes imposed on employees is a federal criminal offense. There can be no assurance that the Department of Justice will not commence criminal charges against us and our management for failure to remit payroll taxes to the IRS.

 ***We may be subject to additional obligations to collect and remit sales tax and other taxes, and we may be subject to tax liability for past transactions, which could harm our business.***

We do not collect sales and use, value added and similar taxes in all jurisdictions in which we have sales, based on our assessment that such taxes are not applicable or that we are not required to collect such taxes in certain jurisdictions. State, local and foreign jurisdictions have differing rules and regulations governing sales, use, value added and other taxes, and these rules and regulations are subject to varying interpretations that may change over time. In particular, the applicability of such taxes on our products in various jurisdictions is unclear. Further, these jurisdictions' rules regarding tax nexus are complex and vary significantly. As a result, we could face the possibility of audits that could result in tax assessments, including associated interest and penalties. A successful assertion that we should be collecting additional sales, use, value added or other taxes in those jurisdictions where we have not historically done so could result in substantial tax liabilities and related penalties for past transactions, discourage customers from purchasing our application or otherwise harm our business and operating results.

 ***Changes in tax laws or regulations that are applied adversely to us or our customers could increase the costs of our products and adversely impact our business.***

New income, sales, use or other tax laws, statutes, rules, regulations or ordinances could be enacted at any time, which could affect the tax treatment of our (and our subsidiaries') domestic and foreign financial results. Any new taxes could adversely affect our domestic and international business operations, and our business and financial performance. Further, existing tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us. Specifically, taxation of software is constantly evolving as many state and local jurisdictions consider the taxability of software services provided remotely. These events could require us or our customers to pay additional tax amounts on a prospective or retroactive basis, as well as require us or our customers to pay fines or penalties and interest for past amounts deemed to be due. If we raise our prices to offset the costs of these changes, existing and potential future customers may elect not to continue to use our products in the future. Additionally, new, changed, modified or newly interpreted or applied tax laws could increase our customers' and our compliance, operating and other costs, as well as the costs of our products. Any or all of these events could harm our business and operating results.

#### Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
For the year ended December 31, 2024, we had available federal net operating loss carryforwards ("NOLs") of $48,132,056, which may be available to offset taxable income in the future up to 80% of the current year taxable income. Federal NOLs do not expire. State NOLs may expire, depending upon the various rules in the states in which we operate. A lack of future taxable income would adversely affect our ability to utilize these NOLs before they expire. In general, under Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"), a corporation that undergoes an "ownership change" (as defined under Section 382 of the Code and applicable Treasury Regulations) is subject to limitations on its ability to utilize its pre-change NOLs to offset our future taxable income. We may experience a future ownership change (including, potentially, in connection with this offering) under Section 382 of the Code that could affect our ability to utilize the NOLs to offset our income. Furthermore, our ability to utilize NOLs of companies that we have acquired or may acquire in the future may be subject to limitations. There is also a risk that due to regulatory changes, such as suspensions on the use of NOLs or other unforeseen reasons, our existing NOLs could expire or otherwise be unavailable to reduce future income tax liabilities, including for state tax purposes. For these reasons, we may not be able to utilize a material portion of the NOLs, even if we attain profitability, which could potentially result in increased future tax liability to us and could adversely affect our operating results and financial condition.

------

[**TABLE OF CONTENTS**](#TOC)

#### Risks Related to Our Industry

#### We operate in an emerging and rapidly growing industry, which makes it difficult to evaluate our business and future prospects.
The autonomous robotics industry is relatively new and is growing rapidly. The market for our products is characterized by rapid technological change, frequent new product introductions and enhancements, uncertain product life cycles, changing customer demands and evolving industry standards, any of which can render existing products obsolete. As a result, it is difficult to evaluate our business and future prospects. We cannot accurately predict whether, and even when, demand for our products will increase, if at all. The risks, uncertainties and challenges encountered by companies operating in emerging and rapidly growing industries include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • generating sufficient revenue to cover operating costs and sustain operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquiring and maintaining market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • attracting and retaining qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • successfully developing and commercially marketing new and existing products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • complying with development regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • customer satisfaction with our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost, performance and reliability of our products and products offered by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • customer perceptions regarding the effectiveness and value of our products and its inter-operability with other drone, robotic, and customers' business and operational systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • marketing efforts and publicity regarding these types of products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • responding effectively to changing technology, evolving industry standards, and changing customer needs or requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accessing the capital markets to raise additional capital, on reasonable terms, if and when required to sustain operations or to grow the business.

As such, we cannot accurately predict the future growth rates or sizes of the markets for our products and future services. Demand for our products and services may not increase, or may decrease, either generally or in specific markets, for particular types of products and services or during particular time periods. We believe the drone, autonomous robotics and AI-driven mapping markets, are all nascent and we cannot assure you that our continued efforts to further increase our sales to customers will be successful. As such, our current expectations and projects about future events and trends may be different from the actual results. Furthermore, if we are unable to address any of the above challenges successfully, our business, financial condition, results of operations, and prospectus may be adversely affected by such failure.

 ***Rapid technological changes may adversely affect the market acceptance of our products and services and could adversely affect our business, financial condition and results of operations as we would incur in additional costs associated with developing products that would effectively obtain market acceptance and demand.***

The autonomous robotics, drones and AI-driven mapping markets are subject to rapidly evolving technological changes, introduction of new products, change in customer demands and evolving industry standards. These markets are nascent and may not grow as quickly as anticipated or may develop in unforeseen ways. Our future success will depend upon our ability to keep pace with technological developments and to timely address the increasingly sophisticated needs of our customers by supporting existing and new technologies and by developing and introducing enhancements to our current products and new products in our commercial operations. We may not be successful in developing and marketing our products in response to technological change, evolving industry standards or customer requirements. In addition, we may experience difficulties internally or in conjunction with key vendors and partners that could delay or prevent the successful development, introduction and sale of our products and services may not adequately meet the requirements of the market and may not achieve any significant degree of market acceptance. If release dates

------

[**TABLE OF CONTENTS**](#TOC)

of our new products or services are delayed or, if when released, they fail to achieve market acceptance, our business, operating results and financial condition may be adversely affected as we would incur in additional costs associated with developing products that would effectively obtain market acceptance and demand, in addition to any other potential costs incurred to find viable alternatives in the event any of our future third party providers fail to keep up with the market demand for our potential products and services or become obsolete in the industry.

 ***The adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI field, are inherently uncertain. Failure by our potential customers to continue to adopt infrastructure to support AI use cases in their systems, or our ability to keep up with evolving AI infrastructure requirements, could have a material adverse effect on our business, financial condition, and results of operations.***

As part of our growth strategy, we seek to attract and acquire customers focused on deploying AI through autonomous robots and drones. We foresee emerging demand from companies that are dedicated to providing infrastructure for AI use cases, AI-dedicated data centers, and larger enterprises, as they begin to build systems to meet their unique requirements. However, AI has been developing at a rapid pace, and continues to evolve and change. If we are unable to keep up with the changing AI landscape or in developing products to meet our customers' evolving AI needs, or if the AI landscape does not develop to the extent we or our customers expect, our business, and financial results may be adversely impacted. Additionally, our efforts in developing new AI infrastructure technology solutions are inherently risky and may not always succeed. We may incur significant costs and expect significant delays in developing new products or new generations of existing products to adapt to the changing AI landscape, and may not achieve a return on investment or capitalize on the opportunities presented by demand for AI solutions. Moreover, while AI-adoption is likely to continue and may accelerate, the long-term trajectory of this technological trend is uncertain.

 ***The estimates of market opportunity and forecasts of market growth included in this prospectus may prove to be inaccurate, and even if the market in which we compete achieves the growth forecasts, our business could fail to grow at similar rates, if at all.***

Market opportunity estimates and growth forecasts included in this prospectus are subject to significant uncertainty and are based on assumptions and estimates that may prove to be inaccurate. Even if the market in which we compete meets the size estimates and growth forecasted in this prospectus, our business could fail to grow at similar rates, if at all.

 ***The drone industry, of which Exyn is a part, depends on limited sources of supply to manufacture drones. If critical components used to assemble our products become scarce or unavailable, then we may experience a decrease in the customer demand for our products, which could adversely impact our business, financial conditions, and results of operations.***

We rely on limited sources to supply certain components and materials used in the manufacturing of drones.

Potential bans on foreign-manufactured drones or components could disrupt our supply chain and increase costs. Many of these components and materials are obtained from DJI, a leading drone manufacturer and a Chinese company, which currently controls approximately 72% of the global drone market. We rely on DJI for approximately 5% of our total component purchases, SuNPe Limited for approximately 29% of our fabrication services, Hesai Technology Co., Ltd. for approximately 15% of our LiDAR scanning technology and World Electronics Sales and Service, Inc. for approximately 13% of our assembly services. Adverse developments with any of our suppliers may lead to shortage of key components in the market, lead to product performance shortfalls if a successful replacement is not found, reduce capabilities of drone manufacturers, and limit the availability of drones in the consumer or commercial markets. Legislation such as the Countering CCP Drones Act (Section 1709 of the 2025 National Defense Authorization Act) requires a security review of major Chinese drone manufacturers like DJI and Autel by December 2025. If they fail or are not reviewed, the FCC may prohibit their equipment authorizations, effectively banning new imports and sales in the United States. Similarly, the American Security Drone Act ("ASDA") prohibits federal agencies from procuring drones from certain foreign entities starting January 2026, and restricts

------

[**TABLE OF CONTENTS**](#TOC)

federal funding for state/local purchases. As we may rely on components from these suppliers or regions, such restrictions could lead to shortages, higher costs for alternatives, redesigns, or loss of market share to compliant competitors.

The industry's reliance on DJI specifically entails significant risks and uncertainties, including whether these suppliers will provide an adequate quantity of components, at a reasonable price, and on a timely basis. While there are options to purchase certain components from suppliers based in the United States, we would be forced to pay higher prices which would adversely impact our gross margin and operating results. Our operating results could be materially, adversely impacted if our suppliers do not provide the critical components used to assemble our products on a timely basis, at a reasonable price, and in sufficient quantities. In addition, China has been engaged in a trade war with the United States over the past few years, which may increase costs of goods imported from DJI. On December 18, 2020, the U.S. Department of Commerce has added DJI to its Entity List, limiting DJI's abilities to procure technology and components from the United States. If DJI is unable to successfully procure replacements for its currently U.S. sourced components, the drone industry may experience supply shortage of drone hardware, which may adversely impact the industry as a whole as well as our business and results of operations.

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

#### You will experience immediate and substantial dilution in the net tangible book value per share of our common stock you purchase in this offering.
The initial public offering price will substantially exceed the net tangible book value per share of our common stock immediately after this offering based on the total value of our tangible assets less our total liabilities. Therefore, based on an assumed initial public offering price of $ per share, the midpoint of the initial public offering price range set forth on the cover page of this prospectus, if you purchase shares of our common stock in this offering, you will suffer, as of , 2026, immediate dilution of $ per share, or $ if the underwriter exercises its option to purchase additional shares of common stock, in pro forma net tangible book value per share after giving effect to the sale of shares of common stock in this offering at an assumed initial public offering price of $ per share (the midpoint of the initial public offering price range set forth on the cover page of this prospectus) after deducting underwriting discounts and commissions and estimated offering expenses payable by us. As a result of this dilution, as of , 2026, investors purchasing shares of common stock from us in this offering will have contributed % of the total amount of our total gross funding to date but will own only % of our equity. In addition, if outstanding options to purchase shares of our common stock are exercised in the future, you will experience additional dilution. See "Dilution."

#### Any issuance of additional capital stock in connection with financings, acquisitions, investments, our equity incentive plan or otherwise will dilute all other stockholders.
We expect to issue additional capital stock in the future that will result in dilution to all other stockholders. We expect to grant equity awards to employees, directors, and consultants under our equity incentive plan. We may also raise capital through equity financings in the future. As part of our business strategy, we may acquire or make investments in complementary companies, products, or technologies and issue equity securities to pay for any such acquisition or investment. Any such issuances of additional capital stock, including as a result of the exercise of any warrants to purchase shares of common stock, may cause stockholders to experience significant dilution of their ownership interests and the per share value of our common stock to decline.

#### Our share price may be volatile, and you may lose all or part of your investment.
The initial public offering price for our common stock sold in this offering will be determined by negotiation between us and the underwriters. This price may not reflect the market price of shares of our common stock following this offering and the price of shares of our common stock may decline. In addition, the market price of shares of our common stock could be highly volatile and may fluctuate substantially as a result of many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated fluctuations in our results of operations;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcement or expectation of additional financing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements by us or competitors of significant technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • market conditions in the software and the drone sectors, or changes in market perception of the autonomy sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shifts in government policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • technological developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in operating performance and stock market valuations of software or other technology companies, or those in our industry in particular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • variance in our financial performance from the expectations of market analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • price and volume fluctuations in the trading of our common stock and in the overall stock market, including as a result of trends in the economy as a whole or in the technology industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • new laws or regulations or new interpretations of existing laws or regulations applicable to our business or industry, including those relating to drone operation and data security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of our common stock by us, our insiders, or other stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expiration of market stand-off or lock-up agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our involvement in litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our sale of common stock or other securities in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • market conditions in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the trading volume of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the estimation of the future size and growth rate of our markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the recruitment or departure of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general economic, industry, and market conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the other factors described in the "Risk Factors" section of this prospectus.

In recent years, the stock markets in general have experienced extreme price and volume fluctuations, especially in the technology sector. Broad market and industry factors may materially harm the market price of shares of our common stock, regardless of our operating performance. In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been instituted against that company. If we were involved in any similar litigation, we could incur substantial costs and our management's attention and resources could be diverted.

 ***The market price of our common stock could be negatively affected by future sales of our common stock in the public market by our existing stockholders and lenders.***

After this offering, there will be shares of common stock outstanding, based on an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus. Sales by us or our stockholders of a substantial number of shares of our common stock in the public market following this offering, or the perception that these sales might occur, could cause the market price of our common stock to decline or could impair our ability to raise capital through a future sale of our equity securities. All of the shares of our common stock sold in this offering will be freely transferable, except for any shares held by our "affiliates," as that term is defined in Rule 144 under the Securities Act.

------

[**TABLE OF CONTENTS**](#TOC)

Upon the closing of this offering, approximately shares of our outstanding shares of common stock will be beneficially owned by certain existing stockholders who are subject to lock-up agreements, each of which, subject to limited exceptions, restricts transfer of the stockholder's shares of common stock for a period of days after the closing of the offering without the prior written consent of Lucid Capital Markets, LLC (the "Representative"); provided that the Representative may unilaterally waive any term of the lock-up agreement.

As noted above, the Representative may, in its sole discretion, and at any time without notice, release all or any portion of the shares subject to the corresponding lock-up agreements. After the expiration of the lock-up period, these shares can be resold into the public markets in accordance with the requirements of Rule 144, subject to certain volume limitations. In addition, we intend to file one or more registration statements on Form S-8 with the SEC all of the shares of common stock issuable under the equity incentive plan that we may adopt, and such shares will be freely transferable, except for any shares held by "affiliates," as such term is defined in Rule 144 under the Securities Act. The market price of our common stock may drop significantly when the restrictions on resale by our existing stockholders lapse and these stockholders are able to sell our common stock into the market.

Upon the filing of the registration statements and following the expiration of the lock-up restrictions described above, the number of shares of our common stock that are potentially available for sale in the open market will increase materially, which could make it harder for the value of our common stock to appreciate unless there is a corresponding increase in demand for our common stock. This increase in available shares could cause the value of your investment in our common stock to decrease.

In addition, a sale by us of additional shares of common stock or similar securities in order to raise capital might have a similar negative impact on the share price of our common stock. A decline in the price of shares of our common stock might impede our ability to raise capital through the issuance of additional shares of common stock or other equity securities and may cause you to lose part or all of your investment in our common stock.

#### No public market for our common stock currently exists, and an active public trading market may not develop or be sustained following this offering.
Prior to this offering, there has been no public market for our common stock. Although we expect to apply to list our common stock on Nasdaq, an active trading market may not develop following the completion of this offering or, if developed, may not be sustained. The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or at a price that you consider reasonable. The lack of an active market may also reduce the fair value of your shares. An inactive market may also impair our ability to raise capital to continue to fund operations by selling shares and may impair our ability to acquire other companies or technologies by using our shares as consideration.

#### If we cannot meet the continued listing requirements of Nasdaq, Nasdaq may delist our securities.
As a public company, we are subject to the reporting requirements and the rules and regulations of the applicable listing standards of Nasdaq. If we fail to maintain compliance with the continued listing standards of Nasdaq, our securities may be delisted, which could negatively affect the market price and liquidity of our securities. In such a case, we may seek to regain compliance by implementing a number of available options. If in the future our securities are delisted from Nasdaq, we could face significant material adverse consequences, including: limited availability of market quotations for our securities; reduced liquidity for our shares; a determination that our shares are "penny stock," which will require brokers trading in our shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our shares; a limited amount of news and analyst coverage; and decreased ability to issue additional securities or obtain additional financing in the future. In addition, as long as our shares are listed on Nasdaq, U.S. federal law prevents or preempts the states from regulating their sale, although the law does allow the states to investigate companies if there is a suspicion of fraud and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. If we were no longer listed on Nasdaq, we would be subject to regulations in each state in which we offer our shares.

------

[**TABLE OF CONTENTS**](#TOC)

 ***There is an increased potential risk for new public companies similar to ours of rapid and substantial price volatility which may add to the risk of investing in our company.***

There have been recent instances of extreme stock price run-ups followed by rapid price declines and stock price volatility seemingly unrelated to company performance following a number of recent initial public offerings, particularly among companies with relatively smaller public floats. Additionally, our common stock may be subject to rapid and substantial price volatility, including any stock-run up, which may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our shares of common stock. As a result, you may suffer a loss on your investment.

 ***Our officers and directors are entitled to indemnification from us for liabilities under our certificate of incorporation, which could be costly to us and may discourage the exercise of stockholder rights.***

Our amended certificate of incorporation will provide that we possess and may exercise all powers of indemnification of our officers, directors, employees, agents and other persons and our amended bylaws will also require us to indemnify our officers and directors as permitted under the provisions of the Delaware General Corporation Law ("DGCL"). We will also have contractual indemnification obligations under our agreements with our directors and officers. The foregoing indemnification obligations could result in our company incurring substantial expenditures to cover the cost of settlement or damage awards against directors and officers. These provisions and resultant costs may also discourage our company from bringing a lawsuit against directors, officers, and employees for breaches of their fiduciary duties, and may similarly discourage the filing of derivative litigation by our stockholders against our directors, officers, and employees even though such actions, if successful, might otherwise benefit our company and stockholders.

 ***The concentration of the capital stock ownership with our insiders after the initial public offering will likely limit the ability of the stockholders to influence corporate matters.***

Following the offering described in this prospectus, the executive officers, directors, 5% or greater stockholders, and their respective affiliated entities will in the aggregate beneficially own approximately % of our outstanding common stock (assuming no exercise of the underwriter's over-allotment option) based on an assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover page of this prospectus). As a result, these stockholders, acting together, have control over matters that require approval by our stockholders, including the election of directors and approval of significant corporate transactions. Corporate actions might be taken even if other stockholders oppose them. This concentration of ownership might also have the effect of delaying or preventing a corporate transaction that other stockholders may view as beneficial.

 ***Resales of our shares of common stock in the public market by our stockholders as a result of this offering may cause the market price of our common stock to fall.***

Sales of substantial amounts of our shares of common stock in the public market, or the perception that such sales might occur, could adversely affect the market price of our shares of common stock. The issuance of new shares of common stock could result in resales of our shares of common stock by our current stockholders concerned about the potential ownership dilution of their holdings. In turn, these resales could have the effect of depressing the market price for our shares of common stock.

 ***We have broad discretion in the use of a portion of the net proceeds from our initial public offering and may not use them effectively.***

We intend to use the net proceeds from this offering for growth capital, working capital, repayment of certain indebtedness and general corporate purposes. For more information, see "Use of Proceeds." However, our management will have broad discretion in the application of the net proceeds. Our stockholders may not agree with the manner in which we choose to allocate the net proceeds from this offering. Our failure to apply these funds effectively could have a material adverse effect on our business, financial condition and results of operation. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income.

------

[**TABLE OF CONTENTS**](#TOC)

#### We do not intend to pay dividends for the foreseeable future, which could reduce the attractiveness of our stock to some investors.
We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our common stock if the market price of our common stock increases. In addition, we may incur debt financing to further finance our operations, the governing documents of which may contain restrictions on our ability to pay dividends.

 ***Provisions in our certificate of incorporation and bylaws and Delaware law may discourage, delay or prevent a change of control of our company and, therefore, may depress the trading price of our stock.***

Our amended and restated certificate of incorporation and bylaws will contain, upon completion of this offering, certain provisions that may discourage, delay or prevent a change of control that our stockholders may consider favorable. These provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • authorize the issuance of "blank check" preferred stock that our board of directors could issue to increase the number of outstanding shares to discourage a takeover attempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibit stockholder action to elect or remove directors by majority written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provide that the board of directors is expressly authorized to make, alter or repeal our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibit special meetings of stockholders from being called by less than 15% of our stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establish advance notice requirements for nominations for elections to our board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.

 ***Our amended and restated certificate of incorporation will also provide that the Court of Chancery of the State of Delaware will be the exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our amended and restated certificate of incorporation upon the completion of this offering will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty owed by any director, officer or other employee of our Company to us or our stockholders; (iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to the DGCL, our certificate of incorporation or our bylaws; or (iv) any action asserting a claim against us, our directors, officers or employees that is governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction.

Our amended and restated certificate of incorporation further will provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the federal securities laws of the United States, including, in each case, the applicable rules and regulations promulgated thereunder. Investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.

Any person or entity purchasing or otherwise acquiring any interest in any shares of our capital stock shall be deemed to have notice of and to have consented to the forum provision in our amended and restated certificate of incorporation. This choice-of-forum provision may limit a stockholder's ability to bring a claim in a different judicial forum, including one that it may find favorable or convenient for a specified class of disputes with our Company or our directors, officers, other stockholders or employees, which may

------

[**TABLE OF CONTENTS**](#TOC)

discourage such lawsuits. Alternatively, if a court were to find this provision of our amended and restated certificate of incorporation inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.

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

As a public company whose common stock is listed on Nasdaq, we will incur accounting, legal and other expenses that we did not incur as a private company, including costs associated with our reporting requirements under the Securities Exchange Act. We also anticipate that we will incur costs associated with corporate governance requirements, including requirements under Section 404 and other provisions of the Sarbanes-Oxley Act, as well as rules implemented by the SEC and Nasdaq. We expect that these rules and regulations will increase our legal and financial compliance costs, introduce new costs such as investor relations and stock exchange listing fees, and will make some activities more time-consuming and costly. We are currently evaluating and monitoring developments with respect to these rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs.

As an "emerging growth company," as defined in the JOBS Act, we may take advantage of certain temporary exemptions from various reporting requirements, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes Oxley Act (and the rules and regulations of the SEC thereunder). When these exemptions cease to apply, we expect to incur additional expenses and devote increased management effort toward ensuring compliance with them. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of such costs.

Pursuant to Section 404 of the Sarbanes-Oxley Act and the related rules adopted by the SEC and the Public Company Accounting Oversight Board, starting with the second annual report that we file with the SEC after the closing of this offering, our management will be required to report on the effectiveness of our internal control over financial reporting. In addition, once we no longer qualify as an "emerging growth company" under the JOBS Act and lose the ability to rely on the exemptions related thereto discussed above and depending on our status as per Rule 12b-2 of the Securities Exchange Act, our independent registered public accounting firm may also need to attest to the effectiveness of our internal control over financial reporting under Section 404. We have not yet commenced the process of determining whether our existing internal controls over financial reporting systems are compliant with Section 404 and whether there are any material weaknesses or significant deficiencies in our existing internal controls. This process will require the investment of substantial time and resources, including by our senior management. As a result, this process may divert internal resources and take a significant amount of time and effort to complete. In addition, we cannot predict the outcome of this determination and whether we will need to implement remedial actions in order to implement effective controls over financial reporting. The determination and any remedial actions required could result in us incurring additional costs that we did not anticipate, including the hiring of outside consultants. Irrespective of compliance with Section 404, any failure of our internal controls could have a material adverse effect on our stated results of operations and harm our reputation. As a result, we may experience higher than anticipated operating expenses, as well as higher independent auditor fees during and after the implementation of these changes. If we are unable to implement any of the required changes to our internal control over financial reporting effectively or efficiently or are required to do so earlier than anticipated, it could adversely affect our operations, financial reporting and/or results of operations and could result in an adverse opinion on internal controls from our independent auditors.

Changes in the laws and regulations affecting public companies will result in increased costs to us as we respond to their requirements. These laws and regulations could make it more difficult or more costly for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers. We cannot predict or estimate the amount or timing of additional costs we may incur in order to comply with such requirements.

------

[**TABLE OF CONTENTS**](#TOC)

#### Our management has limited experience in a public company.
Our executive officers, with the exception of our CEO, have limited experience in the management of a publicly traded company. Our management team may not successfully or effectively manage its transition to a public company that will be subject to significant regulatory oversight and reporting obligations under federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining to public companies could result in an increasing amount of their time that may be devoted to these activities which will result in less time being devoted to the management and growth of our products. We may not have adequate personnel with the appropriate level of knowledge, experience and training in the accounting policies, practices or internal control over financial reporting required of public companies in the United States. We are in the process of upgrading our finance and accounting systems to be suitable for a public company, and a delay could impact our ability or prevent it from timely reporting its operating results, timely filing required reports with the SEC and complying with Section 404 of the Sarbanes-Oxley Act. The development and implementation of the standards and controls necessary for us to achieve the level of accounting standards required of a public company in the United States may require costs greater than expected. It is possible that we will be required to hire additional employees to support our operations as a public company which will increase our operating costs in future periods.

#### There can be no assurance that our internal controls over financial reporting will be able to detect fraud or other issues.
We will be required under the Sarbanes-Oxley Act to include a report of management on our internal controls that contains an assessment by management of the effectiveness of our internal control over financial reporting. Because, and so long as, we are an emerging growth company, our public accounting firm auditing our financial statements will not be required to report on the effectiveness of internal control over financial reporting, and our stockholders will not have the benefit thereof. Effective internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud. However, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. There can be no assurance that all control issues or fraud will be detected.

#### We may be subject to securities litigation, which is expensive and could divert management attention.
In the past companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs and diversion of management's attention and resources, which could seriously hurt our business. Any adverse determination in litigation could also subject us to significant liabilities.

 ***We are an "emerging growth company" and may elect to comply with reduced public company reporting requirements, which could make our common stock less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an "emerging growth company", we may take advantage of exemptions from various reporting requirements that are applicable to other public reporting companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in our periodic reports. We could be an "emerging growth company" up until the December 31<sup>st</sup> following the fifth anniversary after our first equity offering, although circumstances could cause us to lose that status earlier if our annual revenues exceed $1.07 billion, if we issue more than $1.0 billion in non-convertible debt in any three-year period or if the market value of our common stock held by non-affiliates exceeds $700.0 million as of any June 30<sup>th</sup>, in which case we would no longer be an "emerging growth company" as of the following December 31<sup>st</sup>. We cannot predict if investors will find our securities less attractive because we may rely on these exemptions. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the price of our securities may be more volatile.

Even after we no longer qualify as an "emerging growth company," we may still qualify as a "smaller reporting company," which would allow us to take advantage of many of the same exemptions from disclosure

------

[**TABLE OF CONTENTS**](#TOC)

requirements including exemption from compliance with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

#### General Risk Factors

#### Geopolitical and macroeconomic events and conditions could adversely affect our business, operating results, financial condition and cash flows.
Our business is sensitive to geopolitical and security issues, including foreign policy actions taken by governments such as tariffs, sanctions, embargoes, export and import controls and other trade restrictions, which can affect the demand for our products and services, the ability to sell our products and services, and disrupt our supply chain, all of which could adversely affect our business.

Global conflicts, including Russia's invasion of Ukraine, have significantly elevated global geopolitical tensions and security concerns. In addition, the U.S. government and other nations have implemented broad economic sanctions and export controls targeting Russia, which, combined with the Ukraine conflict, has indirectly disrupted the global supply chain and increased pressures on certain resources. The Ukraine conflict also has increased the threat of malicious cyber activity from nation states and other actors.

Heightened levels of inflation and the potential worsening of macro-economic conditions, including slower growth or recession, changes to fiscal and monetary policy, tighter credit, higher interest rates and currency fluctuations, present a risk for us, our suppliers and the stability of the broader economy. If we are unable to successfully mitigate the impact of inflation, our profits, margins and cash flows, particularly for existing fixed-price contracts, may be adversely affected. Although we believe defense spending is more resilient to adverse macro-economic conditions than many other industrial sectors, we are also exposed to the commercial markets, which may have fewer resources and may be adversely impacted to a more significant degree by an economic downturn. In addition, macroeconomic conditions could cause budgetary pressures for our government customers resulting in reductions or delays in spending, which could adversely impact our business.

#### Economic uncertainties or downturns could materially adversely affect our business.
Current or future economic uncertainties or downturns could adversely affect our business and operating results. Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, the continued sovereign debt crisis, financial and credit market fluctuations, political deadlock, natural catastrophes, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, could cause a decrease in business investments, including corporate spending on business intelligence software in general and negatively affect the rate of growth of our business.

General worldwide economic conditions have experienced a significant downturn and continue to remain unstable. These conditions make it extremely difficult for our customers and us to forecast and plan future business activities accurately, and they could cause customers to reevaluate their decisions to buy our products, which could delay and lengthen our sales cycles or result in cancellations of planned purchases. Furthermore, during challenging economic times customers may tighten their budgets and face issues in gaining timely access to sufficient credit, which could result in an impairment of their ability to make timely payments to us. In turn, we may be required to increase our allowance for doubtful accounts, which would adversely affect our financial results.

To the extent our products are perceived by customers and potential customers to be discretionary, our revenue may be disproportionately affected by delays or reductions in technology or defense spending. Also, customers may choose to develop in-house software as an alternative to using our products. Moreover, competitors may respond to market conditions by lowering prices and attempting to lure away our customers. In addition, the increased pace of consolidation in certain industries may result in reduced overall spending on our products.

------

[**TABLE OF CONTENTS**](#TOC)

We cannot predict the timing, strength or duration of any economic slowdown, instability or recovery, generally or within any particular industry. If the economic conditions of the general economy or industries in which we operate do not improve, or worsen from present levels, our business, operating results, financial condition and cash flows could be adversely affected.

 ***If securities or industry analysts do not publish research or reports about our business, or publish negative reports about our business, our share price and trading volume could decline.***

The trading market for our common stock will, to some extent, depend on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade our shares or change their opinion of our shares, our share price would likely decline. If one or more of these analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.

------

[**TABLE OF CONTENTS**](#TOC)

#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements. Many statements included in this prospectus that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. These risks and other factors include, but are not limited to, those listed under "Risk Factors." In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative of these terms or other comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, statements about potential new products and product innovation and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this prospectus under the headings "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business" are forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our market opportunity and the potential growth of that market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our strategy, outcomes, and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • trends in our industry and markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the competitive environment in which we operate.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to manage our growth effectively and our ability to achieve and maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to raise substantial additional funds in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our inability to adapt and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs or requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to penetrate new markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • commercial operational risks because of our reliance on technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential for design or manufacturing defects with respect to our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • uncertain global macro-economic and political conditions, including the implementation of tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the failure of our information technology systems, physical or electronic security protections to prevent security breaches or unauthorized access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the scarcity or unavailability of critical components or raw materials used to manufacture our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the fluctuation of our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adverse publicity stemming from any incident involving us, our competitors, or our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the failure to adequately protect our proprietary intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our inability to comply with our contractual obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evolving government laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our inability to generate sufficient cash to service all of our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our inability to attract and retain qualified personnel, including top technical talent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the other factors set forth under "Risk Factors."

------

[**TABLE OF CONTENTS**](#TOC)

We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described under "Risk Factors" and elsewhere in this prospectus. These risks are not exhaustive. Other sections of this prospectus include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot be sure that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in, or implied by, the forward-looking statements.

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

The forward-looking statements made in this prospectus relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this prospectus or to conform such statements to actual results or revised expectations, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not rely on our forward-looking statements in making your investment decision. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

------

[**TABLE OF CONTENTS**](#TOC)

#### INDUSTRY AND MARKET DATA
Unless otherwise indicated, market data and industry information used throughout this prospectus is based on management's knowledge of the industry and the good faith estimates of management. We have also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information. All of the market data and industry information used in this prospectus involves a number of assumptions and limitations and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, neither we nor the underwriters can guarantee the accuracy or completeness of this information and neither we nor the underwriters have independently verified this information. Additionally, from time to time, these sources may change their input information or methodologies, which may change the related results. While we believe the estimated market position, market opportunity, and market size information included in this prospectus is generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Risk Factors," "Special Note Regarding Forward-Looking Statements" and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties.

Certain information in this prospectus is based on independent or third-party sources, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Global Market Insights, Inspection Robots Market Global Forecast, 2025 – 2034.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grand View Research, 3D Mapping & 3D Modeling Market, 2025 – 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grand View Research, Commercial Drone Market, 2025 – 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grand View Research, Construction Robots Market, 2025 – 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grand View Research, Digital Twin Market, 2025 – 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grand View Research, Drone Market, 2025 – 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grand View Research, Space Robotics Market, 2023 – 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • MarketsandMarkets Research Private Ltd., LiDAR Market — Size, Share, Trends & Forecast, 2025 - 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mordor Intelligence, Inspection Drones Market Size & Share Analysis — Growth Trends & Forecasts, 2025 – 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Precedence Research, Artificial Intelligence (AI) Robots Market Size and Forecast 2025 to 2034.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Pro Market Reports, Mine Mapping System 2025 Trends and Forecasts 2033: Analyzing Growth Opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Pro Market Reports, Global Unmanned Maritime Systems Market, 2026 – 2033.

------

[**TABLE OF CONTENTS**](#TOC)

#### USE OF PROCEEDS
We estimate that we will receive net proceeds of approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional shares of our common stock in full) from the sale of the shares of our common stock offered by us in this offering, based on an assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover page of this prospectus), and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Similarly, each 1.0 million share increase (decrease) in the number of shares offered, as set forth on the cover page of this prospectus, would increase (decrease) the net proceeds that we receive from this offering by approximately $ million, assuming no change in the assumed initial public offering price per share, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purposes of this offering are to increase our capitalization and financial flexibility, establish a public market for our common stock, facilitate future access to the public equity markets by us, our employees and our stockholders, obtain additional capital to support our operations and increase our visibility in the marketplace.

We intend to use the net proceeds from this offering for growth capital, working capital, repayment of certain indebtedness, which includes (i) $3.5 million in aggregate principal amount outstanding under the WAB Loan Agreement, (ii) $1.5 million outstanding under the Convertible Note and (iii) $0.6 million in aggregate principal amount outstanding under the Maximcash Loan Agreement, and for general corporate purposes.

The WAB Loan Agreement provides for a total aggregate principal amount of $3.5 million and matures on September 27, 2027, $3.5 million of which is currently outstanding as of September 30, 2025. The loan bears interest at a rate of the greater of 8.25% or the prime rate as reported in the Wall Street Journal, adjustable daily, per annum. The interest rate as of September 30, 2025 was 9.06%. The loan is secured by substantially all of our assets. The Convertible Note has an aggregate outstanding principal amount of $1.5 million, bears interest at an annual rate of 12.0%, and has a maturity date of April 15, 2026. The Maximcash Loan Agreement, which was entered into on December 26, 2025, provides for a total aggregate principal amount of $0.6 million and matures on December 26, 2026, at which time a total repayment amount of $756,000 will be due. The loan is secured by substantially all of our assets. For additional information, see "Description of Certain Indebtedness."

Pending the uses described above, we intend to invest the net proceeds from this offering in short term, interest-bearing securities such as money market accounts, certificates of deposit, commercial paper and guaranteed obligations of the U.S. government.

The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including our ability to gain access to additional financing, the pace of our operational expansion relative to revenue growth, and the relative success and cost of our research and development programs. As a result, our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds of this offering.

------

[**TABLE OF CONTENTS**](#TOC)

#### DIVIDEND POLICY
We have never declared or paid cash dividends on our common stock, and we currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business and we do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our common stock. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.

------

[**TABLE OF CONTENTS**](#TOC)

#### CAPITALIZATION
The following table sets forth our cash and cash equivalents, and our capitalization as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an actual basis (reflecting a - for - split of our common stock expected to be completed prior to the completion of this offering);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on a pro forma basis, giving effect to (i) the automatic conversion of all outstanding shares of our convertible preferred stock as of December 31, 2024 into 66,205,264 shares of our common stock and (ii) the automatic conversion of all of our outstanding SAFEs in the aggregate amount of $6.2 million into shares of common stock, in each case immediately prior to the closing of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on a pro forma as adjusted basis, giving effect to (i) the pro forma adjustment discussed above, (ii) giving further effect to the sale of shares of our common stock by us in this offering at an assumed initial public offering price of $ per share (the midpoint of the range set forth on the cover page of this prospectus), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, following the completion of this offering and (iii) giving further effect to the use of the net proceeds from this offering to repay certain indebtedness, including (a) $3.5 million in aggregate principal amount outstanding under the WAB Loan Agreement, (b) $1.5 million outstanding under the Convertible Note and (c) $0.6 million in aggregate principal amount outstanding under the Maximcash Loan Agreement.

The pro forma and pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this offering will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table together with the sections titled "Prospectus Summary — Summary Consolidated Financial Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes appearing elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| | **Actual**  | **Pro Forma**  | **Pro Forma As <br> Adjusted**  |
|  | **(unaudited) <br> (in thousands, except for per share data)**  | **(unaudited) <br> (in thousands, except for per share data)**  | **(unaudited) <br> (in thousands, except for per share data)**  |
| Cash and cash equivalents  | $1981564 | $1981564 | $— |
| Total liabilities  | $6713906 | $— | $— |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible preferred stock, Series A-1, par value $0.0001 par <br> value per share; 3,778,798 shares authorized, issued and <br> outstanding, actual; shares authorized, no shares <br> issued and outstanding pro forma and pro forma as <br> adjusted  | 378 |  |  |
| &nbsp;&nbsp;&nbsp; Convertible preferred stock, Series A-2, par value $0.0001 par <br> value per share; 545,372 shares authorized, issued and <br> outstanding, actual; shares authorized, no shares <br> issued and outstanding pro forma and pro forma as <br> adjusted  | 55 |  |  |
| &nbsp;&nbsp;&nbsp; Convertible preferred stock, Series A-3, $0.0001 par value per <br> share; 2,423,708 shares authorized, issued and outstanding, <br> actual; shares authorized, no shares issued and <br> outstanding pro forma and pro forma as adjusted  | 242 |  |  |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| | **Actual**  | **Pro Forma**  | **Pro Forma As <br> Adjusted**  |
|  | **(unaudited) <br> (in thousands, except for per share data)**  | **(unaudited) <br> (in thousands, except for per share data)**  | **(unaudited) <br> (in thousands, except for per share data)**  |
| &nbsp;&nbsp;&nbsp; Convertible preferred stock, Series A-4, $0.0001 par value per <br> share; 17,303,891 shares authorized, 15,421,114 shares <br> issued and outstanding, actual; shares authorized, no <br> shares issued and outstanding pro forma and pro forma as <br> adjusted  | 1542 |  |  |
| &nbsp;&nbsp;&nbsp; Convertible preferred stock, Series B-1, $0.0001 par value per <br> share; 18,530,110 shares authorized, issued and <br> outstanding, actual; shares authorized, no shares <br> issued and outstanding pro forma and pro forma as <br> adjusted  | 1853 |  |  |
| &nbsp;&nbsp;&nbsp; Convertible preferred stock, Series B-2, $0.0001 par value per <br> share; 31,800,835 shares authorized, 23,623,385 shares <br> issued and outstanding, actual; shares authorized, no <br> shares issued and outstanding pro forma and pro forma as <br> adjusted  | 2362 |  |  |
| &nbsp;&nbsp;&nbsp; Common stock, $0.0001 par value; 128,000,000 shares authorized; 32,915,388 shares issued and outstanding, actual; shares authorized, shares issued and outstanding pro forma; shares authorized, shares issued and outstanding pro forma as adjusted  | 3292 |  |  |
| Additional paid-in capital  | 63817469 |  |  |
| Accumulated deficit  | (63721509) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity  | 75189 |  |  |
| Total capitalization  | $6789095 | $— | $— |

---

A $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase or decrease each of cash and cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization on an as adjusted basis by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Similarly, each 1,000,000 increase or decrease in the number of shares of common stock offered by us in this offering would increase or decrease each of cash and cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization on an as adjusted basis by approximately $ million, based on an assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The number of shares of our common stock to be outstanding on a pro forma and a pro forma as adjusted basis in the table above is based on 32,915,388 shares of common stock outstanding as of December 31, 2024 and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of common stock issuable upon the exercise of outstanding options as of December 31, 2024, under our 2015 Plan at a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 5,930,156 shares of common stock reserved for future issuance under our 2015 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 268,174 shares of preferred stock issuable upon the exercise of our outstanding SVB Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 197,551 shares of common stock issuable upon the exercise of our outstanding WAB Warrants;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of common stock issuable upon exercise of the Representative's Warrants at the closing of this offering at an exercise price of $(assuming an initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of our common stock reserved for future issuance under our 2026 Plan, which will become effective as of immediately prior to the completion of this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of our common stock reserved for future issuance under our 2026 ESPP, which will become effective as of immediately prior to the completion of this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 ESPP.

------

[**TABLE OF CONTENTS**](#TOC)

#### DILUTION
If you invest in our common stock, your ownership interest in us will be diluted to the extent of the difference between the initial public offering price in this offering per share of our common stock and the as adjusted net tangible book value per share of our common stock upon consummation of this offering. Net tangible book value per share represents the book value of our total tangible assets less the book value of our total liabilities divided by the total number of shares of common stock then issued and outstanding.

As of December 31, 2024, we had a net tangible book value of $ million, or $ per share of common stock. Net tangible book value per share is equal to our total tangible assets, less total liabilities, divided by the number of outstanding shares of our common stock.

After giving effect to the sale of shares of common stock in this offering, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, at an assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover of this prospectus, and the application of the net proceeds of this offering for growth capital, working capital, repayment of certain indebtedness, which includes (i) $3.5 million in aggregate principal amount outstanding under the WAB Loan Agreement, (ii) $1.5 million outstanding under the Convertible Note and (iii) $0.6 million in aggregate principal amount outstanding under the Maximcash Loan Agreement, and for general corporate purposes, as set forth under "Use of Proceeds," at an assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover of this prospectus, our net tangible book value as of December 31, 2024 would have been $ million, or $ per share of common stock. This represents an immediate increase in net tangible book value of $ per share to our existing stockholders and an immediate dilution in net tangible book value of $ per share to investors participating in this offering at the assumed initial public offering price. The following table illustrates this per share dilution:

---

| | |
|:---|:---|
| Assumed initial public offering price per share  | $|
| &nbsp;&nbsp;&nbsp; Net tangible book value (deficit) per share as of December 31, 2024  | $— |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net tangible book value per share attributable to investors <br> participating in this offering  |  |
| As adjusted net tangible book value per share after giving effect to this offering  |  |
| Dilution per share to investors participating in this offering  | $|

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) our as adjusted net tangible book value (deficit) per share after this offering by $ million and dilution per share to new investors purchasing common stock in this offering by $, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses by us. An increase (decrease) of shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) our as adjusted net tangible book value after this offering by $ million and $ per share and decrease (increase) the dilution per share to new investors purchasing common stock in this offering by $, assuming no change in the assumed initial public offering price per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses by us.

If the underwriters exercise in full their option to purchase additional shares of common stock in this offering, our as adjusted net tangible book value (deficit) per share after this offering would be $ and the dilution in as adjusted net tangible book value (deficit) per share to new investors purchasing common stock in this offering would be $, assuming no change in the initial public offering price per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The following table summarizes, on an as adjusted basis as of December 31, 2024, the differences between the number of shares of common stock purchased from us, the total consideration paid and the average price per share paid by existing stockholders (including shares of our preferred stock assuming the

------

[**TABLE OF CONTENTS**](#TOC)

conversion of such shares into common stock upon close of this offering) and to be paid by the new investors purchasing shares of common stock in this offering, at an assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares Purchased**  | **Shares Purchased**  | **Total Consideration**  | **Total Consideration**  | **Average Price <br> Per Share**  |
| | **Number**  | **Percent**  | **Amount**  | **Percent**  | **Average Price <br> Per Share**  |
| Existing stockholders  |  | % |  | $% | $|
| Investors participating in this offering  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total  |  | 100% |  | $100% | $|

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors in this offering by $ million and, in the case of an increase, would increase the percentage of total consideration paid by new investors by percentage points and, in the case of a decrease, would decrease the percentage of total consideration paid by new investors by percentage points, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering. An increase (decrease) of shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors by $ million and, in the case of an increase, would increase the percentage of total consideration paid by new investors by percentage points and, in the case of a decrease, would decrease the percentage of total consideration paid by new investors by percentage points, assuming no change in the assumed initial public offering price per share and before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

The table above assumes no exercise of the underwriters' option to purchase additional shares in this offering. If the underwriters' option to purchase additional shares is fully exercised, the number of shares of our common stock held by existing stockholders would be reduced to % of the total number of shares of our common stock outstanding after this offering, and the number of shares of common stock held by new investors purchasing common stock in this offering would be increased to % of the total number of shares of our common stock outstanding after this offering.

Except as otherwise indicated, the discussion and tables above are based on 32,915,388 shares of our common stock outstanding as of December 31, 2024, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of common stock issuable upon the exercise of outstanding options as of December 31, 2024, under our 2015 Plan at a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 5,930,156 shares of common stock reserved for future issuance under our 2015 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 268,174 shares of preferred stock issuable upon the exercise of our outstanding SVB Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 197,551 shares of common stock issuable upon the exercise of our outstanding WAB Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of common stock issuable upon exercise of the Representative's Warrants at the closing of this offering at an exercise price of $(assuming an initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of our common stock reserved for future issuance under our 2026 Plan, which will become effective as of immediately prior to the completion of this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of our common stock reserved for future issuance under our 2026 ESPP, which will become effective as of immediately prior to the completion of this offering, as well as any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 ESPP.

------

[**TABLE OF CONTENTS**](#TOC)

We expect to require additional capital to fund our current and future operating plans. To the extent additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. See "Risk Factors — Risks Related to This Offering and Ownership of Our Common Stock — Any issuance of additional capital stock in connection with financings, acquisitions, investments, our equity incentive plan or otherwise will dilute all other stockholders."

------

[**TABLE OF CONTENTS**](#TOC)

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 *The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. You should read the following discussion and analysis of the Company's financial condition and results of operations together with the sections entitled "Prospectus Summary — Summary Consolidated Financial Data," "Risk Factors," "Special Note Regarding Forward-Looking Statements," our audited consolidated financial statements, and related notes included elsewhere in this prospectus. This discussion and analysis contains forward-looking statements, including statements regarding our expectations for the future of our business and our liquidity and capital resources as well as other non-historical statements. These statements are based upon our current plans, expectations, and beliefs, and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in "Risk Factors" and "Special Note Regarding Forward-Looking Statements." Our actual results may differ materially from those contained in or implied by these forward-looking statements.* 

#### Overview
We are a pioneer in fully adaptive and cognitive mission-level autonomous robotics and artificial intelligence. Our proprietary Level 4B autonomy platform allows aerial and ground robotic systems to navigate safely and efficiently in complex, GPS-denied environments. We generate revenue through hardware-enabled software sales, licensing of ExynAI software, service contracts, and support agreements. Our customers include mining companies, construction firms, infrastructure operators, defense agencies, and OEMs integrating ExynAI into their platforms. We believe adoption of autonomous robotics in these verticals is accelerating, driven by demand for safety, efficiency, and digitization.

#### Key Factors Affecting Our Performance
Our results of operations are affected by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Adoption of Autonomous Robotics and 3D mapping solutions in Industrial and Defense Markets**. Our financial performance is tied to the rate of adoption of autonomous robotic and 3D mapping solutions within our target markets. Market acceptance is contingent upon our ability to educate customers on these benefits as well as broader market pressures driving technology adoption. Delays in broader technology adoption or a slower-than-anticipated shift towards automation and digitization in these key industrial and government sectors could adversely affect our revenue growth and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Timing of OEM Integrations and Long-Term Licensing Contracts**. A significant portion of our long-term strategy involves entering into extended licensing agreements and partnerships with OEMs to embed our technology into their platforms. Our revenue and results of operations are therefore highly dependent on the timing and successful execution of these complex agreements. The sales cycle for such integrations is often long and unpredictable, involving extensive evaluation, negotiation, and joint development phases. Any delays in finalizing these contracts or in the subsequent deployment and scaling of integrated solutions by our partners could result in significant fluctuations in our recognized revenue from period to period. Furthermore, our ability to convert pilot programs and initial deployments into large-scale, recurring revenue contracts is critical to our long-term financial success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Ongoing Investment in Research and Development to Maintain Technology Leadership**. The market for autonomous robotics is characterized by rapid technological advancement and intense competition. To maintain and extend our position as a market leader, we must continue to make substantial investments in R&D. Our R&D efforts are focused on enhancing our core intellectual property, including our proprietary SLAM algorithms, sensor fusion capabilities, and AI-driven navigation software. These investments are essential to improve the performance of our existing products, develop new applications and functionalities, and broaden the range of environments in which our systems can operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Expansion of Our Sales, Marketing, and Distribution Capabilities.** Our ability to grow our revenue is dependent on our capacity to effectively expand our sales, marketing, and distribution channels. We

------

[**TABLE OF CONTENTS**](#TOC)

are actively investing in growing our direct sales force to target large enterprise and government customers, while also developing a network of strategic channel partners and resellers to broaden our market reach both domestically and internationally. These investments include hiring and training specialized sales and support personnel, increasing our marketing activities to build brand awareness, and establishing the infrastructure necessary to support a global customer base. The success of these expansion efforts, and the time it takes for new sales channels to become productive, will be a significant factor in our ability to acquire new customers and drive revenue growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Ability to Secure and Efficiently Deploy Growth Capital.** Our strategic plan requires significant capital to fund our operations, support our research and development efforts, and finance the expansion of our sales and marketing organization. Our future growth and ability to execute on our business plan are contingent upon our ability to secure additional growth capital through equity or debt financing on favorable terms. The proceeds from such financing will be deployed to invest in critical R&D, scale our manufacturing and support capabilities, and potentially pursue strategic acquisitions of complementary technologies or businesses. Our ability to raise sufficient capital and to allocate it efficiently toward initiatives that drive scalable growth and accelerate our path to profitability will be critical to our operational and financial success.

#### Key Components of Our Results of Operations

#### Revenue
Revenue consists primarily of product sales, software licensing revenue, fees for consulting services, warranty sales, and after sale service and support. For the year ended December 31, 2024, approximately 71% of our revenue was derived from the Nexys product segment, approximately 58% of our revenue came from direct sales and approximately 42% of our revenue came from channel partners.

#### Cost of Revenue
Cost of revenue includes materials, labor (including salary, benefits and taxes), and customer support.

#### Operating Expenses
 *Research and Development* 

R&D expenses consist primarily of personnel expenses, including salaries, benefits, costs of consulting, equipment and materials, manufacturing, supply chain, direct allocable overhead costs, including staff development cost, and travel and technology costs. We expect our R&D expenses to increase as we continue to invest in our infrastructure and technology and seek to develop new products and services. We also expect our R&D to fluctuate based on a number of factors including, among others, increased labor costs, availability and ability to obtain suitable drones and robots, availability and cost of supply chain components, such as sensors, inertial measurement units, motor controllers, and foreign currency exchange rates and tariffs.

 *Sales and Marketing* 

Sales and marketing expenses include salary, benefits and taxes, commissions, travel, advertising, and trade shows. We expect our sales and marketing expenses to increase as we seek to build out our capabilities in these areas to acquire new customers.

 *General and Administrative* 

General and administrative expenses include costs of executive leadership, corporate governance, consulting fees, accounting and finance operations, travel, and support functions, including human resources and information technology. We expect our general and administrative expenses to increase as we incur additional costs associated with being a public company and certain terms of our consulting and incentive agreements become effective.

------

[**TABLE OF CONTENTS**](#TOC)

#### Other Income (Expense)
 *Interest Expense, Net* 

Interest expense, net consists primarily of the interest expense from borrowings relating to revolving lines of credit with external banks and third-party notes, net of interest income earned on invested cash balances.

 *Other Income (Expense), Net* 

Other income (expense), gain/loss on foreign exchange, deferred financing cost amortization, loss on disposable assets and other nonoperating income.

#### Income Tax (Expense) Benefit
Income tax (expense) benefit primarily consists of income taxes in certain foreign jurisdictions in which we conduct business.

#### Results of Operations
The following table sets forth our consolidated statements of operations data for the periods presented. Our revenue growth reflects increasing adoption in mining and defense markets, while higher operating expenses are primarily attributable to investments in R&D and scaling sales and marketing activities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period over period change**  | **Period over period change**  |
| | **2024**  | **2023**  | **($)**  | **(%)**  |
| Revenues, net  | $5568280 | $4551877 | $1016403 | 22.3% |
| Cost of revenues  | 3611850 | 2841708 | 770142 | 27.1% |
| Gross profit  | 1956340 | 1710169 | 246171 | 14.4% |
| **Operating expenses:** |  |  |  |  |
| Selling, general and administrative expenses  | 6358093 | 6195563 | 162530 | 2.6% |
| Research and development expenses  | 6487224 | 8269427 | (1782203) | (21.6)% |
| Stock-based compensation  | 935525 | 179756 | 755769 | 420.4% |
| Restructuring and severance  | 349630 |  | 349630 | N/A |
| Total operating expenses  | 14130472 | 14644746 | (514274) | (3.5)% |
| Operating loss  | (12174042) | (12934577) | 760535 | 5.9% |
| **Non-operating income (expense):** |  |  |  |  |
| Interest expense  | (315167) | (52445) | (262722) | (500.9)% |
| Interest income  | 138133 | 454450 | (316317) | (69.6)% |
| Other expense  | (459041) | (377835) | (81206) | (21.5)% |
| Total non-operating income (expense)  | (636075) | 24170 | (660245) | (2,731.7)% |
| Net loss before income tax benefit  | (12810117) | (12910406) | 100289 | 0.8% |
| Income tax benefit  |  |  |  | N/A |
| **Net loss**  | $(12810117) | $(12910406) | $100289 | 0.8% |

---

 *Revenues, Net* 

For the year ended December 31, 2024 as compared to the year ended December 31, 2023, there was an approximately $1.0 million increase in revenue to $5.6 million from $4.6 million, respectively, primarily attributable to the successful launch and rapid adoption of the Nexys product. Gross profit also increased from $1.7 million for the year ended December 31, 2023 to $2.0 million for the year ended December 31, 2024. The Nexys platform, introduced in 2024, gained strong traction in the mining and geospatial sectors, with

------

[**TABLE OF CONTENTS**](#TOC)

customers valuing its high-precision, survey grade mapping capabilities, and autonomy capabilities in GPS-denied or challenging environments. The increase in revenue was also driven by international expansion outside North America, due to the successful expansion of the Company's channel partner network, which broadened market reach and accelerated sales cycles.

 *Cost of Revenues* 

For the year ended December 31, 2024, there was an approximately $0.82 million increase in cost of revenue from $2.8 million for the year ended December 31, 2023 to $3.6 million for the year ended December 31, 2024, which was primarily due to higher production expenses due to the higher unit sales of the Nexys product.

 *Operating Expenses* 

 *Selling, General and Administrative Expenses* 

For the year ended December 31, 2024, as compared to the year ended December 31, 2023, selling, general and administrative expenses increased by approximately $0.2 million from $6.2 million for the year ended December 31, 2023 to $6.4 million for the year ended December 31, 2024, primarily due to an increase in marketing expenses to support the launch of the Nexys product in the United States and internationally.

 *Research and Development Expenses* 

For the year ended December 31, 2024, as compared to the year ended December 31, 2023, research and development ("R&D") expenses decreased by approximately $1.8 million from $8.2 million for the year ended December 31, 2023 to $6.5 million for the year ended December 31, 2024, primarily due to a decrease in compensation expense as a result of the Company's corporate restructuring in early 2024.

 *Stock-based Compensation* 

Stock-based compensation expense increased by approximately $0.7 million, from $0.2 million for the year ended December 31, 2023 to $0.9 million for the year ended December 31, 2024. The increase was primarily driven by a greater number of equity awards granted during 2024, which resulted in a higher aggregate grant-date fair value to be recognized.

 *Restructuring and Severance* 

For the year ended December 31, 2024 as compared to the year ended December 31, 2023, restructuring and severance expenses increased by approximately $0.3 million from $0 for the year ended December 31, 2023 to $0.3 million for the year ended December 31, 2024, primarily due to severance expenses, driven by the Company's corporate restructuring in early 2024.

 *Interest Expense and Income* 

For the year ended December 31, 2024 as compared to the year ended December 31, 2023, interest expense increased by $0.2 million from $0.1 million for the year ended December 31, 2023 to $0.3 million for the year ended December 31, 2024, primarily driven by interest expenses on the debt facility. For the year ended December 31, 2024 as compared to the year ended December 31, 2023, interest income decreased by $0.4 million from $0.5 million for the year ended December 31, 2023 to $0.1 million for the year ended December 31, 2024, primarily driven by lower average cash balances in savings and money market accounts.

 *Other Expense* 

For the year ended December 31, 2024 as compared to the year ended December 31, 2023, other expenses increased by approximately $0.1 million from $0.4 million for the year ended December 31, 2023 to $0.5 million for the year ended December 31, 2024, primarily due to a loss in disposable assets.

#### Non-GAAP Financial Measures
To supplement our consolidated financial statements prepared and presented in accordance with GAAP, we use Adjusted EBITDA, as described below, to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes.

------

[**TABLE OF CONTENTS**](#TOC)

We define Adjusted EBITDA as net income (loss) before interest expense, net, income tax benefit, and depreciation and amortization, further adjusted to exclude stock-based compensation expense and impairment charges. The above items are excluded from our Adjusted EBITDA measure because these items are either non-cash in nature, or because the amount and timing of these items is unpredictable, or because they are not driven by core results of operations, thereby rendering comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA in this prospectus because it is a key measurement used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting.

Our non-GAAP financial measures should not be considered as alternatives to performance measures derived in accordance with GAAP. Our presentation of any non-GAAP financial measures should not be construed to imply that our future results will be unaffected by items that are excluded from these metrics. In addition, our definitions of any non-GAAP financial measures may be different from similarly titled non-GAAP measures used by other companies. Our non-GAAP financial measures have limitations as an analytical tool, and you should not consider any non-GAAP financial measures in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that non-GAAP financial measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • do not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exclude depreciation and amortization expense, and although these are non-cash expenses, the assets being depreciated may have to be replaced in the future, increasing our cash requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • do not reflect provision for or benefit from income taxes that reduces cash available to us.

Because of these limitations, we consider, and you should consider, any non-GAAP financial measures alongside other financial performance measures, including net loss and our other GAAP results. A reconciliation of Adjusted EBITDA to net loss is provided below. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to its most directly comparable GAAP financial measure.

---

| | | |
|:---|:---|:---|
| | **Year Ended**  | **Year Ended**  |
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| Net income (loss)  | $(12810117) | $(12910406) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 421919 | 498827 |
| &nbsp;&nbsp;&nbsp; Income tax benefit  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 177034 | (402005) |
| EBITDA  | (12211164) | (12813584) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 935525 | 179756 |
| &nbsp;&nbsp;&nbsp; Amortization of debt issuance costs  | 28000 |  |
| &nbsp;&nbsp;&nbsp; Amortization of right of use assets  | 141264 | 82340 |
| &nbsp;&nbsp;&nbsp; Restructuring and severance  | 349630 |  |
| Adjusted EBITDA  | $(10756745) | $(12551488) |

---

#### Liquidity and Capital Resources
We have incurred net losses and negative cash flows from operations since inception. As of December 31, 2024, we had cash and cash equivalents of approximately $1.98 million and total indebtedness of approximately $3.5 million, including borrowings under our WAB Loan Agreement. These conditions raise substantial doubt about our ability to continue as a going concern.

------

[**TABLE OF CONTENTS**](#TOC)

Over the next twelve months, we expect to finance our operations primarily through cash generated from commercial operations and, as needed, through short-term debt arrangements, private placements of our equity securities, and the net proceeds from this offering, if completed.

Pending the closing of this offering, we will continue to operate with nominal cash flow, as we have historically. We expect the proceeds of this offering, together with our cash and restricted cash, to fund our growth strategies and business objectives through the next 12 months. If we are unable to obtain a sufficient amount of financing to support all of our operations, we will prioritize deploying resources to the segments that generate the most revenue and have the potential for the greatest long-term growth.

We intend to use a portion of the proceeds from this offering to repay certain indebtedness and to fund working capital and growth initiatives. See "Use of Proceeds," "Risk Factors — Risks Related to Our Financial Condition and Capital Requirements — We will need to raise substantial additional funds in the future" and "Description of Certain Indebtedness" for additional information on our debt obligations.

#### Cash Flows
The following table summarizes our cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2024**  | **2023**  |
| Net cash used in operating activities  | $(11402645) | $(13558839) |
| Net cash used in investing activities  | (10646) | (101649) |
| Net cash provided by financing activities  | 8463558 | (502366) |

---

 *Net Cash Used in Operating Activities* 

Net cash used in operating activities for the year ended December 31, 2024 totaled approximately $11.4 million, primarily due to a net loss of $12.8 million, net of positive non-cash adjustments of $1.5 million including stock-based compensation and depreciation. Net cash used in operating activities for the year ended December 31, 2023 totaled approximately $13.6 million, primarily due to a net loss of $12.9 million and decrease in working capital of $2.5 million, primarily as a result of increases in inventory and decreases in accrued expenses and other liabilities, offset by net positive non-cash adjustments of $0.8 million, including depreciation and stock-based compensation.

 *Net Cash Used in Investing Activities* 

Net cash used in investing activities for the year ended December 31, 2024 totaled approximately $0.01 million as compared to approximately $0.1 million for the year ended December 31, 2023, driven by purchases of laboratory equipment for R&D.

 *Net Cash Provided by Financing Activities* 

Net cash provided by financing activities for the year ended December 31, 2024 totaled approximately $8.5 million, primarily driven by equity capital raising activities of $5 million and a drawdown of the Company's lending facility of $3.5 million. Net cash provided by financing activities for the year ended December 31, 2023 totaled $(0.5) million, primarily driven by repayment of lending facility of $0.3 million and $0.2 million in legal expenses related to capital raising activities.

#### Contractual Commitments
We enter into contractual obligations in the normal course of business. For additional discussion, see Note 14, "Commitments and Contingencies," to our audited financial statements included elsewhere in this prospectus.

#### Trends and Uncertainties
We operate in rapidly evolving markets. Key trends include the expanding adoption of autonomous data collection in mining and other geospatial applications; growing demand for autonomous systems in

------

[**TABLE OF CONTENTS**](#TOC)

defense and contested environments; ongoing supply chain constraints affecting availability of LiDAR, sensors, and semiconductor components; increasing regulatory clarity from the FAA and international bodies on BVLOS operations; and competitive dynamics from both established defense contractors and emerging robotics companies. Collectively, these trends create both opportunities and risks. They may require increased investment in research and development, regulatory and security compliance, inventory and supplier diversification, and customer success resources. There can be no assurance that our strategies will successfully mitigate these uncertainties, that regulatory developments will proceed as anticipated, or that customer adoption will occur at the pace or scale we expect. See also "Business — Industry Overview" for further discussion of market adoption drivers and "Risk Factors — Risks Related to Our Business Operations — If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs or requirements, our solutions may become less competitive" for risks related to technological disruption.

#### Critical Accounting Policies and Estimates
This discussion and analysis of our financial condition and results of operations are based on our audited financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to reported revenue generated and reported expenses incurred during the reporting periods. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

While our significant accounting policies are described in more detail in the notes to our audited financial statements appearing elsewhere in this prospectus, we believe the following accounting policies to be most critical to the judgments and estimates used in the preparation of our financial statements.

#### Accounts Receivable
Accounts receivable are recorded at the invoiced amount and do not bear interest. Credit is granted in the normal course of business without collateral. Accounts receivable are stated net of allowances for doubtful accounts, which represent estimated losses resulting from the inability of customers to make the required payments. Accounts that are outstanding longer than the contractual terms are considered past due. When determining the allowance for doubtful accounts, the Company takes several factors into consideration including the overall composition of the accounts receivable aging, prior history of accounts receivable write-offs, the type of customers and day-to-day knowledge of specific customers. The Company writes off accounts receivable when they become uncollectible. The allowance for credit losses was $173,267 and $106,966 as of December 31, 2024 and 2023, respectively. There were two and four customers who represented in the aggregate 52% and 58% of total accounts receivable as of December 31, 2024 and 2023, respectively.

#### Capitalized Software Costs
We capitalize software development costs based upon headcount allocation or identified vendors during the application development stage. Costs incurred before the software reaches technological feasibility are expensed, which for our software products, is generally shortly before the products are released to production. The capitalized software is amortized on a straight-line basis over its estimated useful life which is three years. We evaluate the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

#### Revenue Recognition
We recognize revenue in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers," issued by the FASB. This standard includes a comprehensive evaluation of factors to be considered regarding revenue recognition including (i) identifying the promised goods, (ii) evaluating performance obligations, (iii) measuring the

------

[**TABLE OF CONTENTS**](#TOC)

transaction price, (iv) allocating the transaction price to the performance obligations if there are multiple components, and (v) recognizing revenue as each obligation is satisfied. Our revenue transactions consist of software revenue from the platform and advisory services. Revenue is recognized when persuasive evidence of an arrangement exists, service has been provided to the customer, collection of the fees is reasonably assured, and fees are fixed or determinable.

Our contracts with customers may include multiple services. For example, some of our contracts include both hardware and software licenses and required integration. Determining whether the hardware sales, software licenses and the integration are distinct from each other, and therefore performance obligations to be accounted for separately, or not distinct from each other, and therefore part of a single performance obligation, may require significant judgment. We have concluded that the software licenses and integration services provided in subscription offerings are not distinct from each other and thus, should be considered a single performance obligation and the total revenue from the contract is recognized ratably over the subscription period of the software licenses. In reaching this conclusion, we considered that since the integration service requires integration of the software to function with the customer's other processes, the integration and software license are not separately identifiable and should be combined into a single performance obligation.

#### Off-Balance Sheet Arrangements
As of December 31, 2024 and 2023, we have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.

#### Recent Accounting Pronouncements

#### Earnings Per Share
In July 2017, FASB issued ASU 2017-11, Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): The new guidance amends ASC 815 to exclude consideration of a down-round feature in the evaluation of whether an instrument is indexed to an entity's own stock under ASC 815-40-15-7C. That is, a down-round provision would not preclude an entity from concluding that an instrument or feature that includes a down-round feature is indexed to the entity's own stock. This guidance applies to both freestanding financial instruments and embedded conversion options (e.g., in convertible instruments with beneficial conversion features (BCFs) or cash conversion features (CCFs)). The ASU is effective for annual reporting periods beginning after December 15, 2019. We adopted this guidance as of January 6, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

#### Debt with Conversion and Other Options
In August 2020, FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. ASU 2020-06 simplifies the guidance in U.S. GAAP on the issuer's accounting for convertible debt instruments. The new guidance removes from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a BCF. As a result, after adopting the ASU's guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock. This ASU is effective for fiscal years beginning after December 15, 2023 and early adoption is allowed. We adopted this guidance as of January 6, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

#### Quantitative and Qualitative Disclosures About Market Risk
We have operations within and outside of the United States, and as such we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes and fluctuations in

------

[**TABLE OF CONTENTS**](#TOC)

foreign currency exchange rates. Information relating to quantitative and qualitative disclosures about these market risks is set forth below.

#### Interest Rate Risk
We had cash and cash equivalents totaling $1,981,564 as of December 31, 2024. Our cash and cash equivalents are held for working capital purposes.

Our cash equivalents and our investment portfolio are subject to market risk due to changes in interest rates. Due in part to these factors, our future investment income may fall short of our expectations due to changes in interest rates or we may suffer losses in principal if we are forced to sell securities that decline in market value due to changes in interest rates. However, because we classify our marketable securities as "available for sale," no gains are recognized due to changes in interest rates. As losses due to changes in interest rates are generally not considered to be credit related changes, no losses in such securities are recognized due to changes in interest rates unless we intend to sell, it is more likely than not that we will be required to sell, we sell prior to maturity or we otherwise determine that all or a portion of the decline in fair value is due to credit related factors.

As of December 31, 2024, a hypothetical 10% relative change in interest rates would not have had a material impact on the value of our cash equivalents or investment portfolio. Fluctuations in the value of our cash equivalents and investment portfolio caused by a change in interest rates (gains or losses on the carrying value) are recorded in other comprehensive income (loss) and are realized only if we sell the underlying securities prior to maturity.

We are also exposed to interest rate risk on our variable-rate borrowings. As of December 31, 2024, we had $3.5 million of variable rate indebtedness under our WAB Loan Agreement. The outstanding indebtedness under the WAB Loan Agreement bears interest at a rate of the greater of 8.25% or the prime rate as reported in the Wall Street Journal, adjustable daily, per annum. As of December 31, 2024, a hypothetical 10% relative change in interest rates would have resulted in an increase in interest expense to service our variable-rate debt of approximately $25,726.

We may decide in future periods to engage in hedging transactions to further mitigate the interest rate risk under our variable-rate borrowings.

#### Foreign Currency Risk
Although the majority of our transactions are denominated in U.S. dollars, some of our transactions are denominated in foreign currencies. Certain contractual relationships with customers and vendors mitigate risks from currency exchange rate changes that arise from normal purchasing and normal sales activities. Our revenue and purchase contracts are primarily denominated in U.S. dollars. However, fluctuations in the value of foreign currencies may make payments in U.S. dollars, as provided for under our existing contracts, more difficult for foreign customers. In addition, fluctuations in foreign currencies could introduce volatility into our financial statements for contracts denominated in a foreign currency. As of December 31, 2024, a hypothetical 10% depreciation in the U.S. dollar relative to the year-end foreign currencies under our contracts in place as of that date would not have resulted in a reduction in our net sales on a year to date basis.

#### Emerging Growth Company Status
Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

------

[**TABLE OF CONTENTS**](#TOC)

We have elected to avail ourselves of the following provisions of the JOBS Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Upon completion of this offering, we will also be a "smaller reporting company." We may continue to be a smaller reporting company after this offering if either (i) the market value of our common stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our common stock held by non-affiliates is less than $700.0 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K, we are not required to comply with the auditor attestation requirements of Section 404 and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

------

[**TABLE OF CONTENTS**](#TOC)

#### BUSINESS

#### Overview
We are a pioneer in fully adaptive and cognitive mission-level autonomous robotics and artificial intelligence, delivering advanced solutions that enable safe, efficient, and scalable autonomy in complex, GPS-denied environments. Our mission is to deliver world-class autonomous robots to data-hungry industries to unlock new insights that drive smarter decisions. Leveraging proprietary Level 4B autonomy software and cutting-edge aerial and ground robotic systems, we empower industries, including mining, construction, critical infrastructure, and defense with real-time 3D mapping, data analytics, and autonomous navigation.

Founded in 2014 as a spin-out from the renowned General Robotics, Automation, Sensing and Perception Laboratory ("GRASP Laboratory") at the University of Pennsylvania by Dr. Vijay Kumar, the Nemirovsky Family Dean for the School of Engineering and Applied Science and headquartered in Philadelphia, Pennsylvania, Exyn has developed a robust suite of hardware-agnostic autonomy software that allows aerial and ground robots to navigate and operate without human control, prior maps, or external infrastructure. Our solutions provide customers with the ability to rapidly digitize and analyze challenging environments such as underground mines, warehouses, tunnels, and contested battlefields, while improving safety, efficiency, and decision-making.

We are in the market with commercially-available and robustly field tested, full autonomy robots capable of completely self-directed flight and ground navigation in GPS-denied, communication-limited, and dynamic environments. Our platform is designed to integrate seamlessly with a wide range of robotic form factors, enabling original equipment manufacturers ("OEMs"), defense agencies, and industrial customers to extend and scale autonomy across diverse mission sets.

Our software for localization, autonomous navigation, and 3D map creation is ExynAI. Currently, we package ExynAI software modules within our hardware, Nexys, a modular mapping and autonomy payload that allows users to quickly capture highly accurate, colorized, real-time 3D point clouds in complex, dangerous, or inhospitable environments. Our unique technology is built upon the fusion of multiple sensor inputs that create a highly accurate real-time map, thus enabling autonomous flight and ground operations. Nexys-enabled robots are highly differentiated and robust, making them ideal and practical for complex industrial environments.

Our products are designed to serve customers of all sizes and complexity across multiple industry verticals, such as mining, construction, energy, geospatial, critical infrastructure inspection and defense. Whether packaged as Exyn branded products or via software as part of third-party systems, our Nexys product and our ExynAI software platform are easily integrated into existing business systems and processes, making them essential to a wide range of operators. As customers of our software deploy robotic systems at scale, the use of ExynAI enables them to not only save money and improve productivity, but in many cases to avoid needless "hazardous man-hours" and reduce environmental impact, thereby creating significant value across multiple categories.

Our products rely on complex autonomy and mapping algorithms that are commonly referred to as "physical" AI. Some examples of the types of AI algorithms used in our products are SLAM, graph search for path planning through mapped environments, and perception for classifying obstacles. While some of our algorithms are adapted from public research, our actual software implementation is proprietary and includes optimizations for performance or other customizations learned from real world usage of these algorithms. Our software does use some open-source libraries as dependencies. These are primarily for standard, low-level capabilities like linear algebra or non-linear optimization. To the extent that our implementations include open-source software, it is rather limited.

While security is a risk with any software, we mitigate this risk by regularly updating our software dependencies. Additionally, our systems do not depend on a cloud connection and are typically not connected to the Internet during regular operation. Our AI algorithms undergo various levels of testing, including: software unit tests, automated integration tests using a robotics simulation environment, automated re-testing or benchmarking on data previously recorded by our systems, system-level Quality Assurance (QA) testing, extensive real-world testing, deployment and analysis. The term "hallucinations" is not typically

------

[**TABLE OF CONTENTS**](#TOC)

used in the context of physical AI algorithms; this is a phenomenon more typically associated with generative AI. Our products mitigate these errors through the use of an onboard health check and emergency actions system, testing, data collection and quality assurance methods.

#### Software

#### ExynAI
ExynAI is our proprietary mobile mapping and autonomy software that incorporates industry leading capabilities in SLAM, motion planning, and control. It enables autonomous navigation in unstructured, GPS-denied environments while simultaneously capturing a feature-rich, colorized digital twin that can be rendered in real-time. Running on our modular hardware product, the Nexys, ExynAI is a critical tool in the modern surveyor's toolkit. ExynAI is also built from the ground up to be modular, platform agnostic, and open to third-party data streams, making it highly versatile and extensible. Now, with years of customer operations all across the globe in a variety of environments, we believe it is poised to become a core software component for the mapping and autonomous systems of the future.

Specialized modes for ExynAI give users the ability to quickly define mission types and create a high-level mission objective in seconds. The most common example of this is Exploration mode, which is built for venturing into the unknown, and is the most widely used mode by our autonomous navigation users via ExynAI. Operators can simply define an area of interest inside ExynView and then launch a mission for the robot to explore. Once the mission is started, ExynAI takes control to autonomously map the entire area without the need for a connection to ExynView or an operator in control.

On the capture and navigation side, ExynAI, when coupled with our SLAM-based light detection and ranging ("LiDAR") scanning technology, delivers survey-grade 3D models without a pilot. ExynAI is capable of consuming and analyzing a variety of data streams once the appropriate sensors are connected to Nexys while mapping. This can be a vital tool for first responders, for example, looking to capture gas sensor readings while creating a response plan or for simply overlaying Global Navigation Satellite System ("GNSS") information on a digital twin; other examples of rich data additions are radiation and depth. The Nexys autonomy and mapping ecosystem, which includes Nexys, ExynAI, ExynView and the various accessories and supported systems, is built from the ground up to give operators a modular, mobile tool to collect real world data and transform it into accurate, actionable digital twins.

Since 2016, ExynAI has performed thousands of completely autonomous flights traveling around the world, proving our autonomous navigation and mapping can safely complete missions in the most challenging environments where and when operators need it the most.

![[MISSING IMAGE: tb_webclaims-4c.jpg]](tb_webclaims-4c.jpg)

Leveraging Level 4B autonomy (as described in the graphic below), the operator simply sets the area to scan and the system determines its own route to ensure complete environmental coverage, creates a feature-rich 3D model of the entire environment, and identifies and reasons around dust, obstacles and high-level objectives — even in GPS-denied, hazardous, and dark environments.

Our hardware and software solutions are designed to perform in the most demanding conditions and are built around the capabilities our customers depend on every day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Precision Mapping**: Generate survey-grade 3D maps in real-time, even in GPS-denied or signal-limited environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Robust Localization**: Reliable and accurate localization performance across challenging environments, including GPS-rich, GPS-denied, high-speed, and complex 3D settings.

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Proven Field-Ready Autonomy**: Validated across hundreds of deployments and thousands of flights, with demonstrated resilience and reliability in diverse and challenging conditions, including dusty environments and obstacle-rich terrains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Scalable Solutions**: Allows customers to expand their hardware's capabilities to meet diverse mission needs quickly and efficiently.

The table below illustrates levels of aerial autonomy based on standards in the automotive industry, as updated for aerial applications. We currently operate at Level 4B autonomous driving, as defined by the Society of Automotive Engineers' J3016 standard "Levels of Driving Automation."

![[MISSING IMAGE: fc_levelsofaerialauto-4clr.jpg]](fc_levelsofaerialauto-4clr.jpg)

#### ExynView
ExynView is our proprietary software suite used to plan and execute fully autonomous missions, view real-time point cloud data, and post-process that data into actionable 3D digital models. Surveying professionals can quickly and easily plan autonomous missions through ExynView to send Nexys-enabled robots into areas too dangerous for people to work. Operators can track real-time progress of the mission while communications are in range.

ExynView's robust post-processing capabilities can quickly take a scan from captured to actionable data. Its capabilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • refinement, cleanup, and colorization of the point cloud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ground Control Points ("GCPs") or Global Positioning System / Global Navigation Satellite System ("GPS/GNSS") based georeferencing and anchoring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • export of georeferenced maps in standard data formats for use in customer workflows.

ExynView's post-processing software transforms Nexys data into actionable 3D models without ever needing to leave the job site.

Not every surveying workflow is the same, which is why ExynView gives teams the freedom to capture and export actionable 3D models into standard industry formats (LAS, PLY, XYZ, e57, etc.) with the accuracy and detail needed to get the job done.

OEMs can integrate Exyn's modular autonomy, localization, and mapping software into their hardware. In this case OEMs are entities such as drone manufacturers, robotic system builders or integrators, or 3D mapping system builders; all of these are good candidates for utilizing our software to extend the capability of an existing system.

------

[**TABLE OF CONTENTS**](#TOC)

#### Hardware

#### Exyn Nexys
The Nexys product line is a modular 3D mapping solution designed to reduce time to capture data, increase safety, and drive efficiency for challenging, complex, or dangerous environments. Nexys also provides platform-agnostic autonomy, meaning it can be swapped from robot to robot depending on the use case or environment. The ExynAI software is embedded on the Nexys hardware and is able to operate without any offboard communications. Our team is continually validating new robotic platforms and additional sensors to expand the supported ecosystem.

Nexys can quickly and easily switch between a variety of configurations — handheld, backpack, aerial robot, terrestrial robot, vehicle, pole and custom configurations. Built with rigorous industrial usage in mind, Nexys may be used in any mapping environment, offering users flexibility and cost efficiency. ExynAI on Nexys creates detailed 3D maps in real time, updating continuously as new data comes in. It delivers reliable, survey-grade accuracy within about one centimeter while capturing about one million data points every second. The full power of Nexys is unlocked with an ExynAI autonomy license, where our industry leading autonomy Level 4B autonomy enables drones and ground robots to autonomously navigate and map the most dangerous environments.

Nexys' mapping features include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Completely Capturing Complex Environments***. Seeing full detail and colorization in the field ensures the scan area is correct and complete before teams leave the site.

![[MISSING IMAGE: ph_completecapt-4clr.jpg]](ph_completecapt-4clr.jpg)

![[MISSING IMAGE: ph_surveygradeaccuracy-4clr.jpg]](ph_surveygradeaccuracy-4clr.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Survey Grade Accuracy***. ExynAI on Nexys creates detailed 3D maps in real time, updating continuously as new data comes in. It delivers reliable, survey-grade accuracy within about one centimeter while capturing nearly two million data points every second dependent on the environment, providing the critical accuracy and detail needed for professional surveying, construction, infrastructure, and engineering applications where small errors can lead to significant issues.

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Fast and Efficient Data Capture***. The production of accurate maps in near real time drives faster overall project completion times through ongoing progress and quality monitoring to catch potential issues early, avoiding costly or time-consuming rework — essential for working in dangerous, complex, or evolving environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Post Processing and Georeferencing***. ExynAI is capable of using GPS or Real-Time Kinematic ("RTK") data during autonomous flight or ground missions to better inform its online localization algorithms for safer operations. Once the mission is complete, ExynAI uses the same data to produce accurate feature-rich 3D point clouds.

#### Case Study: Stope Mining

#### Use Case Overview
In underground mining, stope cavities are blasted to extract ore and then backfilled to maintain stability. Accurate 3D survey data is required to plan blasts, validate excavation, measure over- or under-break, calculate extracted and backfill volumes, and reconcile production.

#### Customer Pain Points / Market Need
Incumbent cavity monitoring systems ("CMS") use stationary LiDAR mounted on long poles to collect data. This approach places surveyors close to unsupported ground, requires significant setup and teardown, and produces incomplete data due to occlusions.

#### Solution
Our autonomous drone survey solution can operate without GPS, prior maps, or pilot control. With a simple bounding box input, the system autonomously explores the stope and generates a shadow-minimized, volumetrically accurate point cloud. Data can be georeferenced into mine planning software without changes to downstream workflows.

#### Implementation
Systems are plug-and-play and can be deployed immediately. Surveyors typically require only a few hours of training, which can be delivered virtually or onsite. Once trained, customers can use their existing workflows with Exyn data.

#### Results / Outcomes
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Safety*: Surveyors operate from safe distances of 40-50+ feet from unsupported ground, reducing risk of injury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Accuracy and data quality*: Exyn surveys captured stope volumes up to 35% larger than CMS due to improved coverage. This reduces the need for repeat surveys and reconciliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Time efficiency*: Average survey time was reduced from 27 minutes with CMS to 15 minutes with Exyn. Setup and teardown times were reduced from ~30 minutes to less than one minute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cost savings*: Independent analysis showed per-survey costs reduced by approximately 50% over a 10-year horizon, with lower labor requirements and longer equipment lifespans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Adoption*: Customers report retiring CMS systems after adopting Exyn and no longer training new employees on legacy equipment.

#### Scalability and Strategic Fit
We believe this technology is applicable to more than 1,000 underground mining operations worldwide. Because the solution is interoperable with existing mine planning tools, adoption can be achieved without significant changes to customer workflows. In addition to stope mining, the solution can be applied to other underground mining methods and inaccessible or hazardous environments.

------

[**TABLE OF CONTENTS**](#TOC)

#### Case Study: Stockpile Volumetrics

#### Use Case Overview
Stockpile mapping is used to calculate material volumes, reconcile inventory, and support financial reporting across mining, construction, agriculture, and bulk material handling operations. Stockpiles vary in size and complexity and can be located indoors (covered) or outdoors (open). Our Nexys solution supports both handheld scanning for smaller or indoor piles and drone-mounted scanning for large or covered stockpiles.

#### Customer Pain Points / Market Need
Conventional total station surveys collect sparse surface points, resulting in inaccurate volume estimates, lengthy survey times, and safety risks for surveyors. Photogrammetry provides an alternative for outdoor stockpiles but requires long processing times, degrades in dusty or low-light environments, and cannot map covered stockpiles. These limitations contribute to delayed or inaccurate reporting, creating inventory reconciliation issues and supply chain disruptions.

#### Solution
Nexys handheld and drone-mounted systems capture dense, centimeter-level point clouds of stockpiles in minutes. Drone autonomy enables efficient scanning of multiple stockpiles in a single mission and uniquely allows mapping of covered stockpiles in GPS-denied environments. Data outputs are provided in open formats and integrate seamlessly with existing inventory management and planning tools.

#### Implementation
Customers can walk smaller piles with a handheld Nexys unit or deploy a drone to capture large or covered piles. Data is processed in minutes and imported directly into geospatial tools to feed volumes into reconciliation or enterprise resource planning ("ERP") systems. Downstream workflows remain unchanged, minimizing retraining requirements.

#### Results / Outcomes
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Safety*: Surveyors remain off unstable piles and away from heavy equipment. For covered stockpiles, surveys can be conducted from standoff distances greater than 40 feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Accuracy and data quality*: Nexys produces high density centimeter-level datasets, eliminating errors common to sparse total stations captures and photogrammetry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Time efficiency*: Surveys that can take hours or days with traditional methods are completed in minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cost savings*: Nexys units are generally priced at or below the cost of terrestrial laser scanners ("TLS"). Labor savings and reduced reliance on photogrammetry cycles lower operational expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Adoption*: Customers report replacing total stations and photogrammetry for recurring stockpile surveys, making Nexys their default volumetric tool.

#### Scalability and Strategic Fit
We believe this technology is applicable across thousands of industrial sites where stockpile management is critical. Its interoperability with existing data workflows enables rapid adoption. Longer term, integration with ERP and financial systems may enable automated reporting and reconciliation.

#### Case Study: Scan-to-Building Information Modeling ("BIM")

#### Use Case Overview
As-built documentation ensures construction projects are recorded as built rather than as designed. Maintaining accurate BIM models reduces costly redesigns, delays, and errors. Nexys handheld and drone-mounted systems enable flexible 3D capture of both indoor and outdoor construction environments.

------

[**TABLE OF CONTENTS**](#TOC)

#### Customer Pain Points / Market Need
Photogrammetry is slow, labor-intensive, and limited in dusty or low-light environments. TLS requires many stationary setups, are time-intensive (often taking 16 hours or more for one environment), typically cost more than $80,000 per unit, and frequently leave gaps in coverage. These limitations result in BIM models that are out-of-date and unreliable.

#### Solution
Nexys handheld units allow surveyors to quickly walk interior spaces while drone-mounted units autonomously map large or hazardous areas. Both configurations generate centimeter-level, survey-grade point clouds sufficient for most BIM workflows. Data is exported in open formats and interoperates directly with TLS data, allowing hybrid models without workflow changes.

#### Implementation
Operators can deploy Nexys handheld or drone-mounted systems with minimal setup. Data is processed within minutes and imported directly into BIM platforms such as Autodesk Revit. Because outputs are interoperable with TLS data, teams can continue using existing workflows without retraining.

#### Results / Outcomes
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Time efficiency*: Environments requiring 16 hours with TLS can be scanned and processed in approximately 20 minutes with Nexys. A single operator can complete scans without multiple setups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Accuracy and data quality*: Nexys delivers centimeter-level relative accuracy suitable for BIM, often outperforming TLS coverage due to reduced occlusions. TLS may still be used for millimeter-level niche applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cost savings*: Nexys units are generally priced at or below the cost of TLS systems and do not require subscriptions. Labor requirements are lower since setups are eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Workflow gains*: The speed of Nexys enables daily or weekly scans, ensuring BIM models reflect current conditions. This reduces rework and improves coordination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Adoption*: Many contractors adopt Nexys as the default tool for scan-to-BIM, retaining TLS only for high-precision use cases.

#### Scalability and Strategic Fit
We believe this solution is relevant across commercial, industrial, and infrastructure projects where frequent as-built documentation is required. By fitting seamlessly into existing TLS and BIM ecosystems, adoption can occur with minimal friction. Beyond construction, the same workflows support facility management, inspection, and digital twin creation at scale.

#### Case Study: SDK SLAM Adoption (Augmenting INS-Based LiDAR Mapping)

#### Use Case Overview
LiDAR mapping workflows traditionally rely on inertial navigation system ("INS") data for positioning and georeferencing. While effective in GPS-rich environments, accuracy degrades during GPS outages or intermittent coverage such as under bridges, near tree cover, in tunnels, or in urban canyons. Our post-processed SLAM SDK enhances or replaces INS data, delivering higher accuracy, reduced noise, and robust performance in GPS-degraded or denied environments. Delivered as a software module, this capability can be licensed and distributed by partners directly to their customers without requiring new hardware.

------

[**TABLE OF CONTENTS**](#TOC)

#### Customer Pain Points / Market Need
INS systems suffer from drift, noise, and gaps during GPS outages. Survey projects frequently encounter GPS-challenged conditions, producing unreliable datasets and requiring costly rework. Customers in commercial and government markets increasingly demand GPS-denied mapping capabilities, but INS-only solutions cannot address this need. Inaccurate or incomplete data reduces trust, increases costs, and limits the market reach of mapping solution providers. In addition, developing robust SLAM technology requires significant research and development ("R&D") investment and access to top robotics talent. Exyn has invested over a decade with a team of leading experts to create the advanced SLAM core that underpins this solution.

#### Solution
The Exyn SLAM post-processing SDK ingests LiDAR and inertial measurement unit ("IMU") datasets to produce enhanced navigation trajectories that replace or supplement INS data. This generates cleaner, denser, and more accurate point clouds. Partners can integrate the SDK directly into existing survey, mapping, or hydrographic platforms. Customers gain access through software updates or as a licensable add-on, enabling improved results without hardware changes or retraining. SLAM-derived trajectories also improve sonar and LiDAR fusion, allowing sonar datasets to be reprojected with higher fidelity.

#### Implementation
The SDK can be delivered as an SDK library or standalone post-processing module. It is designed for embedding into existing partner workflows with minimal engineering effort. Partners distribute the capability via software updates to their installed base, instantly enabling new functionality. Licensing models include per-install or tiered subscriptions, supporting SaaS-based growth and recurring revenue opportunities.

#### Results / Outcomes
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Accuracy and data quality*: SLAM post-processing reduces noise compared to INS-only workflows, delivering cleaner, more reliable datasets. Early partner feedback noted that maps generated with SLAM were cleaner than those from INS plus LiDAR alone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Operational expansion*: Early partner feedback indicated that SLAM expanded the range of environments where reliable mapping could be performed, including ports, rivers, bridges, and other GPS-degraded areas. The capability also unlocks new opportunities with defense and government customers requiring GPS-denied mapping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cost and efficiency*: SLAM reduces rework by eliminating drift and noise, ensuring first-pass data reliability and lowering operational costs. This improves partner trust with end customers and supports new revenue opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Adoption*: Partners can roll out SLAM as a software feature update through existing platforms, making adoption seamless. End-users receive immediate benefits without requiring new hardware, while partners expand their market reach and revenue with premium functionality.

#### Scalability and Strategic Fit
Because the solution is software-based, it scales quickly across large installed bases. Partners can use the SDK to differentiate their platforms and upsell premium features. The approach is relevant across hydrographic, geospatial, construction, and defense markets where GPS-denied mapping is a challenge. More broadly, it establishes Exyn as a provider of software licensing in addition to hardware, supporting SaaS-oriented recurring revenue and strengthening partner ecosystems through sticky, high-value capabilities.

#### Competitive Strengths
We believe the following strengths are key differentiators for our business, enabling us to provide innovative and mission-critical solutions to our customers and drive profitable growth in our business.

------

[**TABLE OF CONTENTS**](#TOC)

#### Proprietary Level 4B Autonomy Software
Leveraging our proprietary Level 4B autonomy software allows us to enable true self-navigating robots. We believe ExynAI represents a significant opportunity to increase safety in a number of industries, reduce operational costs to our customers. As our platform capabilities expand, we believe our target applications, use cases, and points of differentiation in the marketplace will similarly expand.

#### Hardware-Agnostic Payload
We focus on continuing to innovate adaptable hardware platforms across aerial and ground systems. Nexys is a hardware-agnostic autonomy and mapping payload, meaning it can be swapped from robot to robot depending on the use case or environment.

#### Nexys Integration into Other Products via an API
The Nexys is the only mobile mapping and autonomy payload that offers an Application Programming Interface ("API") to interact with and control the device's various functions. The API enables other companies to incorporate the Nexys into their own products. These customers use their own software applications (instead of ExynView) to communicate with the Nexys and are able to build on top of its capabilities to address specialized use-cases.

#### Established Track Record
As illustrated by the graphic below, we have an established track record with deployments in mining, construction, and infrastructure sectors. Our customers range from commercial and federal information technology specialists to corporate construction managers and have one thing in common: appreciation for safe, efficient, and sophisticated data-capture technology.

![[MISSING IMAGE: pc_dealsbyindustry-4c.jpg]](pc_dealsbyindustry-4c.jpg)

#### Experienced Leadership Team with Deep Experience in Robotics, AI, and Advanced Autonomy

------

[**TABLE OF CONTENTS**](#TOC)

post-graduate experience and includes multiple Defense Advanced Research Projects Agency ("DARPA") Urban Challenge veterans.

Although we believe these competitive strengths will contribute to the growth and success of our company, our business is subject to risks that may prevent us from achieving our business objectives or otherwise adversely affect our business, results of operations or financial condition. For a description of the competitive challenges we face and the limitations of our business and operations, see "Risk Factors."

#### Growth Strategy
![[MISSING IMAGE: ph_growthstrategy-4clr.jpg]](ph_growthstrategy-4clr.jpg)

As indicated above, we started with proving the core capabilities of the ExynAI software with a highly integrated and verticalized product, the ExynAero. Over time, we have greatly extended the reach of that software through modularity and flexibility across the next few generations of products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Platform Growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ExynAero & ExynPak — Initially fielded our SLAM and autonomy software on Exyn hardware and a single drone (ExynAero) and single hand-held; targeted the specific use-case of mine survey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nexys Modular — Extended our flexibility and productization by combining Aero + Pak into a single device that could also be used as a system payload (geospatial).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nexys (Flexible Integration) — Further modularized the product (Nexys) and added support for a range of configurations, aerial platforms, and a ground platform to continue to push market share for general geospatial survey application and greatly improved mapping performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Software Growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nexys + API — Extending the capabilities for the Nexys by adding an API so that it can be integrated into third party products to address more specialized use-cases, at scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ExynAI Software Development Kit ("SDK") — With market-validated mature SLAM and autonomy software hardened over years of operation, packing the software into an SDK allows third-party OEMs to greatly improve their platforms using our hard-earned capabilities, and significantly expands the markets we can operate in.

We have spent the past decade refining and improving our proprietary technology platform and product offerings in some of the most hostile operating environments imaginable. With our proven capabilities in GPS-denied, autonomous navigation and mapping, we are now focused on expanding our reach across a wide range of market opportunities that we believe are primed for rapid adoption of robotic autonomy.

------

[**TABLE OF CONTENTS**](#TOC)

We intend to pursue the following strategies in order to continue realizing meaningful growth across our business:

1. Expanding OEM partnerships to integrate our software into third-party robotic systems.

Exyn's software-defined autonomy mapping and autonomy software is flexible and extensive across numerous hardware stacks, enabling rapid integration into a variety of robots and applications via both the Nexys application programming interface ("API") and through the ExynAI software-only SDK. We believe that embedding ExynAI into third-party systems will significantly increase our market penetration and recurring software revenue.

2. Scaling our presence in defense markets.

The defense sector is undergoing rapid transformation through accelerated adoption of autonomous systems for reconnaissance, contested logistics, and force protection. Exyn's autonomy has been validated in defense-relevant environments such as subterranean tunnels and urban structures.

3. Growing commercial deployments in mining, construction, and infrastructure inspection.

We have already demonstrated measurable ROI in underground mining by reducing survey times, improving worker safety, and enabling digitization of mine planning. We intend to scale these successes globally while expanding into adjacent verticals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Mining:** Expanding deployments with global operators in Australia, South America, and Africa. According to Pro Market Reports, the mine mapping system market is forecast to reach $2.5 billion by 2033.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Construction:** Enabling digital twin creation, progress tracking, and quality assurance in megaprojects. According to Global Market Insights, the construction inspection robotics market is expected to reach $9.8 billion by 2034.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Infrastructure inspection:** Delivering autonomous inspection of bridges, tunnels, energy assets, and transportation infrastructure, tapping into the global infrastructure inspection services market, which according to BIS Research is projected to reach $3.2 billion by 2029.

4. Investing in R&D to extend autonomy capabilities across multiple domains, including maritime and space robotics.

We believe the long-term opportunity for autonomous systems extends across every domain of operation. Exyn's roadmap includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Maritime autonomy:** Expanding ExynAI into subsea autonomous underwater vehicles ("AUVs") and unmanned surface vessels for ocean surveying, port security, and offshore infrastructure inspection. According to Pro Market Reports, the unmanned maritime systems market is projected to grow from $4.9 billion to $16.0 billion by 2033, with a CAGR of approximately 14.3% between 2026 and 2033.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Space robotics:** Building capabilities for GPS-denied planetary exploration, autonomous inspection of spacecraft, and participation in lunar exploration programs. According to Grand View Research, the global space robotics market was valued at $4.4 billion in 2022 and is projected to reach $8.5 billion by 2030, growing at a CAGR of 8.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **AI/Machine Learning autonomy enhancements:** Advancing multi-agent coordination, energy optimization, and adaptive autonomy to maintain technological leadership.

5. Pursuing strategic acquisitions and partnerships to strengthen our technology stack and market reach.

We expect the autonomy and robotics sectors to consolidate over the next several years. We intend to opportunistically pursue acquisitions of complementary software, perception, and sensor technologies to accelerate product innovation and market expansion. Additionally, partnerships across communications, AI/machine learning, and systems integration will broaden our customer reach and strengthen our competitive moat.

------

[**TABLE OF CONTENTS**](#TOC)

#### Industry Focus
We operate at the intersection of robotics, artificial intelligence, and autonomy — industries undergoing rapid transformation and adoption across both commercial and defense sectors. We believe our ability to deliver robust, software-driven autonomy in GPS-denied, complex, and dangerous environments positions us uniquely within a growing global market for autonomous systems. Within this broader robotics ecosystem, autonomy software and perception systems represent some of the fastest-growing subsegments, as end users increasingly demand systems capable of performing tasks without human supervision. According to Precedence Research, artificial intelligence in robotics is forecasted to reach $42.0 billion by 2032, with applications spanning defense, logistics, infrastructure, and exploration. The convergence of robotics hardware, advanced sensing, and AI-driven autonomy is creating a step-change in capabilities across industries.

#### Market Opportunities
We target large and fast-growing industrial markets where autonomous robotics and AI-driven 3D capture materially improve safety, productivity, and cost. Our near-term focus spans commercial drones and ground robots, inspection/monitoring, construction and infrastructure, reality capture (LiDAR/3D mapping), and digital twins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Commercial drones (non-defense).** According to Grand View Research, the global commercial drone market was estimated at $30.0 billion in 2024 and is projected to reach $54.6 billion by 2030, growing at a CAGR of approximately 10.6%. This growth is being driven by rising enterprise adoption in sectors such as construction, mining, energy, utilities, agriculture and logistics — industries that increasingly rely on drones for surveying, inspection, mapping, monitoring and automation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Drone inspection and monitoring.** Within commercial use cases, inspection and monitoring is one of the largest and fastest-growing categories, estimated at $11.8 billion in 2025 and forecast to reach $31.3 billion by 2030 as BVLOS regulations progress and sensor costs fall, according to Mordor Intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Construction and infrastructure automation.** Robotics in construction is expanding as contractors digitize jobsites and address labor shortages. According to Grand View Research, the construction robots market was about $1.4 billion in 2024 and is expected to reach $3.7 billion by 2030, reflecting demand for site scanning, layout, and autonomous/mobile platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Reality capture (LiDAR / 3D mapping and modeling).** Demand for high-fidelity spatial data underpins planning, progress tracking, and asset management. According to Grand View Research, the 3D mapping and 3D modeling market was $7.1 billion in 2024 and is projected to reach $16.8 billion by 2030. In parallel, the LiDAR market is expected to grow to $4.71 billion by 2030, with UAV LiDAR accelerating large-scale mapping, according to Grand View Research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Digital twins for industrial assets.** As owners/operators connect physical assets to live digital models, the digital twin market is expanding rapidly — from $25.0 billion in 2024 to an expected $155.8 billion by 2030 according to Grand View Research, creating sustained demand for autonomous data capture and continuous spatial updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Adjacencies we enable.** Broader drone spending (all segments) reinforces the ecosystem tailwind: according to Grand View Research, the global drone market is projected to grow from $73.0 billion in 2024 to $163.6 billion by 2030, with enterprise applications and autonomy cited as key drivers.

Across these categories, customers require reliable autonomy in cluttered, GPS-limited sites (e.g., construction interiors, tunnels, plants), automated high-resolution 3D capture, and seamless data flows into BIM, product lifecycle management, computerized maintenance management systems, and digital-twin platforms. Our hardware-agnostic autonomy and reality-capture stack is designed to sit at the intersection of these spend pools — enabling safer inspections, faster progress verification, and lower-cost asset digitization at scale.

------

[**TABLE OF CONTENTS**](#TOC)

#### Material Contracts

#### Distributor Agreements
We maintain a network of independent distributors across the United States and Canada that sell our products on a non-exclusive basis. We are also evaluating other international opportunities for our products. Our distributors are independent contractors, and we do not direct or control their efforts. However, our standard distributor agreement requires distributors to abide by certain policies and procedures, and to comply with all applicable laws and regulations. Typically, we grant our independent distributors non-exclusive distribution rights in defined territories. Our standard distributor agreement provides for an initial term of one year with an optional annual renewal and allows us to terminate the agreement for any reason upon thirty (30)-days' prior written notice. We intend to continue our efforts to reinforce and expand our distribution network by partnering with new distributors and replacing underperforming distributors.

#### Customers
We have customers in a wide variety of industries, including mining, geospatial, property management, insurance, construction, energy, renewables, and agriculture, and geographies. In 2025, we had 49 total customers, including 24 customers in the mining sector, 22 customers in the geospatial sector and 3 government-related entity customers. Our goal is to provide companies with the tools they need to create value with drones, whether to their own small business, as an individual within a large company, or as drone service providers to their own customers. We believe our commitment to top-notch customer support, with a focus on helping our customers successfully deploy and customize the software to fit their needs, results in high customer satisfaction ratings. We actively engage with our customers via multiple channels to assess whether they are satisfied and are fully accessing and realizing the benefits of our software. While these efforts often require a substantial commitment and cost, we believe our investment in product, customer support, customer success and professional services will create opportunities to expand our customer relationships over time.

We have contracts in place with, and enter into contracts from time to time with, end customers in Canada, Australia and South Africa, as well as in the United States, Europe and Latin America. We selected end customers based on their industry, geographical location and specific needs. We have historically made sales to our customers based on purchase order forms rather than end customer-specific long-term agreements. Our material terms and conditions are generally consistent with general industry practice but vary among distributors and end customers. We typically receive purchase orders six weeks ahead of the end customer's desired delivery date; however, this can extend up to eight weeks, particularly in times of global supply constraints.

#### Sales and Marketing
Our direct sales have focused on the mining sector, targeting existing and potential new global mining customers based in North America to either upsell or capture increasing revenue per customer and/or client base. We offer our customers the complete Exyn solution, which includes Nexys hardware, autonomy subscriptions and user-facing apps, for a complete suite of data capturing tools. For the years ended December 31, 2024 and 2023, the Company derived approximately 17% and 26%, respectively, of its revenue from sales occurring in the United States, 32% and 26%, respectively, of its revenue from sales occurring in Canada and 16% and 11%, respectively, of its revenue from sales occurring in Australia. The Company did not generate revenue in any other countries in an amount exceeding 10%.

We have also developed several partnerships and strategic relationships to facilitate sales of our hardware and software, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Channel partners*** — Sales through channel partners grew more than 2x Year-on-Year from 2023 to 2024. Our channel partners demonstrate and sell Nexys and ExynAI autonomy across the world and in different industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Strategic partnerships*** — OEMs, geographic information system software, and service companies' pair Exyn's modular autonomy software with their existing systems using the Exyn engineering

------

[**TABLE OF CONTENTS**](#TOC)

toolkit. Many of these partners integrate ExynAI software or APIs into broader product ecosystems, greatly extending the reach of Exyn products.

Our partnerships and strategic relationships are intended to provide us additional brand awareness and marketing visibility. We generated approximately 46% of our revenue for the year ended December 31, 2024 from our partnerships or strategic relationships.

We have comprehensive marketing programs to develop our customer leads, sales opportunities and brand awareness. Our marketing programs have a three-pronged approach: (1) paid advertising, (2) increasing our organic traffic via search engine optimization and content marketing, and (3) driving engagement and industry awareness via in-person events and conferences. Additionally, we conduct other standard efforts geared towards lead generation including our quarterly newsletter, blog posts, social media posts and customer case studies.

#### Competition
We operate in highly competitive markets characterized by rapid technological change, evolving customer requirements, and significant investment from both established and emerging companies. Our competitors vary across industries and domains, and include both large, well-capitalized corporations as well as smaller, venture-backed startups.

We believe that the principal competitive factors in our markets include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ability to operate reliably in GPS-denied, unstructured, and hazardous environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level of autonomy (fully autonomous vs. human-in-the-loop);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Hardware-agnostic integration flexibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cost-effectiveness and scalability (including reduced training requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Safety, reliability, and regulatory compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Breadth of applications across multiple domains (air, ground, maritime, and space); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Track record and reputation of customer-centric support.

We face competition across several key segments:

#### Defense and Security
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Large defense primes** such as Lockheed Martin, Northrop Grumman, Raytheon, and BAE Systems, which integrate autonomy into proprietary unmanned systems. These companies benefit from scale, existing defense programs of record, and global sales channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Specialized autonomy startups** including Shield AI, Anduril, and Skydio, which are well-capitalized and focus heavily on defense and security applications. Many of these companies are pursuing swarming, attritable, and intelligence, surveillance, reconnaissance ("ISR") missions.

#### Mining and Industrial Automation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Large equipment OEMs** such as Caterpillar, Komatsu, and Sandvik, which offer proprietary autonomous haulage and drilling systems tightly integrated with their machinery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Surveying and mapping technology providers** such as Trimble, Hexagon/Leica, Faro, Navvis, Flyability, Emesent, and numerous low-cost Chinese entrants which provide autonomy or LiDAR-based mapping for mining and industrial use cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Regional mining automation startups** offering niche surveying or mapping solutions that tackle hyper-specific solutions in certain geographies.

#### Construction and Infrastructure Inspection
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Surveying and inspection technology providers** such as DroneDeploy, Pix4D, Bentley Systems, and Propeller Aero, which provide aerial photogrammetry and inspection software solutions. Additionally,

------

[**TABLE OF CONTENTS**](#TOC)

drone OEMs such as DJI, Autel, Anzu, Wingtra, Freefly, and Inspired Flight provide hardware solutions to capture photogrammetry and inspection compatible data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Robotics startups** such as FieldAI, Boston Dynamics, Built Robotics, Cyvl, and Civ Robotics, which focus on automation for specific construction functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Traditional engineering services firms** that are beginning to integrate drones, automation, and 3D LIDAR scanning into their offerings.

#### Our Differentiation
Despite the breadth of competition, we believe Exyn is differentiated in several key respects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Proven autonomy in GPS-denied and highly unstructured environments** — a capability validated in mining, and industrial deployments across 6 continents and thousands of autonomous flights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Hardware-agnostic platform** — unlike many competitors who tie autonomy to proprietary hardware, ExynAI can be easily integrated across aerial, ground, and ultimately maritime, and space platforms to expand the target platform's capability set to include both mapping and autonomy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Multi-domain applicability** — few competitors can address defense, mining, geospatial and infrastructure inspection construction with a unified and modular autonomy stack.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Rapid deployment and scalability** — our autonomy enables missions without requiring pre-installed infrastructure, pilot training, or manual supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Deep Knowledge** — Exyn holds years of experience in multi-sensor fusion, SLAM, and autonomous navigation that underpin defensibility.

We expect competition to intensify as demand for autonomous systems increases and new entrants emerge. However, we believe our differentiated technology, cross-domain applicability, and demonstrated ability to scale deployments position us to remain a leader in autonomy for GPS-denied and hazardous environments.

#### Intellectual Property
In general, we rely on a combination of trade secrets, copyrights and trademarks, as well as contractual protections, to establish and protect our intellectual property rights. While we have applied for patent protection for some of our intellectual property, we do not believe that we are materially dependent on any one or more of our patents. We require our employees, consultants and other third parties to enter into confidentiality and proprietary rights agreements and we control access to software, documentation, and other proprietary information.

We are pursuing the registration of domain names, trademarks, design logos and service marks in the United States and in various jurisdictions outside the United States.

#### Regulatory Matters
 *Privacy and Security Regulation* 

Our customers upload, process and sometimes store customer data through our software platform and the platforms maintained by our partners. This may present legal challenges to our business and operations, such as rights of privacy or intellectual property rights related to the content transmitted over our platform. Both in the United States and internationally, we must monitor and comply with a wide variety of laws and regulations regarding the data stored and processed on our platform as well as the operation of our business. Data privacy, information security and data protection with respect to the collection, storage, and processing of personal data continue to be the focus of worldwide legislation and regulation. We are subject to data privacy, data protection and information security regulation by data protection authorities in the United States (including both the federal government and the states in which we conduct our business) and in other countries where we conduct our business. These regulations include laws requiring holders of personal data to maintain safeguards and to take certain actions in response to a data breach. We post on our

------

[**TABLE OF CONTENTS**](#TOC)

website privacy policies and practices concerning the processing, use and disclosure of personal data, and certify adherence to and compliance with applicable data privacy laws. We require our partners to comply with our privacy policies and practices concerning the protection of personal data and we include such requirements in our agreements with our partners. Our publication of our privacy policy, and other statements we publish regarding privacy, data protection and information security may subject us to potential governmental action if they are found to be deceptive or misrepresentative of our practices or in violation of applicable privacy law. We also may be bound from time to time by contractual obligations that impose additional restrictions on our handling of personal data.

 *Jurisdictional Issues* 

The legal environment for robotics and artificial intelligence businesses is evolving rapidly in the United States and elsewhere. The way existing laws and regulations are applied in this environment, and how they will relate to our business, both in the United States and internationally, is often unclear. For example, we sometimes cannot be certain which laws will be deemed applicable to us given the global nature of our business, including with respect to such topics as data privacy and security, pricing, advertising, taxation, content regulation, and intellectual property ownership and infringement.

 *Regulations on Drone Operations* 

The increased use of drones has presented many governing jurisdictions with regulatory challenges. Such challenges include the need to ensure that drones are operated safely. Other regulatory efforts, which sometimes vary from one locality to the next and state-by-state, address concerns regarding the property and privacy rights of landowners or other persons impacted by the operation of drones.

International standards to regulate certain aspects of drone operations have been adopted and are currently being further developed by the International Civil Aviation Organization ("ICAO"). ICAO publishes various directives and guidance materials aimed at the development of the UAS market and UAS traffic management. Efforts to harmonize rules of drone operations are currently being undertaken by the European Commission and the European Union Aviation Safety Agency ("EASA"), which has introduced a proposal to integrate all drones, regardless of their size, into the EU aviation safety framework. While some individual countries have adopted legislation or implemented temporary provisions on the operation of drones, various regulatory and legislative proposals are currently being considered globally.

Because we plan to contract with the DoD and other agencies of the U.S. government in the future, we expect to be subject to extensive federal statutes and regulations, including the FAR, the DFARS, the Truthful Cost and Pricing statute, the Foreign Corrupt Practices Act, the False Claims Act, and the regulations implementing the National Industrial Security Program Operating Manual ("NISPOM"). The NISPOM regulations establish the security requirements applicable to classified contracts and programs, facility security clearances, and personnel security clearances. The federal government audits and reviews contractors' performance on contracts, pricing practices, cost accounting systems and practices, and compliance with applicable laws, regulations and standards. Like most government contractors, the Drones segment's contracts are audited and reviewed regularly by federal agencies, including the Defense Contract Management Agency and the Defense Contract Audit Agency.

Certain of these statutes and regulations impose substantial penalties for violations, including significant financial liability and suspension or debarment from government contracting or subcontracting for a period of time. Our management monitors its government business to reduce the risk of such violations occurring.

In addition, the Company is subject to industry-specific regulations due to the nature of the products and services it provides. For example, certain aspects of its business are subject to further regulation by additional U.S. government authorities, including: (i) the FAA, which regulates airspace for all air vehicles in the National Airspace System ("NAS"); (ii) the National Telecommunications and Information Administration and the Federal Communications Commission, which regulate the wireless communications upon which its UAS depend in the United States; (iii) the Directorate of Defense Trade Controls of the U.S. Department of State, which administers the International Traffic in Arms Regulations that regulate the export of controlled technical data, defense articles and defense services and (iv) the Bureau of Industry and Security of the U.S. Department of Commerce, which regulates matters relating to U.S. national security and technology.

------

[**TABLE OF CONTENTS**](#TOC)

On June 21, 2016, the FAA released its final rules that allow routine use of certain sUAS in the NAS. The FAA rules, which went into effect in August 2016, provide safety rules for sUAS (under 55 pounds) conducting non-recreational operations. The rules limit flights to visual-line-of-sight daylight operation, unless the UAS has anti-collision lights in which case twilight operation is permitted. The final rule also addresses height and speed restrictions, operator certification, optional use of a visual observer, aircraft registration and marking and operational limits, including prohibiting flights over unprotected people on the ground who are not directly participating in the operation of the UAS. Current FAA regulations require drone operators to register their systems with the FAA and secure operating licenses for their drones as per the Part 107 specifications. These regulations continue to evolve to accommodate the integration of UAS into the NAS for commercial applications, including High-Altitude Pseudo-Satellite UAS.

In December 2019, the FAA proposed rules requiring the remote identification of UAS. Remote identification, which provides for a UAS in flight to provide identification that can be received by other parties, is designed to enhance safety and security by allowing the FAA and other agencies to identify a UAS that appears to be flying unsafely or in an area in which flight is not permitted. The public comment period for the proposed rules expired on March 2, 2020. The final rule for remote identification of UAS was published on January 15, 2021, with the rule becoming effective on March 16, 2021. Full enforcement began on March 16, 2024. On the same day, the final rule for operation of sUAS over people also went into effect. This rule permits routine operations of sUAS over people, moving vehicles, and at night under certain conditions. The final rule also makes changes to the recurrent testing framework and expands the list of persons who may request the presentation of a remote pilot certificate. Additionally, in February 2020, the FAA issued a public request for comment on its proposed policy for the creation of a new type certification of certain UAS as a special class of aircraft under FAA regulations. Currently the Part 107 Rules allow for the operation of sUAS without the need for FAA airworthiness certification as long as the UAS meets certain specified criteria and certain flight rules are followed; larger UAS and operations of sUAS outside the scope of the Part 107 Rules require a waiver from the FAA. The FAA's proposed policy proposes a new special class of UAS for which airworthiness certification can be obtained, however, the proposed policy only applies to the procedures for the type certification of the new class of UAS, not the criteria that will be needed for the UAS or the flight operations to be followed to operate. Further rulemaking by the FAA is anticipated regarding the particular criteria for the airworthiness certification standards under the new special class proposed by the new policy. The comment period for the FAA's proposed policy expired on March 4, 2020. In addition, on August 7, 2025, the FAA published an NPRM for Part 108 regulations, which would aim to standardize BVLOS drone operations, allowing for routine flights without the need for individual waivers currently required under Part 107.

While it is currently anticipated that the enactment of remote identification, operation of sUAS over people, and a new airworthiness certification process for a newly created special class of UAS will help formalize the process for manufacturing and obtaining airworthiness certification for UAS within the newly created class and accelerate the development of commercial UAS in the United States, it is uncertain whether the FAA's actions, if any, will have such effects. The remote identification rules have been implemented and are currently in effect, with full enforcement beginning in March 2024. It is unclear when, if at all, the FAA will create a new class of UAS and what the final rules regarding the certification of such UAS will look like. We cannot be certain as to how our business will be affected by the FAA's Part 108 proposal and other pending regulations until final rules are issued by the FAA.

Furthermore, our non-U.S. operations are subject to the laws and regulations of foreign jurisdictions, which may include regulations that are more stringent than those imposed by the U.S. government on our U.S. operations.

#### Employees
As of September 30, 2025, we had 40 full-time employees. We have never had a work stoppage, and none of our employees are represented by a labor organization or under any collective bargaining arrangements. We believe that we maintain good relations with our employees. We establish agreed-to performance objectives with our employees, which are reviewed with the employee on a regular basis.

Our employment agreements include customary provisions with respect to non-competition, assignment to us of intellectual property rights developed in the course of employment and confidentiality. Our consulting

------

[**TABLE OF CONTENTS**](#TOC)

agreements with our agents and partners include provisions with respect to assignment to us of intellectual property rights developed in the course of their engagement as well as confidentiality. The enforceability of such provisions may be limited under applicable law.

#### Facilities
Our principal executive offices are located at 2118 Washington Ave, Philadelphia, PA 19146, where we lease office space. Our existing operating lease in Philadelphia expires in 2027.

#### Legal Proceedings
From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. We are not currently a party to any legal proceedings, the adverse outcome of which, in our management's opinion, individually or in the aggregate, would have a material adverse effect on the results of our operations or financial position. There are no material proceedings in which any of our directors, officers or affiliates or any registered or beneficial stockholder of more than 5% of our common stock is an adverse party or has a material interest adverse to our interest.

------

[**TABLE OF CONTENTS**](#TOC)

#### MANAGEMENT

#### Executive Officers and Directors
The following table sets forth information regarding our executive officers and directors as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
|  ***Executive Officers*** |  |  |
| Brandon Torres Declet | 50 | Chief Executive Officer and Chair |
| Ricardo Sotelo | 53 | Chief Financial Officer |
| Benjamin Williams | 47 | Chief Operating Officer |
| Brandon Duick | 39 | Chief Technology Officer |
| Vanessa Varian | 50 | Chief Marketing Officer |
|  ***Non-Employee Directors*** |  |  |
| Ted Tewksbury | 69 | Lead Independent Director |
| Jonathan Ollwerther | 37 | Director |
| Michael Burychka | 55 | Director |
| Gregory McNeal | 49 | Director |

---

#### Executive Officers
***Brandon Torres Declet*** has served as our Chief Executive Officer and member of our board of directors since November 2023. Mr. Declet is a distinguished executive and thought leader in the drone, robotics, and defense industries. A five-time CEO, five-time founder, with expertise in M&A, corporate strategy, and regulatory affairs, Mr. Declet has successfully navigated complex business environments and led multiple companies to profitable exits. His career highlights include leadership roles at Measure from 2014 to March 2021, AgEagle Aerial Systems (NYSE: UAVS) from April 2021 to January 2022, Unusual Machines (NYSE: UMAC) from January 2022 to November 2023, and Workhorse (NASDAQ: WKHS) from May 2023 to June 2024, among others. At AgEagle Aerial Systems, Mr. Declet played a pivotal role as COO, CEO, and a board director. He spearheaded the acquisitions of MicaSense and senseFly, consolidating AgEagle's position as a fixed-wing drone company with a suite of hardware, software, and sensor solutions. His strategic vision and leadership significantly enhanced the company's market position and operational capabilities. As the co-founder and CEO of Measure, Mr. Declet drove the company to become the largest drone service provider (DSP) in North America, raising over $30 million in financing. Under his leadership, Measure successfully sold and exited its drone services business to the Aerodyne Group. Measure then went on to develop the SaaS platform Ground Control, which was later sold for over $45 million. Measure earned a Technology and Engineering Emmy™ Award for its technical excellence in drone cinematography and received the Frost & Sullivan Award for Growth Excellence. In addition to his corporate achievements, Mr. Declet was appointed by the Secretary of Transportation to the Federal Aviation Administration's Advanced Aviation Advisory Committee, providing crucial insights and recommendations for the integration of advanced aviation technologies into the National Airspace System. A recognized drone industry leader, Mr. Declet has been featured on major news outlets such as CNN, CNBC, and Fox News. Washingtonian Magazine has named him a Tech Titan, acknowledging his significant contributions to the tech industry. His educational background includes an L.L.M. from Georgetown University Law Center, a J.D. from Fordham University School of Law, and a B.A. in Political Science and Government from Union College. We believe that Mr. Declet is qualified to serve on our board of directors due to his extensive experience in the drone, robotics, and defense industries and substantial leadership and management experience, including his experience serving as our Chief Executive Officer.

***Ricardo Sotelo*** has served as our Chief Financial Officer since September 2025 and formerly as our Vice President of Finance beginning in August 2021. Mr. Sotelo is a seasoned finance executive with extensive experience leading teams in Fortune 500 companies as well as startups. Prior to joining Exyn as Vice President of Finance in August 2021, Mr. Sotelo was CFO/VP Finance at several venture backed start-ups, including Mint House Inc. from January 2020 to June 2021 and Knotel Inc. from January 2017 to

------

[**TABLE OF CONTENTS**](#TOC)

December 2019, where he partnered with executive management and boards of directors to build the financial and operational infrastructure of early and mid-stage companies. Mr. Sotelo has extensive experience in fundraising and other corporate and debt transactions. Prior to that, Mr. Sotelo held leadership roles at several Fortune 500 companies, such as ViacomCBS, Microsoft and American Express. Mr. Sotelo earned an M.B.A. from the Wharton School of Business at the University of Pennsylvania, and a B.S. in Business and Accounting from Universidad del Pacifico in Lima, Peru.

***Benjamin Williams*** has served as our Chief Operating Officer since May 2019. Mr. Williams also served as the interim Chief Executive Officer of the Company from June 2023 to November 2023. Mr. Williams has worked in large organizations, such as AT&T/Fullscreen Media, Lockheed Martin, and the U.S. Navy, as well as founded and led smaller startups, including Reelio, Zentropy, Open Sky Energy, and PennDSL. Prior to joining Exyn, Mr. Williams led Data & Platform Strategy and predictive analytics for Fullscreen Media as part of AT&T, following their acquisition of his startup company, Reelio Inc. In 2017, Mr. Williams was selected for Wharton's 40 Under 40. Mr. Williams has built an expertise around innovation, operations, product development, technical management, product management, business strategy, and enterprise business development. Mr. Williams has a B.S.E. in Computer Science and Engineering from the University of Pennsylvania, and an M.B.A. from the Wharton School of Business at the University of Pennsylvania.

***Brandon Duick*** has served as our Chief Technology Officer since November 2024. Mr. Duick is a roboticist and hands-on engineering leader with a passion for finding innovative solutions to the most challenging problems. Mr. Duick has led the engineering team through the development and launch of Nexys, Exyn's largest and most complex product launch to-date. He was also among the first members of the Exyn team, serving as a Robotics Software Engineer from July 2017 to July 2019, a Director of Autonomy and Mapping, Systems from July 2019 to April 2022, a Senior Director, Autonomy and Mapping, Systems, and SLAM from April 2022 to December 2023, and Vice President, Engineering from December 2023 to November 2024. He has made critical contributions in a variety of areas including SLAM, LiDAR calibration, and system software infrastructure. Prior to joining Exyn, Mr. Duick was an engineer at The Boeing Company working on Missions Systems for the H-47 Chinook program. At Boeing, he led a team on a major program to modify and extend certified safety-critical software and oversaw multi-million dollar supplier development programs. Mr. Duick earned a B.S. and M.S. in Electrical Engineering from the University of Pennsylvania.

***Vanessa Varian*** has served as our Chief Marketing Officer since September 2025 and formerly as our Vice President of Marketing beginning in February 2023. Ms. Varian has also served as Chief Marketing Officer of Exyn Defense, Inc. ("Range"), a wholly owned subsidiary of Exyn since January 2025. Ms. Varian brings extensive experience in technology marketing, growth strategy, and business development, with a focus on scaling innovative companies from early stage through growth and exit. Prior to joining Exyn as Vice President of Marketing in February 2023, Ms. Varian served as Vice President of Marketing and Senior Vice President of Marketing of Alacriti from January 2018 to February 2023 and has served as a marketing leader in publicly traded corporations and played a key role in taking two companies public, providing direct experience with IPO readiness, corporate governance, and shareholder communications. Her expertise in positioning complex autonomy and AI technologies across commercial and defense markets, combined with her track record in revenue growth strategy and corporate communications, provides the Company with valuable insight into market expansion, strategic partnerships, and public company operations. Ms. Varian received a B.F.A. in Fine Art from the University of the Arts.

#### Non-Employee Directors
***Dr. Ted Tewksbury*** has served as a member of our board of directors since May 2024. Dr. Tewksbury is a seasoned CEO and NACD-certified board director with a proven track record of developing and commercializing disruptive new technologies. Since February 2023, he has also served as Chairman of the Board at Ouster, a leading developer of lidar sensors and software for autonomous systems. From November 2021 to February 2023, Dr. Tewksbury served as CEO and President of Velodyne Lidar, a technology company focused on LiDAR sensors that merged with Ouster in February 2023. Prior to joining Velodyne, Dr. Tewksbury served as CEO and President of ModelCat, formerly known as Eta Compute, a provider of ultra-low power edge artificial intelligence (AI) chips, software and vision systems from August 2019 to November 2021. Since March 2015, he has also served as a board director at MaxLinear, a

------

[**TABLE OF CONTENTS**](#TOC)

premier supplier of semiconductor solutions for broadband communications and connectivity. He also serves on the boards of several other startup and private companies, including Jariet Technologies (digital microwave communications)) and Oculi (vision AI). As the former CEO/President of five public companies, including Velodyne Lidar, Integrated Device Technology, Entropic Communications and AMI Semiconductor, Dr. Tewksbury led transformative change that grew revenue, profitability and shareholder value. Dr. Tewksbury started his career as an analog/RF IC design engineer/manager at Analog Devices and went on to build the CMOS and SiGe RF businesses at IBM Microelectronics and Maxim Integrated Products before moving into C-suite roles. Dr. Tewksbury earned a B.S. in Architecture and an M.S. and Ph.D. in Electrical Engineering from the Massachusetts Institute of Technology. We believe that Dr. Tewksbury is qualified to serve on our board of directors due to his extensive prior board experience in the technological space.

***Jonathan Ollwerther*** has served as a member of our board of directors since January 2026. Mr. Ollwerther currently serves as Chief of Staff of Intrado Life & Safety, Inc., a private equity-backed provider of critical public safety communications services. Mr. Ollwerther also serves as Chief Executive Officer of Konnex (SWIFT GROWTH GLOBAL LIMITED), a technology company developing infrastructure and economic systems for autonomous and collaborative robotic networks. From January 2019 to January 2026, Mr. Ollwerther served in senior executive roles at Kartoon Studios, Inc. (NYSE American: TOON), including Vice President and Executive Vice President. The global company is a leading creator, producer, distributor, marketer, and licensor of family friendly animated entertainment. Mr. Ollwerther holds a B.S. in Marketing from Fairfield University. We believe Mr. Ollwerther is qualified to serve on our board of directors due to his executive leadership in strategy and partnerships, his mergers and acquisitions and corporate development background, and his financial literacy and oversight experience.

***Michael Burychka*** has served as a member of our board of directors since April 2025. Since May 2025, Mr. Burychka has served as the Managing Member of Hard Science GP, LLC, an investment management firm. Mr. Burychka is also the Founder, Managing Partner and Chief Executive Officer of Longview Innovation Corp., which he founded in August 2021. Under his leadership, the firm established partnerships with some of the most prestigious universities and department of energy labs in the United States. From these relationships, the firm played a critical role in the development of many groundbreaking technologies by providing seed funding and business building expertise on the path to commercialization. Mr. Burychka has significant experience in early stage investing and international capital markets, as well as building and managing international organizations. Prior to joining Longview in August 2021, Mr. Burychka served as CFO of the Climate Group, an international network of business and government leaders seeking to advance policies, technologies, and capital investment in sustainable economic development from September 2009 to September 2011. He has spent over 15 years in a variety of senior investment banking and private equity roles, including heading both the Lehman Brothers and Barclays Capital private capital markets teams in London. Mr. Burychka was Managing Director of Capital Markets for an emerging market technology investment company where he helped lead investment in university intellectual property across six different countries. Mr. Burychka holds a B.S. in Business Administration and Accounting from Bucknell University and an M.B.A. from the London Business School, where he also studied at the China Europe International Business School in Shanghai, PRC. We believe that Mr. Burychka is qualified to serve on our board of directors due to his leadership experience and capital markets expertise.

***Gregory McNeal*** has served as a member of our board of directors since January 2026. Since June 2020, Dr. McNeal has served as Executive chairman of SailPlan Maritime, Inc., an AI company whose software helps customers improve their efficiency, comply with environmental regulations and meet their emissions targets. He previously co-founded AirMap, an aerospace and defense company that provided software for unmanned aircraft manufacturers, users and government customers; the company was acquired in 2021. Dr. McNeal also serves as an independent director of Kismi LLC, an events and entertainment company, and has been a Professor of Law and Public Policy at Pepperdine University since 2010. He has testified multiple times before Congress and state legislatures and has advised federal and state governments on drones, robotics, privacy and technology policy. Dr. McNeal holds a B.A. in International Relations from Lehigh University, an M.P.A. from American University, a J.D. from Case Western Reserve University and a Ph.D. in Public Administration from Pennsylvania State University. He is also an International Association of Privacy Professionals Certified Information Privacy Manager (CIPM). We believe Dr. McNeal is

------

[**TABLE OF CONTENTS**](#TOC)

qualified to serve on our board due to his leadership experience in technology and regulation and his expertise in unmanned aircraft systems and robotics policy.

#### Board Composition
Our bylaws will provide that our board of directors shall initially consist of five members, and thereafter shall be fixed from time to time by resolution of our board of directors. Currently, our board of directors consists of five members. The primary responsibilities of our board of directors are to provide oversight, strategic guidance, counseling, and direction to our management. Our board of directors meets on a regular basis and additionally as required. There are no family relationships between or among any of our directors or executive officers.

In accordance with the terms of our amended and restated charter, which will become effective as of immediately prior to the completion of this offering, our board of directors will be divided into three classes, Class I, Class II, and Class III, with members of each class serving staggered three-year terms.

Effective upon completion of this offering, our board of directors will be divided into the following classes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Class I, which will consist of Jonathan Ollwerther, whose term will expire at our first annual meeting of stockholders to be held after the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Class II, which will consist of Brandon Torres Declet and Michael Burychka, whose terms will expire at our second annual meeting of stockholders to be held after the completion of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Class III, which will consist of Ted Tewksbury and Gregory McNeal, whose terms will expire at our third annual meeting of stockholders to be held after the completion of this offering.

At each annual meeting of stockholders to be held after the initial classification, the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the third annual meeting following their election and until their successors are duly elected and qualified. This classification of our board of directors may have the effect of delaying or preventing changes in our control or management. Our directors may be removed for cause by the affirmative vote of the holders of at least two-thirds (2/3) of our voting stock.

#### Lead Independent Director
Our board of directors will adopt corporate governance guidelines that provide that the board of directors shall appoint an independent director to serve as our lead independent director. Our board of directors will appoint Mr. Tewksbury to serve as our lead independent director. As lead independent director, will have primary responsibilities to preside over all meetings.

#### Director Independence
We intend to apply to have our common stock listed on Nasdaq. Under the rules of Nasdaq, a director will only qualify as an "independent director" if that company's board of directors affirmatively determines that such person does not have a relationship with our company that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Prior to the closing of this offering, our board of directors will undertake a review of the independence of our directors and consider whether any director has a material relationship with us that could compromise that director's ability to exercise independent judgment in carrying out that director's responsibilities. Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, our board of directors has determined that each of Mr. Ollwerther, Mr. McNeal and Mr. Tewksbury is "independent" as that term is defined under Nasdaq's rules. In making these determinations, our board of directors will consider the current and prior relationships that each director has with our company and all other facts and circumstances our board of directors deems relevant in determining their independence, including their beneficial ownership of our

------

[**TABLE OF CONTENTS**](#TOC)

capital stock and relationships with certain of our significant stockholders, and the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

#### Role of Our Board of Directors in Risk Oversight
A function of our board of directors is informed oversight of our risk management process. Our board of directors does not have a standing risk management committee, but rather administers this oversight function directly through our board of directors, as well as through various standing committees of our board of directors that address risks inherent in their respective areas of oversight. In particular, our board of directors is responsible for monitoring and assessing strategic risk exposure and our audit committee will have the responsibility to consider and discuss our major financial risk exposures and the steps our management has taken to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The audit committee will also monitor compliance with legal and regulatory requirements. Our compensation committee will assess and monitor whether our compensation plans, policies and programs comply with applicable legal and regulatory requirements.

#### Board Committees
Upon effectiveness of the registration statement of which this prospectus forms a part, our board of directors will have established an audit committee, a compensation committee, and a nominating and corporate governance committee. Our board of directors will adopt a charter for each respective committee in connection with this offering, which will comply with the applicable requirements of current Nasdaq rules. We intend to comply with future requirements to the extent they are applicable to us. Following the completion of this offering, copies of the charters for each committee will be available on the investor relations portion of our website.

#### Audit Committee
Upon effectiveness of the registration statement of which this prospectus forms a part, our audit committee will consist of Mr. Ollwerther, Mr. McNeal and Mr. Tewksbury. Our board of directors has affirmatively determined that each of the members of our audit committee satisfies the independence requirements of Nasdaq and Rule 10A-3 under the Exchange Act. Each member of our audit committee meets the financial literacy requirements of the Nasdaq rules and the SEC. In arriving at this determination, our board of directors has examined each audit committee member's scope of experience and the nature of their prior and/or current employment.

Mr. Tewksbury will serve as the chair of our audit committee. Our board of directors has determined that Mr. Tewksbury qualifies as an "audit committee financial expert," within the meaning of SEC regulations and meets the financial sophistication requirements of the Nasdaq listing rules. In making this determination, our board has considered formal education and previous experience in financial roles. Both our independent registered public accounting firm and management will periodically meet privately with our audit committee.

The functions of this committee include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating the performance, independence and qualifications of our independent auditors and determining whether to retain our existing independent auditors or engage new independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our financial reporting processes and disclosure controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving the engagement of our independent auditors to perform audit services and any permissible non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing the adequacy and effectiveness of our internal control policies and procedures, including the responsibilities, budget, staffing and effectiveness of our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing with the independent auditors the annual audit plan, including the scope of audit activities and all critical accounting policies and practices to be used by us;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • obtaining and reviewing at least annually a report by our independent auditors describing the independent auditors' internal quality control procedures and any material issues raised by the most recent internal quality-control review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • monitoring the rotation of partners of our independent auditors on our engagement team as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prior to engagement of any independent auditor, and at least annually thereafter, reviewing relationships that may reasonably be thought to bear on their independence, and assessing and otherwise taking the appropriate action to oversee the independence of our independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our annual and interim financial statements and reports, including the disclosures contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations," and discussing the statements and reports with our independent auditors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing with our independent auditors and management significant issues that arise regarding accounting principles and financial statement presentation and matters concerning the scope, adequacy and effectiveness of our financial controls and critical accounting policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing with management and our auditors any earnings announcements and other public announcements regarding material developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing procedures for the receipt, retention and treatment of complaints received by us regarding financial controls, accounting, auditing or other matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • preparing the report that the SEC requires in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and providing oversight of any related person transactions in accordance with our related person transaction policy and reviewing and monitoring compliance with legal and regulatory responsibilities, including our code of business conduct and ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our major financial risk exposures, including the guidelines and policies to govern the process by which risk assessment and risk management is implemented; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and evaluating on an annual basis the performance of the audit committee and the audit committee charter.

#### Compensation Committee
Upon effectiveness of the registration statement of which this prospectus forms a part, our compensation committee will consist of Mr. McNeal, Mr. Tewksbury and Mr. Burychka, and Mr. Burychka will serve as the chair of our compensation committee. The functions of this committee include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving the corporate objectives that pertain to the determination of executive compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving the compensation and other terms of employment of our executive officers (other than for our chief executive officer, which is approved by the board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving performance goals and objectives relevant to the compensation of our executive officers and assessing their performance against these goals and objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • making recommendations to our board of directors regarding the adoption or amendment of equity and cash incentive plans and approving amendments to such plans to the extent authorized by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and making recommendations to our board of directors regarding the type and amount of compensation to be paid or awarded to our non-employee board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and assessing the independence of compensation consultants, legal counsel and other advisors as required by Section 10C of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • administering our equity incentive plans, to the extent such authority is delegated by our board of directors;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving the terms of any employment agreements, severance arrangements, change in control protections, indemnification agreements and any other material arrangements for our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • overseeing the development and implementation of our human capital management policies, including those policies and strategies regarding recruiting, retention, career development, opportunity, and advancement, and succession, diversity, equity, inclusion, and employment practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing with management our disclosures under the caption "Compensation Discussion and Analysis" in our periodic reports or proxy statements to be filed with the SEC, to the extent such caption is included in any such report or proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • preparing an annual report on executive compensation that the SEC requires in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and evaluating on an annual basis the performance of the compensation committee and recommending such changes as deemed necessary with our board of directors.

#### Nominating and Corporate Governance Committee
Upon effectiveness of the registration statement of which this prospectus forms a part, our nominating and corporate governance committee will consist of Mr. Ollwerther, Mr. Burychka and Mr. McNeal, and Mr. McNeal will serve as the chair of our nominating and corporate governance committee. The functions of this committee include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • identifying, reviewing and making recommendations of candidates to serve on our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating the performance of our board of directors, committees of our board of directors and individual directors and determining whether continued service on our board is appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating nominations by stockholders of candidates for election to our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating the current size, composition and organization of our board of directors and its committees and making recommendations to our board of directors for approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • developing a set of corporate governance policies and principles and recommending to our board of directors any changes to such policies and principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing issues and developments related to corporate governance and identifying and bringing to the attention of our board of directors current and emerging corporate governance trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • overseeing environmental and social governance matters relevant to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing periodically the nominating and corporate governance committee charter, structure and membership requirements and recommending any proposed changes to our board of directors, including undertaking an annual review of its own performance.

#### Compensation Committee Interlocks and Insider Participation
None of our current executive officers currently serve, or have served during the last completed fiscal year, on the compensation committee or board of directors of any other entity that has one or more executive officers serving as a member of our board of directors or compensation committee.

For more information regarding agreements between us and Mr. Burychka, see "Certain Relationships and Related Party Transactions — Advisory Agreement."

#### Limitation on Liability and Indemnification of Directors and Officers
Our amended and restated bylaws, which will become effective as of immediately prior to the completion of this offering, limit our directors' liability to the fullest extent permitted under the Delaware General Corporation Law (the "DGCL"). The DGCL provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability:

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any transaction from which the director derives an improper personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any unlawful payment of dividends or redemption or repurchases of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any breach of a director's duty of loyalty to the corporation or its stockholders.

If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of our directors will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

Delaware law and our amended and restated bylaws provide that we will, in certain situations, indemnify our directors and officers and may indemnify other employees and other agents, to the fullest extent permitted by law. Any indemnified person is also entitled, subject to certain limitations, to advancement, direct payment or reimbursement of reasonable expenses (including attorneys' fees and disbursements) in advance of the final disposition of the proceeding.

In addition, we intend to enter into separate indemnification agreements with our directors and officers. These agreements, among other things, will require us to indemnify our directors and officers for certain expenses, including attorneys' fees, judgments, fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of our directors or officers or any other company or enterprise to which the person provides services at our request.

We maintain a directors' and officers' insurance policy pursuant to which our directors and officers are insured against liability for actions taken in their capacities as directors and officers. We believe that these provisions in our amended and restated certificate of incorporation and amended and restated bylaws and these indemnification agreements are necessary to attract and retain qualified persons as directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or control persons, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Code of Business Conduct and Ethics for Employees, Executive Officers, and Directors
We intend to adopt a Code of Business Conduct and Ethics (the "Code of Conduct") that will be applicable to our directors, officers and employees (including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions), which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part. The Code of Conduct will be available on our website at www.exyn.com. Information contained on or accessible through our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only. The nominating and corporate governance committee of our board of directors is responsible for overseeing the Code of Conduct and must approve any waivers of the Code of Conduct for employees, executive officers and directors. We expect that any amendments to the Code of Conduct, or any waivers of its requirements, will be disclosed on our website.

#### Non-Employee Director Compensation
We have paid cash retainers or other compensation to certain members of our board of directors. We have reimbursed and will continue to reimburse all of our non-employee directors for their reasonable travel and out of pocket expenses incurred in attending meetings of our board of directors and committees of our board of directors in accordance with our reimbursement procedures.

The following table presents summary compensation information of our non-employee members of our board of directors for the fiscal year ended December 31, 2024 for those who were serving at the time.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Fees Earned <br> or Paid <br> in Cash ($)**  | **RSU <br> Awards ($)**  | **All Other <br> Compensation ($)**  | **Total ($)**  |
| Dr. Ted Tewksbury  | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 612041 | 632041 |
| Michael Burychka  |  | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| John Fijol<sup>(1)</sup>  | 6250 | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; |  | 6250 |

---

------

[**TABLE OF CONTENTS**](#TOC)

(1) Mr. Fijol ceased to serve as a non-employee director in June 2024.

#### Post-IPO Director Compensation Program
In connection with this offering, we intend to approve and implement a compensation program for our non-employee directors that consists of annual retainer fees and long-term equity awards. Each non-employee director is expected to receive an annual cash retainer for his or her services in an amount equal to $ and an annual equity award in a denominated dollar value equal to $, and the following additional annual retainers for committee service:

---

| | | |
|:---|:---|:---|
| **Committee**  | **Chair**  | **Member**  |
| Compensation Committee  |  |  |
| Nominating and Corporate Governance Committee  |  |  |
| Audit Committee  |  |  |

---

For information regarding cash compensation earned by our current non-employee directors in connection with their service as employees or consultants of the company and pursuant to the terms of consulting agreements, see "Certain Relationships and Related Party Transactions."

------

[**TABLE OF CONTENTS**](#TOC)

#### EXECUTIVE COMPENSATION
We are currently considered an "emerging growth company" within the meaning of the Securities Act for purposes of the SEC's executive compensation disclosure rules. In accordance with such rules, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End Table, as well as limited narrative disclosures regarding executive compensation for our last completed fiscal year. Further, our reporting obligations extend only to our "named executive officers," who are the individuals who served as our principal executive officer and our next two other most highly compensated officers, in each case, for our fiscal year ended December 31, 2024. Accordingly, our "Named Executive Officers" for our fiscal year ended December 31, 2024 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Brandon Torres Declet, our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Benjamin Williams, our Chief Operating Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ricardo Sotelo, our Chief Financial Officer.

#### Summary Compensation Table
The following table summarizes the compensation awarded to, earned by, or paid to our Named Executive Officers for the fiscal year ended December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position**  | **Year**  | **Salary <br> ($)**  | **Bonus <br> ($)**  | **Stock <br> Awards ($)**  | **All Other <br> Compensation<sup>(1)</sup> <br> ($)**  | **Total ($)**  |
|  **Brandon Torres Declet <br> *Chief Executive Officer***  | 2024 | 350000 | 175000(2) | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 3583 | 528583 |
|  **Benjamin Williams <br> *Chief Operating Officer***  | 2024 | 285000 |  | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 11484 | 296484 |
|  **Ricardo Sotelo <br> *Chief Financial Officer***  | 2024 | 247806 | 35000 | &nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp; | 10896 | 293702 |

---

(1) Amounts in this column consist of employer 401(k) matching contributions and employer-paid life insurance premiums for the benefit of each NEO.

(2) Mr. Declet's 2024 annual bonus was paid in January 2025, pursuant to the terms of Mr. Declet's employment agreement.

#### Narrative Disclosure to Summary Compensation Table
For the year ended December 31, 2024, the compensation for our Named Executive Officers generally consisted of base salary and, in the case of our Chief Executive Officer, an annual cash bonus. In addition, all of our Named Executive Officers received compensation in the form of employer matching contributions to our 401(k) Plan and Company paid life insurance premiums. These elements were selected because we believe they are necessary to help us attract and retain executive talent which is fundamental to our success.

Below is a more detailed summary of the current executive compensation program as it relates to our Named Executive Officers.

#### Employment Agreements and Offer Letters
Each of our Named Executive Officers is a party to an employment agreement or offer letter with us. Set forth below is a description of the current employment agreement or offer letter of Messrs. Declet, Williams and Soleto as of December 31, 2025.

#### Mr. Declet Executive Employment Agreement
We entered into an executive employment agreement with Mr. Declet, dated October 30, 2023, which was amended on September 24, 2025 and December 31, 2025. Pursuant to his amended employment

------

[**TABLE OF CONTENTS**](#TOC)

agreement, Mr. Declet is entitled to a base salary of $400,000, a discretionary annual cash bonus of up to 50% of his base salary, and participation in our employee benefit plans. In addition, under his amended employment agreement, Mr. Declet is eligible to receive a transaction bonus of in connection with a change of control transaction involving the Company or an initial public offering of the Company's shares, subject to his continued employment through the date of the transaction. The bonus will be equal to the greater of (i) $250,000 or (ii) if the net proceeds received by the Company or its shareholders in connection with the transaction equals exceeds $30 million, 1% of the net proceeds if the Company's pre-money valuation equals or exceeds $50 million but is less than $100 million or 1.5% of the net proceeds if the Company's pre-money valuation equals or exceeds $100 million. To the extent payable pursuant to the terms of his amended employment agreement, 75% of such transaction bonus is payable in connection with the transaction, and the remaining 25% is payable in the event the Company acquires another entity within 12 months following the transaction, subject to Mr. Declet's continued employment with the Company through the date of such subsequent acquisition.

Mr. Declet's employment is "at-will" and may be terminated at any time, by either party, with or without "Cause" (as defined in his employment agreement) or advance notice. If we terminate Mr. Declet's employment without Cause, Mr. Declet is entitled to severance equal to six months of his base salary. Such severance is conditioned on, among other requirements, Mr. Declet executing, delivering, and not revoking, a general release of claims in favor of the Company and its affiliates and representatives, in a form provided by the Company. During his period of employment and for the six-month period thereafter, Mr. Declet is subject to a non-competition covenant and covenants with respect to the non-solicitation of customers and employees.

#### Mr. Sotelo Offer Letter
We entered into an offer letter with Mr. Sotelo, dated July 29, 2021. Under his offer letter, Mr. Sotelo is entitled to a base salary (set at $247,806 for 2024), eligible for an annual cash bonus of $35,000, and eligible to participate in our employee benefit plans. Mr. Sotelo's employment is at-will and may be terminated at any time, by either party, with or without cause or advance notice. During his period of employment and for the six-month period thereafter, Mr. Sotelo is subject to a non-competition covenant and covenants with respect to the non-solicitation of customers and employees.

#### Mr. Williams Offer Letter
We entered into an offer letter with Mr. Williams, dated May 8, 2019. Under his offer letter, Mr. Williams is entitled to a base salary (set at $285,000 for 2024), eligible for a discretionary annual cash bonus as determined by management and approved by our board of directors or its compensation committee, and eligible to participate in our employee benefit plans. Mr. Williams' employment is at-will and may be terminated at any time, by either party, with or without cause or advance notice. During his period of employment and for the six-month period thereafter, Mr. Williams is subject to a non-competition covenant and covenants with respect to the non-solicitation of customers and employees.

#### Base Salaries
Executive officer base salaries are based on job responsibilities and individual contribution. Our Board of Directors review the base salaries of our executive officers, including our Named Executive Officers, considering factors such as corporate progress toward achieving objectives (without reference to any specific performance-related targets) and individual performance experience and expertise. All of our Named Executive Officers are parties to an employment agreement or offer letter with us which sets forth their annual base salary, as described above.

#### 2024 Annual Bonuses
Annual bonus eligibility and determinations for our Named Executive Officers are set individually under their employment agreements or offer letters.

Mr. Declet is eligible for a discretionary annual cash bonus of up to 50% of his base salary, as determined by our Board of Directors. For the year ended December 31, 2024, the Board of Directors approved and

------

[**TABLE OF CONTENTS**](#TOC)

paid an annual cash bonus of $175,000 to Mr. Torres Declet. No bonuses were awarded to Messrs. Williams or Sotelo for the year ended December 31, 2024.

#### Equity Incentive Awards
Until its termination date on August 2, 2025, we maintained the Exyn Technologies, Inc. 2015 Equity Compensation Plan, or 2015 Equity Plan. The 2015 Equity Plan permitted the Board of Directors (or a designated committee) to grant a variety of equity awards, including incentive stock options, nonqualified stock options, restricted stock awards, and stock appreciation rights ("SARs"), to employees, directors, and key advisors. The 2015 Equity Plan was adopted by our Board of Directors and approved by our stockholders in August 2015, and was subsequently amended by our Board of Directors and approved by our stockholders from time to time, and, as amended, provided for the issuance of up to 23,405,167 shares of our common stock, subject to amendment from time to time.

For additional information regarding our prior and current equity compensation arrangements, please see the sections titled "— 2015 Equity Plan," "— 2026 Equity Incentive Plan" and "— 2026 Employee Stock Purchase Plan" below.

No equity incentive awards were awarded to our Named Executive Officers during the year ended December 31, 2024. In response to Item 402(x)(1), we did not grant stock options, stock appreciation rights, or similar option-like instruments to our Named Executive Officers during 2024. If in the future we anticipate granting stock options, stock appreciation rights, or similar option-like instruments, we will establish a policy regarding how our Board of Directors determines when to grant such awards and how our Board of Directors or the compensation committee will take material nonpublic information into account when determining the timing and terms of such awards.

#### Health and Welfare Benefits and Perquisites
At this stage of our business, we offer benefits that are generally comparable to those offered by other small private and public companies. We otherwise do not offer any perquisites to our employees. Other than our 401(k) plan, we do not maintain any retirement plan for our Named Executive Officers. We may adopt these plans and confer other fringe benefits for our executive officers in the future.

#### 401(k) Plan
Our Named Executive Officers and other eligible employees are entitled to participate in our defined contribution retirement plan that provides eligible U.S. employees with an opportunity to save for retirement on a tax advantaged basis. Eligible employees may defer eligible compensation on a pre-tax or after-tax (Roth) basis, up to the statutorily prescribed annual limits on contributions under the Internal Revenue Code of 1986 (the "Code"). Contributions are allocated to each participant's individual account and are then invested in selected investment alternatives according to the participants' directions. We match up to 4% of a participant's contribution to the 401(k) plan based on the following formula: 100% match on the first 3% contributed by the participant and 50% match on the next 2% contributed by the participant. Employees are immediately and fully vested in their contributions. The 401(k) plan is intended to be qualified under Section 401(a) of the Code with the 401(k) plan's related trust intended to be tax exempt under Section 501(a) of the Code. As a tax-qualified retirement plan, contributions to the 401(k) plan (except for Roth contributions) and earnings on those contributions are not taxable to the employees until distributed from the 401(k) plan.

#### 2015 Equity Plan
On August 3, 2015, our board of directors adopted, and our stockholders approved, the Exyn Technologies, Inc. 2015 Equity Compensation Plan, or the 2015 Plan. The 2015 Plan was subsequently amended in January and July 2021. The 2015 Plan terminated pursuant to its terms on August 2, 2025. Our compensation committee administers the 2015 Plan and has the authority, among other things, to construe and interpret the terms of the 2015 Plan and awards granted thereunder.

------

[**TABLE OF CONTENTS**](#TOC)

Below is a summary of the principal provisions of the 2015 Plan, which summary is qualified in its entirety by reference to the full text of the 2015 Plan, a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part.

The 2015 Plan provides for the grant of stock options, restricted stock awards and stock appreciation rights. A maximum of 18,623,579 shares of common stock could be issued under the 2015 Plan. The share limit is subject to adjustment upon the occurrence of certain events, including stock splits and similar occurrences, which affect the Common Stock.

Appropriate adjustments will be made in the number of authorized shares in the 2015 Plan and to outstanding awards in the event of a stock split or other change in our capital structure. Shares subject to awards which expire or are cancelled or forfeited again became available for issuance under the 2015 Plan while it was in effect.

The shares available under the 2015 Plan are not reduced by awards settled in cash, forfeited, or repurchased, or by shares withheld to satisfy tax withholding obligations. The net number of shares issued upon the exercise of awards by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under the 2015 Plan.

Subject to the express terms of the 2015 Plan, the administrator will have broad power to administer, construe, and interpret the 2015 Plan, including the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adopt, amend and repeal administrative rules, guidelines and practices related to the 2015 Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • construe and interpret the terms of the 2015 Plan and award agreements entered into under the 2015 Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • grant awards, price them, and determine the size and other terms of the grants,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine appropriate adjustments or treatment in connection with a reorganization, change in control, or certain other events, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accelerate the exercisability or vesting of awards or make certain other permitted changes in awards.

All of our and our subsidiaries' directors and employees are eligible for award grants. Certain consultants and advisors are also eligible. Only persons actually selected by the administrator will be granted awards.

Awards are generally nontransferable except on death or in limited cases subject to approval by the administrator.

No awards may be granted under the 2015 Plan after it is terminated. We will not grant any further awards under the plan. Outstanding awards generally will be unaffected by the 2015 Plan's termination.

The administrator may amend the 2015 Plan at any time. 2015 Plan amendments need not be subject to stockholder approval, unless required by law or applicable stock exchange requirements.

A corporate transaction generally would trigger immediate acceleration of vesting of all awards held by current service providers, unless the awards are assumed by the successor entity. Awards which are not assumed by the successor entity and are not exercised or settled at or prior to a corporate transaction generally will terminate on the closing of the transaction. In addition, if an award will terminate in connection with a corporate transaction, the administrator may provide, in its sole discretion, that the holder of the award may not exercise the award but will receive a payment, in a form determined by the administrator, equal in value to the excess, if any, of the value of the property the holder of the award would have received upon exercise, over the exercise price payable by the holder in connection with the exercise. A corporate transaction is generally defined to include the sale or disposition of at least 90% of our outstanding capital stock, certain mergers, dispositions, or consolidations of the company, or certain sales of substantially all of our assets.

Upon a change of control where the company is not the surviving entity, unless otherwise determined by the administrator, all outstanding awards which are not exercised will be assumed or replaced with comparable awards by the successor entity. In addition, upon a change of control, the administrator may provide that options and stock appreciation rights will accelerate and become exercisable and restricted stock

------

[**TABLE OF CONTENTS**](#TOC)

awards will vest, options and stock appreciation rights must be surrendered in exchange for a payment in cash or stock equal to the amount by which the fair market value of the shares exceeds the exercise price, or terminate outstanding options or stock appreciation rights after giving the holder the opportunity to exercise the awards. A change of control event is generally defined to include (i) an acquisition by any person of more than 50% of our voting securities, (ii) certain mergers, dispositions, or consolidations of the company, or certain sales of substantially all of our assets, and (iii) our dissolution or liquidation.

#### 2025 Equity Plan
On November 24, 2025, our board of directors adopted, and our stockholders approved, the Exyn Technologies, Inc. 2025 Equity Compensation Plan, or the 2025 Plan. Effective as of the date of the underwriting agreement for this offering, the 2025 Plan will be terminated and we will not grant any further awards under such plan, but the 2025 Plan will continue to govern outstanding awards granted thereunder. Our compensation committee administers the 2025 Plan and has the authority, among other things, to construe and interpret the terms of the 2025 Plan and awards granted thereunder.

Below is a summary of the principal provisions of the 2025 Plan, which summary is qualified in its entirety by reference to the full text of the 2025 Plan, a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part.

The 2025 Plan provides for the grant of stock options, restricted stock awards and stock appreciation rights. A maximum of 5,530,432 shares of common stock could be issued under the 2025 Plan. The share limit is subject to adjustment upon the occurrence of certain events, including stock splits and similar occurrences, which affect the common stock.

Appropriate adjustments will be made in the number of authorized shares in the 2025 Plan and to outstanding awards in the event of a stock split or other change in our capital structure. Shares subject to awards which expire or are cancelled or forfeited again became available for issuance under the 2025 Plan while it was in effect.

The shares available under the 2025 Plan are not reduced by awards settled in cash, forfeited, or repurchased, or by shares withheld to satisfy tax withholding obligations. The net number of shares issued upon the exercise of awards by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under the 2025 Plan.

Subject to the express terms of the 2025 Plan, the administrator will have broad power to administer, construe, and interpret the 2025 Plan, including the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adopt, amend and repeal administrative rules, guidelines and practices related to the 2025 Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • construe and interpret the terms of the 2025 Plan and award agreements entered into under the 2025 Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • grant awards, price them, and determine the size and other terms of the grants,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine appropriate adjustments or treatment in connection with a reorganization, change in control, or certain other events, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accelerate the exercisability or vesting of awards or make certain other permitted changes in awards.

All of our and our subsidiaries' directors and employees are eligible for award grants. Certain consultants and advisors are also eligible. Only persons actually selected by the administrator will be granted awards.

Awards are generally nontransferable except on death or in limited cases subject to approval by the administrator.

No awards may be granted under the 2025 Plan after it is terminated. We will not grant any further awards under the plan. Outstanding awards generally will be unaffected by the 2025 Plan's termination.

The administrator may amend the 2025 Plan at any time. 2025 Plan amendments need not be subject to stockholder approval, unless required by law or applicable stock exchange requirements.

------

[**TABLE OF CONTENTS**](#TOC)

A corporate transaction generally would trigger immediate acceleration of vesting of all awards held by current service providers, unless the awards are assumed by the successor entity. Awards which are not assumed by the successor entity and are not exercised or settled at or prior to a corporate transaction generally will terminate on the closing of the transaction. In addition, if an award will terminate in connection with a corporate transaction, the administrator may provide, in its sole discretion, that the holder of the award may not exercise the award but will receive a payment, in a form determined by the administrator, equal in value to the excess, if any, of the value of the property the holder of the award would have received upon exercise, over the exercise price payable by the holder in connection with the exercise. A corporate transaction is generally defined to include the sale or disposition of at least 90% of our outstanding capital stock, certain mergers, dispositions, or consolidations of the company, or certain sales of substantially all of our assets.

Upon a change of control where the company is not the surviving entity, unless otherwise determined by the administrator, all outstanding awards which are not exercised will be assumed or replaced with comparable awards by the successor entity. In addition, upon a change of control, the administrator may provide that options and stock appreciation rights will accelerate and become exercisable and restricted stock awards will vest, options and stock appreciation rights must be surrendered in exchange for a payment in cash or stock equal to the amount by which the fair market value of the shares exceeds the exercise price, or terminate outstanding options or stock appreciation rights after giving the holder the opportunity to exercise the awards. A change of control event is generally defined to include (i) an acquisition by any person of more than 50% of our voting securities, (ii) certain mergers, dispositions, or consolidations of the company, or certain sales of substantially all of our assets, and (iii) our dissolution or liquidation.

#### 2026 Equity Incentive Plan
The Exyn Technologies, Inc. 2026 Equity Incentive Plan, or the 2026 Plan, will be adopted by our board of directors on , 2026, and will be approved by our stockholders on , 2026. The 2026 Plan will become effective as of the date of the underwriting agreement for this offering; and no awards may be granted under the 2026 Plan prior to such effective date. We intend to use the 2026 Plan following the completion of this offering to provide incentives that will assist us to attract, retain, and motivate employees, including officers, consultants, and directors.

Below is a summary of the principal provisions of the 2026 Plan, which summary is qualified in its entirety by reference to the full text of the 2026 Plan, a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part.

The 2026 Plan will remain in effect, subject to the right of our board of directors or Compensation Committee to amend or terminate the 2026 Plan at any time, until the earlier of (a) the earliest date as of which all awards granted under the 2026 Plan have been satisfied in full or terminated and no shares of common stock approved for issuance under the 2026 Plan remain available to be granted under new awards, or (b) , 2035. No awards will be granted under the 2026 Plan after such termination date. Subject to other applicable provisions of the 2026 Plan, all awards made under the 2026 Plan on or before , 2035, or such earlier termination of the 2026 Plan, shall remain in effect until such awards have been satisfied or terminated in accordance with the 2026 Plan and the terms of such awards.

The 2026 Plan will be administered by the Compensation Committee. The Compensation Committee has the authority, in its sole and absolute discretion, to grant awards under the 2026 Plan to eligible individuals, and to take all other actions necessary or desirable to carry out the purpose and intent of the 2026 Plan. Further, the Compensation Committee has the authority, in its sole and absolute discretion, subject to the terms and conditions of the 2026 Plan, to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine the eligible individuals to whom, and the time or times at which, awards shall be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine the type of awards to be granted to any eligible individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine the number of shares of common stock to be covered by or used for reference purposes for each award or the value to be transferred pursuant to any award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine the terms, conditions and restrictions applicable to each award and any shares of common stock acquired pursuant thereto, including, without limitation, (i) the purchase price of any shares

------

[**TABLE OF CONTENTS**](#TOC)

of common stock, (ii) the method of payment for shares of common stock purchased pursuant to any award, (iii) the method for satisfying any tax withholding obligation arising in connection with any award, including by the withholding or delivery of shares of common stock, (iv) the timing, terms and conditions of the exercisability, vesting or payout of any award or any shares of common stock acquired pursuant thereto, (v) the performance goals applicable to any award and the extent to which such performance goals have been attained, (vi) the time of the expiration of an award, (vii) the effect of a participant's Termination of Service, as defined in the 2026 Plan, on any of the foregoing and (viii) all other terms, conditions and restrictions applicable to any award or shares of common stock acquired pursuant thereto as the administrator considers to be appropriate and not inconsistent with the terms of the 2026 Plan.

Immediately following the completion of this offering, shares of our common stock will be initially authorized and reserved for issuance under the 2026 Plan. The reserve will automatically increase on January 1, 2027 and each subsequent anniversary through 2035, by an amount equal to the smaller of (a) % of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by the Compensation Committee.

Appropriate adjustments will be made in the number of authorized shares and other numerical limits in the 2026 Plan and in outstanding awards to prevent dilution or enlargement of participants' rights in the event of a stock split or other change in our capital structure. Shares subject to awards which expire, are cancelled, forfeited, terminated unearned, settled in cash, or withheld or surrendered in payment of an exercise price or taxes under the 2015 Plan and 2025 Plan will again become available for issuance under the 2026 Plan.

Subject to adjustment as provided in the provision of the 2026 Plan pertaining to the occurrence of certain corporate transactions, the maximum number of shares of common stock that may be issued pursuant to stock options granted under the 2026 Plan that are intended to qualify as incentive stock options is .

The Compensation Committee may establish compensation for directors who are not our employees, provided that the sum of any cash compensation and the grant date fair value of Awards granted under the 2026 Plan to a non-employee director as compensation for services as a non-employee director during any calendar year may not exceed $ for an annual grant, or $ in the first year of service. The Compensation Committee, in its discretion, may make exceptions to this limit for individual non-employee directors in extraordinary circumstances.

Awards may be granted individually or in tandem with other types of awards, concurrently with or with respect to outstanding awards. All awards will be evidenced by a written agreement between us and the holder of the award and may include any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Stock options.* We may grant non-statutory stock options or incentive stock options (as described in Section 422 of the Code), each of which gives its holder the right, during a specified term (not exceeding ten years) and subject to any specified vesting or other conditions, to purchase a number of shares of our common stock at an exercise price per share determined by the administrator, which may not be less than the fair market value of a share of our common stock on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Stock appreciation rights.* A stock appreciation right, or SAR, gives its holder the right, during a specified term (not exceeding ten years) and subject to any specified vesting or other conditions, to receive the appreciation in the fair market value of our common stock between the date of grant of the award and the date of its exercise. We may pay the appreciation in shares of our common stock or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Restricted stock.* We may grant restricted stock awards. Shares of restricted stock remain subject to forfeiture until vested, based on such terms and conditions as we specify. Holders of restricted stock will have the right to vote the shares and to receive any dividends paid, except that the dividends may be subject to the same vesting conditions as the related shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Restricted stock units.* Restricted stock units, or RSUs, represent rights to receive shares of our common stock (or their value in cash) at a future date without payment of a purchase price, subject to vesting or other conditions specified by the administrator. Holders of RSUs have no voting rights or

------

[**TABLE OF CONTENTS**](#TOC)

rights to receive cash dividends unless and until shares of common stock are issued in settlement of such awards. However, the administrator may grant RSUs that entitle their holders to dividend equivalent rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Performance awards.* Performance awards, consisting of either performance shares or performance units, are awards that will result in a payment to their holder only if specified performance goals are achieved during a specified performance period. The administrator establishes the applicable performance goals based on one or more measures of business performance, such as combined ratio or gross written premiums growth. To the extent earned, performance awards may be settled in cash, in shares of our common stock or a combination of both in the discretion of the administrator. Holders of performance shares or performance units have no voting rights or rights to receive cash dividends unless and until shares of common stock are issued in settlement of such awards. However, the administrator may grant performance shares that entitle their holders to dividend equivalent rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Oher stock-based awards.* The administrator may grant cash-based awards that specify a monetary payment or range of payments or other stock-based awards that specify a number or range of shares or units that, in either case, are subject to vesting or other conditions specified by the administrator. Settlement of these awards may be in cash or shares of our common stock, as determined by the administrator. Their holders will have no voting rights or right to receive cash dividends unless and until shares of our common stock are issued pursuant to the awards. The administrator may grant dividend equivalent rights with respect to other stock-based awards.

Awards are generally nontransferable except on death or in limited cases subject to approval by the administrator.

In the event of a change in control, as defined in the 2026 Plan, outstanding awards will terminate upon the effective time of the change in control unless provision is made for the continuation, assumption or substitution of awards by the surviving or successor entity or its parent. Unless an award agreement says otherwise, the following will occur with respect to awards that terminate in connection with a change in control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • stock options and stock appreciation rights will become fully exercisable and holders of these awards will be permitted immediately before the change in control to exercise them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • restricted stock and stock units with time-based vesting (i.e., not subject to achievement of performance goals) will become fully vested immediately before the change in control, and stock units will be settled as promptly as is practicable in accordance with applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • performance shares and units that vest based on the achievement of performance goals will vest as if the performance goal for the unexpired performance period had been achieved at the target level (unless the award agreement provides for vesting at a greater amount) and the performance units will be settled as promptly as is practicable in accordance with applicable law.

#### 2026 Employee Stock Purchase Plan
The Exyn Technologies, Inc. 2026 Employee Stock Purchase Plan, or the ESPP, will be adopted by our board of directors on , 2026, and will be approved by our stockholders on , 2026. The ESPP will become effective as of the date of the underwriting agreement for this offering.

The purpose of the ESPP is to attract, retain and reward our employees who contribute to our growth and profitability by providing them with an opportunity to acquire an ownership interest in the Company.

Immediately following the completion of this offering, shares of our common stock will be available for sale under the ESPP. In addition, the ESPP provides for annual increases in the number of shares available for issuance under the ESPP on January 1, 2027 and each subsequent anniversary through 2035, equal to the smallest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • % of the outstanding shares of our common stock on the immediately preceding December 31; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares; or

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such other amount as may be determined by our Compensation Committee.

Appropriate adjustments will be made in the number of authorized shares and in outstanding purchase rights to prevent dilution or enlargement of participants' rights in the event of a stock split or other change in our capital structure. Shares subject to purchase rights which expire or are cancelled will again become available for issuance under the ESPP.

The Compensation Committee will administer the ESPP and have full authority to interpret the terms of the ESPP. The ESPP provides, subject to certain limitations, for indemnification by us of any director, officer or employee against all reasonable expenses, including attorneys' fees, incurred in connection with any legal action arising from such person's action or failure to act in administering the ESPP.

All of our employees, including our named executive officers, are eligible to participate if they are customarily employed at least 20 hours per week and more than five months in any calendar year. Non-employee directors are not eligible to participate in the ESPP. Employees will be limited to purchasing $25,000 of stock each year and will not be able to purchase if such a purchase would cause the employee to own 5% or more of our stock.

The ESPP is intended to qualify under Section 423 of the Code and the ESPP shall be so construed. The ESPP will typically be implemented through two consecutive six-month offering periods. The offering periods generally start on or about March 1st and September 1st of each year after an enrollment period. The Compensation Committee may, in its discretion, modify the terms of future offering periods, including establishing offering periods of up to 27 months and providing for multiple purchase dates.

The ESPP permits participants to purchase common stock through payroll deductions of up to 15.0% of their regular gross earnings and overtime payments. Other types of compensation are not considered part of compensation for purposes of the ESPP.

Unless provided otherwise by the Compensation Committee, the purchase price of the shares will be 85.0% of the lower of the fair market value of our common stock on the first trading day of the offering period or on the last day of the offering period. Participants may end their participation at any time during an offering period and will be paid their accrued payroll deductions that have not yet been used to purchase shares of common stock. Participation ends automatically upon termination of employment with us.

Each participant in any offering will have an option to purchase for each full month contained in the offering period a number of shares, which shall be the lesser of (i) the number of shares determined by dividing $2,083.33 by the fair market value of a share of our common stock on the first day of the offering period or (ii) shares, and except as limited in order to comply with Section 423 of the Code. Prior to the beginning of any offering period, the Compensation Committee may alter the maximum number of shares that may be purchased by any participant during the offering period or specify a maximum aggregate number of shares that may be purchased by all participants in the offering period. If insufficient shares remain available under the plan to permit all participants to purchase the number of shares to which they would otherwise be entitled, the administrator will make a pro rata allocation of the available shares. Any amounts withheld from participants' compensation in excess of the amounts used to purchase shares will be refunded, without interest.

A participant may not transfer rights granted under the ESPP other than by will, the laws of descent and distribution or as otherwise provided under the ESPP as described below. In the event of a change in control, an acquiring or successor corporation may assume our rights and obligations under outstanding purchase rights or substitute substantially equivalent purchase rights. If the acquiring or successor corporation does not assume or substitute for outstanding purchase rights, then the purchase date of the offering periods then in progress will be accelerated to a date prior to the change in control.

The ESPP will continue in effect until terminated by the Compensation Committee. The Compensation Committee has the authority to amend, suspend or terminate the ESPP at any time.

------

[**TABLE OF CONTENTS**](#TOC)

#### Outstanding Equity Awards at Fiscal Year-End
The following table presents information regarding outstanding equity awards for each of our Named Executive Officers for the year ended December 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  |
| **Name**  | **Grant Date**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options (#) <br> Exercisable**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options (#) <br> Unexercisable**  | **Options Exercise <br> Price ($)**  | **Option Expiration <br> Date**  |
| Brandon Torres Declet <br>12/18/2023<sup>(2</sup>) |  | 2060829 | 5004871 | 0.35 | 12/17/2033 |
| Ricardo Sotelo <br>03/28/2022<sup>(3</sup>) |  | 200000 | 40000 | 0.20 | 03/27/2032 |
|  | 03/01/2024<sup>(4</sup>) | 175196 | 291995 | 0.30 | 02/28/2034 |
| Benjamin Williams <br>11/20/2019<sup>(5</sup>) |  | 500000 |  | 0.21 | 11/19/2029 |
|  | 03/12/2021<sup>(6</sup>) | 300000 |  | 0.20 | 03/11/2031 |
|  | 03/01/2024<sup>(7</sup>) | 750000 | 1250000 | 0.30 | 02/28/2034 |

---

(1) The numbers reflected in these columns are with respect to awards of stock options granted pursuant to the 2015 Plan, the terms of which plan are described above under "— Equity Incentive Awards." Each stock option award becomes vested and exercisable in accordance with the vesting schedule applicable to such award.

(2) Stock options granted to Mr. Declet on December 18, 2023 under the 2015 Plan. The shares subject to the stock option award vest according to the following schedule: 25% on October 30, 2024, with the remaining 75% vesting in equal monthly installments over the next 36 months thereafter, subject to Mr. Declet's continued service through each such date.

(3) Stock options granted to Mr. Sotelo on March 28, 2022 under the 2015 Plan. The shares subject to the stock option award vest according to the following schedule: 25% on August 5, 2022, with the remaining 75% vesting in equal monthly installments over the next 36 months thereafter, subject to Mr. Sotelo's continued service through each such date.

(4) Stock options granted to Mr. Sotelo on March 1, 2024 under the 2015 Plan. The shares subject to the stock option award vest according to the following schedule: 25% on June 1, 2024, with the remaining 75% vesting in equal monthly installments over the next 36 months thereafter, subject to Mr. Sotelo's continued service through each such date.

(5) Stock options granted to Mr. Williams on November 20, 2019 under the 2015 Plan. The shares subject to the stock option award vest according to the following schedule: 25% on May 28, 2020, with the remaining 75% vesting in equal monthly installments over the next 36 months thereafter, subject to Mr. Williams's continued service through each such date.

(6) Stock options granted to Mr. Williams on March 12, 2021 under the 2015 Plan. The shares subject to the stock option award vest according to the following schedule: 25% on December 1, 2021, with the remaining 75% vesting in equal monthly installments over the next 36 months thereafter, subject to Mr. Williams's continued service through each such date.

(7) Stock options granted to Mr. Williams on March 1, 2024 under the 2015 Plan. The shares subject to the stock option award vest according to the following schedule: 25% on June 1, 2024, with the remaining 75% vesting in equal monthly installments over the next 36 months thereafter, subject to Mr. Williams's continued service through each such date.

------

[**TABLE OF CONTENTS**](#TOC)

#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
The following includes a summary of transactions since January 1, 2022 to which we have been a party, in which the amount involved in the transaction exceeded the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years, and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than equity and other compensation, termination, change of control, and other arrangements, which are described under "Executive Compensation."

#### Series Round Financings
In December 2022, we raised approximately $20.0 million in gross profits through the issuance of an aggregate amount of 18,171,906 shares of Series B Preferred Stock to Reliance Strategic Business Ventures Limited, a greater than 5% stockholder of the Company. In July 2024, we raised approximately $5.0 million in gross profits through the issuance of an aggregate amount of 4,542,885 shares of Series B Preferred Stock to Reliance Strategic Business Ventures Limited.

#### Advisory Agreement
Effective as of August 1, 2025, we have an advisory agreement with Longview Innovation, LLC, an entity that is affiliated with North America University Innovation, LP, a greater than 10% stockholder in the Company. Director Michael Burychka is the chief executive officer of Longview Innovation, LLC. Under the agreement, Mr. Burychka is paid a retainer of $5,000 a month in cash and an additional $5,000 a month in equity in Exyn, in exchange for providing advisory services related to strategic business development and capital markets transactions, including advice related to this offering. Mr. Burychka is also entitled to an additional $5,000 per month in equity in Exyn in arrears upon the completion of this offering. The term of the agreement is initially through January 31, 2026, followed by an automatic renewal and extension of an additional six-month term unless either party to the agreement elects not to extend.

#### Policies and Procedures for Transactions with Related Persons
We intend to adopt a written Related Person Transactions Policy prior to the completion of this offering that sets forth our policies and procedures regarding the identification, review, consideration, and oversight of "related person transactions." For purposes of our policy only, a "related person transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which we or any of our subsidiaries are participants involving an amount that exceeds $120,000, in which any "related person" has a material interest.

Transactions involving compensation for services provided to us as an employee, consultant, or director are not considered related person transactions under this policy. A related person is any executive officer, director, nominee to become a director or a holder of more than 5% of any class of our voting securities (including our common stock), including any of their immediate family members and affiliates, including entities owned or controlled by such persons.

Under the policy, the related person in question or, in the case of transactions with a holder of more than 5% of any class of our voting securities, an officer with knowledge of the proposed transaction, must present information regarding the proposed related person transaction to our audit committee (or, where review by our audit committee would be inappropriate, to another independent body of our board of directors) for review. To identify related person transactions in advance, we rely on information supplied by our executive officers, directors and certain significant stockholders.

In considering related person transactions, our audit committee considers the relevant available facts and circumstances, which may include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risks, costs and benefits to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact on a director's independence in the event the related person is a director, immediate family member of a director or an entity with which a director is affiliated;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the availability of other sources for comparable services or products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms available to or from, as the case may be, unrelated third parties.

Our audit committee will approve only those transactions that it determines are fair to us and in our best interests. All of the transactions described above were entered into prior to the adoption of such policy.

------

[**TABLE OF CONTENTS**](#TOC)

#### PRINCIPAL STOCKHOLDERS
The following table provides information regarding the beneficial ownership of our common stock as adjusted to give effect to this offering, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person, or group of affiliated persons, known by us to beneficially own more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our named executive officers; and

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

Beneficial ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if they have or share the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or have the right to acquire such powers within 60 days. Accordingly, the following table does not include options to purchase Exyn common stock that are not exercisable within 60 days of , 2026. Information with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of more than 5% of our capital stock. Unless otherwise indicated, to our knowledge, the persons and entities named in the table below have sole voting and sole investment power with respect to all shares that they beneficially own, subject to community property laws where applicable. The information in the table below does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Sections 13(d) and 13(g) of the Securities Act, and we did not deem such shares outstanding for the purpose of computing the percentage ownership of any other person.

The beneficial ownership of our voting securities is based on shares of our common stock issued and outstanding as of , 2026, assuming the automatic conversion of all of our outstanding shares of preferred stock into an aggregate of shares of common stock prior to the completion of this offering. The information relating to the number and percentage of shares beneficially owned under the column titled "After This Offering" is based on the sale of shares of common stock in this offering. The percentage ownership information assumes no exercise of the underwriters' option to purchase additional shares.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Exyn Technologies, Inc., 2118 Washington Avenue, Suite 1000, Philadelphia, PA 19146.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner**  | **Number of <br> Shares <br> Beneficially <br> Owned**  | **Percentage of Shares <br> Beneficially Owned**  | **Percentage of Shares <br> Beneficially Owned**  |
| **Name and Address of Beneficial Owner**  | **Number of <br> Shares <br> Beneficially <br> Owned**  | **Prior to <br> This Offering**  | **After This <br> Offering**  |
| **Greater than 5% Stockholder:** |  |  |  |
| Reliance Strategic Business Ventures Limited<sup>(1)</sup>  |  |  |  |
| North America University Innovation, LP<sup>(2)</sup>  |  |  |  |
| Yamaha Motor Exploratory Fund, L.P.<sup>(3)</sup>  |  |  |  |
| Dr. Vijay Kumar<sup>(4)</sup>  |  |  |  |
| **Named Executive Officers and Directors:** |  |  |  |
| Brandon Torres Declet<sup>(5)</sup>  |  |  |  |
| Brandon Duick<sup>(6)</sup>  |  |  |  |
| Benjamin Williams<sup>(7)</sup>  |  |  |  |
| Ricardo Sotelo<sup>(8)</sup>  |  |  |  |
| Vanessa Varian<sup>(9)</sup>  |  |  |  |
| Dr. Ted Tewksbury<sup>(10)</sup>  |  |  |  |
| Jonathan Ollwerther  |  |  |  |
| Michael Burychka  |  |  |  |
| Gregory McNeal  |  |  |  |
| **All current executive officers and directors as a group (9 persons)**  |  |  |  |

---

------

[**TABLE OF CONTENTS**](#TOC)

\*

Represents beneficial ownership of less than 1% of the outstanding shares of our common stock.

(1) Reliance Strategic Business Ventures Limited is managed by Jiteshkumar Narendrakumar Jain (Manager), Piyush Tekriwal (Chief Financial Officer), Rachana Anand Sanganeria (Secretary), and its directors, Rajkumar Mullick, Mumtaz Bandukwala, Sujit Vilas Argade and Dhirendra Harilal Shah, all of whom may be deemed to have shared voting, investment and dispositive power with respect to the shares held by Reliance Strategic Business Ventures Limited. The address for Reliance Strategic Business Ventures Limited is Office-101, Saffron, Nr Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad, Gujarat, 380006, India.

(2) North America University Innovation, LP is managed by its general partner, Hard Science GP, LLC. Michael Burychka and Jason Smith are the managing members of Hard Science GP, LLC, and may be deemed to have shared voting, investment and dispositive power with respect to the shares held by North America University Innovation, LP. The address for North America University Innovation, LP is 3411 Silverside Road, Baynard Building, Suite 104, Wilmington, DE 19810.

(3) Yamaha Motor Exploratory Fund, L.P. is managed by its general partner, Yamaha Motor Exploratory Fund GP, LLC. Yamaha Motor Ventures & Laboratory Silicon Valley, Inc. is the managing member of Yamaha Motor Exploratory Fund GP, LLC. Yamaha Motor Ventures & Laboratory Silicon Valley, Inc. is managed by Keiichi Onishi (Chief General Manager of Corporate Strategy), Mitsuru Hashimoto (Chief General Manager of Corporate Planning), Keita Nakanishi (Chief Executive Officer) and Tom Kawaguchi (Vice President of Finance), all of whom may be deemed to share voting, investment and dispositive power with respect to the shares held by Yamaha Motor Exploratory Fund, L.P. The address for Yamaha Motor Exploratory Fund, L.P. is 422 Portage Avenue, Palo Alto, CA 94306.

(4) Consists of shares subject to options exercisable within 60 days of , 2026. Excludes shares subject to options not exercisable within 60 days of , 2026.

(5) Consists of shares subject to options exercisable within 60 days of , 2026. Excludes shares subject to options not exercisable within 60 days of , 2026.

(6) Consists of shares subject to options exercisable within 60 days of , 2026. Excludes shares subject to options not exercisable within 60 days of , 2026.

(7) Consists of shares subject to options exercisable within 60 days of , 2026. Excludes shares subject to options not exercisable within 60 days of , 2026.

(8) Consists of shares subject to options exercisable within 60 days of , 2026. Excludes shares subject to options not exercisable within 60 days of , 2026.

(9) Consists of shares subject to options exercisable within 60 days of , 2026. Excludes shares subject to options not exercisable within 60 days of , 2026.

(10) Consists of shares subject to options exercisable within 60 days of , 2026. Excludes shares subject to options not exercisable within 60 days of , 2026.

------

[**TABLE OF CONTENTS**](#TOC)

#### DESCRIPTION OF CERTAIN INDEBTEDNESS
The following is a summary of the material provisions relating to our material indebtedness. The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the corresponding agreement or instrument, including the definitions of certain terms therein that are not otherwise defined in this prospectus. You should refer to the relevant agreement or instrument for additional information, copies of which are filed as exhibits to the registration statement of which this prospectus is a part.

#### WAB Loan Agreement
The Loan Agreement with Western Alliance Bank provides for a total aggregate principal amount of $3.5 million and matures on September 27, 2027, $3.5 million of which is currently outstanding as of September 30, 2025. The loan bears interest at a rate of the greater of 8.25% or the prime rate as reported in the Wall Street Journal, adjustable daily, per annum. The interest rate as of September 30, 2025 was 9.06%. The loan is secured by substantially all of our assets.

On May 30, 2025, HSBC Bank (acting through its Chennai branch) issued an irrevocable standby letter of credit (No. SDNBGE890972) in favor of Exyn Technologies Inc. for a maximum amount of USD $3,500,000. The standby letter of credit was issued at the request of Neolync Electronics Pvt Ltd (India) in support of banking facilities granted to Neolync Electronics Pvt Ltd (India) by HSBC. The standby letter of credit has a fixed expiry date of November 14, 2025, is governed by International Standby Practices (ISP98), allows partial drawings, and has been assigned to Western Alliance Bank (San José, California) as security for the Company's senior credit facility. As of the date of this report, no amounts have been drawn under the standby letter of credit. The standby letter of credit was renewed in November 2025, with an expiration date of May 13, 2026.

On July 11, 2025, we entered into a Subordination Agreement (the "Subordination Agreement") with Western Alliance Bank and Neolync Electronics Private Limited ("Neolync"), whereby Neolync agreed to subordinate all of our existing and future indebtedness obligations to Neolync to all of our existing and future indebtedness obligations to Western Alliance Bank.

The WAB Loan Agreement contains affirmative and negative covenants typical of loan agreements of this type, including, among others, limitations on the incurrence of additional indebtedness, liens, dividends and distributions in respect of, and repurchases and redemptions of, our capital stock, investments, transactions with affiliates, certain asset sales, changes in our business, organizational documents and fiscal year compliance with the financial covenants. We were in compliance with all such covenants as of September 30, 2025. Events of default under the WAB Loan Agreement are generally typical for loan agreements of this type.

#### Convertible Note
On May 20, 2025, we issued a Convertible Note to Neolync Holdings in the aggregate principal amount of $1.5 million, which bears interest at an annual rate of 12.0%, matures on April 15, 2026 (the "Maturity Date") and is secured by a first-priority lien on substantially all assets of the Company (subject only to the WAB Loan Agreement).

***Conversion*.** The Convertible Note will automatically convert into shares of common stock upon consummation of a reverse merger transaction or any transaction pursuant to which our common stock first becomes registered under Section 12(b) of the Exchange Act. The Convertible Note provides for (i) a 300% liquidation preference, (ii) automatic conversion into common equity upon a public company event at 135% of the then-public trading price, and (iii) cash repayment at maturity if no public company event occurs. Upon certain events of default (including bankruptcy), the outstanding amount may become payable at 200% of the then-outstanding obligations. In the event no such transaction occurs by the Maturity Date, the Convertible Note shall be repaid at maturity at a premium of principal plus 200% and accrued interest due thereon.

------

[**TABLE OF CONTENTS**](#TOC)

***Events of Default*.** For the borrowings under the Convertible Note, an event of default consists of one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our failure to pay any principal or interest payment on the due date when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our failure to deliver the conversion securities within three (3) days following the date such delivery was required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our failure to stay compliant with our financial reporting obligations, if such failure is not cured within 20 days of receiving written notice from the holder that such failure has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Voluntary or involuntary bankruptcy or insolvency proceedings, including a court order under any Debtor Relief Law that remains unstayed and in effect for 60 calendar days.

#### Maximcash Loan Agreement
The Loan Agreement with Maximcash Solutions LLC provides for a total aggregate principal amount of $0.6 million and matures on December 26, 2026, at which point a total repayment amount of $756,000 will be due. The loan is secured by substantially all of our assets.

The Maximcash Loan Agreement contains affirmative and negative covenants typical of loan agreements of this type, including, among others, limitations on the incurrence of additional indebtedness, liens, dividends and distributions in respect of, and repurchases and redemptions of, our capital stock, investments, transactions with affiliates, certain asset sales, changes in our business, organizational documents and fiscal year compliance with the financial covenants. We were in compliance with all such covenants as of December 31, 2025.

Events of default under the Maximcash Loan Agreement are generally typical for loan agreements of this type.

------

[**TABLE OF CONTENTS**](#TOC)

#### DESCRIPTION OF CAPITAL STOCK
The following is a summary of the material rights of our common and preferred stock and some of the provisions of our amended and restated certificate of incorporation and amended and restated bylaws, which will become effective as of immediately prior to the completion of this offering, and of the DGCL. This summary is not complete. For more detailed information, please see our amended and restated certificate of incorporation and amended and restated bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part, as well as the relevant provisions of the DGCL.

#### General
Upon completion of this offering and upon the filing of our amended and restated certificate of incorporation, our authorized capital stock will consist of shares of common stock, $0.0001 par value per share, and shares of preferred stock, $0.0001 par value per share. All of our authorized preferred stock upon completion of this offering will be undesignated. The information below gives effect to a -for- split of our common stock expected to be completed prior to the completion of this offering.

#### Common Stock

#### Outstanding Shares
As of September 30, 2025, 32,915,388 shares of our common stock were outstanding. Upon completion of this offering and assuming no exercise by the underwriters of their option to purchase additional shares, shares of common stock will be outstanding.

#### Voting
Holders of shares of our common stock will be entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, including the election of directors, and do not have cumulative voting rights. Accordingly, the holders of a majority of the shares of our common stock entitled to vote in any election of directors can elect all of the directors standing for election.

#### Dividends
Subject to statutory or contractual restrictions on the payment of dividends and to any preferences that may be applicable to any then outstanding preferred stock, the holders of common stock will be entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.

#### Liquidation
In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference granted to the holders of any outstanding shares of preferred stock.

#### Rights and Preferences
Holders of our common stock will have no preemptive, conversion or subscription rights, and there will be no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock will be subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future.

#### Fully Paid and Nonassessable
All of our outstanding shares of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.

------

[**TABLE OF CONTENTS**](#TOC)

#### Preferred Stock
Under our amended and restated certificate of incorporation, our board of directors will have the authority, without further action by the stockholders, to issue up to shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, to fix the rights, preferences and privileges of the shares of each wholly unissued series and any qualifications, limitations or restrictions thereon, and to increase or decrease the number of shares of any such series, but not below the number of shares of such series then outstanding.

Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in our control that may otherwise benefit holders of our common stock and may adversely affect the market price of our common stock and the voting and other rights of the holders of common stock. We have no current plans to issue any shares of preferred stock.

#### Representative's Warrants
Please see "Underwriting — Representative's Warrants" for a description of the warrants to be issued to the Representative of the underwriters in this offering.

#### Restricted Stock Units
Upon the consummation of this offering, shares of our common stock may be granted under our 2026 Plan.

#### Anti-Takeover Effects of Provisions of Our Certificate of Incorporation, Our Bylaws and Delaware Law
Our amended and restated certificate of incorporation and our amended and restated bylaws, as they will be in effect immediately prior to the closing of this offering, will contain provisions that may delay, defer or discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor.

#### Delaware Anti-Takeover Law
We will be subject to Section 203 of the DGCL, or Section 203. Section 203 generally prohibits a public Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (but not the outstanding voting stock owned by the interested stockholder) shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon or subsequent to the consummation of the transaction, the business combination is approved by the board and authorized at an annual or special meeting of stockholders, and not by written

------

[**TABLE OF CONTENTS**](#TOC)

consent, by the affirmative vote of at least 66<sup>2</sup>∕3% of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a business combination to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any merger or consolidation involving the corporation and the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation to or with the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation owned by the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

#### Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws
Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the voting power of our shares of common stock outstanding will be able to elect all of our directors. Our amended and restated certificate of incorporation and amended and restated bylaws to be effective upon completion of this offering will provide that all stockholder actions must be effected at a duly called meeting of stockholders and not by written consent. A special meeting of stockholders may be called by the majority of our board of directors or our Chief Executive Officer.

As described above in "Management — Board Composition," in accordance with our amended and restated certificate of incorporation effective immediately prior to the completion of this offering, our board of directors will be divided into three classes, with the number of directors in each class being as nearly equal in number as possible. The directors in each class will serve for staggered three-year terms, one class being elected each year by our stockholders. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.

In addition, our amended and restated certificate of incorporation and amended and restated bylaws will provide that the number of directors constituting our board of directors will be permitted to be set only by a resolution adopted by a majority vote of the members of our board of directors then in office, and that our directors may be removed only for cause. Our amended and restated certificate of incorporation and amended and restated bylaws will also provide that vacancies occurring on our board of directors and newly created directorships resulting from an increase in the authorized number of directors may be filled only by vote of a majority of the remaining members of our board of directors, even though less than a quorum. Our amended and restated certificate of incorporation and amended and restated bylaws will provide that our board of directors is expressly authorized to adopt, amend or repeal our bylaws, and require a 66<sup>2</sup>∕3% stockholder vote to amend our bylaws and certain provisions of our certificate of incorporation.

Our amended and restated bylaws will provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our amended and restated bylaws will also specify certain requirements regarding the form and content of a stockholder notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of us.

------

[**TABLE OF CONTENTS**](#TOC)

The foregoing provisions will make it more difficult for our existing stockholders to replace our board of directors as well as for another party to obtain control of us by replacing our board of directors. Since our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control.

These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of us. These provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile takeovers or delaying changes in our control or management. As a consequence, these provisions also may inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts.

#### Choice of Forum

Nothing in our amended and restated certificate of incorporation or amended and restated bylaws preclude stockholders that assert claims under the Exchange Act from bringing such claims in state or federal court, subject to applicable law. Any person or entity purchasing or otherwise acquiring any interest in any of our securities will be deemed to have notice of and consented to the provisions of amended and restated certificate of incorporation or amended and restated bylaws described above. Although we believe these provisions benefit us by providing increased consistency in the application of Delaware law for the specified types of actions and proceedings, the provisions may have the effect of discouraging lawsuits against us or our directors and officers. The enforceability of similar choice of forum provisions in other companies' certificates of incorporation has been challenged in legal proceedings, and it is possible that a

------

[**TABLE OF CONTENTS**](#TOC)

court could find these types of provisions to be inapplicable or unenforceable. See "Risk Factors — Risks Related to This Offering and Ownership of Our Common Stock — Our amended and restated certificate of incorporation will also provide that the Court of Chancery of the State of Delaware will be the exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees."

#### Listing
We intend to apply to list our common stock on the Nasdaq Capital Market under the trading symbol "EXYN."

#### Transfer Agent and Registrar
Upon the closing of this offering, the transfer agent and registrar for our common stock will be Equiniti Trust Company, LLC. The transfer agent and registrar's address is 48 Wall Street, 23rd Floor, New York, New York 10005 and its telephone number is (800) 468-9716.

------

[**TABLE OF CONTENTS**](#TOC)

#### SHARES ELIGIBLE FOR FUTURE SALE
Immediately prior to this offering, there has been no public market for our common stock. Future sales of substantial amounts of our common stock in the public market, or the perception that such sales may occur, could adversely affect prevailing market prices. Furthermore, since only a limited number of shares will be available for sale shortly after this offering because of contractual and legal restrictions on resale described below, sales of substantial amounts of common stock in the public market after the restrictions lapse could adversely affect the prevailing market price for our common stock as well as our ability to raise equity capital in the future.

Based on the number of shares of common stock outstanding as of , 2026, upon completion of this offering, shares of common stock will be outstanding (after giving effect to a -for- split of our common stock expected to be completed prior to the completion of this offering), assuming no exercise of the underwriters' option to purchase additional shares. All of the shares sold in this offering will be freely tradable unless purchased by our "affiliates" as that term is defined in Rule 144 under the Securities Act. The shares of common stock outstanding prior to this offering are restricted as a result of securities laws or lock-up agreements. These shares will generally become eligible for sale under Rule 144, subject to the volume limitations, manner-of-sale, and notice provisions described below under "Rule 144," upon expiration of lock-up agreements at least six months after the date of this offering.

#### Rule 144
In general, under Rule 144 as currently in effect, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, any person who is not an affiliate of ours and has held their shares for at least six months, including the holding period of any prior owner other than one of our affiliates, may sell shares without restriction, provided current public information about us is available. In addition, under Rule 144, any person who is not an affiliate of ours and has held their shares for at least one year, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell an unlimited number of shares immediately upon completion of this offering without regard to whether current public information about us is available.

Beginning 90 days after the effective date of the registration statement of which this prospectus is a part, a person who is an affiliate of ours and who has beneficially owned restricted securities for at least six months, including the holding period of any prior owner other than one of our affiliates, is entitled to sell a number of restricted shares within any three-month period that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 1% of the number of shares of our common stock then outstanding, which will equal approximately shares immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales of restricted shares under Rule 144 held by our affiliates are also subject to requirements regarding the manner-of-sale, notice, and the availability of current public information about us. Rule 144 also provides that affiliates relying on Rule 144 to sell shares of our common stock that are not restricted shares must nonetheless comply with the same restrictions applicable to restricted shares, other than the holding period requirement.

Notwithstanding the availability of Rule 144, substantially all of our stockholders, as well as our directors and executive officers, have entered into lock-up agreements as described below and any restricted shares held by them will become eligible for sale at the expiration of the restrictions set forth in those agreements. After these contractual resale restrictions lapse, such stockholders and our directors and executive officers will be able to sell some or all of their shares of our common stock, subject only to applicable restrictions under federal and state securities laws.

#### Rule 701
Under Rule 701, shares of common stock acquired rights granted under compensatory stock plans may be resold by:

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons other than affiliates, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, subject only to the manner-of-sale provisions of Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our affiliates, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, subject to the manner-of-sale and volume limitations, current public information, and filing requirements of Rule 144, in each case, without compliance with the six-month holding period requirement of Rule 144.

#### Lock-Up Agreements
In connection with this offering, we, along with our directors, officers and the holders of 10% or more of our outstanding capital stock have agreed with the underwriters, through 180 days following the date of this prospectus, or the lock-up period, without the prior written consent of the Representative, we and they will not offer, sell, pledge or otherwise dispose of any of our securities, except for transfers in connection with the following: (i) bona fide gifts, charitable contributions, or bona fide estate planning purposes, (ii) by will or intestacy, (iii) to any member of such holder's immediate family or to any trust for the direct or indirect benefit of such holder or the immediate family of such holder, or if the holder is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a trustor, trustee or beneficiary of such trust, (iv) to a corporation, partnership, limited liability company, investment fund or other entity (A) of which the holder and the immediate family of the holder are the legal and beneficial owner of all of the outstanding equity securities or similar interests or (B) controlled by, or under common control with, the holder or the immediate family of the holder, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above, (vi) if the holder is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate of the holder, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control or common investment management with the holder or affiliates of the holder (including, for the avoidance of doubt, where the holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution to current or former general or limited partners, managers or members, shareholders, equityholders or affiliates of the holder, or to the estates of any of the foregoing, (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or any other order of a court or regulatory agency with jurisdiction over the holder, (viii) to our company upon death, disability, or if the holder is an employee of our company, termination of employment of the holder, (ix) as part of a sale of the holder's lock-up securities acquired (A) from the underwriters in this offering or (B) in open market transactions after the closing date of this offering, or (x) to our company in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of common stock (including, in each case, by way of "net" or "cashless" exercise).

Upon the expiration of the lock-up period, substantially all of the shares subject to such lock-up restrictions will become eligible for sale, subject to the limitations discussed above. For a further description of these lock-up agreements, including certain exceptions, please see "Underwriting."

#### Form S-8 Registration Statements
Following the completion of this offering shares of our common stock may be granted under our 2026 Plan and shares of our common stock may be granted under our 2026 ESPP, which amounts may be subject to annual adjustment. As soon as practicable after the completion of this offering, we intend to file with the SEC one or more registration statements on Form S-8 under the Securities Act to register the offer and sale of shares of our common stock that are issuable pursuant to the 2026 Plan and the 2026 ESPP. These registration statements will become effective immediately upon filing. Shares covered by these registration statements will then be eligible for sale in the public markets, subject to vesting restrictions, any applicable lock-up agreements described above and Rule 144 limitations applicable to affiliates.

------

[**TABLE OF CONTENTS**](#TOC)

#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS TO NON-U.S. HOLDERS OF OUR COMMON STOCK
The following is a summary of the material U.S. federal income tax considerations of the acquisition, ownership, and disposition of common stock acquired pursuant to this offering by non-U.S. holders (as defined below). This summary assumes that the shares of our common stock are held as capital assets (within the meaning of Section 1221 of the Code, which generally means property held for investment). This summary does not discuss all of the U.S. federal income tax considerations applicable to non-U.S. holders, including those non-U.S. holders that are subject to special treatment under U.S. federal income tax laws, including, but not limited to: a dealer in securities or currencies; a broker-dealer; a financial institution; a qualified retirement plan, an individual retirement plan, or other tax-deferred account; a regulated investment company; a real estate investment trust; a tax-exempt organization; an insurance company; a person holding common stock as part of a hedging, integrated, conversion, or straddle transaction or a person deemed to sell common stock under the constructive sale provisions of the Code; a trader in securities that has elected the mark-to-market method of tax accounting; an entity that is treated as a partnership or other pass-through entity for U.S. federal income tax purposes (and partners or beneficial owners therein); a person that received such common stock pursuant to the exercise of employee stock options or otherwise in connection with services provided; a former citizen or long-term resident of the United States; a corporation that accumulates earnings to avoid U.S. federal income tax; a corporation organized outside the United States, any state thereof or the District of Columbia that is nonetheless treated as a U.S. corporation for U.S. federal income tax purposes; a person that owns, or is deemed to own, more than 5% of such common stock (other than as specifically provided below); a "controlled foreign corporation;" or a "passive foreign investment company."

This summary is based upon provisions of the Code, its legislative history, applicable U.S. Treasury Regulations promulgated thereunder, published rulings, and judicial decisions, all as in effect as of the date hereof. Those authorities may be repealed, revoked, or modified, perhaps retroactively, or may be subject to differing interpretations, which could result in U.S. federal income tax consequences different from those discussed below. We have not sought, and will not seek, any ruling from the Internal Revenue Service (the "IRS") with respect to the tax considerations discussed herein, and there can be no assurance that the IRS will not take a position contrary to the tax considerations discussed below or that any position taken by the IRS would not be sustained. This summary does not address all aspects of U.S. federal income tax, does not deal with all tax considerations that may be relevant to a particular non-U.S. holder in light of that non-U.S. holder's circumstances, and does not address the Medicare tax imposed on certain investment income, the special tax accounting rules applicable to certain accrual method taxpayers under Section 451(b) of the Code, or any state, local, foreign, gift, estate, or alternative minimum tax considerations. This summary also does not address tax considerations that may be applicable to persons that are not non-U.S. holders.

For purposes of this discussion, a "U.S. holder" is a beneficial holder of common stock that is for U.S. federal income tax purposes: (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust if it (1) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (2) was in existence on August 20, 1996 and has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.

For purposes of this discussion, a "non-U.S. holder" is a beneficial owner of our common stock that is neither a U.S. holder nor a partnership (or any other entity or arrangement that is treated as a partnership) for U.S. federal income tax purposes regardless of its place of organization or formation. If a partnership (or other entity or arrangement that is treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner (or other equityholder) will generally depend upon the status of the partner and the activities of the partnership. A partner of a partnership holding our common stock is urged to consult its tax advisors as to the particular U.S. federal income tax consequences applicable to it.

------

[**TABLE OF CONTENTS**](#TOC)

 **PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME, ESTATE, AND OTHER TAX CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR COMMON STOCK IN LIGHT OF THEIR SPECIFIC SITUATIONS, AS WELL AS THE TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, OR NON-U.S. TAX LAWS, ANY APPLICABLE INCOME TAX TREATIES, AND ANY OTHER U.S. FEDERAL TAX LAWS (INCLUDING U.S. FEDERAL ESTATE AND GIFT TAX LAWS).** 

#### Distributions on Our Common Stock
Distributions with respect to common stock, if any, generally will constitute dividends for U.S. federal income tax purposes to the extent paid out of our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Any portion of a distribution in excess of our current or accumulated earnings and profits will be treated as a tax-free return of capital and will first be applied to reduce the non-U.S. holder's tax basis in its common stock, but not below zero. Any remaining amount will then be treated as gain from the sale or exchange of the common stock and will be treated as described under "— Disposition of Our Common Stock" below.

Distributions treated as dividends that are paid to a non-U.S. holder, if any, with respect to shares of our common stock will be subject to U.S. federal withholding tax at a rate of 30% (or such lower rate as may be specified in an applicable income tax treaty between the United States and such holder's country of residence) of the gross amount of the dividends unless the dividends are effectively connected with the non-U.S. holder's conduct of a trade or business within the United States, subject to the discussion below regarding foreign accounts. If a non-U.S. holder is engaged in a trade or business within the United States and dividends with respect to the common stock are effectively connected with the conduct of that trade or business and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment or fixed base, then although the non-U.S. holder generally will be exempt from the 30% U.S. federal withholding tax, provided certain certification requirements are satisfied, the non-U.S. holder will be subject to U.S. federal income tax on those dividends on a net income basis at regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. Any such effectively connected income received by a foreign corporation may, under certain circumstances, be subject to an additional branch profits tax equal to 30% (or such lower applicable income tax treaty rate between the United States and such holder's country of residence) of its effectively connected earnings and profits for the taxable year, as adjusted under the Code. To claim the exemption from withholding with respect to any such effectively connected income, the non-U.S. holder must generally furnish to us or our paying agent a properly executed IRS Form W-8ECI (or applicable successor form). In the case of a non-U.S. holder that is an entity, U.S. Treasury Regulations and the applicable income tax treaty provide rules to determine whether, for purposes of determining the applicability of an income tax treaty, dividends will be treated as paid to the entity or to those holding an interest in that entity. If a non-U.S. holder holds our common stock through a financial institution or other agent acting on the holder's behalf, the non-U.S. holder will be required to provide appropriate documentation to such agent. Such non-U.S. holder's agent will then be required to provide certification to us or our paying agent.

A non-U.S. holder of our common stock that wishes to claim the benefit of a reduced rate of withholding tax under an applicable income tax treaty between the United States and such holder's country of residence generally will be required to furnish to us or our paying agent a properly executed valid IRS Form W-8BEN or IRS Form W-8BEN-E (or applicable successor form) certifying such holder's qualification for the exemption or reduced rate. If a non-U.S. holder is eligible for a reduced rate of U.S. federal withholding tax pursuant to an income tax treaty and such non-U.S. holder does not timely file the required certification, it may obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders are urged to consult their tax advisors regarding their entitlement to benefits under a relevant income tax treaty.

#### Disposition of Our Common Stock
Subject to the discussion below regarding backup withholding, a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain from a sale, exchange or other disposition of our common stock unless: (a) that gain is effectively connected with the non-U.S. holder's conduct of a trade or business

------

[**TABLE OF CONTENTS**](#TOC)

within the United States (and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment or a fixed-base maintained by the non-U.S. holder); (b) the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more in the taxable year of that disposition, and certain other conditions are met; or (c) we are or have been a "United States real property holding corporation" within the meaning of Section 897(c)(2) of the Code for U.S. federal income tax purposes at any time during the shorter of the five-year period preceding the date of disposition or the holder's holding period for our common stock, and certain other requirements are met. Although there can be no assurance, we believe that we are not, and we do not anticipate becoming, a United States real property holding corporation for U.S. federal income tax purposes. Even if we are treated as a United States real property holding corporation, gain realized by a non-U.S. holder on a disposition of our common stock will not be subject to U.S. federal income tax so long as (1) the non-U.S. holder owned, directly, indirectly, actually or constructively, no more than 5% of our common stock at all times within the shorter of (x) the five-year period preceding the disposition, or (y) the non-U.S. holder's holding period, and (2) our common stock is regularly traded on an established securities market, as defined in applicable U.S. Treasury Regulations. Although Nasdaq qualifies as an established securities market, there can be no assurance that our common stock will continue to qualify as regularly traded on an established securities market. If a non-U.S. holder's gain on disposition of our common stock is taxable because we are a United States real property holding corporation and such non-U.S. holder's ownership of our common stock exceeds 5%, such non-U.S. holder will be taxed on such disposition generally in the manner applicable to U.S. persons and in addition, a purchaser of such non-U.S. holder's common stock may be required to withhold tax with respect to that obligation.

If a non-U.S. holder is described in clause (a) of the preceding paragraph, the non-U.S. holder will generally be subject to tax on the net gain derived from the disposition at the regular U.S. federal income tax rates in the same manner as if such non-U.S. holder were a U.S. person, unless an applicable income tax treaty provides otherwise. In addition, a non-U.S. holder that is a corporation may be subject to the branch profits tax at a rate equal to 30% (or lower applicable income tax treaty rate) of its effectively connected earnings and profits. If the non-U.S. holder is an individual described in clause (b) of the preceding paragraph, the non-U.S. holder will generally be subject to a flat 30% tax on the gain derived from the disposition, which may be offset by certain U.S. source capital losses even though the non-U.S. holder is not considered a resident of the United States, provided that the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. Non-U.S. holders are urged to consult their tax advisors about any applicable income tax treaties that may provide for different rules.

#### Information Reporting and Backup Withholding Tax
We report to our non-U.S. holders and the IRS certain information with respect to any distributions we make on our common stock, including the gross amount of any distribution paid during any fiscal year, the name and address of the recipient, and the amount, if any, of tax withheld. All distributions to holders of common stock are subject to any applicable withholding. Information reporting requirements generally apply even if no withholding was required because the distributions were effectively connected with the non-U.S. holder's conduct of a U.S. trade or business or withholding was reduced by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the non-U.S. holder resides or is established. Under U.S. federal income tax law, interest, dividends, and other reportable payments may, under certain circumstances, be subject to "backup withholding" at the then-applicable rate (currently, 24%). Backup withholding, however, generally will not apply to distributions on our common stock to a non-U.S. holder, provided the non-U.S. holder furnishes to us or our paying agent the required certification as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, or certain other requirements are met. Notwithstanding the foregoing, backup withholding may apply if either we or our paying agent has actual knowledge, or reason to know, that the holder is a U.S. person that is not an exempt recipient. Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

------

[**TABLE OF CONTENTS**](#TOC)

#### Foreign Accounts
Provisions of the Code commonly referred to as the Foreign Account Tax Compliance Act ("FATCA") generally impose certain withholding taxes on certain types of payments made to "foreign financial institutions" (as specially defined under these rules) and certain other non-U.S. entities if certification, information reporting and other specified requirements are not met. A 30% withholding tax may apply to certain "withholdable payments" made to a "foreign financial institution" or to a "non-financial foreign entity" (as defined under FATCA) unless (a) the "foreign financial institution" undertakes certain diligence and reporting obligations and other specified requirements are satisfied, (b) the non-financial foreign entity either certifies it does not have any substantial U.S. owners or furnishes identifying information regarding each substantial U.S. owner and other specified requirements are satisfied, or (c) the foreign entity is otherwise exempt under FATCA. If the payee is a foreign financial institution, it must enter into an agreement with the U.S. Treasury requiring, among other things, that it undertake to identify accounts held by certain U.S. persons or U.S.-owned foreign entities, annually report certain information about such accounts and withhold 30% on payments to account holders whose actions prevent it from complying with these reporting and other requirements, or comply with comparable requirements under an applicable inter-governmental agreement between the United States and the foreign financial institution's home jurisdiction. "Withholdable payments" under FATCA generally include dividends on our common stock. Under proposed U.S. Treasury Regulations, on which taxpayers (including withholding agents) generally are permitted to rely pending finalization, FATCA withholding will not apply to gross proceeds from the sale or other disposition of our common stock. Holders should consult their own tax advisors regarding the implications of these rules on their investment in our common stock and the entities through which they hold our common stock, including without limitation, the process and deadlines for meeting the applicable requirements to avoid the imposition of the 30% withholding tax under FATCA.

------

[**TABLE OF CONTENTS**](#TOC)

#### UNDERWRITING
Subject to the terms and conditions set forth in the underwriting agreement, dated , among us, Lucid Capital Markets, LLC, as the Representative of the underwriters named below, and the joint book-running managers of this offering, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us the respective number of shares of common stock shown opposite its name below:

---

| | |
|:---|:---|
| **Underwriter**  | **Number of <br> Shares**  |
| Lucid Capital Markets, LLC  |  |
| &nbsp;&nbsp;&nbsp; Total  |  |

---

The underwriting agreement provides that the obligations of the several underwriters are subject to certain conditions precedent such as the receipt by the underwriters of officers' certificates and legal opinions and approval of certain legal matters by their counsel. The underwriting agreement provides that the underwriters will purchase all of the shares of common stock if any of them are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated. We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

The underwriters have advised us that, following the completion of this offering, they currently intend to make a market in the common stock as permitted by applicable laws and regulations. However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the common stock, that you will be able to sell any of the common stock held by you at a particular time or that the prices that you receive when you sell will be favorable.

The underwriters are offering the shares of common stock subject to their acceptance of the shares of common stock from us and subject to prior sale. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. In addition, the underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority except sales to accounts over which they have discretionary authority to exceed 5% of the common stock being offered.

#### Commission and Expenses
The underwriters have advised us that they propose to offer the shares of common stock to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers, which may include the underwriters, at that price less a concession not in excess of $ per share of common stock. The underwriters may allow, and certain dealers may reallow, a discount from the concession not in excess of $ per share of common stock to certain brokers and dealers. After the offering, the initial public offering price, concession and reallowance to dealers may be reduced by the Representative. No such reduction will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus.

The following table shows the public offering price, the underwriting discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Per Share**  | **Per Share**  | **Total**  | **Total**  |
| | **Without Option <br> to Purchase <br> Additional <br> Shares**  | **With Option to <br> Purchase <br> Additional <br> Shares**  | **Without Option <br> to Purchase <br> Additional <br> Shares**  | **With Option to <br> Purchase <br> Additional <br> Shares**  |
| Public offering price  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
|  Underwriting discounts and commissions paid <br> by us  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Proceeds to us, before expenses  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |

---

We estimate that the total expenses of this offering payable by us will be $, excluding underwriting discounts and commissions. We have agreed to pay all expenses relating to the offering, including but not limited to, filing fees incurred in registering the offering with the Financial Industry Regulatory Authority, Inc. ("FINRA"), our expenses associated with "due diligence" and "road show" meetings, and actual accountable expenses of the Representative, subject to a maximum amount of $250,000, which amount includes expenses for the Representative's legal counsel and road show expenses.

#### Determination of Offering Price
Prior to this offering, there has not been a public market for our common stock. Consequently, the initial public offering price for our common stock will be determined by negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which the common stock will trade in the public market subsequent to the offering or that an active trading market for the common stock will develop and continue after the offering.

#### Listing
We intend to apply to have our common stock listed on the Nasdaq Capital Market under the trading symbol "EXYN."

#### Option to Purchase Additional Shares
We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of shares from us at the public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions. If the underwriters exercise this option, each underwriter will be obligated, subject to specified conditions, to purchase a number of additional shares proportionate to that underwriter's initial purchase commitment as indicated in the table above. This option may be exercised only if the underwriters sell more shares than the total number set forth on the cover page of this prospectus.

#### No Sales of Similar Securities
In connection with this offering, we, along with our directors, officers and the holders of 10% or more of our outstanding capital stock have agreed with the underwriters, through 180 days following the date of this prospectus, or the lock-up period, without the prior written consent of the Representative, we and they will not offer, sell, pledge or otherwise dispose of any of our securities, except for transfers in connection with the following: (i) bona fide gifts, charitable contributions, or bona fide estate planning purposes, (ii) by will or intestacy, (iii) to any member of such holder's immediate family or to any trust for the direct or indirect benefit of such holder or the immediate family of such holder, or if the holder is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a trustor, trustee, or beneficiary of such trust, (iv) to a corporation, partnership, limited liability company, investment fund or other entity (A) of which the holder and the immediate family of the holder are the legal and beneficial owner of all of the outstanding equity securities or similar interests or (B) controlled by, or under common control with, the holder or the immediate

------

[**TABLE OF CONTENTS**](#TOC)

family of the holder, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above, (vi) if the holder is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate of the holder, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control or common investment management with the holder or affiliates of the holder (including, for the avoidance of doubt, where the holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution to current or former general or limited partners, managers or members, shareholders, equityholders or affiliates of the holder, or to the estates of any of the foregoing, (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or any other order of a court or regulatory agency with jurisdiction over the holder, (viii) to our company upon death, disability, or if the holder is an employee of our company, termination of employment, of the holder, (ix) as part of a sale of the holder's lock-up securities acquired (A) from the underwriters in this offering or (B) in open market transactions after the closing date of this offering, or (x) to our company in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of common stock (including, in each case, by way of "net" or "cashless" exercise).

#### Right of First Refusal
Subject to certain conditions, we granted to the Representative, for a period beginning on the closing of this offering and ending twelve (12) months thereafter, the right of first refusal to act as investment banker, financial advisor, or other similar professional in connection with a fairness opinion, valuation, recapitalization, capital raising, sale, business combination, or similar transaction of us, or any successor to or any subsidiary of our company. We will negotiate in good faith with the Representative regarding the Representative's provision of such services and will offer the Representative the opportunity to serve as lead left agent or in another equivalent role mutually agreed upon by us and the Representative, with economics representing not less than 50% of any associated fees. In accordance with FINRA Rule 5110(g)(6), such right of first refusal shall not have a duration of more than three years from the commencement of sales of this offering.

#### Representative's Warrants
Upon the closing of this offering, we have agreed to issue to the Representative warrants to purchase a number of shares of common stock equal to 5% of the total number of shares sold in this offering (the "Representative's Warrants"). The Representative's Warrants will be exercisable at a per share exercise price equal to 125% of the public offering price per share sold in this offering. The Representative's Warrants are exercisable at any time and from time to time, in whole or in part, during the five-year period commencing on the consummation of this offering.

The Representative's Warrants and the shares of common stock underlying the Representative's Warrants have been deemed compensation by the Financial Industry Regulatory Authority ("FINRA"), and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The Representative, or permitted assignees under such rule, may not sell, transfer, assign, pledge, or hypothecate the Representative's Warrants or the shares underlying the Representative's Warrants, nor will the Representative engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying shares for a period of 180 days from the effective date of the registration statement of which this prospectus forms a part. Additionally, the Representative's Warrants may not be sold transferred, assigned, pledged, or hypothecated for a 180-day period following the effective date of the registration statement except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners. The Representative's Warrants will provide for adjustment in the number and price of the Representative's Warrants and the shares underlying such Representative's Warrants in the event of recapitalization, merger, stock split, stock dividend or consolidation and further, the number of shares underlying the Representative's Warrants may be reduced if necessary to comply with FINRA rules and regulations.

------

[**TABLE OF CONTENTS**](#TOC)

#### Tail Fee
If we sell securities to investors first contacted in writing by the Representative in connection with an offering within twelve (12) months following the date of this prospectus, we shall pay the Representative the underwriting fees set forth herein for each such sale.

#### Stabilization
The underwriters have advised us that they, pursuant to Regulation M under the Exchange Act, certain persons participating in the offering may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the common stock at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

"Covered" short sales are sales made in an amount not greater than the underwriters' option to purchase additional shares of our common stock in this offering. The underwriters may close out any covered short position by either exercising their option to purchase additional shares of our common stock or purchasing shares of our common stock in the open market. In determining the source of shares to close out the covered short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the option to purchase additional shares.

"Naked" short sales are sales in excess of the option to purchase additional shares of our common stock. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares of our common stock in the open market after pricing that could adversely affect investors who purchase in this offering.

A stabilizing bid is a bid for the purchase of shares of common stock on behalf of the underwriters for the purpose of fixing or maintaining the price of the common stock. A syndicate covering transaction is the bid for or the purchase of shares of common stock on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to other purchase transactions, the underwriter's purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the common stock originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we, nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued at any time.

The underwriters may also engage in passive market making transactions in our common stock on Nasdaq in accordance with Rule 103 of Regulation M during a period before the commencement of offers or sales of shares of our common stock in this offering and extending through the completion of distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, that bid must then be lowered when specified purchase limits are exceeded. Passive market making may cause the price of our common stock to be higher than the price that otherwise would exist in the open market in the absence of those transactions. The underwriters are not required to engage in passive market making and, if commenced, may end passive market making activities at any time.

#### Electronic Distribution
A prospectus in electronic format may be made available by e-mail or on the websites or through online services maintained by one or more of the underwriters or their affiliates. In those cases, prospective investors

------

[**TABLE OF CONTENTS**](#TOC)

may view offering terms online and may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of shares of common stock for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriters' websites and any information contained in any other web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

#### Other Activities and Relationships
The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters and certain of their affiliates have, from time to time, performed, and may in the future perform, various commercial and investment banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and certain of their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by us and our affiliates. If the underwriters or their respective affiliates have a lending relationship with us, they routinely hedge their credit exposure to us consistent with their customary risk management policies. The underwriters and their respective affiliates may hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates, including potentially the common stock offered hereby. Any such short positions could adversely affect future trading prices of the common stock offered hereby. The underwriters and certain of their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Disclaimers About Non-U.S. Jurisdictions

#### Selling Restrictions

#### European Economic Area
In relation to each Member State of the European Economic Area (each a "Relevant State"), no shares have been offered or will be offered pursuant to this offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

*provided* that no such offer of shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made will be deemed to

------

[**TABLE OF CONTENTS**](#TOC)

have represented, acknowledged and agreed to and with each of the underwriters and the Company that it is a "qualified investor" within the meaning of Article 2(e) of the Prospectus Regulation. In the case of any shares being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### United Kingdom
No shares have been offered or will be offered pursuant to this offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares which has been approved by the Financial Conduct Authority, except that the shares may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Section 86 of the FSMA;

*provided* that no such offer of the shares shall require the Company or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the expression an "offer to the public" in relation to the shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

In addition, in the United Kingdom, this prospectus is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are "qualified investors" (as defined in the Prospectus Regulation) (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons") or otherwise in circumstances which have not resulted and will not result in an offer to the public of the shares in the United Kingdom within the meaning of the Financial Services and Markets Act 2000.

Any person in the United Kingdom that is not a relevant person should not act or rely on the information included in this prospectus or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this prospectus relates to may be made or taken exclusively by relevant persons.

#### Canada
The shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National

------

[**TABLE OF CONTENTS**](#TOC)

Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### Hong Kong
The shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") of Hong Kong and any rules made thereunder; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "CO") or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation or document relating to the shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

#### Singapore
This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares were not offered or sold or caused to be made the subject of an invitation for subscription or purchase and will not be offered or sold or caused to be made the subject of an invitation for subscription or purchase, and this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares, has not been circulated or distributed, nor will it be circulated or distributed, whether directly or indirectly, to any person in Singapore other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

------

[**TABLE OF CONTENTS**](#TOC)

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)

as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

#### Japan
The shares have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any "resident" of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

#### Australia
This prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the "Corporations Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC") as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act ("Exempt Investors").

The shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any shares may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the shares, you represent and warrant to us that you are an Exempt Investor.

As any offer of shares under this prospectus will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares you undertake to us that you will not, for a period of 12 month from the date of issue of the shares, offer, transfer, assign or otherwise alienate those shares to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

------

[**TABLE OF CONTENTS**](#TOC)

#### Dubai International Financial Centre
This prospectus relates to an Exempt Offer in accordance with the Markets Law, DIFC Law No. 1 of 2012, as amended. This prospectus is intended for distribution only to persons of a type specified in the Markets Law, DIFC Law No. 1 of 2012, as amended. It must not be delivered to, or relied on by, any other person. The Dubai Financial Services Authority (DFSA) has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for this document. The securities to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

In relation to its use in the DIFC, this prospectus is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. The interests in the securities may not be offered or sold directly or indirectly to the public in the DIFC.

#### Switzerland
This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any shares. No shares have been offered or will be offered to the public in Switzerland, except that offers of shares may be made to the public in Switzerland at any time under the following exemptions under the Swiss Financial Services Act ("FinSA"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) to any person which is a professional client as defined under the FinSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to obtaining the prior consent of the lead bookrunner for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the Swiss Financial Services Ordinance,

*provided* that no such offer of shares shall require the Company or any underwriter to publish a prospectus pursuant to Article 35 FinSA.

The shares have not been and will not be listed or admitted to trading on a trading venue in Switzerland.

Neither this document nor any other offering or marketing material relating to the shares constitutes a prospectus as such term is understood pursuant to the FinSA and neither this document nor any other offering or marketing material relating to the shares may be publicly distributed or otherwise made publicly available in Switzerland.

#### Israel
This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968 (the "Securities Law") and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the shares is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum (the "Addendum") to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

------

[**TABLE OF CONTENTS**](#TOC)

#### LEGAL MATTERS
The validity of the shares of common stock being offered by this prospectus will be passed upon for us by DLA Piper LLP (US), Short Hills, New Jersey. Loeb & Loeb LLP, New York, New York is acting as counsel for the underwriters.

#### EXPERTS
The consolidated financial statements included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the report of Stephano Slack LLC, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act, with respect to the shares of common stock being offered by this prospectus. This prospectus, which constitutes part of the registration statement, does not contain all of the information in the registration statement and its exhibits. For further information with respect to us and the common stock offered by this prospectus, we refer you to the registration statement and its exhibits. Statements contained in this prospectus as to the contents of any contract or any other document referred to are not necessarily complete, and in each instance, we refer you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of these statements is qualified in all respects by this reference.

You can read our SEC filings, including the registration statement, over the Internet at the SEC's website at www.sec.gov. You may also request a copy of these filings, at no cost, by writing us at 2118 Washington Avenue, Suite 1000, Philadelphia, PA 19146.

Upon effectiveness of the registration statement of which this prospectus forms a part, we will be subject to the information reporting requirements of the Exchange Act and we will file reports, proxy statements and other information with the SEC. These reports, proxy statements and other information will be available at the web site of the SEC referred to above. We also maintain a website at www.exyn.com, at which, following the completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on or accessible through our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only.

------

[**TABLE OF CONTENTS**](#TOC)

#### EXYN TECHNOLOGIES, INC.

#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm — Stephano Slack LLC (PCAOB ID Number 03523)](#tROIR)  | [F-2](#tROIR) |
| [Consolidated Balance Sheets as of December 31, 2024, and 2023](#tCBS)  | [F-3](#tCBS) |
| [Consolidated Statements of Operations for the years ended December 31, 2024, and 2023](#tCSOO)  | [F-4](#tCSOO) |
| [Consolidated Statements of Comprehensive Loss for the years ended December 31, 2024, and 2023](#tCSOC)  | [F-5](#tCSOC) |
|  [Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2024, and 2023](#tCSOC1)  | [F-6](#tCSOC1) |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2024, and 2023](#tCSOC2)  | [F-7](#tCSOC2) |
| [Notes to the Consolidated Financial Statements](#tNTCF)  | [F-8](#tNTCF) |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of

Exyn Technologies, Inc.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Exyn Technologies, Inc. (the "Company") as of December 31, 2024 and 2023, the related consolidated statement of operations, comprehensive loss, changes in stockholders' equity and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Substantial Doubt About the Company's Ability to Continue as a Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company has experienced negative cash flows from operations for the years ended December 31, 2024 and 2023, which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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

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

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

 */s/ Stephano Slack LLC* 

We have served as the Company's auditor since 2025.

Wayne, Pennsylvania

December 1, 2025

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $1981564 | $4931297 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net  | 1733929 | 1081681 |
| &nbsp;&nbsp;&nbsp; Inventories, net  | 1598840 | 1923849 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets  | 339418 | 436411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 5653751 | 8373278 |
| Property and equipment, net  | 612750 | 1024023 |
| Right of use assets  | 458894 | 600158 |
| Other assets  | 63700 | 63700 |
| &nbsp;&nbsp;&nbsp; Total assets  | $6789095 | $10061119 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | $1038796 | $922989 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 1612833 | 1237186 |
| &nbsp;&nbsp;&nbsp; Deferred revenues  | 129140 | 281403 |
| &nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities  | 146515 | 136998 |
| &nbsp;&nbsp;&nbsp; Current portion of note payable, net of debt discount of $37,485  | 3462515 |  |
| &nbsp;&nbsp;&nbsp; Total current liabilities  | 6389799 | 2578576 |
| Operating lease liabilities, net of current portion  | 324107 | 471072 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | $6713906 | $3049648 |
| Stockholders' equity: |  |  |
|  Preferred stock, $0.0001 par value, 74,382,714 shares authorized and 64,322,487 and 59,779,602 shares outstanding at December 31, 2024 and December 31, 2023, respectively  | $6432 | $5978 |
|  Common stock, $0.0001 par value, 128,000,000 shares authorized and 32,915,388 and 32,900,388 shares outstanding at December 31, 2024 and December 31, 2023, respectively  | 3292 | 3290 |
| Additional paid-in capital  | 63817469 | 57918842 |
| Accumulated deficit  | (63721509) | (50911392) |
| Accumulated Other Comprehensive Loss  | (30496) | (5248) |
| &nbsp;&nbsp;&nbsp; Total stockholders' equity  | 75189 | 7011470 |
| &nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity  | $6789095 | $10061119 |

---

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

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### CONSOLIDATED STATEMENTS OF OPERATIONS For the Years ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Revenues, net  | $5568280 | $4551877 |
| Cost of revenues  | 3611850 | 2841708 |
| &nbsp;&nbsp;&nbsp; Gross profit  | 1956340 | 1710169 |
| **Operating expenses:** |  |  |
| Selling, general and administrative expenses  | 6358093 | 6195563 |
| Research and development expenses  | 6487224 | 8269427 |
| Stock-based compensation  | 935525 | 179756 |
| Restructuring and severance  | 349630 |  |
| Total operating expenses  | 14130472 | 14644746 |
| &nbsp;&nbsp;&nbsp; Operating loss  | (12174042) | (12934577) |
| **Non-operating income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | (315167) | (52445) |
| &nbsp;&nbsp;&nbsp; Interest income  | 138133 | 454450 |
| &nbsp;&nbsp;&nbsp; Other expense  | (459041) | (377835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-operating income (expense)  | (636075) | 24170 |
| Net loss before income tax benefit  | (12810117) | (12910406) |
| Income tax benefit  |  |  |
| **Net loss**  | $(12810117) | $(12910406) |
| **Net loss per share:** |  |  |
| **Net loss per share – basic and diluted**  | $(0.39) | $(0.37) |
|  Weighted average number of common shares outstanding – basic and <br> diluted  | 32913629 | 32900388 |

---

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

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

---

| | | |
|:---|:---|:---|
| | **For the Years <br> Ended December 31,**  | **For the Years <br> Ended December 31,**  |
| | **2024**  | **2023**  |
| Net loss  | $(12810117) | $(12910406) |
| Foreign currency translation – unrealized loss  | (25247) | (5248) |
| Comprehensive loss  | $(12835364) | $(12915655) |

---

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

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY For the Years ended December 31, 2024 and 2023

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock**  | **Preferred Stock**  | **Common Stock**  | **Common Stock**  | **Additional <br> Paid-in <br> Capital**  | **Earnings <br> Accumulated <br> (Deficit)**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Equity**  |
| | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Additional <br> Paid-in <br> Capital**  | **Earnings <br> Accumulated <br> (Deficit)**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Equity**  |
| **Balance, December 31, 2023**  | 59779602 | $5978 | 32900388 | $3290 | $57918842 | $(50911392) | $(5249) | $7011469 |
|  Issuance of stock, net of offering <br> costs  | 4542885 | 454 |  |  | 4960104 |  |  | 4960558 |
| Stock-based compensation  |  |  |  |  | 935525 |  |  | 935525 |
| Exercise of options  |  |  | 15000 | 2 | 2998 |  |  | 3000 |
| Foreign currency translation  |  |  |  |  |  |  | (25247) | (25247) |
| Net loss  |  |  |  |  |  | (12810117) |  | (12810117) |
| **Balance, December 31, 2024**  | **64322487** | $**6432** | **32915388** | $**3292** | $**63817469** | $**(63721509)** | $**(30496)** | $**75189** |
| **Balance, January 1, 2023**  | 58871008 | $5887 | 32900388 | $3290 | $56878088 | $(38000985) | $— | $18886280 |
|  Issuance of stock, net of offering <br> costs  | 908594 | 91 |  |  | 805848 |  |  | 805939 |
|  Issuance of warrants with <br> debt  |  |  |  |  | 55330 |  |  | 55330 |
| Stock-based compensation  |  |  |  |  | 179576 |  |  | 179576 |
| Foreign currency translation  |  |  |  |  |  |  | (5248) | (5248) |
| Net loss  |  |  |  |  |  | (12910406) |  | (12910406) |
| **Balance, December 31, 2023**  | **59779602** | $**5978** | **32900388** | $**3290** | $**57918842** | $**(50911392)** | $**(5248)** | $**7011470** |

---

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

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years ended December 31, 2024, and 2023

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net loss  | $(12810117) | $(12910406) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash used in operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 421919 | 498827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs  | 28000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right of use assets  | 141264 | 82340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 935525 | 179576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in provision for credit losses  | 66301 | 106966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable  | (718549) | (472562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories  | 299508 | (1017756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets  | 31508 | (206699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable  | 115807 | 461244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 223384 | (205941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities  | (137448) | (74428) |
| &nbsp;&nbsp;&nbsp; Net cash used in operating activities  | (11402645) | (13558839) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment  | (10646) | (101649) |
| &nbsp;&nbsp;&nbsp; Net cash used in investing activities  | (10646) | (101649) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from issuance of preferred stock  | 4960558 | 805939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of options  | 3000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net borrowings from notes payable  | 3500000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid for financing costs  |  |  |
| Repayments of notes payable  |  | (1308305) |
| Net cash provided by financing activities  | 8463558 | (502366) |
| **Net decrease in cash and cash equivalents**  | (2949733) | (14162854) |
| **Cash and cash equivalents, beginning of the year**  | 4931297 | 19094151 |
| **Cash and cash equivalents, end of the year**  | $1981564 | $4931297 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest  | $304110 | 40378 |
| Cash paid for income taxes  | $— | $— |
| **Non-cash investing and financing activities** |  |  |
| Issuance of warrants as debt discount  | $— | $55330 |
| Initial recognition of operating leases liabilities and right of use assets  | $682498 | $471072 |
|  Reclassification of deferred debt discount from prepaid expenses to discount <br> on note payable  | $65485 | $— |

---

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

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Exyn Technologies, Inc. ("Exyn" or the "Company") was incorporated in the State of Delaware on May 12, 2014. The Company is a technology company pioneering autonomous aerial robot systems for complex, GPS-denied environments. Its full-stack solution enables flexible deployment of single or multi-robot fleets that can intelligently navigate and dynamically adapt to challenging environments in real time.

As of December 31, 2024, Exyn had two wholly owned subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exyn Latin America SPA, Inc. ("Exyn Latam"): Formed in April 2023 to focus on business development and sales in the Latin America region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exyn Defense, Inc. ("Range"): Formed in October 2024 to focus on business development and sales in the defense industry in the U.S. and internationally. This subsidiary had no activity in 2024.

Unless otherwise indicated, references to "Exyn" or the "Company" herein collectively refer to Exyn Technologies, Inc. and its subsidiaries.

 *Basis of Presentation.* 

The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All significant intercompany transactions and balances have been eliminated in consolidation.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

*Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure 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 these estimates. The Company's significant estimates used in these consolidated financial statements include, but are not limited to, revenue recognition, fair value of stock-based compensation, and the determination of the economic useful life of depreciable property and equipment. Certain of the Company's estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company's estimates and could cause actual results to differ from those estimates.

*Cash and Cash Equivalents*. The Company considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents.

*Accounts Receivable.* Accounts receivable are carried at their contractual amounts, less an estimated allowance for credit losses. Credit is granted in the normal course of business without collateral. The typical payment term is 30 days Management estimates the allowance for credit losses using a loss-rate approach based on historical loss information, adjusted for management's expectations about current and future economic conditions, as the basis to determine expected credit losses. Management exercises significant judgment in determining expected credit losses. Key inputs include macroeconomic factors, industry trends, the creditworthiness of counterparties, historical experience, the financial conditions of the customers, and the amount and age of past due accounts. Management believes that the composition of receivables at year-end is consistent with historical conditions as credit terms and practices and the client base has not changed significantly. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted. The allowance for credit losses was $173,267 and $106,966 as of December 31, 2024 and 2023, respectively. There were two and four customers who represented in the aggregate 52% and 58% of total accounts receivable as of December 31, 2024 and 2023, respectively.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

*Inventories*. Inventory is recorded at the lower of cost or net realizable value on a average basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow moving based on a review of recent sales trends and expected future demand.

*Property and Equipment.* Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for lab, office and computer equipment, 5 to 7 years for furniture and fixtures, 10 to 15 years for building improvements, and 5 years for software. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining estimated useful lives.

 *Deferred revenue.* 

The Company classifies amounts billed to customers for which the related services or performance obligations have not yet been satisfied as deferred revenue, which represents contract liabilities under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606. These amounts are recorded as a contract liability until the Company fulfills its obligations under the contract.

Deferred revenue activity for the years ended December 31, 2024 and 2023 is summarized as follows:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Balance at beginning of year  | $281403 | $484200 |
| Billings in advance of revenue recognition  | 26169 | 179820 |
| Revenue recognized from beginning balance  | (178432) | (382617) |
| Total deferred revenue  | $129140 | $281403 |

---

All deferred revenue outstanding as of December 31, 2024 and 2023 is expected to be recognized within the following twelve months. Because the Company's contracts have an original expected duration of one year or less, the Company has elected the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations.

*Contingent Liabilities.* The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel handling its defense in these matters and the Company's analysis of potential outcomes, if the Company determines that a loss arising from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its consolidated financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions and judgments, reflects the most likely outcome, is recorded as a contingent liability in the consolidated financial statements. In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses for these types of contingencies are recognized in the period in which the litigation services were provided.

 *Stock-based Payments* 

The Company accounts for stock-based compensation under the provisions of FASB ASC 718, "Compensation — Stock Compensation", which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

grant date. The fair value of restricted stock awards is estimated by the market price of the Company's common stock at the date of grant. Restricted stock awards are being amortized to expense over the shorter of the requisite service period or the actual vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the requisite service period or the actual vesting period, using the straight-line method. In June 2018, the FASB issued Accounting Standard Update ("ASU") No. 2018-07, Compensation — Stock Compensation (Topic 718), Improvements to Nonemployee stock-based Payment Accounting (the "2018 Update"). The amendments in the 2018 Update expand the scope of Topic 718 to include stock-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share- based transactions to employees. Consistent with the accounting requirement for employee stock-based payment awards, nonemployee stock-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.

The Company has elected to account for forfeiture of stock-based awards as they occur.

*Warrants.* The Company classifies a warrant to purchase shares of its common stock as equity on its consolidated balance sheets as this warrant is a free-standing financial instrument that is indexed to the Company's own stock and meets the criteria for equity classification. Each warrant is initially recorded within equity at the date of grant, net of issuance costs, and is not subsequently re-measured. Changes in the fair value of the warrant are not recognized after the initial measurement. The warrants will remain classified in equity until they are exercised or expire.

*Revenue Recognition.* In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for fulfilling those performance obligations. The Company's primary revenue streams include sales of aerial robotic systems and related software solutions, service revenue and subscription revenue generated through the Company's installment program.

*Product Sales.* Beginning in August 2024, revenue for product sales is recognized upon shipment, which is the point in time when control of the product transfers to the customer. Prior to August 2024, revenue was recognized upon customer receipt.

*Subscription Revenue — Installment Program.* The Company offers customers an installment-based subscription program under which a drone is delivered to the customer at the outset, and the customer pays fixed monthly subscription fees usually over a 24-month term. Customers may cancel the arrangement at any time by providing 90 days' notice and returning the drone at the end of the notice period. Because the customer may cancel the arrangement prior to completing the 24-month term, the Company does not have an unconditional right to the remaining consideration at the time of delivery. Under ASC 606, the Company has determined that the installment program represents a series of monthly performance obligations to provide the customer with access to and use of the drone for as long as the customer continues to participate in the program. Revenue is recognized monthly, as invoices are issued and the Company's right to consideration for each installment becomes unconditional. A trade receivable is recorded only for amounts invoiced. The total monthly subscription fees over the 24-month period equal the cash selling price of the drone. The Company evaluated whether the installment program includes a significant financing component and concluded that it does not, as the absence of interest represents a sales incentive.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

*Service Revenue.* Service revenue is recognized over time as the related services are performed, based on the nature of the underlying service arrangement.

*Remaining Performance Obligations.* As of December 31, 2024 and December 31, 2023, deferred revenue totaled $129,138 and $281,403, respectively, representing amounts billed in advance for which performance obligations have not yet been satisfied.

*Concentrations.* Two customers represented in the aggregate 28% and 22% of total revenues for the years ended December 31, 2024 and 2023, respectively, as shown below:

---

| | | | |
|:---|:---|:---|:---|
| **% of Total Revenue**  | **Year**  | **% of Total Revenue**  | **Year**  |
| **Customer**  | **2024**  | **Customer**  | **2023**  |
| Customer A  | 15% | Customer A  | 12% |
| Customer B  | 13% | Customer B  | 10% |

---

*Cost of Revenues.* Cost of revenues includes materials, wages, freight charges, depreciation and inspection costs.

*Comprehensive income*. The Company follows ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments. Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments.

*Foreign Currency Transactions and Translation.* Exyn's functional currency is the United States Dollar ("USD") and the Exyn Latam functional currency is the Chilean Peso ("CLP").

For the purpose of presenting these consolidated financial statements the reporting currency is USD. The Company's assets and liabilities are expressed in USD's at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders' equity section of the balance sheets.

Transactions in currencies other than the entity's functional currency are recorded at the rates of exchange prevailing on the date of the transaction.

Exchange rate used for the translation as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| USD to CLP |  |  |
| Spot  | $996.46 | $877.12 |
| Average  | $996.46 | $877.12 |

---

*Earnings Per Share.* The Company follows ASC 260 when reporting Earnings Per Share ("EPS") resulting in the presentation of basic and diluted earnings per share. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding, plus the effect of potentially dilutive common stock equivalents, if any. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

For the years ended December 31, 2024 and 2023, the Company had net losses and therefore all potentially dilutive securities were excluded from the diluted EPS calculation, as their inclusion would have been anti-dilutive.

As of December 31, 2024 and 2023, the Company excluded the following common stock equivalents, from its calculation of diluted EPS, as their effect would have been anti-dilutive.

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Convertible preferred stock  | 62358665 | 60130785 |
| Options  | 10936325 | 11925670 |
| Warrants for equity investors and placement agent  | 1957003 | 1957003 |
| Total common stock equivalents  | 75251994 | 74013458 |

---

*Deferred Financing Costs.* Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the term of the recognized debt liability which approximates the effective interest method.

*Income Taxes.* The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 "Income Taxes". The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts ("temporary differences") at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company's consolidated financial statements as of December 31, 2024 and 2023. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company's policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

*Fair Value Measurements.* The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 "Fair Value Measurements and Disclosures" ("ASC 820") which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

The carrying amounts of the Company's financial instruments, such as cash, accounts receivable, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments The estimated fair value of the Company's long-term debt approximates the carrying value of these instruments, due to the interest rates on this debt approximating current market interest rates.

*Concentration of Credit Risks.* Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard to trade receivables, the Company performs ongoing evaluations of its customers' financial condition as well as general economic conditions and, generally, requires no collateral from its customers.

*Leases.* The Company leases certain facilities and office space. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component in the calculation of the lease asset and corresponding liability.

Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

*Recent Accounting Pronouncements.* In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, as modified by FASB ASU No. 2019-10 and other subsequently issued related ASUs (this "Update"). The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this new guidance effective January 1, 2023, utilizing the modified retrospective transition method. The adoption of this standard did not have a material impact on the Company's consolidated financial statements but did change how the allowance for credit losses is determined.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an interim and annual basis and provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Company adopted the guidance for the annual reporting period ended December 31, 2024. There was no impact on the Company's reportable segments identified.

*Segment Reporting.* The Company uses "the management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker ("CODM") is the Chief Executive Officer ("CEO") of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company's primary revenue stream includes the sale of aerial robotic systems and related software solutions that enable data collection, mapping, and inspection. Based on the CODM's evaluation and internal reporting, the Company has one reportable segment: Aerial Robotic Systems.

3. GOING CONCERN

The consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has received negative cash flows from operations, incurred a loss resulting in an accumulated deficit of $63,721,509 as of December 31, 2024 and anticipates further losses in the development of its business. These factors raise substantial doubts about the Company's ability to continue as a going concern for a period of 12 months from the date of this annual report.

As of December 31, 2024, the Company had approximately $2.0 million in cash and cash equivalents as compared to $4.9 million as of December 31, 2023. The Company expects that its current cash and cash equivalents, approximately $547,000 as of the date of this annual report, will not be sufficient to support its projected operating requirements for at least the next 12 months from the date of this annual report.

The Company expects to need additional capital in order to increase revenues above current levels, and is actively pursuing additional funding through various sources, including potential equity or other capital-raising alternatives, to meet its future operating and capital needs. Any additional equity financing, if available, may not be on favorable terms and would likely be significantly dilutive to the Company's current stockholders, and debt financing, if available, may involve restrictive covenants. The Company's ability to access capital when needed is not assured and, if not achieved on a timely basis, will likely have a material adverse effect on its business, financial condition and results of operations. The financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

4. RESTRUCTURING AND SEVERANCE

Restructuring and severance charges consist of the following for the years ended December 31, 2024 and 2023, respectively:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Severance expense  | $349630 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other  |  |  |
| Total restructuring and severance  | $349630 | $— |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
4. RESTRUCTURING AND SEVERANCE (continued)

The changes in the carrying amount of restructuring and severance liabilities for the year ended December 31, 2024 consisted of the following:

---

| | |
|:---|:---|
| Balance, January 1, 2024  | $— |
| Additions and adjustments  | 349630 |
| Payments and adjustments  | (349630) |
| Balance, December 31, 2024  | $— |

---

5. ACCOUNTS RECEIVABLE

Accounts receivable consist of the following at December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| Trade accounts receivable  | $1907196 | $1188647 |
| Less: allowance for credit losses  | (173267) | (106966) |
| Total accounts receivable  | $1733929 | $1081681 |

---

6. INVENTORIES

Inventories of $1,598,840 and $1,923,849 as of December 31, 2024 and 2023, respectively, consist of finished goods of $426,933 and $901,445 and raw materials of $1,171,907 and $1,022,404, which are valued at the lower of cost (determined on an average basis) or net realizable value. As of each balance sheet date, no reserves for excess or obsolete inventory were required.

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Other current assets consist of the following as of December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| Prepaid expenses  | $306839 | $247641 |
| Deferred financing costs  | 22912 | 97511 |
| Other  | 9668 | 91259 |
| Total prepaid and other current assets  | $339418 | $436411 |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
8. PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following as of December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Lab, office and computer equipment  | $2635671 | $2625025 |
| Furniture and fixtures  | 44117 | 44117 |
| Leasehold improvements  | 36942 | 36942 |
| Computer software  | 25824 | 25824 |
|  | 2742554 | 2731908 |
| Less: accumulated depreciation  | (2129804) | (1707885) |
| Total property and equipment, net  | $612750 | $1024023 |

---

Depreciation and amortization expense was $421,919 and $498,827 for the years ended December 31, 2024 and 2023, respectively.

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following as of December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Payroll and related benefits  | $82058 | $107582 |
| Accrued expenses  | 404359 | 449477 |
| Accrued other taxes  | 1033409 | 669006 |
| Customer deposits  | 76750 |  |
| Other  | 16256 | 11121 |
| Total accrued expenses and other current liabilities  | $1612833 | $1237186 |

---

10. NOTES PAYABLE

Principal due under the note payable was as follows as of December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| Note payable  | $3500000 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Less: debt discount  | (37485) |  |
| Note payable, net  | $3462515 | $— |

---

For the years ended December 31, 2024 and 2023, the Company recognized total interest expense of approximately $315,167 and $52,445, respectively, of which $28,000 and $0 related to the accretion of the debt discount on the note payable.

On September 27, 2023, the Company entered into a Loan and Security Agreement with Western Alliance Bank, pursuant to which the Company obtained a term loan of up to $5,000,000, consisting of a Term A Advance of up to $3,500,000 and a Term B Advance of up to $1,500,000 upon achievement of certain revenue milestones. The loan matures on September 27, 2027, and bears interest at a floating rate equal to the greater of 8.25% or the Bank's Prime Rate. The interest rate as of December 31, 2024 was 8.5%. Interest-only payments are due through September 10, 2025, followed by 24 months of equal monthly principal and interest installments commencing October 10, 2025. The loan is secured by substantially all assets of the Company.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
10. NOTES PAYABLE (continued)

In connection with the Loan Agreement entered into with Western Alliance Bank on September 27, 2023, we also issued accompanying warrants to Western Alliance Bank with an expiration date of September 27, 2033. The warrants grant Western Alliance Bank the ability to purchase 197,551 shares of common stock of the Company with an exercise price of $0.35 per share. The fair value of the warrants was determined using the Black-Scholes option-pricing model. Assumptions included expected volatility of 46.4%, risk-free rate of 3.9%, expected term of 9.3 years, and a dividend yield of 0%. Expected volatility was estimated based on the historical volatility of guideline public companies in the Company's industry, as the Company is privately held and does not have its own trading history. The fair value of the warrants was $55,330 and was recorded as Debt Issuance Costs (presented as deferred financing costs in 2023 and as a contra-liability that reduces the carrying amount of the debt on the balance sheet in 2024). This amount is amortized to interest expense over the term of the debt using the effective interest method.

In 2020, the company entered into a Loan and Security Agreement with Silicon Valley Bank, pursuant to which the Company obtained a term loan of up to $2,500,000. The loan was repaid in full in March 2023.

In connection with the Loan Agreement entered into with Silicon Valley Bank in 2020, the Company also issued accompanying warrants to Silicon Valley Bank with an expiration date of November 9, 2030. The warrants grant Silicon Valley Bank the ability to purchase 268,174 shares of preferred stock of the Company with an exercise price of $0.7587 per share. The fair value of the warrants was determined using the Black-Scholes option-pricing model. Assumptions included expected volatility of 58%, risk-free rate of 1.8%, expected term of 2 years, and a dividend yield of 0%. Expected volatility was estimated based on the historical volatility of guideline public companies in the Company's industry, as the Company is privately held and does not have its own trading history. The fair value of the warrants was $40,226 and was recorded as Debt Issuance Costs (presented as a contra-liability that reduces the carrying amount of the debt on the balance sheet). This amount is amortized to interest expense over the term of the debt using the effective interest method.

11. INCOME TAXES

Exyn Technologies, Inc., Exyn Latam and Range are taxed as corporations. Exyn Latam pays foreign taxes on income.

Components of net loss before income taxes were as follows:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| United States  | $(12682009) | $(12884346) |
| Foreign  | (128108) | (26060) |
| Net loss before income tax expense – continuing operations  | $(12810117) | $(12910406) |

---

The tax effects that give rise to deferred tax assets (liabilities) are presented below:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Net operating loss carryforwards  | $13337393 | $11496473 |
| Research and development expenses  | 3408168 | 2281312 |
| Share-based compensation  | 309044 | 50511 |
| Property and equipment – book basis in excess of tax basis  | (115377) | (214396) |
| Miscellaneous  | 474380 | 285433 |
| Less: valuation allowance  | (17413607) | (13899333) |
| Net deferred tax assets (liabilities)  | $— | $— |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
11. INCOME TAXES (continued)

The income tax benefit consists of the following:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Current: |  |  |
| Federal  | $1516061 | $901878 |
| State  | 484418 | 304921 |
| Foreign  |  |  |
| Total current  | 2000479 | 1206799 |
| Deferred: |  |  |
| Federal  | 1147229 | 1684759 |
| State  | 366567 | 569609 |
| Foreign  |  |  |
| Total deferred  | 1513796 | 2254368 |
| Total current and deferred  | 3514274 | 3461167 |
| Less: change in valuation  | (3514274) | (3461167) |
| Total income tax benefit  | $— | $— |

---

A reconciliation of the statutory federal income tax rate to the Company's effective tax rate is as follows:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Tax at federal statutory rate  | 21.00% | 21.00% |
| Tax at state statutory rate, net of federal tax effect  | 6.71% | 7.10% |
| Change in valuation allowance  | -27.71% | -28.10% |
|  | 0.00% | 0.00% |

---

As of December 31, 2024, and December 31, 2023, the Company had available federal net operating loss carry forwards of $48,132,056 and $40,912,717, respectively, which are available to offset future taxable income. The Tax Cuts and Jobs Act of 2017 limits the amount of federal net operating loss to be utilized each year after December 31, 2020, to 80% of taxable income and allows carry forwards to be indefinite.

A valuation allowance against a deferred tax asset must be established when it is "more likely than not" that all, or a portion of, deferred tax assets will not be realized. A review of all available positive and negative evidence needs to be considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. After consideration of all the information available, management believes that uncertainty exists with respect to future realization of its deferred tax assets and has, therefore, established a full valuation allowance as of December 31, 2024, and December 31, 2023, of $17,413,607 and $13,899,333, respectively.

12. STOCKHOLDERS' EQUITY

 *<u>Common Stock</u>* 

As of December 31, 2024, the Company is authorized to issue 128,000,000 shares of common stock, par value $0.0001 per share. Holders of common stock are entitled to one vote for each share held. The holders of common stock are entitled to receive dividends, when and if declared by the Board of Directors,

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
12. STOCKHOLDERS' EQUITY (continued)

subject to the preferential rights of preferred stockholders. As of December 31, 2024, there were 32,915,388 shares of common stock issued and outstanding.

 *Common stock issuances during the years ended December 31, 2024 and 2023, respectively:* 

15,000 shares of common stock were issued in the year ended December 31, 2024. No shares of common stock were issued in the year ended December 31, 2023.

 *<u>Preferred Stock</u>* 

As of December 31, 2024 and 2023, the Company's authorized and issued preferred stock, with par value of $0.0001 per share, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Issued and Outstanding**  | **Issued and Outstanding**  |
| | **Authorized**  | **2024**  | **2023**  |
| Series A-1 Preferred Stock  | 3778798 | 3778798 | 3778798 |
| Series A-2 Preferred Stock  | 545372 | 545372 | 545372 |
| Series A-3 Preferred Stock  | 2423708 | 2423708 | 2423708 |
| Series A-4 Preferred Stock  | 17303891 | 15421114 | 15421114 |
| Series B-1 Preferred Stock  | 18530110 | 18530110 | 18530110 |
| Series B-2 Preferred Stock  | 31800835 | 23623385 | 19080500 |
| Total Preferred Stock  | 74382714 | 64322487 | 59779602 |

---

The rights, preferences, and privileges of the Series A-1, Series A-2, Series A-3, and Series A-4 Preferred Stock are identical in all material respects, and the rights, preferences, and privileges of the Series B-1 and Series B-2 Preferred Stock are identical in all material respects. The only material differences between the Series A Preferred Stock and Series B Preferred Stock are the original issue price per share, the dedicated board seat for each series, and the requirement that certain actions adversely affecting the Series B Preferred Stock also require the approval of a majority of the Series B Preferred Stock.

---

| | | |
|:---|:---|:---|
| **Provision**  | **Series A Preferred**  | **Series B Preferred**  |
| **Original Issue Price**  | A-1: $0.57 A-2: $0.61 A-3: $0.64 A-4: $0.76 | B-1: $0.81 B-2: $1.10 |
| **Liquidation Preference**  | 1× non-participating (Original Issue Price + declared unpaid dividends) | Identical |
| **Dividend Rate**  | 8% per annum, non-cumulative, payable when/if declared | Identical |
| **Conversion Ratio**  | 1:1 (subject to standard anti-dilution) | Identical |
| **Voluntary Conversion**  | At any time at holder's option | Identical |
| **Automatic Conversion**  | Upon (i) Qualified IPO (≥ $50M and price ≥ 2× Series B issue price) or (ii) majority of Preferred | Same trigger, but adds requirement that majority of **Series B** must approve → **Slightly** |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
12. STOCKHOLDERS' EQUITY (continued)

---

| | | |
|:---|:---|:---|
| **Provision**  | **Series A Preferred**  | **Series B Preferred**  |
|  | vote | **stronger for B**  |
| **Voting Rights**  | Vote together with Common on as-converted basis | Identical |
| **Board Seats**  | Series A elects 1 director (as long as ≥ 8,042,415 shares outstanding) | Series B elects 1 director (as long as ≥ 12,460,730 shares outstanding) |
| **Protective Provisions (Class Vote)**  | Majority of all Preferred required for major actions (amend charter, increase authorized, create senior stock, liquidation, etc.) | Same majority of all Preferred, **plus** majority of Series B required for any action that adversely affects Series B rights → **Series B has veto over its own rights** |
| **Anti-Dilution Protection**  | Broad-based weighted average | Identical |
| **Redemption**  | None (only upon Deemed Liquidation Event) | Identical |
| **Participation Rights / Pro Rata**  | Yes – all Major Investors | Identical |
| **Registration Rights**  | Demand (after IPO), S-3, piggyback | Identical |
| **Right of First Refusal / Co-Sale**  | Applies to Key Holders (founders) | Identical |

---

During the year ended December 31, 2024, the company issued 4,542,885 shares of Series B convertible preferred shares at a price of $1.10 per share for aggregate gross proceeds of $5,000,000. During the year ended December 31, 2023, the company issued 908,594 shares of Series B convertible preferred shares at a price of $1.10 per share for aggregate gross proceeds of $1,000,000

 *<u>Employee Incentive Stock Option Plan</u>* 

The Company has adopted the Exyn Technologies, Inc. 2015 Equity Compensation Plan under which a total of 23,405,167 shares of common stock are reserved for issuance. Options typically vest over 4 years and expire 10 years from the grant date.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
12. STOCKHOLDERS' EQUITY (continued)

The following table summarizes stock option activity for the years ended December 31, 2024 and December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
| | **Options Outstanding**  | **Options Outstanding**  | **Options Outstanding**  |
| | **Number of <br> Shares**  | **Weighted- <br> Average <br> Exercise Price**  | **Weighted- <br> Average <br> Remaining <br> Contractual <br> Term <br> (in years)**  |
| Balance, December 31, 2022  | 11995091 | $0.18 | 6.4 |
| Granted  | 7783200 | 0.35 |  |
| Exercised  |  |  |  |
| Expired/Cancelled  | (1923198) | 0.20 |  |
| Balance, December 31, 2023  | 17855093 | $0.25 | 6.3 |
| Granted  | 4347673 | 0.30 |  |
| Exercised  | (15000) | 0.20 |  |
| Expired/Cancelled  | (5043043) | 0.24 |  |
| Balance, December 31, 2024  | 17144723 | $0.29 | 7.5 |
| Exercisable at December 31, 2024  | 8667800 | $0.24 | 5.9 |
| Exercisable at December 31, 2024 and expected to vest thereafter  | 17159723 | $0.29 | 7.5 |

---

As of December 31, 2024, there was $1,911,713 of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of 2.7 years. As of December 31, 2023, there was $1,799,760 of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of 3.6 years.

The fair value of options granted during the years ended December 31, 2024 and December 31, 2023, was $1,087,177 and $1,741,669, respectively, and was estimated at the grant date based on the Black-Scholes option pricing model with the following weighted-average assumptions:

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Expected term  | 6.11 | 5.98 |
| Expected volatility  | 107.34% | 91.17% |
| Rick-free interest rate  | 4.20% | 3.96% |
| Expected dividend yield  | 0.00% | 0.00% |
| Weighted average grant-date fair value per share  | $0.25 | 0.22 |

---

Expected volatility was estimated based on the historical volatility of guideline public companies in the Company's industry, as the Company is privately held and does not have its own trading history.

Stock-based compensation expense of $935,525 and $179,576 was recognized for the years ended December 31, 2024 and 2023, respectively, related to the vesting of stock options and other equity awards.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
12. STOCKHOLDERS' EQUITY (continued)

 *<u>Warrants</u>* 

The following table summarizes stock warrant activity for the years ended December 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Outstanding, beginning of year  | 2020328 | 1822777 |
| Granted  |  | 197551 |
| Exercised  |  |  |
| Forfeited/Expired  |  |  |
| Outstanding, end of year  | 2080328 | 2020328 |
| Exercisable, end of year  | 2080328 | 2020328 |

---

13. LEASES

The Company has operating leases for office space and equipment. Lease terms generally range from 3 to 5 years, and certain leases include options to extend or terminate which are considered in determining the lease term when reasonably certain to be exercised.

The components of lease expense were as follows for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| Operating lease costs  | $162242 | $162242 |
| Short-term lease cost  |  |  |
| Variable lease costs  |  |  |
| Total lease cost  | $162242 | $162242 |

---

The Company does not have any finance leases, short-term leases, or variable lease payment arrangements.

The components of operating lease assets and liabilities as of December 31, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
| Operating lease right-of-use assets  | $458894 | $600158 |
| Current portion of operating lease liabilities  | 146515 | 136998 |
| Operating lease liabilities, net of current portion  | 324107 | 471072 |
| Total operating lease liabilities  | $470622 | $608070 |

---

The weighted-average remaining lease term is 3 years and the weighted-average discount rate is 7.12%.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
13. LEASES (continued)

Future minimum lease payments under non-cancellable operating leases as of December 31, 2024 are as follows:

---

| | |
|:---|:---|
| | **Operating Leases**  |
| 2025  | $162132 |
| 2026  | 166210 |
| 2027  | 170112 |
| Total lease payments  | 498454 |
| Less: imputed interest  | (27832) |
| Total present value of lease liabilities  | $470622 |

---

14. COMMITMENTS AND CONTINGENCIES

#### Litigation and Claims
From time to time, the Company is subject to claims, litigation, investigations, and other legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies when it is both probable that a liability has been incurred and the amount can be reasonably estimated. As of December 31, 2024, no loss contingencies have been accrued because no matters meet both of these criteria or the amounts involved are not material.

Management has evaluated all known and potential matters and believes that the ultimate resolution of any currently pending proceedings, either individually or in the aggregate, will not have a material adverse effect on the Company's financial position, results of operations, or cash flows. However, the outcome of legal proceedings is inherently uncertain, and adverse resolutions could occur. An unfavorable outcome in one or more matters could materially affect the Company's operating results or cash flows in the period in which it is resolved.

#### Other Commitments
Other than standard operating leases and purchase commitments entered into in the ordinary course of business, the Company has no material off-balance-sheet arrangements or long-term commitments as of December 31, 2024.

15. SEGMENT REPORTING

The Company operates as a single operating and reportable segment. The Company's CODM has been identified as the Chair and Chief Executive Officer, who reviews the consolidated operating results, including net revenues, cost of revenues, gross profit, and selling, general and administrative expenses, and net income (loss) to make decisions about resource allocation and to assess performance.

The CODM does not evaluate performance or allocate resources at a disaggregated level below the consolidated entity. As such, the Company has determined that it has one operating segment and one reportable segment.

The significant expense categories the CODM reviews regularly are: personnel expenses ($7,688,306 and $9,426,676 for the years ended December 31, 2024 and 2023 respectively; contractor expense ($773,031 and $1,139,874 for the years ended December 31, 2024 and 2023 respectively), and legal and professional expenses ($306,854 and $256,043 for the years ended December 31, 2024 and 2023 respectively).

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
15. SEGMENT REPORTING (continued)

The CODM uses consolidated operating results and net income (loss), as noted, to evaluate overall Company performance, compare actual results to internal budgets and forecasts, and to make decisions regarding resource allocation, including investments in personnel, marketing, and technology and product development.

Because the Company manages its business, allocates resources, and evaluates performance on a consolidated basis, the accompanying consolidated financial statements reflect the operations of one segment. The measures of profit or loss reviewed by the CODM are consistent with those presented in the consolidated statements of operations.

The Company's revenue is derived principally from the sale of aerial robotic systems and software solutions, service revenue and subscription revenue.

Segment information available with respect to the reportable business segment for the years ended December 31, 2024 and 2023 was as follows:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  |
| | **2024**  | **2023**  |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp; Systems  | $4643392 | $3573779 |
| &nbsp;&nbsp;&nbsp; Subscription  | 576030 | $502727 |
| &nbsp;&nbsp;&nbsp; Services  | 348858 | $475370 |
| &nbsp;&nbsp;&nbsp; Aerial Robotic Systems  | $5568280 | $4551877 |
| Cost of revenues: |  |  |
| &nbsp;&nbsp;&nbsp; Aerial Robotic Systems  | $3611850 | $2841708 |
| Gross profit: |  |  |
| &nbsp;&nbsp;&nbsp; Aerial Robotic Systems  | $1956430 | $1710169 |
| Depreciation and amortization: |  |  |
| &nbsp;&nbsp;&nbsp; Aerial Robotic Systems  | $421919 | $498827 |
| Revenues by geography: |  |  |
| &nbsp;&nbsp;&nbsp; Canada  | $1758548 | $1173582 |
| &nbsp;&nbsp;&nbsp; United States  | $956101 | $1200731 |
| &nbsp;&nbsp;&nbsp; Australia  | $878362 | $500519 |
| &nbsp;&nbsp;&nbsp; Other  | $1975269 | $1677045 |
| Total geography and consolidated revenues  | $5668280 | $4551877 |
| Segment capital expenditures: |  |  |
| &nbsp;&nbsp;&nbsp; Aerial Robotic Systems  | $10646 | $101649 |
| Segment total assets: |  |  |
| &nbsp;&nbsp;&nbsp; Aerial Robotic Systems  | $6789095 | $10061119 |

---

16. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date of this report.

In April 2025, the Company issued Simple Agreements for Future Equity ("SAFEs") for aggregate gross proceeds of $3,000,000. The SAFEs bear no interest and will expire and terminate on March 1, 2026

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
16. SUBSEQUENT EVENTS (continued)

if no conversion event has occurred by that date. Upon a qualified equity financing occurring prior to March 1, 2026, the SAFEs will automatically convert into the number of shares of the series of preferred stock issued in such financing determined by dividing the investment amount by the lower of (i) 74% of the price per share paid by other investors in the financing (a 26% discount) or (ii) the price per share implied by a $90,000,000 pre-money valuation cap. The SAFEs also contain customary provisions for mandatory conversion upon a liquidity event or dissolution event prior to the expiration date.

In August and November 2025, the Company issued SAFEs for aggregate gross proceeds of $3,200,000. The SAFEs bear no interest and will expire and terminate on March 1, 2026 if no conversion event has occurred by that date. Upon a qualified equity financing occurring prior to March 1, 2026, the SAFEs will automatically convert into the number of shares of the series of preferred stock issued in such financing determined by dividing the investment amount by the lower of (i) 74% of the price per share paid by other investors in the financing (a 26% discount) or (ii) the price per share implied by a $125,000,000 pre-money valuation cap. The SAFEs also contain customary provisions for mandatory conversion upon a liquidity event or dissolution event prior to the expiration date.

The shares of a series of Preferred Stock issued to the SAFE Investor in an equity financing, having the identical rights, privileges, preferences and restrictions as the shares of Standard Preferred Stock, other than with respect to: (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection, which will equal the Conversion Price; and (ii) the basis for any dividend rights, which will be based on the Conversion Price.

A "Qualified Equity Financing" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Stock at a fixed pre-money valuation resulting in at least $5,000,000 of aggregate gross proceeds, excluding conversion of (A) this instrument, (B) all other outstanding SAFEs issued by the Company, and (C) outstanding convertible promissory notes issued by the Company. "Liquidity Event" means (i) a "Deemed Liquidation Event", as such term is defined in the Restated Certificate, (ii) a Sale of the Company, as defined in the Voting Agreement, (iii) a Direct Listing or (iv) an Initial Public Offering. "Dissolution Event" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (excluding a Liquidity Event), whether voluntary or involuntary.

On May 16, 2025, the Company issued a $1,500,000 Senior Convertible Promissory Note to Neolync Holdings Ltd. The Note matures November 16, 2025, bears interest at 12% per annum, and is secured by a first-priority lien on substantially all assets of the Company (subject only to the existing Western Alliance Bank facility).

The Note provides for (i) a 300% liquidation preference, (ii) automatic conversion into common equity upon a Public Company Event at 135% of the then-public trading price, and (iii) cash repayment at maturity if no Public Company Event occurs. Upon certain events of default (including bankruptcy), the outstanding amount may become payable at 200% of the then-outstanding obligations. Proceeds are being used for general corporate purposes and working capital. The issuance is a non-recognized subsequent event under ASC 855 and is not reflected in the December 31, 2024 consolidated balance sheet.

On May 30, 2025, HSBC Bank (acting through its Chennai branch) issued an irrevocable standby letter of credit in favor of Exyn Technologies Inc. for a maximum amount of USD $3,500,000. The standby letter of credit was issued at the request of Neolync Electronics Pvt Ltd (India) in support of banking facilities granted to Neolync Electronics Pvt Ltd (India) by HSBC. The standby letter of credit has a fixed expiry date of November 14, 2025, is governed by International Standby Practices (ISP98), allows partial drawings, and has been assigned to Western Alliance Bank (San José, California) as security for the Company's senior

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXYN TECHNOLOGIES, INC.

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years ended December 31, 2024 and 2023
16. SUBSEQUENT EVENTS (continued)

credit facility. As of the date of this report, no amounts have been drawn under the standby letter of credit. The standby letter of credit was renewed in November 2025, with an expiration date of May 13, 2026.

------

[**TABLE OF CONTENTS**](#TOC2)

### Shares
![[MISSING IMAGE: lg_exyn-bwlr.jpg]](lg_exyn-bwlr.jpg)

### Common Stock

#### PRELIMINARY PROSPECTUS

### Lucid Capital Markets, LLC

#### , 2026

------

[**TABLE OF CONTENTS**](#TOC2)

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 13. Other Expenses of Issuance and Distribution.
The following table sets forth all costs and expenses, other than the underwriting discounts and commissions, payable by Exyn Technologies, Inc. (the "Registrant") in connection with the offer and sale of the common stock being registered. All amounts shown are estimates except for the SEC, registration fee, the FINRA filing fee and exchange listing fee.

---

| | |
|:---|:---|
| | **Amount**  |
| SEC registration fee  | $\* |
| FINRA filing fee  | \* |
| Nasdaq filing fee  | \* |
| Printing and engraving expenses  | \* |
| Legal fees and expenses  | \* |
| Accounting fees and expenses  | \* |
| Transfer agent and registrar fees and expenses  | \* |
| Miscellaneous fees and expenses  | \* |
| &nbsp;&nbsp;&nbsp; Total  | $\* |

---

\*

To be provided by amendment.

#### Item 14. Indemnification of Directors and Officers.
Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend, or approved a stock repurchase in violation of Delaware corporate law, or obtained an improper personal benefit. Our certificate of incorporation will provide for this limitation of liability.

Section 145 of the DGCL ("Section 145") provides that a Delaware corporation may indemnify any person who was, is, or is threatened to be made, party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee, or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit, or proceeding, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was illegal. A Delaware corporation may indemnify any persons who are, were, or are a party to any threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests, provided that no indemnification is permitted without judicial approval if the officer, director, employee, or agent is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director has actually and reasonably incurred.

------

[**TABLE OF CONTENTS**](#TOC2)

Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation or enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would otherwise have the power to indemnify him under Section 145.

Our bylaws will provide that we will indemnify our directors and officers to the fullest extent authorized by the DGCL and must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.

Upon completion of this offering, we intend to enter into indemnification agreements with each of our executive officers and directors. The indemnification agreements will provide the executive officers and directors with contractual rights to indemnification, expense advancement, and reimbursement to the fullest extent permitted under the DGCL.

The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our certificate of incorporation or bylaws, agreement, vote of stockholders or disinterested directors, or otherwise.

We will maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers. The proposed form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement provides for indemnification of our directors and officers by the underwriters party thereto against certain liabilities arising under the Securities Act or otherwise.

#### Item 15. Recent Sales of Unregistered Securities.
The following sets forth information regarding securities sold or issued by us in the three years preceding the date of this registration statement. No underwriters were involved in these sales. There was no general solicitation of investors or advertising, and we did not pay or give, directly or indirectly, any commission or other remuneration, in connection with the offering of these shares. In each of the transactions described below, the recipients of the securities represented their intention to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were affixed to the securities issued in these transactions.

#### Convertible Note
In May 2025, we issued a convertible promissory note to Neolync Holdings in the aggregate principal amount of $1.5 million with an interest rate of 12.0% per annum, pursuant to a note purchase agreement entered into with certain holders of our capital stock. As of the date of this prospectus, a $1.5 million convertible note remain outstanding.

#### Warrants
In connection with the Loan Agreement entered into with Western Alliance Bank on September 27, 2023, we also issued accompanying warrants to Western Alliance Bank with an expiration date of September 27, 2033. The warrants grant Western Alliance Bank the ability to purchase 197,551 shares of common stock of the Company with an exercise price of $0.35 per share. The warrants were sold and issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws.

In November 2020, we issued warrants to Silicon Valley Bank. The warrants grant Silicon Valley Bank the ability to purchase 268,174 shares of preferred stock of the Company with an exercise price of $0.7587

------

[**TABLE OF CONTENTS**](#TOC2)

per share. The fair value of the warrants was determined using the Black-Scholes option-pricing model. The warrants were sold and issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws.

#### SAFE Financings
In April 2025, the Company issued Simple Agreements for Future Equity ("SAFEs") for aggregate gross proceeds of $3,000,000. The SAFEs bear no interest and will expire and terminate on March 1, 2026 if no conversion event has occurred by that date. Upon a qualified equity financing occurring prior to March 1, 2026, the SAFEs will automatically convert into the number of shares of the series of preferred stock issued in such financing determined by dividing the investment amount by the lower of (i) 74% of the price per share paid by other investors in the financing (a 26% discount) or (ii) the price per share implied by a $90,000,000 pre-money valuation cap. The SAFEs also contain customary provisions for mandatory conversion upon a liquidity event or dissolution event prior to the expiration date.

In August and November 2025, the Company issued Simple Agreements for Future Equity ("SAFEs") for aggregate gross proceeds of $3,200,000. The SAFEs bear no interest and will expire and terminate on March 1, 2026 if no conversion event has occurred by that date. Upon a qualified equity financing occurring prior to March 1, 2026, the SAFEs will automatically convert into the number of shares of the series of preferred stock issued in such financing determined by dividing the investment amount by the lower of (i) 74% of the price per share paid by other investors in the financing (a 26% discount) or (ii) the price per share implied by a $125,000,000 pre-money valuation cap. The SAFEs also contain customary provisions for mandatory conversion upon a liquidity event or dissolution event prior to the expiration date.

#### Series A and B Financings
From April 2019 to June 2019, we raised approximately $11.7 million in gross profits through the issuance of an aggregate amount of 15,157,506 shares of Series A Preferred Stock.

In December 2022, we raised approximately $20.0 million in gross profits through the issuance of an aggregate amount of 18,171,906 shares of Series B Preferred Stock.

In July 2024, we raised approximately $5.0 million in gross profits through the issuance of an aggregate amount of 4,542,885 shares of Series B Preferred Stock.

#### Equity Awards
Since January 1, 2022, we have granted stock options to employees, officers, directors and consultants, covering an aggregate of shares of our common stock, having a weighted average exercise price of $ per share, in connection with services provided to us by such parties.

Since January 1, 2022, we have issued an aggregate of shares of our common stock to employees, officers, directors and consultants upon their exercise of stock options, for aggregate cash consideration of approximately $ million.

Unless otherwise stated, the issuances of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder, or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule 701. Individuals who purchased securities as described above represented their intention to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were affixed to the share certificates issued in such transactions.

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions or any public offering.

------

[**TABLE OF CONTENTS**](#TOC2)

#### Item 16. Exhibits and Financial Statement Schedules.
(a) Exhibits.

The list of exhibits is set forth under "Exhibit Index" at the end of this registration statement and is incorporated herein by reference.

(b) Financial Statement Schedules.

No financial statement schedules are provided because the information called for is not required or is shown either in the financial statements or the notes thereto.

#### Item 17. Undertakings.
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions referenced in Item 14 of this registration statement, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered hereunder, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned Registrant hereby further undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| &nbsp;&nbsp; 1.1† | Form of Underwriting Agreement. |
| &nbsp;&nbsp; 3.1\* | Amended and Restated Certificate of Incorporation, as amended and as currently in effect. |
| &nbsp;&nbsp; 3.2† | Form of Amended and Restated Certificate of Incorporation, to be effective as of immediately prior to the completion of this offering. |
| &nbsp;&nbsp; 3.3\* | Bylaws, as amended and as currently in effect. |
| &nbsp;&nbsp; 3.4† | Form of Amended and Restated Bylaws, to be effective as of immediately prior to the completion of this offering. |
| &nbsp;&nbsp; 4.1† | Form of Common Stock Certificate of the Registrant. |
| &nbsp;&nbsp; 4.2† | Form of Representative's Warrant. |
| &nbsp;&nbsp; 5.1† | Opinion of DLA Piper LLP (US). |
| 10.1+† | Form of Indemnification Agreement between the Registrant and its directors and officers. |
| 10.2+† | Amended and Restated 2015 Equity Compensation Plan. |
| 10.3+† | 2026 Equity Incentive Plan. |
| 10.4+† | 2026 Employee Stock Purchase Plan. |
| 10.5+† | Form of Restricted Unit Award Agreement under the 2026 Equity Incentive Plan. |
| 10.6+† | Form of Option Award Agreement under the 2026 Equity Incentive Plan. |
| 10.7 | Loan and Security Agreement dated as of September 27, 2023, between the Registrant and Western Alliance Bank. |
| 10.8# | Waiver and First Amendment to Loan and Security Agreement dated as of July 11, 2025, between the Registrant and Western Alliance Bank. |
| 10.9\* | Second Amendment to Loan and Security Agreement dated as of November 19, 2025, between the Registrant and Western Alliance Bank. |
| 10.10# | Subordination Agreement to Loan and Security Agreement dated as of July 11, 2025, among the Registrant, Western Alliance Bank and Neolync Electronics Private Limited. |
| 10.11# | Irrevocable Standby Letter of Credit dated as of May 30, 2025, among the Registrant, Neolync Electronics Private Limited, HSBC Bank USA, N.A. and Western Alliance Bank. |
| 10.12# | Amendment No. 1 to Irrevocable Standby Letter of Credit dated as of November 13, 2025, among the Registrant, Neolync Electronics Private Limited, HSBC Bank USA, N.A. and Western Alliance Bank. |
| 10.13 | Letter Agreement dated as of May 20, 2025, between the Registrant and Neolync Holdings Ltd, including Senior Convertible Promissory Note. |
| 10.14\* | Amendment No. 1 to Letter Agreement dated as of October 9, 2025, between the Registrant and Neolync Holdings Ltd. |
| 10.15+\* | Executive Employment Agreement dated as of October 30, 2023, between the Registrant and Brandon Torres Declet. |
| 10.16+\* | Amendment No. 1 to Executive Employment Agreement dated as of September 24, 2025, between the Registrant and Brandon Torres Declet. |
| 10.17+# | Advisory Agreement dated as of August 1, 2025, between the Registrant and Longview Innovation, LLC. |
| 10.18 | Forbearance and Third Amendment to Loan and Security Agreement dated as of December 23, 2025, between the Registrant and Western Alliance Bank. |
| 10.19# | Business Term Loan Agreement dated as of December 26, 2025, between the Registrant and Maximcash Solutions LLC. |
| 10.20# | Equity Kicker and Registration Rights Agreement dated as of December 26, 2025, between the Registrant and Maximcash Solutions LLC. |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| 10.21+ | Amendment No. 2 to Executive Employment Agreement dated as of December 31, 2025, between the Registrant and Brandon Torres Declet. |
| 10.22+† | Executive Change in Control Plan. |
| 10.23+† | Non-Employee Director Compensation Policy of the Board of Directors of the Registrant. |
| 21.1† | Subsidiaries of the Registrant. |
| 23.1† | Consent of Stephano Slack LLC. |
| 23.2† | Consent of DLA Piper LLP (US) (included in Exhibit 5.1). |
| 24.1† | Power of Attorney (see signature page hereto). |
| 107† | Filing Fee Table. |

---

†

To be filed by amendment.

+

Indicates management contract or compensatory plan.

\*

Previously filed.

#

Certain confidential information — identified by a bracketed asterisk "[\*]" — has been omitted from this exhibit pursuant to Item 601(b)(10) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of an unredacted copy to the SEC upon request.

------

[**TABLE OF CONTENTS**](#TOC2)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania, on , 2026.

#### EXYN TECHNOLOGIES, INC.
Brandon Torres Declet

Chief Executive Officer

#### POWER OF ATTORNEY
KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Brandon Torres Declet and Ricardo Sotelo, and each of them, as his or her true and lawful attorneys-in-fact and agents, each with the full power of substitution, for him or her and in his or her name, place, or stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments), and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| <br>Brandon Torres Declet  | Chief Executive Officer and Chair <br> *(Principal Executive Officer)*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
| <br>Ricardo Sotelo  | Chief Financial Officer <br> *(Principal Financial and Accounting Officer)*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
| <br>Ted Tewksbury  | Lead Independent Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
| <br>Jonathan Ollwerther  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
| <br>Michael Burychka  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
| <br>Gregory McNeal  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |

---

------

## Exhibit 10.7

**Exhibit 10.7**

**EXYN TECHNOLOGIES, INC., A DELAWARE CORPORATION**

**WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION**

**LOAN AND SECURITY AGREEMENT**

This **LOAN AND SECURITY AGREEMENT** (as may be amended, restated, supplemented or otherwise modified from time to time, this "Agreement") is entered into as of September 27, 2023 by and between **WESTERN ALLIANCE BANK**, an Arizona corporation ("Bank") and **EXYN TECHNOLOGIES, INC.**, a Delaware Corporation ("Borrower").

**Recitals**

Borrower wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank.

**AGREEMENT**

The parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DEFINITIONS AND CONSTRUCTION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions**. As used in this Agreement, the following terms shall have the following definitions:

"Accounts" means all presently existing and hereafter arising accounts, contract rights, payment intangibles, and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of services by Borrower, whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower's Books relating to any of the foregoing.

"Affiliate" means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is controlled by or is under common control with such Person, and each of such Person's senior executive officers, directors, and partners.

"Amortization Date" means October 10, 2025.

"Bank Expenses" means all: reasonable costs or expenses (including reasonable attorneys' fees and expenses) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank's reasonable attorneys' fees and expenses incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether or not suit is brought, or any other Event of Default.

"Borrower's Books" means all of Borrower's books and records including: ledgers; records concerning Borrower's assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information.

"Business Day" means any day that is not a Saturday, Sunday, or other day on which banks in the State of California are authorized or required to close.

"Change in Control" shall mean a transaction in which any "person" or "group" (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock or other equity securities, as applicable, then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such "person" or "group" to elect a majority of the Board of Directors of Borrower, who did not have such power before such transaction.

"Closing Date" means the date of this Agreement.

"Code" means the California Uniform Commercial Code, as amended from time to time.

"Collateral" means the property described on **Exhibit A** attached hereto.

"Collections" means all payments from or on behalf of an account debtor with respect to Borrower's rights to payment arising in the ordinary course of Borrower's business, including accounts, chattel paper, instruments, contract rights, documents, general intangibles, letters of credit, drafts, and bankers' acceptances.

"Contingent Obligation" means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards, or merchant services issued or provided for the account of that Person; and (iii) all obligations arising under any agreement or arrangement designed to protect such Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term "Contingent Obligation" shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by Bank in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement.

"Control Agreement" is any control agreement entered into among the depository institution at which Borrower maintains a deposit account or the securities intermediary or commodity intermediary at which Borrower maintains a securities account or a commodity account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over any such account.

"Copyrights" means any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative work thereof.

"Credit Extension" means each Term Advance or any other extension of credit by Bank for the benefit of Borrower hereunder.

"Daily Balance" means the amount of the Obligations owed at the end of a given day. "Domestic Subsidiary" means any Subsidiary that is not a Foreign Subsidiary.

"Equipment" means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which Borrower has any interest.

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

"Event of Default" has the meaning assigned in Article 8.

"First Draw Period" means the period commencing on the Closing Date and ending on the Interest Only End Date; <u>provided</u>, no Term Advances hereunder may be requested if an Event of Default has occurred and is continuing.

"Foreign Subsidiary" is a Subsidiary that is not an entity organized under the laws of the United States or any territory thereof.

"Funding Date" is any date on which a Credit Extension is made to or on account of Borrower which shall be a Business Day.

"GAAP" means generally accepted accounting principles as in effect from time to time.

"Governmental Approval" is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

"Governmental Authority" is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory organization.

"Guarantor" is any Person providing a Guaranty in favor of Bank.

"Guaranty" is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated, modified or otherwise supplemented.

"Indebtedness" means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations and (d) all Contingent Obligations.

"Insolvency Proceeding" means any proceeding commenced by or against any person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

"Intellectual Property Collateral" means all of Borrower's right, title, and interest in and to the following: Copyrights, Trademarks and Patents; all trade secrets, all design rights, claims for damages by way of past, present and future infringement of any of the rights included above, all licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising from such use to the extent permitted by such license or rights; all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and all proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing.

"Interest Only End Date" means September 10, 2025.

"Inventory" means all inventory in which Borrower has or acquires any interest, including work in process and finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter owned by or in the custody or possession, actual or constructive, of Borrower, including such inventory as is temporarily out of its custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Borrower's Books relating to any of the foregoing.

"Investment" means any beneficial ownership of (including stock, partnership interest or other securities) any Person, or any loan, advance or capital contribution to any Person.

"Lien" means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

"Loan Documents" means, collectively, this Agreement, any agreements related to letters of credit, any subordination/intercreditor agreements, any pledge or security agreements, any note or notes executed by Borrower or any other Person, and any other agreement, instrument or document entered into in connection with this Agreement, all as amended, restated, supplemented or otherwise modified or extended from time to time.

"Material Adverse Effect" means a material adverse effect on (i) the business operations, or condition (financial or otherwise) of Borrower and its Subsidiaries taken as a whole or (ii) the ability of Borrower to repay the Obligations or otherwise perform its material obligations under the Loan Documents or (iii) the value or priority of Bank's security interests in a material portion of the Collateral.

"Maturity Date" means September 27, 2027.

"Negotiable Collateral" means all letters of credit of which Borrower is a beneficiary, notes, drafts, instruments, securities, documents of title, and chattel paper, and Borrower's Books relating to any of the foregoing.

"Obligations" means all debt, principal, interest, Bank Expenses, and other amounts owed to Bank by Borrower pursuant to this Agreement, or any Loan Document, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding.

"Patents" means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same.

"Payment Date" is the tenth (10th) calendar day of each calendar month, commencing on October 10, 2023. "Perfection Certificate" has the meaning assigned in Section 3.1.

"Periodic Payments" means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank.

"Permitted Indebtedness" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Indebtedness existing on the Closing Date and disclosed in the Perfection Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Indebtedness secured by a lien described in clause (c) of the defined term "Permitted Liens," provided (i) such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness and (ii) such Indebtedness does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate at any given 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)** Indebtedness consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** unsecured Indebtedness to trade creditors incurred in the ordinary course of business to the extent not more than ninety (90) days' past due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Subordinated Debt; 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;**(g)** other unsecured Indebtedness not otherwise permitted by Section 7.4 not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate at any time outstanding; 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;**(h)** extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be.

"Permitted Investment" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Investments existing on the Closing Date disclosed in the Perfection Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Investments (i) among Borrowers, (ii) among Subsidiaries that are not Borrowers, (iii) by a Subsidiary that is not a Borrower in a Borrower, provided that if the Investment constitutes Indebtedness of the applicable Borrower to such Subsidiary, such Indebtedness shall be subject to an intercompany subordination agreement in form and substance satisfactory to Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Investments consisting of repurchases of equity interests permitted pursuant to Section 7.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (f) shall not apply to Investments of Borrower in any Subsidiary; 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;**(g)** Investments consisting of deposit accounts (but only to the extent that Borrower is permitted to maintain such accounts pursuant to Section 6.7 of this Agreement) in which Bank has a first priority perfected security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** Investments accepted in connection with Transfers permitted by Section 7.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** other Investments not otherwise permitted by Section 7.7 not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate outstanding at any time; 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;**(j)** (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor's Corporation or Moody's Investors Service, (iii) certificates of deposit maturing no more than one (1) year from the date of investment therein issued by Bank and (iv) Bank's money market accounts.

"Permitted Liens" means the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Any Liens existing on the Closing Date and disclosed in the Perfection Certificate or arising under this Agreement or the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings, provided the same have no priority over any of Bank's security interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Liens (i) upon or in any equipment which was not financed by Bank acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment, or (ii) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Liens to secure payment of workers' compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** leases or subleases of real property granted in the ordinary course of Borrower's business (or, if referring to another Person, in the ordinary course of such Person's business), and leases, subleases, non-exclusive licenses or sublicenses of personal property granted in the ordinary course of Borrower's business (or, if referring to another Person, in the ordinary course of such Person's business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** non-exclusive licenses of Intellectual Property Collateral granted to third parties in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Liens in favor of other financial institutions arising in connection with a Borrower's deposit and/or securities accounts held at such institutions, provided that (i) Bank has a first priority perfected security interest in the amounts held in such deposit and/or securities accounts, and (ii) such accounts are permitted to be maintained pursuant to Section 6.7 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** Liens arising from attachments or judgments, orders or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** easements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens affected real property not interfering in any material respect with the conduct of Borrower's business in its ordinary course; 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;**(l)** the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in clauses (a) through (k) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase.

"Person" means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency.

"Prime Rate" means the greater of 8.25% or the Prime Rate published in the Money Rates section of the Western Edition of The Wall Street Journal, or such other rate of interest publicly announced from time to time by Bank as its Prime Rate. Bank may price loans to its customers at, above or below the Prime Rate. Any change in the Prime Rate shall take effect at the opening of business on the day specified in the public announcement of a change in Prime Rate.

"Responsible Officer" means each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer and the Controller of Borrower.

"Revenue Event" means, as of any date of determination, the achievement by Borrower after the Closing Date (but prior to the Interest Only End Date) of trailing twelve (12) months' revenue of at least Six Million Five Hundred Thousand Dollars ($6,500,000.00), determined by Bank based upon written evidence reasonably satisfactory to Bank.

"Second Draw Period" means the period commencing on the date of the occurrence of the Revenue Event and ending on the Interest Only End Date; <u>provided</u>, no Term Advances hereunder may be requested if an Event of Default has occurred and is continuing.

"Shares" means one hundred percent (100%) of the issued and outstanding capital stock, membership units or other securities owned or held of record by Borrower in any Subsidiary of Borrower.

"Subordinated Debt" means any debt incurred by Borrower that is subordinated to the debt owing by Borrower to Bank on terms acceptable to Bank (and identified as being such by Borrower and Bank).

"Subsidiary" means any corporation, company or partnership in which (i) any general partnership interest or (ii) more than fifty percent (50%) of the stock or other units of ownership which by the terms thereof has the ordinary voting power to elect the Board of Directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate.

"Term A Advance" is defined in Section 2.1(a)(i)(A) hereof.

"Term Advance" has the meaning set forth in Section 2.1(a)(i)(B).

"Term B Advance" is defined in Section 2.1(a)(i)(B) hereof.

"Trademarks" means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.

"Warrant" means that certain Warrant to Purchase Stock dated as of the Closing Date issued by Borrower in favor of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Accounting Terms**. All accounting terms not specifically defined herein shall be construed in accordance with GAAP and all calculations made hereunder shall be made in accordance with GAAP. When used herein, the terms "financial statements" shall include the notes and schedules thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **LOAN AND TERMS 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;**2.1** **Credit Extensions**.

Borrower promises to pay to the order of Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrower hereunder. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Term Advances.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Availability</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Subject to the terms and conditions of this Agreement, Bank agrees, during the First Draw Period, to make a term loan to Borrower in an aggregate amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) (such term loan, the "Term A Advance"). After repayment, the Term A Advance may not be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Subject to the terms and conditions of this Agreement, Bank agrees, during the Second Draw Period, to make an additional term loan to Borrower in an aggregate amount up to One Million Five Hundred Thousand Dollars ($1,500,000.00) (such term loan, the "Term B Advance;" the Term A Advance or Term B Advance is referred to singly as a "Term Advance", and collectively as the "Term Advances"). After repayment, the Term B Advance may not be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Repayment</u>. For each Term Advance, Borrower shall pay interest-only payments with respect to such Term Advance in accordance with Section 2.3(c) through the Interest Only End Date. Commencing on the Amortization Date, and continuing on the Payment Date of each month thereafter, Borrower shall make consecutive equal monthly payments of principal (plus monthly payments of accrued interest pursuant to Section 2.3(c)) to Bank, as calculated by Bank (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of the Term Advances, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to twenty-four (24) months. All unpaid principal and accrued and unpaid interest with respect to each Term Advance is due and payable in full on the Maturity Date. The Term Advances may only be prepaid in accordance with Sections 2.1(a)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Prepayment</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Voluntary Prepayment</u>. Borrower shall have the option to prepay all, but not less than all, of any Term Advances under this Agreement, provided Borrower (A) deliver written notice to Bank of their election to prepay such Term Advances at least thirty (30) days prior to such prepayment and (B) pay, on the date of such prepayment, (1) all outstanding principal with respect to the Term Advances, plus accrued but unpaid interest, plus (2) all fees (including any late fee), and other sums, including Bank Expenses, if any, that shall have become due and payable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Mandatory Prepayment Upon an Acceleration</u>. If the Term Advances are accelerated after the occurrence of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all outstanding principal of the Term Advances, plus accrued but unpaid interest (including interest at the Default Rate), plus (B) all other fees, and other sums, including Bank Expenses, if any, that shall have become due and payable 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;&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>Procedures for Borrowing</u>. Whenever a Borrower desires a Term Advance, Borrower will notify Bank no later than 3:00 p.m. Pacific time, at least three (3) Business Days prior to the date the Term Advance is to be made. Each such notification shall be made (i) by telephone or in-person followed by written confirmation from Borrower within twenty four (24) hours, (ii) by electronic mail, or (iii) by delivering to Bank a Term Advance Request in substantially the form of **Exhibit B** hereto. Bank shall be entitled to rely on any notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Term Advance made under this Section 2.1(a) to a Borrower's deposit account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **[Intentionally Omitted.]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Interest Rates, Payments, and Calculations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** **Interest Rates.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** **Term Advances**. Except as set forth in Section 2.3(b), the outstanding Term Advances shall bear interest on the outstanding Daily Balance thereof, at a floating rate equal to the Prime Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Late Fee; Default Rate**. If any payment is not made within ten (10) days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5.00%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law, not in any case to be less than Twenty Five Dollars ($25.00). All outstanding Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default (the "Default Rate").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Payments**. Interest hereunder shall be due and payable on the tenth (10<sup>th</sup>) calendar day of each month during the term hereof. Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower's deposit accounts, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. All payments shall be free and clear of any taxes, withholdings, duties, impositions or other charges, to the end that Bank will receive the entire amount of any Obligations payable hereunder, regardless of source 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;**(d)** **Computation**. In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the Loan Documents shall be computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Crediting Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Prior to the occurrence and during the continuance of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence of an Event of Default, the receipt by Bank of any wire transfer of funds, check, or other item of payment shall be immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after 12:00 noon Pacific time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Borrower hereby authorizes Bank to automatically deduct from any deposit account(s) of Borrower with Bank, including without limitation deposit account numbered 8122, the amount of any loan payment. If the funds in the account(s) are insufficient to cover any payment, Bank shall not be obligated to advance funds to cover the payment and Borrower agrees to pay any applicable fees for this service disclosed in the Schedule of Fees and Charges applicable to Borrower's account(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;**2.5** **Fees**. Borrower shall pay to Bank the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Facility Fee**. (i) on the Funding Date of the Term A Advance, a facility fee equal to Seven Thousand Dollars ($7,000.00), which shall be deemed fully earned on such Funding Date and nonrefundable; and (ii) on the Funding Date of the Term B Advance, an additional facility fee equal to Three Thousand Dollars ($3,000.00), which shall be deemed fully earned on such Funding Date and nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** **Bank Expenses**. On the Closing Date, all Bank Expenses incurred through the Closing Date, and, after the Closing Date, all Bank Expenses, as and when they are incurred by Bank; 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;**(c)** **Good Faith Deposit**. Borrower has paid to Bank a good faith deposit of Twenty Thousand Dollars ($20,000.00) to initiate Bank's due diligence review process, which deposit shall be applied to the Bank Expenses on the Closing Date and shall be deemed fully earned on the Closing Date and nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Term**. This Agreement shall become effective on the Closing Date and, subject to Section 13.7, shall continue in full force and effect for so long as any Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) remain outstanding or Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default. Notwithstanding termination, Bank's Lien on the Collateral shall remain in effect for so long as any Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **CONDITIONS OF LOANS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Conditions Precedent to Initial Credit Extension**. The obligation of Bank to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the following, duly executed in original by the applicable parties thereto (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** 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;**(b)** a certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** UCC National Form Financing Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** an intellectual property security 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;**(e)** the Warrant, together with a current summary capitalization table and the current Rights 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;**(f)** agreement to provide insurance and evidence satisfactory to Bank that the insurance policies required by Section 6.6 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses in favor of Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** payment of the fees and Bank Expenses then due specified in Section 2.5 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** current financial statements of Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** completed perfection certificate of Borrower (the "Perfection Certificate");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** a landlord's consent and/or bailee waiver (as determined by Bank in its reasonable discretion) for each of Borrower's headquarters location(s) and each other leased or rented locations where Borrower maintains Collateral having a book value in excess of Four Hundred Thousand Dollars ($400,000.00); 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;**(l)** such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Conditions Precedent to all Credit Extensions**. The obligation of Bank to make each Credit Extension, including the initial Credit Extension, is further subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** timely receipt by Bank of the Term Advance Request Form, as provided in Section 2.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 absence of any circumstance or circumstances that could reasonably be expected to have a Material Adverse 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;**(c)** the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the date of such Term Advance Request Form and on the effective date of each Credit Extension as though made at and as of each such date (except for representations and warranties that relate to a specific date, which shall be true and correct in all material respects as of such date), and no Event of Default shall have occurred and be continuing, or would exist after giving effect to such Credit Extension. The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Covenant to Deliver**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Subject to Section 3.3(b), Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower's obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Unless otherwise provided in writing, the following shall be delivered to Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** within sixty (60) days after the Closing Date (or such later date as Bank may agree), and subject to Section 6.7, a Control Agreement in respect of any Borrower deposit or securities accounts outside of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **CREATION OF SECURITY INTEREST.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Grant of Security Interest**. Borrower grants and pledges to Bank a continuing security interest in all presently existing and hereafter acquired or arising Collateral in order to secure prompt repayment of any and all Obligations and in order to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except as set forth in the Perfection Certificate, such security interest constitutes a valid, first priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in Collateral acquired after the date hereof, in each case subject only to Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Pledge of Collateral.** Borrower hereby pledges, assigns and grants to Bank a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Closing Date, or, to the extent not certificated as of the Closing Date, within ten (10) days of the certification of any Shares, the certificate or certificates for the Shares will be delivered to Bank, accompanied by an instrument of assignment duly executed in blank by Borrower. To the extent required by the terms and conditions governing the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and during the continuance of an Event of Default hereunder, Bank may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Bank and cause new certificates representing such securities to be issued in the name of Bank or its transferee. Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Bank may reasonably request to perfect or continue the perfection of Bank's security interest in the Shares. Unless an Event of Default shall have occurred and be continuing and Bank shall have delivered written notice of its intention to suspend such rights, Borrower shall be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default and delivery by Bank of written notice of its intention to suspend such rights. Bank reserves the right to take such steps in any jurisdiction of organization of any Foreign Subsidiary to perfect and maintain the perfection of any security interest granted with respect to the Shares (and any assets, as applicable) of any Foreign Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Delivery of Additional Documentation Required**. Borrower shall from time to time execute and deliver to Bank, at the request of Bank, all Negotiable Collateral, all financing statements and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue the perfection of Bank's security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Borrower from time to time may deposit with Bank specific time deposit accounts to secure specific Obligations. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Obligations are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Authorization to File Financing Statements.** Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank's interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under 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;**4.5** **Right to Inspect**. Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time during Borrower's usual business hours but no more than once a year (unless an Event of Default has occurred and is continuing), to inspect Borrower's Books and to make copies thereof and to check, test, and appraise the Collateral in order to verify Borrower's financial condition or the amount, condition of, or any other matter relating to, the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **REPRESENTATIONS AND WARRANTIES.**

Borrower represents and warrants 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;**5.1** **Due Organization and Qualification**. Borrower and each Subsidiary is a corporation duly existing and in good standing under the laws of its jurisdiction of organization and qualified and licensed to do business in any other jurisdiction in which the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Due Authorization; No Conflict**. The execution, delivery, and performance of the Loan Documents are within Borrower's powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower's Certificate of Incorporation or Bylaws, nor will they constitute an event of default under any material agreement to which Borrower is a party or by which Borrower is bound, nor will they contravene, conflict with or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of Borrower's property or assets may be bound or affected. Borrower is not in default under any material agreement to which it is a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **No Prior Encumbrances**. Borrower has good and marketable title to its property, free and clear of Liens, except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **[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;**5.5** **Merchantable Inventory**. All Inventory is in all material respects of good and marketable quality, free from all material defects, except for Inventory for which adequate reserves have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6** **Intellectual Property Collateral**. Borrower is the sole owner of the Intellectual Property Collateral, except for non-exclusive licenses granted by Borrower to its customers in the ordinary course of business. Each of the Patents is valid and enforceable, and no part of the Intellectual Property Collateral has been judged invalid or unenforceable, in whole or in part, and no claim has been made that any part of the Intellectual Property Collateral violates the rights of any third party except to the extent such claim would not reasonably be expected to cause a Material Adverse Effect. Except as set forth in the Perfection Certificate, Borrower's rights as a licensee of intellectual property do not give rise to more than five percent (5.00%) of its gross revenue in any given month, including without limitation revenue derived from the sale, licensing, rendering or disposition of any product or service. Except as set forth in the Perfection Certificate, Borrower is not a party to, or bound by, any agreement that restricts the grant by Borrower of a security interest in Borrower's rights under such 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;**5.7** **Name; Location of Chief Executive Office**. Except as disclosed in the Perfection Certificate or as disclosed by Borrower to Bank from time to time after the date hereof, (i) Borrower has not done business under any name other than that specified on the signature page hereof, (ii) the chief executive office of Borrower is located at the address indicated in Section 10 hereof, and (iii) all Borrower's Inventory and Equipment is located only at the location set forth in Section 10 hereof (other than Equipment held by employees for business use and assets in-transit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8** **Litigation**. Except as disclosed in the Perfection Certificate, there are no actions or proceedings pending by or against Borrower or any Subsidiary before any court or administrative agency in which an adverse decision could reasonably be expected to have a Material Adverse Effect, or a material adverse effect on Borrower's interest or Bank's security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9** **No Material Adverse Change in Financial Statements**. All consolidated and consolidating financial statements related to Borrower and any Subsidiary that Bank has received from Borrower fairly present in all material respects Borrower's financial condition as of the date thereof and Borrower's consolidated and consolidating results of operations for the period then ended. There has not been a material adverse change in the consolidated or the consolidating financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10** **Solvency, Payment of Debts**. Borrower is solvent and able to pay its debts (including trade debts) as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11** **Regulatory Compliance**. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA, and no event has occurred resulting from Borrower's failure to comply with ERISA that could reasonably be expected to result in Borrower's incurring any material liability. Borrower is not an "investment company" or a company "controlled" by an "investment company" within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of the important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Borrower has not violated any statutes, laws, ordinances or rules applicable to it, violation of which could reasonably be expected to have a Material Adverse Effect. Neither Borrower nor any of its Subsidiaries is in violation in any material respect of any applicable requirement of law relating to terrorism or money laundering, including Executive Order No. 13224, effective September 24, 2001, The Currency and Foreign Transactions Reporting Act (also known as the "Bank Secrecy Act," 31 U.S.C. §§ 5311 5330), the Trading With the Enemy Act (50 U.S.C. §§144, as amended), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56, signed into law October 26, 2001, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended and the Criminal Justice (Terrorist Offences) Act 2005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12** **Environmental Condition**. Except as disclosed in the Perfection Certificate, none of Borrower's or any Subsidiary's properties or assets has ever been used by Borrower or any Subsidiary or, to the best of Borrower's knowledge, by previous owners or operators, in the disposal of, or to produce, store, handle, treat, release, or transport, any hazardous waste or hazardous substance other than in accordance with applicable law; to the best of Borrower's knowledge, none of Borrower's properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a hazardous waste or hazardous substance disposal site, or a candidate for closure pursuant to any environmental protection statute; no lien arising under any environmental protection statute has attached to any revenues or to any real or personal property owned by Borrower or any Subsidiary; and neither Borrower nor any Subsidiary has received a summons, citation, notice, or directive from the Environmental Protection Agency or any other federal, state or other governmental agency concerning any action or omission by Borrower or any Subsidiary resulting in the releasing, or otherwise disposing of hazardous waste or hazardous substances into the environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13** **Taxes**. Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein, except those being contested in good faith with adequate reserves under GAAP or where the failure to file such returns or pay such taxes would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14** **Subsidiaries**. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15** **Government Consents**. Borrower and each Subsidiary have obtained all material consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary for the continued operation of Borrower's business as currently conducted, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16** **Accounts**. Except to the extent permitted under Section 6.7, none of Borrower's nor any Subsidiary's cash or cash equivalents is maintained or invested with a Person other than Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17** **Shares.** Borrower has full power and authority to create a first lien on the Shares and no disability or contractual obligation exists that would prohibit Borrower from pledging the Shares pursuant to this Agreement. To Borrower's knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options exercisable with respect to the Shares. The Shares have been and will remain duly authorized and validly issued, and are fully paid and non-assessable. To Borrower's knowledge, the Shares are not the subject of any present or threatened (in writing) suit, action, arbitration, administrative or other proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18** **Full Disclosure**. No representation, warranty or other statement made by Borrower in any certificate or written statement furnished to Bank contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading in any material respect in light of the circumstances under which they were made, it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from the projected or forecasted results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **AFFIRMATIVE COVENANTS.**

Borrower shall do all 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;**6.1** **Good Standing**. Borrower shall maintain its and each of its Subsidiaries' corporate existence and good standing in its jurisdiction of organization and maintain qualification in each jurisdiction in which it is required under applicable law, in each case where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect. Borrower shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, the loss of which could have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Government Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Borrower shall meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and regulations to which it is subject, noncompliance with which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Obtain and keep in full force and effect, all of the Governmental Approvals necessary for the performance by Borrower and its Subsidiaries of their respective businesses and obligations under the Loan Documents and the grant of a security interest to Bank in all of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Financial Statements, Reports, Certificates**. Borrower shall deliver the following to Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** as soon as available, but in any event within thirty (30) days after the end of each calendar month, a company prepared consolidated balance sheet, income statement, and cash flow statement covering Borrower's consolidated operations during such period, prepared in accordance with GAAP, consistently applied, in a form acceptable to Bank and certified by a Responsible Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** as soon as available, but in any event within one hundred eighty (180) days after the end of Borrower's fiscal year, audited consolidated and consolidating financial statements of Borrower prepared in accordance with GAAP, consistently applied ("<u>Annual Audited Financials</u>"), together with an unqualified opinion on such financial statements of an independent certified public accounting firm ("<u>CPA</u>") reasonably acceptable to Bank; <u>provided</u>, as of any date of determination, if Borrower's board of directors does not require the preparation of such Annual Audited Financials, then Borrower shall deliver to Bank copies of all business tax returns for such fiscal year within five (5) days after the filing of such returns, which must be prepared by a CPA reasonably acceptable to Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 upon receipt of notice thereof, a report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of One Hundred Fifty Thousand Dollars ($150,000.00) or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** such budgets, sales projections, operating plans or other financial information as Bank may reasonably request 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;**(e)** within thirty (30) days after the last day of each month, Borrower shall deliver to Bank (i) a detailed aging of Borrower's Accounts by invoice or a summary aging by account debtor, together with payable aging and such other matters as Bank may reasonably request and (ii) a Compliance Certificate signed by a Responsible Officer in substantially the form of **Exhibit C** hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Board of directors'-approved budget, in form and substance acceptable to Bank in writing and specifying the assumptions used in creating the budget, including but not limited to monthly balance sheet, income statement, and cash flow statement. Annual budgets shall in any case be provided to Bank no later than 30 days after the beginning of each fiscal 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;**(g)** promptly, upon sending or receipt, copies of any management letters and correspondence relating to management letters, sent or received by Borrower to or from Borrower's auditor. If no management letter is prepared, Borrower shall, upon Bank's request, obtain a letter from such auditor stating that no deficiencies were noted that would otherwise be addressed in a management letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** as soon as possible after knowledge thereof, notice of the occurrence of any default or Event of Default; 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;**(i)** promptly upon Bank's request, such other books, records, statements, lists of property and accounts, budgets, forecasts or reports as to Borrower and as to each guarantor of Borrower's obligations to Bank as Bank may reasonably request.

Bank shall have a right from time to time hereafter to audit Borrower's Accounts and appraise Collateral at Borrower's expense, provided that such audits will be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing.

Notwithstanding the foregoing, documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower's website on the internet at Borrower's website address; provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any such 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;**6.4** **Inventory; Returns**. Borrower shall keep all Inventory in good and marketable condition, free from all material defects except for Inventory for which adequate reserves have been made. Returns and allowances, if any, as between Borrower and its account debtors shall be substantially on the same basis and in accordance with the usual customary practices of Borrower, as they exist at the time of the execution and delivery of this Agreement. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims, where the return, recovery, dispute or claim involves more than Two Hundred Fifty Thousand Dollars ($250,000.00).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Taxes**. Borrower shall make, and shall cause each Subsidiary to make, due and timely payment or deposit of all material federal, state, and local taxes, assessments, or contributions required of it by law, and will execute and deliver to Bank, on demand, appropriate certificates attesting to the payment or deposit thereof; and Borrower will make, and will cause each Subsidiary to make, timely payment or deposit of all material tax payments and withholding taxes required of it by applicable laws, including, but not limited to, those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Bank with proof satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits; provided that Borrower or a Subsidiary need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Insurance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Borrower, at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where Borrower's business is conducted on the date hereof. Borrower shall also maintain insurance relating to Borrower's business, ownership and use of the Collateral in amounts and of a type that are customary to businesses similar to Borrower'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;**(b)** All such policies of insurance shall be in such form, with such companies, and in such amounts as are reasonably satisfactory to Bank. All such policies of property insurance shall contain a lender's loss payable endorsement, in a form satisfactory to Bank, showing Bank as a lender loss payee thereof, and all liability insurance policies shall show Bank as an additional insured and shall specify that the insurer must give at least twenty (20) days' notice to Bank before canceling its policy for any reason. Upon Bank's request, Borrower shall deliver to Bank certified copies of such policies of insurance and evidence of the payments of all premiums therefor. All proceeds payable under any such policy shall, at the option of Bank, be payable to Bank to be applied on account of the Obligations. Notwithstanding the foregoing, (i) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying such proceeds up to One Hundred Thousand Dollars ($100,000.00) in the aggregate for all such losses during any twelve (12) month period, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (A) shall be of equal or like value as the replaced or repaired Collateral, (B) shall be deemed Collateral in which Bank has been granted a first priority security interest and (C) is purchased within one hundred eighty days of receipt of such proceeds, and (ii) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the 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;**6.7** **Accounts**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Borrower shall (i) maintain and shall cause each of its Subsidiaries to maintain all of its primary depository, operating, and investment accounts with Bank and (ii) endeavor to utilize and shall cause each of its Subsidiaries to endeavor to utilize Bank's International Banking Division for any international banking services required by Borrower, including, but not limited to, foreign currency wires, hedges, swaps, FX Contracts, and Letters of Credit. Any Guarantor shall maintain all depository, operating and securities/investment accounts with Bank and Bank's Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** In addition to and without limiting the restrictions in (a): (i) Borrower shall provide Bank five (5) days prior written notice before establishing any banking or investment account at or with any bank or financial institution other than Bank or Bank's Affiliates and (ii) within sixty (60) days after the Closing Date, for each banking or investment account that Borrower at any time maintains (including but not limited to deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower's employees and identified to Bank by Borrower as such), Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any such account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such account to perfect Bank's Lien in such account in accordance with the terms hereunder, which Control Agreement may not be terminated without the prior written consent of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **[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;**6.9** **Intellectual Property Collateral Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Borrower shall promptly give Bank, written notice of any applications or registrations of intellectual property rights filed with the United States Patent and Trademark Office, including the date of such filing and the registration or application numbers, if any. Borrower shall (i) give Bank not less than ten (10) days prior written notice of the filing of any applications or registrations with the United States Copyright Office, including the title of such intellectual property rights to be registered, as such title will appear on such applications or registrations, and the date such applications or registrations will be filed, and (ii) prior to the filing of any such applications or registrations, shall execute such documents as Bank may reasonably request for Bank to maintain its perfection in such intellectual property rights to be registered by Borrower, and upon the request of Bank, shall file such documents simultaneously with the filing of any such applications or registrations. Upon filing any such applications or registrations with the United States Copyright Office, Borrower shall promptly provide Bank with (i) a copy of such applications or registrations, with the exhibits, if any, thereto, (ii) evidence of the filing of any documents requested by Bank to be filed for Bank to maintain the perfection and priority of its security interest in such intellectual property rights, and (iii) the date of such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Bank may audit Borrower's Intellectual Property Collateral to confirm compliance with this Section, provided such audit may not occur more often than once per year, unless an Event of Default has occurred and is continuing. Bank shall have the right, but not the obligation, to take, at Borrower's sole expense, any actions that Borrower is required under this Section to take but which Borrower fails to take, after 15 days' notice to Borrower. Borrower shall reimburse and indemnify Bank for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights 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;**6.10** **Use of Proceeds**. Borrower shall use the proceeds of the Credit Extensions solely as working capital to fund its general business requirements in accordance with the provisions of this Agreement, and not for personal, family, household or agricultural 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;**6.11** **Landlord Waivers; Bailee Waivers.** In the event that Borrower or any of its Subsidiaries, after the Closing Date, intends to add any new offices or business locations, including warehouses, or otherwise store any portion of the Collateral with, or deliver any portion of the Collateral to, a bailee, in each case pursuant to Section 7.2, then Borrower or such Subsidiary will notify Bank and, in the event that the Collateral at any new location is valued in excess of Four Hundred Thousand Dollars ($400,000.00) in the aggregate, such bailee or landlord, as applicable, must execute and deliver a bailee waiver or landlord waiver, as applicable, in form and substance reasonably satisfactory to Bank prior to the addition of any new offices or business locations, or any such storage with or delivery to any such bailee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12** **Formation or Acquisition of Subsidiaries.** Notwithstanding and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower or any Guarantor forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Closing Date, Borrower and such Guarantor shall (a) cause such new Subsidiary to provide to Bank a joinder to this Agreement to become a co-borrower hereunder, or a Guaranty to become a Guarantor hereunder, at Bank's discretion, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank; and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.12 shall be a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13** **[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;**6.14** **Further Assurances**. At any time and from time to time Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **NEGATIVE COVENANTS.**

Borrower will not do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Dispositions**. Convey, sell, lease, transfer or otherwise dispose of (collectively, a "Transfer"), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, other than: (i) Transfers of Inventory in the ordinary course of business; (ii) Transfers consisting of Permitted Liens or Permitted Investments; (iii) Transfers of worn-out or obsolete Equipment which was not financed by Bank; (iv) Transfers consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (v) Transfers consisting of Borrower's use or transfer of money or cash equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (vi) of non-exclusive licenses for the use of the property of Borrower in the ordinary course of business and (vii) other Transfers not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in any fiscal 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;**7.2** **Change in Business; Change in Control or Executive Office**. Engage in any business, or permit any of its Subsidiaries to engage in any business, other than the businesses currently engaged in by Borrower and any business substantially similar or related thereto (or incidental thereto); or cease to conduct business in the manner conducted by Borrower as of the Closing Date; or suffer or permit a Change in Control; or without ten (10) days prior written notification to Bank, relocate its chief executive office or state of organization or change its legal name; or without Bank's prior written consent, change the date on which its fiscal year ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Mergers or Acquisitions**. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock, equity securities or property of another Person. A Subsidiary may merge or consolidate into another Subsidiary (provided such surviving Subsidiary is a "co-Borrower" hereunder or has provided a secured guaranty of Borrower's Obligations hereunder) or with (or into) Borrower provided Borrower is the surviving legal entity, and as long as no Event of Default is occurring prior thereto or arises as a result therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Indebtedness**. Create, incur, assume or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Encumbrances**. Create, incur, assume or suffer to exist any Lien with respect to any of its property (including without limitation, its Intellectual Property Collateral), or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or agree with any Person other than Bank not to grant a security interest in, or otherwise encumber, any of its property (including without limitation, its Intellectual Property Collateral), or permit any Subsidiary to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** **Distributions**. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase of any capital stock, or permit any of its Subsidiaries to do so, except that Borrower may repurchase the stock of former employees pursuant to stock repurchase agreements in an aggregate amount not to exceed One Hundred Thousand Dollars ($100,000.00) during any twelve (12) month period, as long as an Event of Default does not exist prior to such repurchase or would not exist after giving effect to such repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** **Investments**. Directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments; or maintain or invest any of its property with a Person other than Bank or permit any of its Subsidiaries to do so unless such Person has entered into a Control Agreement with Bank in form and substance satisfactory to Bank; or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise distributing property to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8** **Transactions with Affiliates**. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of Borrower's business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm's length transaction with a non-affiliated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9** **Subordinated Debt**. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating to the Subordinated Debt without Bank's prior written consent. For the avoidance of doubt, in no event shall Borrower make any payment under any Subordinated Debt if an Event of Default has occurred and is continuing or would occur as a result of such 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;**7.10** **Inventory and Equipment**. Store the Inventory or the Equipment with a fair value in excess of Four Hundred Thousand Dollars ($400,000.00) with a bailee, warehouseman, or other third party unless the third party has been notified of Bank's security interest and Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank's benefit or (b) is in pledge possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment. Store or maintain any Equipment or Inventory with a fair value in excess of $400,000.00 at a location other than the location set forth in Section 10 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;**7.11** **Compliance**. Become an "investment company" or be controlled by an "investment company," within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur, fail to comply with the Federal Fair Labor Standards Act or violate any law or regulation, which violation could have a Material Adverse Effect, or a material adverse effect on the Collateral or the priority of Bank's Lien on the Collateral, or permit any of its Subsidiaries to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** **Capital Expenditures.** Make or contract to make, without Bank's prior written consent, capital expenditures, including leasehold improvements, in any fiscal year in excess of Two Hundred Fifty Thousand Dollars ($250,000.00); provided than any unused amount may be applied in a subsequent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **EVENTS OF DEFAULT.**

Any one or more of the following events shall constitute an Event of Default by Borrower 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;**8.1** **Payment Default**. If Borrower fails to pay, when due, any of the 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;**8.2** **Covenant Default**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** If Borrower fails to perform any obligation under Sections 6.1, 6.3, 6.6, 6.7, 6.9, 6.10 or 6.12 or violates any of the covenants contained in Article 7 of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Material Adverse Effect**. If there occurs any circumstance or circumstances that has a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Attachment**. If any portion of Borrower's assets is attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within ten (10) days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any material portion of Borrower's assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower's assets by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be required to be made during such cure period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **Insolvency**. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed within forty five (45) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** **Other Agreements**. If there is a default or other failure to perform in any agreement to which Borrower or any Guarantor is a party or by which it is bound resulting in a right by a third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) or which could have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** **Judgments**. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of thirty (30) days (provided that no Credit Extensions will be made prior to the satisfaction or stay of such judgment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8** **Misrepresentations**. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9** **Subordinated Debt**. Any document, instrument, or agreement evidencing the subordination of any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor 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;**8.10** **Guaranty.** If any guaranty of all or a portion of the Obligations (a "Guaranty") ceases for any reason to be in full force and effect, or any guarantor fails to perform any obligation under any Guaranty or a security agreement securing any Guaranty (collectively, the "Guaranty Documents"), or any event of default occurs under any Guaranty Document or any guarantor revokes or purports to revoke a Guaranty, or any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth in any Guaranty Document or in any certificate delivered to Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.9 occur with respect to any guarantor or any guarantor dies or becomes subject to any criminal prosecution, or any circumstances arise causing Bank, in good faith, to become insecure as to the satisfaction of any of any guarantor's obligations under the Guaranty Documents; 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;**8.11** **Governmental Approvals.** Any Governmental Approval shall have been revoked, rescinded, suspended, modified in an adverse manner, or not renewed in the ordinary course for a full term and such revocation, rescission, suspension, modification or non-renewal has resulted in or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **BANK'S RIGHTS AND REMEDIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Rights and Remedies**. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5, all Obligations shall become immediately due and payable without any action by Bank);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between Borrower and Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably considers advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Make such payments and do such acts as Bank considers necessary to protect its security interest in the Collateral. Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank's determination appears to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of Borrower's owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank's rights or remedies provided herein, at law, in equity, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Set off and apply to the Obligations which are then due and payable any and all (i) balances and deposits of Borrower held by Bank, or (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower's labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank's exercise of its rights under this Section 9.1, Borrower's rights under all licenses and all franchise agreements shall inure to Bank'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;**(g)** Dispose of the Collateral by way of one or more contracts or transactions, for cash or on terms, in such manner and at such places (including Borrower's premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Bank may credit bid and purchase at any public sale; 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;**(i)** Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Power of Attorney.** Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank's designated officers, or employees) as Borrower's true and lawful attorney to: (a) send requests for verification of Accounts or notify account debtors of Bank's security interest in the Accounts; (b) endorse Borrower's name on any checks or other forms of payment or security that may come into Bank's possession; (c) sign Borrower's name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral in accordance with the terms of this Agreement; (e) make, settle, and adjust all claims under and decisions with respect to Borrower's policies of insurance; (f) settle and adjust21 disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank determines to be reasonable; and (g) to file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral. The appointment of Bank as Borrower's attorney in fact, and each and every one of Bank's rights and powers, being coupled with an interest, is irrevocable until all of the Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been fully repaid and performed and Bank's obligation to provide Credit Extensions hereunder is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Accounts Collection**. At any time after the occurrence and during the continuance of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank's security interest in such funds and verify the amount of such Account. At any time after the occurrence and continuance of an Event of Default, Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank's trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Bank's Liability for Collateral**. So long as Bank complies with reasonable banking practices, Bank shall not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other person whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** **Remedies Cumulative**. Bank's rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on Borrower's part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on behalf of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** **Demand; Protest**. Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Bank on which Borrower may in any way be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **NOTICES.**

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address by giving the other party written notice thereof in accordance with the terms of this Section 10.

---

| | |
|:---|:---|
| If to Borrower: | EXYN TECHNOLOGIES, INC.<br> 2118 Washington Avenue. Suite 1000<br> Philadelphia, PA 19146-2842<br> Attn: Ricardo Sotelo<br> Email: rsotelo@exyntechnologies.com |
| If to Bank: | WESTERN ALLIANCE BANK<br> One East Washington Street, Suite 1400<br> Phoenix, AZ 85004<br> Attn: Legal Department<br> EMAIL: brian.mccabe@bridgebank.com |

---

The parties hereto may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.**

This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of California, without regard to principles of conflicts of law. Each of Borrower and Bank hereby submits to the exclusive jurisdiction of the state and Federal courts located in the County of Santa Clara, State of California. BORROWER AND BANK EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **JUDICIAL REFERENCE PROVISION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** In the event the Jury Trial Waiver set forth above is not enforceable, the parties elect to proceed under this Judicial Reference Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** With the exception of the items specified in Section 12.3, below, any controversy, dispute or claim (each, a "Claim") between the parties arising out of or relating to this Agreement or any other document, instrument or agreement between the undersigned parties (collectively in this Section, the "Loan Documents"), will be resolved by a reference proceeding in California in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure ("CCP"), or their successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue for the reference proceeding will be in the state or federal court in the county or district where the real property involved in the action, if any, is located or in the state or federal court in the county or district where venue is otherwise appropriate under applicable law (the "Court").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** The matters that shall not be subject to a reference are the following: (i) nonjudicial foreclosure of any security interests in real or personal property, (ii) exercise of self-help remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions). This reference provision does not limit the right of any party to exercise or oppose any of the rights and remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive the right of any party to a reference pursuant to this reference provision as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** The referee shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do not agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted. Pursuant to CCP § 170.6, each party shall have one peremptory challenge to the referee selected by the Presiding Judge of the Court (or his or her representative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5** The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be requested, subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen (15) days after the date of selection of the referee, (ii) if practicable, try all issues of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter has been submitted for decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6** The referee will have power to expand or limit the amount and duration of discovery. The referee may set or extend discovery deadlines or cutoffs for good cause, including a party's failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall be entitled to "priority" in conducting discovery, depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7** Except as expressly set forth herein, the referee shall determine the manner in which the reference proceeding is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee's power to award costs to the prevailing party, the parties will equally share the cost of the referee and the court reporter at trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8** The referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding. The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered by the Court as a judgment or an order in the same manner as if the action had been tried by the Court and any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the final judgment or order or from any appealable decision or order entered by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to be a reference proceeding under this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9** If the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge or justice, in accordance with the California Arbitration Act §1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10** THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **GENERAL PROVISIONS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Successors and Assigns**. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of the parties; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank's prior written consent, which consent may be granted or withheld in Bank's sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank's obligations, rights and benefits hereunder; provided, however, so long as no Event of Default has occurred and is continuing, Bank may not transfer its obligations, rights or benefits hereunder (other than in connection with (x) assignments by Bank due to a forced divestiture at the request of any regulatory agency, (y) upon the occurrence of a default, event of default or similar occurrence with respect to Bank's own financing or securitization transactions or (z) such sale, transfer or participation is (A) to an Affiliate of Bank or (B) to a Person whom Bank has sold all or a material portion of its loan portfolio), without Borrower's consent to any Person which is a competitor of Borrower listed on the Schedule (which may be updated in writing to Bank from time to time) or a hedge fund or private equity fund that invests solely in debt considered to be distressed or in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Indemnification**. Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation reasonable attorneys' fees and expenses), except for losses caused by Bank's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** **Time of Essence**. Time is of the essence for the performance of all obligations set forth 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;**13.4** **Severability of Provisions**. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** **Amendments in Writing, Integration**. Neither this Agreement nor the Loan Documents can be amended or terminated orally. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of this Agreement and the Loan Documents, if any, are merged into this Agreement and the Loan 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;**13.6** **Counterparts**. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same 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;**13.7** **Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 13.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8** **Confidentiality**. In handling any confidential information Bank and all employees and agents of Bank, including but not limited to accountants, shall exercise the same degree of care that it exercises with respect to its own proprietary information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that disclosure of such information may be made (i) to the subsidiaries or affiliates of Bank in connection with their present or prospective business relations with Borrower, (ii) to prospective transferees or purchasers of any interest in the Loans, (iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order, (iv) as may be required in connection with the examination, audit or similar investigation of Bank and (v) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not include information that either: (a) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is disclosed to Bank by a third party, provided Bank does not have actual knowledge that such third party is prohibited from disclosing such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9** **Patriot Act Notice**. Bank notifies Borrower that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the " Patriot Act "), it is required to obtain, verify and record information that identifies Borrower, which information includes names and addresses and other information that will allow Bank to identify Borrower in accordance with the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **NOTICE OF FINAL AGREEMENT.**

**BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.**

***[Balance of Page Intentionally Left Blank]***

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.

---

| | |
|:---|:---|
| **EXYN TECHNOLOGIES, INC.,** | **EXYN TECHNOLOGIES, INC.,** |
| **a Delaware Corporation** | **a Delaware Corporation** |
| By: | /s/ Benjamin Williams |
| Name: Benjamin Williams | Name: Benjamin Williams |
| Title: COO | Title: COO |
| **WESTERN ALLIANCE BANK,** | **WESTERN ALLIANCE BANK,** |
| **an Arizona Corporation** | **an Arizona Corporation** |
| By: | /s/ Brian McCabe |
| Name: Brian McCabe | Name: Brian McCabe |
| Title: Senior Director | Title: Senior Director |

---

## Exhibit 10.8

**Exhibit 10.8**

**Certain information has been excluded as marked by [\*] from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**WAIVER AND FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT**

This Waiver and First Amendment to Loan and Security Agreement (this "Amendment") is entered into as of July 11, 2025, by and between EXYN TECHNOLOGIES, INC., a Delaware corporation ("Borrower") and WESTERN ALLIANCE BANK, an Arizona corporation ("Bank").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DESCRIPTION OF EXISTING INDEBTEDNESS</u>. Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other documents, a Loan and Security Agreement, dated as of September 27, 2023, by and between Borrower and Bank (as may be amended, restated and supplemented from time to time, the "Loan Agreement"). Capitalized terms used without definition herein shall have the meanings assigned to them in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>WAIVER</u>. Provided that Borrower complies with the terms and conditions of the Loan Agreement, as amended hereby, Bank waives Borrower's failure to comply with (i) Section 6.3(b) of the Loan Agreement for failing to provide Annual Audited Financials on or before June 28, 2024 for the fiscal year ending December 31, 2023, (ii) Section 6.7(b) of the Loan Agreement for failing to provide Control Agreements for the Permitted External Accounts as of the date hereof and (iii) Section 6.7(c) of the Loan Agreement for failing to maintain in the Permitted External Accounts no more than Fifteen Thousand Dollars ($15,000.00) of cash in the aggregate on the measurement dates of (without limitation) October 2, 2024 and October 31, 2024 (the foregoing clauses (i), (ii) and (iii) collectively, the "Existing Defaults"). Bank does not waive Borrower's obligations under any other Sections or under such Section for any other time periods, and Bank does not waive any other failure by Borrower to perform the Obligations under the Loan Documents. This waiver is not a continuing waiver with respect to any failure to perform any other obligation under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>DESCRIPTION OF CHANGE IN TERMS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The following definitions are hereby added to or amended and restated in Section 1.1 of the Loan
Agreement as follows:

"First Amendment Convertible Note" mean that certain Convertible Promissory Note, dated as of the First Amendment Effective Date, by and between Borrower and Neolync in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00).

"First Amendment Convertible Note Subordination Agreement" means that certain Subordination Agreement dated as of the First Amendment Effective Date, executed by Neolync in favor of Bank, as amended, restated, supplemented or otherwise modified from time to time, in form and substance acceptable to Bank.

"First Amendment Effective Date" means July 11, 2025.

"HSBC LC" means that certain irrevocable standby letter of credit no. [\*], dated as of May 30, 2025, issued by and among HSBC Bank USA, National Association, as issuer, and Neolync, as applicant, with Borrower as the beneficiary thereof and in the amount of at least Three Million Five Hundred Thousand Dollars ($3,500,000.00).

"Neolync" means Neolync Electronics PVT Ltd, a corporation incorporated under the laws of India.

"Permitted External Accounts" has the meaning assigned in Section 6.7(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A new clause (i) to the definition of "Permitted Indebtedness" hereby is added to the
Loan Agreement as follows:

"**(i)** Indebtedness incurred under the First Amendment Convertible Note so long as such Indebtedness is subject to the First Amendment Convertible Note Subordination Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Section 2.1(a)(i) of the Loan Agreement hereby is amended and restated as follows:

**"(i)** <u>Availability</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;(A) Subject to the terms and conditions of this Agreement, Bank agrees, during the First Draw Period, to make a term loan to Borrower in an aggregate amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) (such term loan referred to singly as the "Term Advance" and collectively as the "Term Advances"). After repayment, the Term Advance may not be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) [Reserved]."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Section 2.5(a) of the Loan Agreement hereby is amended and restated as follows:

**"(a) Facility Fee**. On the Funding Date of the Term Advance, a facility fee equal to Seven Thousand Dollars ($7,000.00), which shall be deemed fully earned on such Funding Date and nonrefundable."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A new Section 6.7(c) hereby is added to the Loan Agreement as follows:

**"(c)** Notwithstanding anything else set forth in this Section 6.7, commencing on May 13, 2024, Borrower may maintain accounts at Silicon Valley Bank and JPMorgan Chase Bank, N.A. (collectively, the "<u>Permitted External Accounts</u>") so long as: (i) all Permitted External Accounts are identified to Bank in writing prior to the opening of any such accounts; (ii) the Permitted External Accounts are subject to the Control Agreement requirements set forth in <u>Section 6.7(b)</u>; and (iii) Borrower maintains in the Permitted External Accounts no more than Fifteen Thousand Dollars ($15,000.00) of cash in the aggregate at any time."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Section 6.8 of the Loan Agreement hereby is amended and restated as follows:

**"6.8 Financial Covenants**. Maintain Borrower's financial condition as follows in accordance with GAAP and used consistently with prior practices (except to the extent modified by the definitions herein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Minimum Cash</u>. At all times, Borrower shall maintain unrestricted cash in accounts at Bank of no less than Two Hundred Fifty Thousand Dollars ($250,000.00) on the First Amendment Effective Date and thereafter."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Section 6.13 of the Loan Agreement hereby is amended and restated as follows:

"**6.13 13-Week Cash Flow**. Commencing on the First Amendment Effective Date and on a weekly basis thereafter on Friday of each week, Borrower shall provide to Bank a rolling thirteen (13) week cash flow report, together with a week-over-week comparison of actual versus projected results on a weekly basis, in form reasonably satisfactory to Bank (each a "<u>13-Week Cash Flow Report</u>")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. A new Section 6.15 hereby is added to the Loan Agreement as follows:

"**6.15 HSBC LC**. Upon the occurrence of an Event of Default, Bank shall have the right, and upon instruction of Borrower, to cause Borrower to (i) immediately draw in full on the HSBC LC and (ii) apply such proceeds against all outstanding Obligations as of the date of such draw; provided that, at any time after the First Amendment Effective Date, Bank shall have the right, in its reasonable discretion and upon instruction of Borrower, to cause Borrower to (i) immediately draw in full on the HSBC LC and (ii) apply such proceeds against all outstanding Obligations as of the date of such draw."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Section 8.2(a) of the Loan Agreement hereby is amended and restated as follows:

"**(a)** If Borrower fails to perform any obligation under Sections 6.1, 6.3, 6.6, 6.7, 6.9, 6.10, 6.12, 6.13 or 6.15 or violates any of the covenants contained in Article 7 of this Agreement; or"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Exhibit A</u> to the Loan Agreement is hereby replaced with <u>Exhibit A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Exhibit B</u> to the Loan Agreement is hereby replaced with <u>Exhibit B</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Exhibit C</u> to the Loan Agreement is hereby replaced with <u>Exhibit C</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>CONSISTENT CHANGES</u>. The Loan Documents are each hereby amended wherever necessary to reflect the changes described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>NO DEFENSES OF BORROWER/GENERAL RELEASE</u>. Borrower agrees that, as of this date, it has no defenses against the obligations to pay any amounts owing to Bank. Borrower and each of its affiliates (each, a "Releasing Party") acknowledges that Bank would not enter into this Amendment without Releasing Party's assurance that it has no claims against Bank or any of Bank's officers, directors, employees or agents. Except for the obligations arising hereafter under this Amendment, each Releasing Party releases Bank, and each of Bank's and entity's officers, directors and employees from any known or unknown claims that Releasing Party now has against Bank of any nature, including any claims that Releasing Party, its successors, counsel, and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or related to the Loan Agreement or the transactions contemplated thereby. Releasing Party waives the provisions of California Civil Code section 1542, which states:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

The provisions, waivers and releases set forth in this section are binding upon each Releasing Party and its shareholders, agents, employees, assigns and successors in interest. The provisions, waivers and releases of this section shall inure to the benefit of Bank and its agents, employees, officers, directors, assigns and successors in interest. The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms of this Amendment and the other Loan Documents, and/or Bank's actions to exercise any remedy available under the Loan Documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>CONTINUING VALIDITY</u>. Borrower understands and agrees that Bank is relying upon Borrower's representations, warranties, and agreements, as set forth in the Loan Documents. Borrower represents and warrants (i) that the representations and warranties contained in the Loan Agreement are true and correct as of the date of this Amendment, and (ii) that no Event of Default has occurred and is continuing (other than the Existing Defaults). Except as expressly modified pursuant to this Amendment, the terms of the Loan Documents remain unchanged and in full force and effect. Bank's agreement to modifications pursuant to this Amendment in no way shall obligate Bank to make any future modifications. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Loan Documents, unless the party is expressly released by Bank in writing. No maker, endorser, or guarantor will be released by virtue of this Amendment. The terms of this paragraph apply not only to this Amendment, but also to any subsequent loan and security modification agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; REFERENCE PROVISION</u>. This Amendment constitutes a "Loan Document" as defined and set forth in the Loan Agreement, and is subject to Sections 11 and 12 of the Loan Agreement, which are incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>CONDITIONS PRECEDENT</u>. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a fully executed copy of this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an executed copy of the HSBC LC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a UCC-3 Financing Statement Amendment with respect to Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an amended and restated intellectual property security agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the First Amendment Convertible Note Subordination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the material loan and security documents entered into in connection with the First Amendment Convertible Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) payment of all Bank Expenses incurred through the date of this Amendment, which amounts may be debited by Bank from any of Borrower's accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>COUNTERSIGNATURE</u>. This Amendment shall become effective only when executed by Bank and Borrower.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

---

| | | | |
|:---|:---|:---|:---|
| **BORROWER:** | **BORROWER:** | **BANK:** | **BANK:** |
| EXYN TECHNOLOGIES, INC. | EXYN TECHNOLOGIES, INC. | WESTERN ALLIANCE BANK | WESTERN ALLIANCE BANK |
| By: | /s/ Brandon Torres Declet | By: | /s/ Ben Schwartz |
| Name: Brandon Torres Declet | Name: Brandon Torres Declet | Name: Ben Schwartz | Name: Ben Schwartz |
| Title: Chief Executive Officer | Title: Chief Executive Officer | Title: Vice President | Title: Vice President |

---

## Exhibit 10.10

**Exhibit 10.10**

**Certain information has been excluded as marked by [\*] from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**SUBORDINATION AGREEMENT**

---

| | | | |
|:---|:---|:---|:---|
| **Borrower:** | **EXYN TECHNOLOGIES, INC.<br> 2118 Washington Avenue<br> Suite 1000<br> Philadelphia, PA 19146-2842** | **Lender:** | **WESTERN ALLIANCE BANK, an<br> Arizona corporation <br> One East Washington Street <br> Phoenix, AZ 85004** |
| **Creditor:** | **NEOLYNC ELECTRONICS<br> PRIVATE LIMITED<br> 4TH Floor, Plot 1269, Jubilee Hills<br> Hyderabad 500033<br> Telangana, India** |  |  |

---

**This SUBORDINATION AGREEMENT** (this "***Agreement***"), dated as of July 11, 2025, is between **NEOLYNC ELECTRONICS PRIVATE LIMITED** ("***Creditor***"), **and WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION,** ("***Lender***").

**R E C I T A L S**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** EXYN TECHNOLOGIES, INC., a Delaware corporation ("***Borrower***") has requested and/or obtained certain credit accommodations from Lender which are or may be from time to time secured by assets and property of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Creditor has extended loans or other credit accommodations to Borrower, and/or may extend loans or other credit accommodations to Borrower from time to time that are or may from time to time be secured by assets and property of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** In order to induce Lender to extend credit to Borrower and, at any time or from time to time, at Lender's option, to make such further loans, extensions of credit, or other accommodations to or for the account of Borrower, or to extend credit upon any instrument or writing in respect of which Borrower may be liable in any capacity, or to grant such renewals or extension of any such loan, extension of credit, or other accommodation as Lender may deem advisable, Creditor is willing to subordinate: (i) all of Borrower's indebtedness and obligations to Creditor, whether presently existing or arising in the future (the "***Subordinated Debt***") to all of Borrower's indebtedness and obligations to Lender; and (ii) all of Creditor's security interests, if any, to all of Lender's security interests in the property of Borrower.

**NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:**

**1.** Creditor subordinates to Lender any security interest or lien that Creditor may have in any property of Borrower. Notwithstanding the respective dates of attachment or perfection of the security interest of Creditor and the security interest of Lender, the security interest of Lender in the accounts, including health care receivables, chattel paper, general intangibles (including without limitations, intellectual property), inventory, equipment, instruments, including promissory notes, deposit accounts, investment property, documents, letter of credit rights, any commercial tort claim of Borrower which is now or hereafter identified by Borrower or Lender, and other property of the Borrower (the "***Collateral***") shall at all times be prior to the security interest of Creditor.

**2.** All Subordinated Debt is subordinated in right of payment to all obligations of Borrower to Lender now existing or hereafter arising, together with all costs of collecting such obligations (including attorneys' fees), including, without limitation, all interest accruing after the commencement by or against Borrower of any bankruptcy, reorganization or similar proceeding (the "***Senior Debt***").

**3.** Creditor will not demand or receive from Borrower (and Borrower will not pay to Creditor) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will Creditor exercise any remedy with respect to the Collateral or any other collateral securing the Subordinated Debt, nor will Creditor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against Borrower, until such time as all the Senior Debt is fully paid in cash, and all of Lender's obligations owing to Borrower have been terminated. Nothing in the foregoing paragraph shall prohibit Creditor from converting all or any part of the Subordinated Debt into equity securities of Borrower. Notwithstanding anything in this Agreement to the contrary, nothing herein shall be deemed to restrict the contractual rights of Creditor, or the Borrower's obligations under any warrants, options or capital stock that the Borrower may issue to Creditor from time to time, other than any such rights involving the payment of money by Borrower to Creditor.

**4.** Creditor shall promptly deliver to Lender in the form received (except for endorsement or assignment by Creditor where required by Lender) for application to the Senior Debt any payment, distribution, security or proceeds received by Creditor with respect to the Subordinated Debt other than in accordance with this Agreement.

**5.** In the event of Borrower's insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, these provisions shall remain in full force and effect, and Lender's claims against Borrower and the estate of Borrower shall be paid in full before any payment is made to Creditor. For the avoidance of any doubt, Senior Debt includes, without limitation, any Lender's claims against Borrower and the estate of Borrower arising from the granting of credit under Section 364 or the use of cash collateral under Section 363 of the United States Bankruptcy Code, and Creditor agrees that it will raise no objection thereto.

**6.** Until the Senior Debt is fully paid in cash, and all of Lender's obligations owing to Borrower have been terminated, Creditor agrees that it will not object to or oppose (i) the sale of the Borrower, or (ii) the sale or other disposition of any property of the Borrower or the estate of Borrower, if Lender has consented to such sale of the Borrower or sale or disposition of any property of the Borrower or the estate of Borrower. If requested by Lender, Creditor shall affirmatively consent to such sale or disposition and shall take all necessary actions and execute such documents and instruments as Lender may reasonably request in connection with and to facilitate such sale or disposition.

**7.** Until the Senior Debt is fully paid in cash, and all of Lender's obligations owing to Borrower have been terminated, Creditor irrevocably appoints Lender as Creditor's attorney-in-fact, and grants to Lender a power of attorney with full power of substitution, in the name of Creditor or in the name of Lender, for the use and benefit of Lender, without notice to Creditor, to perform at Lender's option the following acts in any bankruptcy, insolvency or similar proceeding involving Borrower: (i) to file the appropriate claim or claims in respect of the Subordinated Debt on behalf of Creditor if Creditor does not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if Lender elects, in its sole discretion, to file such claim or claims; and (ii) to accept or reject any plan of reorganization or arrangement on behalf of Creditor and to otherwise vote Creditor's claims in respect of any Subordinated Debt in any manner that Lender deems appropriate for the enforcement of its rights hereunder.

**8.** Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement. Without limiting the foregoing, no amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of the security interest or lien that Creditor may have in any property of Borrower. By way of example, such instruments shall not be amended to (i) increase the rate of interest with respect to the Subordinated Debt, or (ii) accelerate the payment of the principal or interest or any other portion of the Subordinated Debt.

2. **9.** This Agreement shall remain effective for so long as Lender has any obligation to make credit extensions to Borrower or Borrower owes any amounts to Lender. If, at any time after payment in full of the Senior Debt, any payments of the Senior Debt must be disgorged by Lender for any reason (including, without limitation, the bankruptcy of Borrower), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and Creditor shall immediately pay over to Lender all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder. At any time and from time to time, without notice to Creditor, Lender may take such actions with respect to the Senior Debt and the Collateral as Lender, in its sole discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any Collateral, judicial foreclosure, nonjudicial foreclosure, exercise of a power of sale, and taking a deed, assignment or transfer in lieu of foreclosure as to any of the Collateral, and enforcing or failing to enforce any rights against Borrower or any other person. No such action or inaction shall impair or otherwise affect Lender's rights hereunder. Creditor agrees not to assert against Lender (a) any rights which a guarantor or surety could exercise; but nothing in this Agreement shall constitute Creditor a guarantor or surety; (b) the right, if any, to require Lender to marshal or otherwise require Lender to proceed to dispose of or foreclose upon any of the Collateral in any manner or order; and (c) any right of subrogation, contribution, reimbursement, or indemnity which it may have against Borrower arising directly or indirectly out of this Agreement. Creditor waives the benefits, if any, of California Civil Code Sections 2799, 2808, 2809, 2810, 2815, 2819, 2820, 2821, 2822, 2839, 2845, 2847, 2848, 2849, 2850, 2899 and 3433. Pursuant to Section 2856 of the California Civil Code, Creditor waives all rights and defenses that Creditor may have because the Senior Debt may be secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.

**10.** All necessary action on the part of Lender and Creditor, their respective officers, directors, partners, members and shareholders, as applicable, necessary for the authorization of this Agreement and the performance of all obligations of both Lender and Creditor hereunder has been taken. This Agreement constitutes the legal, valid and binding obligation of Lender and Creditor, enforceable against either in accordance with its terms. The execution, delivery and performance of and compliance with this Agreement by Lender and Creditor will not (i) result in any material violation or default of any term of any of Lender or Creditor's charter, formation or other organizational documents (such as Articles or Certificate of Incorporation, bylaws, partnership agreement, operating agreement, etc.) or (ii) violate any material applicable law, rule or regulation.

**11.** This Agreement shall bind any successors or assignees of Creditor and shall benefit any successors or assigns of Lender. This Agreement is solely for the benefit of Creditor and Lender and not for the benefit of Borrower or any other party. Creditor further agrees that if Borrower is in the process of refinancing a portion of the Senior Debt with a new lender, and if Lender makes a request of Creditor, Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this Agreement.

**12.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page were an original thereof.

**13.** This Agreement shall be governed by and construed in accordance with the laws of the State of California, without giving effect to conflicts of law principles. Creditor and Lender submit to the exclusive jurisdiction of the state and federal courts located in Santa Clara County, California. CREDITOR AND LENDER WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN.

**14. REFERENCE PROVISION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In the event the jury trial waiver set forth above is not enforceable, the parties elect to proceed under this judicial reference provision.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** With the exception of the items specified in the subsection (c) below, any controversy, dispute or claim (each, a "***Claim***") between the parties arising out of or relating to this Agreement or any other document, instrument or agreement between the undersigned parties (collectively in this Section, the "***Loan Documents***"), will be resolved by a reference proceeding in California in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure ("***CCP***"), or their successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue for the reference proceeding will be in the state or federal court in the county or district where the real property involved in the action, if any, is located or in the state or federal court in the county or district where venue is otherwise appropriate under applicable law (the "***Court***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The matters that shall not be subject to a reference are the following: (i) nonjudicial foreclosure of any security interests in real or personal property, (ii) exercise of self-help remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions). This reference provision does not limit the right of any party to exercise or oppose any of the rights and remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive the right of any party to a reference pursuant to this reference provision as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The referee shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do not agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted. Pursuant to CCP § 170.6, each party shall have one peremptory challenge to the referee selected by the Presiding Judge of the Court (or his or her representative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be requested, subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen (15) days after the date of selection of the referee, (ii) if practicable, try all issues of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter has been submitted for decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The referee will have power to expand or limit the amount and duration of discovery. The referee may set or extend discovery deadlines or cutoffs for good cause, including a party's failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall be entitled to "priority" in conducting discovery, depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** Except as expressly set forth herein, the referee shall determine the manner in which the reference proceeding is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee's power to award costs to the prevailing party, the parties will equally share the cost of the referee and the court reporter at trial.

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** The referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding. The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered by the Court as a judgment or an order in the same manner as if the action had been tried by the Court and any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the final judgment or order or from any appealable decision or order entered by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to be a reference proceeding under this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge or justice, in accordance with the California Arbitration Act §1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.

**15.** This Agreement represents the entire agreement with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments. Creditor is not relying on any representations by Lender or Borrower in entering into this Agreement, and Creditor has kept and will continue to keep itself fully apprised of the financial and other condition of Borrower. This Agreement may be amended only by written instrument signed by Creditor and Lender.

**16.** In the event of any legal action to enforce the rights of a party under this Agreement, the party prevailing in such action shall be entitled, in addition to such other relief as may be granted, all reasonable costs and expenses, including reasonable attorneys' fees, incurred in such action.

**[*Balance of Page Intentionally Left Blank*]**

5. **IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first** above written.

---

| | | | |
|:---|:---|:---|:---|
| **CREDITOR:** | **CREDITOR:** | **LENDER:** | **LENDER:** |
| **NEOLYNC ELECTRONICS PRIVATE LIMITED** | **NEOLYNC ELECTRONICS PRIVATE LIMITED** | **WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION** | **WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION** |
| By: | /s/ Mohammed Azgar Hussain | By: | /s/ Ben Schwartz |
| Name: Mohammed Azgar Hussain | Name: Mohammed Azgar Hussain | Name: Ben Schwartz | Name: Ben Schwartz |
| Title: General Manager (Finance) | Title: General Manager (Finance) | Title: Vice President | Title: Vice President |
| <u>Address for Notices</u>: | <u>Address for Notices</u>: | <u>Address for Notices</u>: | <u>Address for Notices</u>: |
| Attn: Finance Department<br> 4TH Floor, Plot 1269, Jubilee Hills<br> Hyderabad 500033<br> Telangana, INDIA<br> Tel: [\*]<br> Email: [\*] | Attn: Finance Department<br> 4TH Floor, Plot 1269, Jubilee Hills<br> Hyderabad 500033<br> Telangana, INDIA<br> Tel: [\*]<br> Email: [\*] | Attn: Legal Department<br> One East Washington Street<br> Phoenix, AZ 85004<br> Email: [\*] | Attn: Legal Department<br> One East Washington Street<br> Phoenix, AZ 85004<br> Email: [\*] |

---

The undersigned approves of the terms of this Agreement.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| **EXYN TECHNOLOGIES, INC.** | **EXYN TECHNOLOGIES, INC.** |
| By: | /s/ Brandon Torres Declet |
| Name: Brandon Torres Declet | Name: Brandon Torres Declet |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| Attn: Richard Sotelo<br> 2118 Washington Avenue<br> Suite 1000<br> Philadelphia, PA 19146-2842<br> Email: [\*] | Attn: Richard Sotelo<br> 2118 Washington Avenue<br> Suite 1000<br> Philadelphia, PA 19146-2842<br> Email: [\*] |

---

**[*Signature Page to Subordination Agreement*]**

## Exhibit 10.11

**Exhibit 10.11**

**Certain information has been excluded as marked by [\*] from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

---

| | | |
|:---|:---|:---|
| TO: | [\*] | HSBC BANK USA NA |
| NEW SEQUENCE: |  |  |
| SEQUENCE OF TOTAL: | 1/1 | 1/1 |
| PURPOSE OF MESSAGE: | ISSU | ISSU |
| NEW SEQUENCE: |  |  |
| UNDERTAKING NUMBER: | [\*] | [\*] |
| DATE OF ISSUE: | 250530 | 250530 |
| FORM OF UNDERTAKING: | STBY | STBY |
| APPLICABLE RULES: | ISPR | ISPR |
| EXPIRY TYPE: | FIXD | FIXD |
| DATE OF EXPIRY: | 251114 | 251114 |
| APPLICANT: | NEOLYNC ELECTRONICS PVT LTD<br> REFER 47A FOR ADDRESS | NEOLYNC ELECTRONICS PVT LTD<br> REFER 47A FOR ADDRESS |
| ISSUER: | HSBC<br> [\*] | HSBC<br> [\*] |
| BENEFICIARY: | EXYN TECHNOLOGIES INC<br> REFER 47A FOR ADDRESS | EXYN TECHNOLOGIES INC<br> REFER 47A FOR ADDRESS |
| ADVISING BANK: | HSBC BANK USA NA<br> TRADE N CR INFO DPT BUFFALO<br> [\*] | HSBC BANK USA NA<br> TRADE N CR INFO DPT BUFFALO<br> [\*] |
| UNDERTAKING AMOUNT: | USD3500000,00 | USD3500000,00 |
| AVAILABLE WITH: | THE HONGKONG AND SHANGHAI BANKING C MAIN BRANCH CHENNAI | THE HONGKONG AND SHANGHAI BANKING C MAIN BRANCH CHENNAI |

---

UNDERTAKING TERMS & COND:

AT THE REQUEST OF NEOLYNC ELELCTRONICS PRIVATE LIMITED (HEREUNDER REFERRED TO AS'THE APPLICANT'), WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. [\*] IN FAVOR OF EXYN TECHNOLOGIES INC FOR THE MAXIMUM AMOUNT OF USD 3.5 MILLION (THREE MILLION FIVE HUNDRED THOUSAND ONLY) UNDER BANKING FACILITY GRANTED BY THE HSBC BANK TO NEOLYNC ELECTRONICS PRIVATE LIMITED (THE BORROWER) WHICH HAS ITS REGISTERED OFFICE AT [\*]

THIS STANDBY LETTER OF CREDIT IS AVAILABLE BY SIGHT PAYMENT WITH US AGAINST YOUR AUTHENTICATED SWIFT DRAWING ADVICE WITH THE FOLLOWING STATEMENT/ CONFIRMATION:

1. THE AMOUNT DEMANDED REPRESENTS ALL OR PORTION DUE TO BENEFICIARY

2. CERTIFICATE RECEIVED FROM APPLICANT CONFIRMING THAT THE UNDERLYING SOFTWARE SERVICES RECEIVED AT THEIR END.

CONFIRMING BANK SHALL PAY, WITHIN 5 BANKING DAYS, REMIT THE PROCEEDS TO YOU IN ACCORDANCE WITH YOUR INSTRUCTION.

EXCEPT AS EXPRESSLY STATED HEREIN, THIS UNDERTAKING IS NOT SUBJECT TO ANY AGREEMENT, CONDITION OR QUALIFICATION. THE OBLIGATION OF THE ISSUING BANK UNDER THIS LETTER OF CREDIT SHALL BE THE INDIVIDUAL OBLIGATION OF THE BANK.

PARTIAL DRAWINGS ARE ACCEPTABLE.

THIS STANDBY LETTER OF CREDIT IS NOT TRANSFERABLE.

ALL BANKING CHARGES INCLUDING CONFIRMATION FEE UNDER THIS LETTER OF CREDIT ARE FOR THE ACCOUNT OF THE APPLICANT.

WE ENGAGE WITH YOU THAT DEMANDS UNDER AND IN COMPLIANCE WITH TERMS OF THIS STANDBY LETTER OF CREDIT SHALL BE DULY HONORED ON DUE PRESENTATION TO US.

THIS LETTER OF CREDIT WILL BE SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES ISP98 (INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 590) OR ANY SUBSEQUENT REVISIONS THEREOF AND, IN THE EVENT OF ANY CONFLICT, THE LAWS OF THE STATE OF CALIFORNIA WILL CONTROL. IF THIS CREDIT EXPIRES DURING AN INTERRUPTION OF BUSINESS OF THIS BANK AS DESCRIBED IN RULE 3.14 OF SAID PUBLICATION 590, THE BANK HEREBY SPECIFICALLY AGREES TO EFFECT PAYMENT IF THIS CREDIT IS DRAWN AGAINST WITHIN 30 DAYS AFTER THE BANK'S RESUMPTION OF BUSINESS FROM SUCH INTERRUPTION.

THIS SBLC IS ASSIGNED TO : <br> WESTERN ALLIANCE BANK<br> 55 ALMADEN BL VD.<br> SUITE 100<br> SAN JOSE CA95113, USA<br> [\*]

## Exhibit 10.12

**Exhibit 10.12**

**Certain information has been excluded as marked by [\*] from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

HSBC BANK USA, N.A.

GTS, TRANSACTION SERVICES,

HUDSON YARDS, THE SPIRAL,

66 HUDSON BLVD. EAST, NEW YORK,

NY 10001, USA.

STANDBY DC AMENDMENT ADVICE DATE 17NOV2025

EXYN TECHNOLOGIES INC 2118 WASHINGTON AVENUE, PHILADELPHIA, PA 19146, USA PLEASE QUOTE OUR REF NO. [\*] <br> M

---

| | | | |
|:---|:---|:---|:---|
| STANDBY DOC. CREDIT NO. | STANDBY DOC. CREDIT NO. | [\*] | [\*] |
| AMOUNT | AMOUNT | USD | 3500000.00 |
| ISSUING BANK | ISSUING BANK | THE HONGKONG AND SHANGHAI BANKING C<br> INDIA<br> MAIN BRANCH MUMBAI | THE HONGKONG AND SHANGHAI BANKING C<br> INDIA<br> MAIN BRANCH MUMBAI |
| APPLICANT | APPLICANT | NEOLYNC ELECTRONICS PVT LTD | NEOLYNC ELECTRONICS PVT LTD |
| EXPIRY DATE | 13MAY2026 | 13MAY2026 | 13MAY2026 |

---

Gentlemen,

We enclosed herewith an amendment to the captioned Standby Documentary Credit we have received from the above-mentioned issuing bank in your favor.

<u>Important Notice to Beneficiary</u>

Please check the terms and conditions of this amendment immediately and note that we are unable to make any changes without the Issuing Bank's authority. Accordingly, should any of its terms and conditions be unacceptable, please contact the applicant directly, requesting a further amendment to be advised to us without delay.

This Standby Documentary Credit amendment is being advised without responsibility or engagement on our part and any demand/presentation must be sent directly to the issuing bank unless this Standby Documentary Credit is confirmed by HSBC Bank USA, N.A. In the event that documents are presented directly to us, the documents will be returned without processing.

This Standby Documentary Credit is subject to governing rules as stated in the attached Standby Documentary of Credit.

As charges are on account of applicant, we have recovered our [\*] issuing bank's account as follows:

---

| | |
|:---|:---|
| USD | 280.0 |

---

For information regarding the enclosed Standby Documentary Credit, please feel free to call [\*] or email us at [\*]

We refer to HSBC Standard Trade Terms which can be accessed, read and printed at/from www.gbm.hsbc.com/GTRFSTT or alternatively a copy can be requested from HSBC. This advice incorporates the Standard Trade Terms as though they were set out in full herein.

This computer generated advice does not require a signature.

13NOV20205

DEAR SIRS,

We provide below the text of a teletransmission advice amending the mentioned Documentary Credit, which we previously advised to you.

FROM THE HONGKONG AND SHANGHAI BANKING C

(SWIFT ADDRESS : [\*])

---

| | | |
|:---|:---|:---|
| 15A | NEW SEQUENCE: |  |
| 27 | SEQUENCE OF TOTAL: | 1/1 |
| 21 | RELATED REFERENCE: | [\*] |
| 22A | PURPOSE OF MESSAGE: | ISUA |
| 15B | NEW SEQUENCE: |  |
| 20 | UNDERTAKING NUMBER: | [\*] |
| 26E | NO. OF AMENDMENT: | 001 |
| 30 | DATE OF AMENDMENT: | 13NOV25 |
| 52D | ISSUER: | HSBC |
|  |  | MAIN BRANCH CHENNAI<br> [\*] |
| 31E | DATE OF EXPIRY: | 13MAY26 |
| 77U | OTHER AMD. TO UNDERTAKING:<br> THE NEW EXPIRY DATE FOR THIS SBLC IS TO BE READ AS 13-MAY-2026.<br> ALL OTHER TERMS AND CONDITIONS REMAINS UNCHANGED. | OTHER AMD. TO UNDERTAKING:<br> THE NEW EXPIRY DATE FOR THIS SBLC IS TO BE READ AS 13-MAY-2026.<br> ALL OTHER TERMS AND CONDITIONS REMAINS UNCHANGED. |

---

Please refer to our DC Amendment Advice for further details.

## Exhibit 10.13

**Exhibit 10.13**

PRIVATE AND CONFIDENTIAL

May 20, 2025

Ruvi Shaibel

c/o Neolync Holdings Ltd

Dear Mr. Shaibel:

This letter agreement (this "**<u>Letter Agreement</u>**") is being entered into by and between Exyn Technologies, Inc., a Delaware corporation having its registered office at 2118 Washington Avenue, Suite 1000, Philadelphia, PA 19146 (the "**<u>Company</u>**"), and Neolync Holdings Ltd, having its registered office at Heil Hamishmar St 5, Tel Aviv- Jafo 6969205, Israel (the "**<u>Investor</u>**"). To date, Investor has advanced to Company $1,500,000 pursuant to that certain Simple Agreement for Future Equity (SAFE) dated on or about April 5, 2025 (the "**<u>SAFE Agreement</u>**"). As set forth herein, Investor will make additional commitments to the Company in the form of a standby letter of credit and the purchase of Bridge Notes (as defined herein) in exchange for additional convertible equity in the Company, together with priority liens on substantially all of the Company's assets, including its intellectual property rights, subject only to the rights pledged to Western Alliance Bank (the "**<u>Senior Lender</u>**") which liens Investor shall be able to remove through satisfaction of the standby letter of credit.

Investor and the Company, which are each referred to herein as a "**<u>Party</u>**" and collectively as the "**<u>Parties</u>**", agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Execution of Standby Letter of Credit</u>** . In connection with the transactions contemplated
herein, Investor and/or its affiliate shall execute that certain irrevocable standby letter of credit dated as of May 30, 2025,
issued by and among HSBC Bank USA, National Association, as issuer, and Neolync Electronics Pvt Ltd, a corporation incorporated under
the laws of India, as applicant, with Company as the beneficiary thereof in the face amount of Three Million Five Hundred Thousand Dollars
($3,500,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Interim Funding and Bridge Notes</u>** . On or prior to May 31, 2025, Investor will purchase
from the Company One Million Five Hundred Thousand Dollars ($1,500,000) in convertible promissory notes (the "  **<u>Bridge Notes</u>** ").
The Bridge Notes shall accrue interest at a rate of twelve percent (12%) per annum and be automatically converted into the Company's
preferred stock upon consummation of a reverse merger transaction. The Bridge Notes, unless earlier converted, shall be due and payable
six (6) months from the issuance date and the Notes shall be designated as senior convertible instruments with priority liens on
substantially all assets of the Company, including its intellectual property rights, subject to a subordination agreement currently in
effect between Investor and the Senior Lender (the "  **<u>Subordination Agreement</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Bridge Notes Conversion</u>** : The Bridge Notes will have a fixed rate conversion price equal
to 135% of the closing price of the Company's common stock on the trading day immediately prior to the closing of the reverse merger
transaction. In the event no reverse merger transaction occurs by the maturity date of the Bridge Notes, the Bridge Notes shall be repaid
at maturity at a premium of principal plus 200% and accrued interest due thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Senior Lender</u>** : In exchange for Investor's execution of the standby letter of credit
and agreeing to subordinate the Bridge Notes to that certain Loan and Security Agreement between the Company and Senior Lender as set
forth in the Subordination Agreement, the Senior Lender shall waive all existing Events of Default (as defined in such Loan and Security
Agreement) as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Company Representations</u>** . The Company hereby represents and warrants to the Investor that,
except as set forth on the Disclosure Schedule attached as Exhibit A to the SAFE Agreement (which Disclosure Schedule shall be updated
as of the date hereof, including any exceptions thereto), the representations and warranties in the SAFE Agreement are true and complete
as of the date of this Letter Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Amendment or Modification</u>** . This Letter Agreement may not be amended, changed, modified or
altered except by a written agreement between the Parties executed and delivered by duly authorized officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Assignment</u>** . Neither Party may assign this Letter Agreement without the prior written consent
of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Confidentiality</u>** . Investor agrees that any confidential information provided to or learned
by it in connection with its rights under this Letter Agreement shall be treated as confidential and proprietary. The existence and the
terms of this Letter Agreement, and any other documents or data exchanged or disclosed at any time between Investor and the Company in
connection with this Letter Agreement shall be treated by both Parties (including without limitation their affiliates and its and their
respective directors, officers, employees, agents, advisors, consultants and other representatives) as confidential and may not be disclosed
to any third party. Notwithstanding the foregoing, the Company may disclose the existence of this Letter Agreement and the terms herein
to potential investors and legal or financial advisors, provided that such other party is bound by a confidentiality agreement or obligation
to the Company that is no less restrictive than the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Entire Agreement</u>** . This Letter Agreement constitutes a statement of the Parties' intent
with respect to the subject matter hereof and supersedes any understandings, commitments, or representations whatsoever, whether oral
or written, as between the Parties with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.  **<u>Governing Law; Venue; Jury Waiver</u>** . THIS LETTER AGREEMENT AND THE AGREEMENTS CONTEMPLATED
HEREBY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, AND THE PERFORMANCE HEREOF AND THEREOF SHALL BE DETERMINED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS PROVISIONS. ANY SUIT, ACTION OR PROCEEDING AGAINST
EITHER OF THE PARTIES WITH RESPECT TO OR ARISING OUT OF THIS LETTER AGREEMENT OR IN RESPECT OF ANY JUDGMENT ENTERED BY ANY COURT IN RESPECT
THEREOF SHALL BE BROUGHT IN EITHER (I) COURTS OF THE STATE OF DELAWARE OR (II) THE UNITED STATES DISTRICT COURT LOCATED IN THE
STATE OF DELAWARE AND EACH PARTY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY SUCH SUIT, ACTION OR PROCEEDING.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION
OR PROCEEDING BROUGHT IN THE ABOVE-MENTIONED COURTS IN DELAWARE AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

EACH OF THE PARTIES IRREVOCABLY WAIVES AS AGAINST THE OTHER PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY ANY RIGHTS IT MAY HAVE TO A JURY TRIAL IN RESPECT OF ANY CIVIL ACTION BASED ON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LETTER AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN), ACTIONS OR OMISSIONS OF EITHER PARTY RELATING TO THIS LETTER AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.  **<u>Counterparts</u>** . This letter may be executed and delivered by electronic PDF signature and
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.

[*Signature Page Follows*]

This Letter Agreement is executed as of the date first written above.

---

| | |
|:---|:---|
| **EXYN TECHNOLOGIES, INC.** | **EXYN TECHNOLOGIES, INC.** |
| By: | /s/ Brandon Torres Declet |
| Name: Brandon Torres Declet | Name: Brandon Torres Declet |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **NEOLYNC HOLDINGS LTD** | **NEOLYNC HOLDINGS LTD** |
| By: | /s/ Ruvi Shaibel |
| Name: Ruvi Shaibel | Name: Ruvi Shaibel |
| Title: Authorized Representative | Title: Authorized Representative |

---

**Senior Convertible Promissory Note**

**THIS NOTE, ANY SHARES OF CAPITAL STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE DISTRIBUTION THEREOF. NO OFFER, SALE OR TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT. THE HOLDER MAY NOT, DIRECTLY OR INDIRECTLY, TRANSFER THIS NOTE, EXCEPT IN ACCORDANCE WITH THE TERMS SET FORTH HEREIN. THE FOLLOWING INFORMATION IS PROVIDED PURSUANT TO TREAS. REG. SECTION 1.1275-3: THIS DEBT INSTRUMENT IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE CEO OF THE ISSUER, AS A REPRESENTATIVE OF THE ISSUER, WILL MAKE AVAILABLE ON REQUEST TO THE HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, AND YIELD.**

**SENIOR CONVERTIBLE PROMISSORY NOTE**

Original Principal Amount: $1,500,000

Issuance Date: May 20, 2025

Note No. 001

**FOR VALUE RECEIVED**, Exyn Technologies, Inc., a Delaware corporation (the "**Issuer**"), hereby promises to pay **NEOLYNC HOLDINGS LTD** or its registered assigns (the "**Holder**") the amount set out above as the Original Principal Amount, as such amount may be (i) increased pursuant to the payment of any interest as provided in <u>Section 2</u> and any other additional amounts due and added to such amount pursuant to the terms hereof or (ii) reduced, without duplication, pursuant to any conversion, exchange, redemption or repayment effected in accordance with the terms hereof (the balance of such amount from time to time being the "**Outstanding Principal Balance**"), and any other amounts owed hereunder, when due, whether upon the Maturity Date, redemption, acceleration, or otherwise in each case in accordance with the terms hereof.

DEFINITIONS. The following terms used in this Note will have the respective meanings set forth below:

"**Act**" means the Securities Act of 1933, as amended from time to time, and any rules or regulations promulgated thereunder.

"**Affiliate**" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"**Applicable Rate**" means Twelve Percent (12%) per annum.

"**Business Day**" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by Law to remain closed.

"**Capital Stock**" means, with respect to a specified Person, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of, or interest in (howsoever designated), the equity of such Person, but not including any debt securities convertible into such equity and any non-convertible preferred stock or equity of such Person.

"**Close of Business**" means 5:00 p.m., New York City time.

"**Code**" means the United States Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

"**Common Equity**" of any Person means, if such Person is a corporation, all common stock of such Person (including voting, limited voting and non-voting common stock) or, if such Person is not a corporation, the equivalent Capital Stock of such Person.

"**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"**Conversion Date**" means the date on which the Conversion Time occurs.

"**Conversion Price**" means a fixed rate conversion price premium of 135% of the Public Trading Price.

"**Conversion Securities**" means, with respect to any conversion upon a Public Company Event shares of the class of Common Equity entitled to one vote per share that are registered under the Exchange Act in connection with such Public Company Event and listed for trading on a Principal Market.

"**Conversion Time**" means, with respect to any Public Company Event, the time of the execution of the definitive agreement entered into by the Issuer in connection with such Public Company Event; <u>provided</u> that settlement of the delivery of the applicable Conversion Securities shall be effected in accordance with <u>Section 4</u>.

"**Debtor Relief Laws**" means the Chapter 11 of Title 11 of the United States Code, as amended from time to time, and any successor statute and all rules and regulations promulgated thereunder, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

"**Event of Default**" shall have the meaning specified in <u>Section 7</u>.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder promulgated by the SEC.

"**Governmental Authority**" means the government of the United States, any other nation, or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies).

"**Holder**" has the meaning specified in the introductory paragraph.

"**Interest Payment Due Date**" has the meaning specified in <u>Section 2(b)</u>.

"**Issuance Date**" means May 20, 2025.

"**Issuer**" has the meaning specified in the introductory paragraph; <u>provided</u>, <u>however</u>, that if any Successor Issuer or other Person assumes this Note pursuant to the terms hereof, such Successor Issuer or other Person shall be deemed to be the Issuer.

**"Law**" means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, code, ruling, or order of, including the administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, or any agreement with, any Governmental Authority.

"**Maturity Date**" means November 20, 2025.

"**Note**" has the meaning specified in the introductory paragraph.

"**Note Obligations Amount**" means, as of any date of determination, the sum of (i) the Outstanding Principal Balance <u>plus</u> (ii) any accrued and unpaid interest thereon to but not including such date.

"**Notes**" means this Note together with all other senior convertible promissory notes issued by the Issuer.

"**Open of Business**" means 9:00 a.m., New York time.

"**Original Principal Amount**" is the amount specified above the introductory paragraph of this Note.

"**Outstanding Principal Balance**" has the meaning specified in the introductory paragraph of this Note.

"**Person**" means any individual, corporation, limited liability company, partnership, trust, association or other entity.

"**Principal Market**" means the New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market, as applicable, any of their successors or any other exchange on which the Conversion Securities are listed in connection with the applicable Public Company Event.

"**Public Company Event**" means any transaction pursuant to which the Common Equity of the Issuer (including any Successor Issuer) first becomes registered under Section 12(b) of the Exchange Act.

"**Public Filing Date**" means the date of the submission of the registration statement with the SEC in connection with a Public Company Event.

"**Public Trading Price**" means the closing price of the shares on the day immediately preceding the Public Company Event.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Subsidiary**" means any subsidiary of the Issuer.

"**Taxes**" means any and all taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"**Trading Day**" means, with respect to any Conversion Securities, a day on which trading in the Conversion Securities generally occurs on the Principal Market.

SECTION 1. <u>PAYMENT OF PRINCIPAL</u>. If this Note has not yet been converted, redeemed, exchanged or repaid, the Note Obligations Amount shall be due and payable on the Maturity Date.

SECTION 2. <u>PAYMENT OF INTEREST</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Note, interest shall accrue on the Outstanding Principal Balance at a rate equal to the Applicable Rate (12% per annum), from, and including, the Issuance Date to, but not including, the Maturity Date or such earlier date of redemption, prepayment or conversion, which, in the case of conversion shall be deemed to occur at the Conversion Time. The accrual of interest on this Note as of any date will be calculated based on the Outstanding Principal Balance of this Note as of the Close of Business on the immediately preceding Interest Payment Due Date or, if there is no preceding Interest Payment Due Date, on the Issuance Date (in each case, less any amounts previously redeemed or repaid following such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accrued and unpaid interest shall be payable on the Maturity Date or such earlier date of redemption, prepayment or conversion, which, in the case of conversion shall be deemed to occur at the Conversion Time.

SECTION 3. <u>PUBLIC COMPANY EVENT; REVERSE MERGER</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>Public Company Event Notice</u>. No later than five (5) Business Days prior to the anticipated Public Company Event, the Issuer shall provide to the Holder a written notice (the "**Public Company Event Notice**") that the Issuer intends to file a registration statement with the SEC.

&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>Public Company Event Conversion Process</u>. Upon the occurrence of a Public Company Event, the Notes shall be automatically converted in full at the Conversion Time into a number of Conversion Securities equal to the Note Obligations Amount as of the Conversion Time <u>multiplied</u> by the Conversion Price in accordance with <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>"Market Stand-Off" Agreement</u>. The Holder hereby agrees that it will not, without the prior written consent of the managing underwriter(s), during the period commencing on the date of the final prospectus relating to a Public Company Event that is firm commitment underwritten public offering of Common Equity of the Issuer and ending on the date specified by the Issuer and the managing underwriter(s) (such period not to exceed one hundred eighty (180) days), (A) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Conversion Securities held immediately before the effective date of the registration statement for such Public Company Event or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such shares, whether any such transaction described in <u>subclause (A)</u> or <u>(B)</u> above is to be settled by delivery of Common Equity of the Issuer or other securities, in cash, or otherwise. The Holder hereby agrees that, in connection with any Public Company Event, the Holder will agree to be bound by any "lock-up" or similar restriction on transfer that, in general, agree to be bound by or subject to in connection with such Public Company Event.

SECTION 4. <u>CONVERSION PROCEDURES</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>General Conversion Procedures</u>. If the issuance of the Conversion Securities would result in the issuance of a fractional share of the Conversion Securities, such fractional share shall be forfeited. The Issuer shall pay any transfer, stamp or similar Tax due on the issuance or delivery of the Conversion Securities upon conversion, except any such transfer, stamp or similar Tax that is due because the converting Holder requests those shares to be registered in a name other than the Holder's name, in which case the Issuer shall not be required to make any such issuance or delivery of the Conversion Securities upon conversion unless and until the Person otherwise entitled to such issuance or delivery has paid to the Issuer the amount of any such transfer, stamp or similar Tax or has established, to the satisfaction of the Issuer, that such transfer, stamp or similar Tax has been paid or is not payable. Delivery of Conversion Securities shall, unless otherwise requested in writing by the Holder and agreed by the Issuer, be by means of delivery of book entry shares to the account of the Holder or to the account of the securities intermediary of the Holder for the benefit of the Holder, in each case, pursuant to the instructions provided pursuant to this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conversion Procedures</u>. In connection with any conversion of this Note, the Holder shall promptly (i) deliver instructions for delivery of the Conversion Securities and (ii) surrender this Note to the Issuer (or, in the case of the loss, theft or destruction of this Note, provide an indemnification undertaking with respect to this Note that is reasonably satisfactory to the Issuer) no later than the fifth (5<sup>th</sup>) Business Day immediately preceding the Conversion Time; <u>provided</u> that failure to timely deliver instructions for delivery of the Conversion Securities or to timely surrender this Note shall toll, but not release the Issuer of its obligations hereunder or delay the Conversion Date of this Note. Upon conversion of this Note, the Issuer shall deliver the Conversion Securities to the Holder no later than by 12:00 p.m. Philadelphia time on the later of, with respect to a Public Company Event, the fifth (5<sup>th</sup>) Business Day immediately following the Conversion Time. The Holder at the Conversion Time in connection with a Public Company Event pursuant to <u>Section 3(b)</u> shall be treated for all purposes as the beneficial owner of such Conversion Securities as of such Conversion Time. From and after the time at which the Conversion Securities are delivered to the Holder in accordance with the immediately preceding sentence, this Note shall be deemed to be satisfied by the Issuer and shall cease to be outstanding for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delays</u>. Without limiting any of the foregoing, if the Holder fails promptly to (i) deliver instructions for delivery of the Conversion Securities and (ii) surrender this Note to the Issuer (or in the case of the loss, theft or destruction of this Note, provide an indemnification undertaking with respect to this Note that is reasonably satisfactory to the Issuer) by the fifth (5th) Business Day immediately preceding the Conversion Time, the Issuer will still be deemed to have converted this Note at such Conversion Time and shall hold, for the benefit of the Holder, the Conversion Securities or any other securities issued in exchange for, or upon conversion of, such Conversion Securities until receipt of the requisite delivery instructions and the Note (or indemnification in accordance with this <u>Section 4</u>).

SECTION 5. <u>MATURITY DATE</u>. This Note will mature on the Maturity Date, unless earlier converted, redeemed, exchanged or repaid pursuant to and in accordance with this Note.

SECTION 6. <u>PRIORITY</u>. This Note will be senior to all other indebtedness of the Issuer, with priority liens on substantially all of the Issuer's assets, including the Issuer's intellectual property, with the exception of the Loan and Security Agreement between Issuer and Western Alliance Bank (where Holder has a Standby Letter of Credit in place), and this Note shall represent a tranche of senior security indebtedness, with liquidation preferences at three hundred percent (300%) the outstanding Note Obligations Amount, ranking pari passu in right of payment with (i) any other senior convertible promissory notes issued by the Issuer on substantially the same terms as this Note on or after the Issuance Date, and (ii) senior in right of payment with respect to any other unsecured indebtedness of the Issuer (including other outstanding convertible equity or debt of the issuer).

SECTION 7. <u>EVENTS OF DEFAULT</u>. Each of the following shall be an "**Event of Default**" with respect to this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer fails to pay any portion of the Outstanding Principal Balance or other amount due hereunder when due, whether on the Maturity Date or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer fails to deliver Conversion Securities as required and such failure continues for three (3) Trading Days following the date such delivery was required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Twenty (20) Business Days following the date the Issuer receives written notice from the Holder of the Issuer's material default on its financial reporting obligations, if such material default remains uncured as of the Close of Business on such twentieth (20<sup>th</sup>) Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer, pursuant to or within the meaning of any Debtor Relief 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences proceedings to be adjudicated bankrupt or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief under applicable Debtor Relief 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;(iii) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit of its 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) A court of competent jurisdiction enters an order or decree under any Debtor Relief Law (which order or decree remains unstayed and in effect for sixty (60) consecutive calendar days) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Issuer in a proceeding in which the Issuer is to be adjudicated bankrupt or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer, or for all or substantially all of the property 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the liquidation, dissolution or winding up of the Issuer.

SECTION 8. <u>REMEDIES</u>. Upon the occurrence of an Event of Default that has not been timely cured as provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Acceleration of Note</u>. In the case of an Event of Default of the type specified in <u>Section 7(d)</u> and <u>Section 7(e)</u>, the outstanding Note Obligations Amount, increased by Two Hundred Percent (200%), will become immediately due and payable, without any further notice and without any presentment, demand, or protest of any kind, all of which are hereby expressly waived by the Issuer. If any other Event of Default occurs and is continuing, the Holder may declare the outstanding Note Obligations Amount as of the applicable date, with respect to all Notes to be immediately due and payable, whereupon the same will become forthwith due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Waiver of Default</u>. The Holder may (and upon execution of an instrument or instruments in writing by the Holder, the Holder shall be deemed to) rescind an acceleration or waive any existing Event of Default; <u>provided</u> that an Event of Default of the type specified in <u>Section 7(d)</u> and <u>Section 7(e)</u> may only be waived and any acceleration with respect thereto only rescinded in respect of this Note by the Holder. In such event, the Holder and the Issuer will be restored to their respective former positions, rights and obligations hereunder. Any Event of Default so waived will be deemed to have been cured and not to be continuing, but no such waiver will extend to any subsequent or other Event of Default or impair any right of the Holder consequent thereon.

SECTION 10. <u>NO VOTING OR OTHER RIGHTS</u>. This Note does not entitle the Holder to any voting rights or other rights as a stockholder of the Issuer unless and until (and only to the extent that) this Note is actually converted into shares of the Issuer's Capital Stock in accordance with its terms (and in such case, only such rights as are applicable to such shares of the Issuer's Capital Stock). In the absence of conversion of this Note into Conversion Securities, no provisions of this Note and no enumeration herein of the rights or privileges of the Holder shall cause the Holder to be a stockholder of the Issuer for any purpose.

SECTION 11. <u>AMENDMENTS</u>. This Note, and any of the terms and provisions hereof, may be amended, waived or modified only in a written instrument signed by the Issuer and the Holder.

SECTION 12. <u>TRANSFERS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Note may not be directly or indirectly offered, sold, assigned or transferred by the Holder without the Issuer's consent, which the Issuer shall be entitled to withhold in its sole and absolute discretion; <u>provided</u>, that no such consent shall be required in the case of an Affiliate Transfer (as defined below). Any offer, sale, assignment or other transfer of this Note in contravention of the provisions of this <u>Section 12</u> shall be deemed to be null and void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, no change in the identity of the partners, members or stockholders of the Holder shall constitute an indirect sale or transfer of this Note so long as there is no change of Control of 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;(c) In connection with any assignment or transfer of this Note (in whole or in part), the transferee shall agree to be bound by, and shall become party to, the Purchase Agreement by execution of a counterpart signature page thereto. Any offer, sale, assignment or other transfer of this Note is also subject to the restrictive legends of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary, the Holder may transfer this Note in whole or in part to (i) an Affiliate, or (ii) an affiliated investment fund or vehicle that is under common Control with the Holder.

SECTION 13. <u>FAILURE OR INDULGENCE NOT WAIVER; REMEDIES</u>. The Holder shall not by any act or omission be deemed to waive any of its rights or remedies under this Note unless such waiver shall be in writing and signed by the Holder (or deemed effective pursuant to the election of the Holder as set forth in this Note), and then only to the extent specifically set forth therein. No right or remedy herein conferred upon or reserved to the Holder is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by Law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at Law, in equity, in tort or otherwise, including injunctive relief or specific performance. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

SECTION 14. <u>DISPUTE RESOLUTION</u>. If the Holder disagrees with any arithmetic calculations performed or any price determination by the Issuer pursuant to the Note, the Holder shall submit to the Issuer their calculations or determinations thereof. If the Holder and the Issuer are unable to agree upon such calculation or determination within ten (10) Business Days of the submission by the Holder, then the Issuer shall, within ten (10) Business Days thereafter, submit the disputed arithmetic calculation or price determination to the Issuer's independent, outside accountant, or if such accountant is unwilling or not permitted to perform such services under applicable Law, an accountant reasonably satisfactory to the parties (which is ranked in the top twenty (20) accounting firms nationally, by revenue). The Issuer shall cause such accountant to perform the calculation or determination and notify the Issuer and the Holder of the results no later than fifteen (15) Business Days from the time it receives the disputed calculation or determination. The Issuer shall pay the costs and expenses of such accountant unless the calculation or determination of such accountant is mathematically closer to the Issuer's calculation or determination than the calculation or determination submitted by the Holder, in which case, the costs and expenses of such accountant shall be paid by the Holder. Such calculation or determination shall be binding upon all parties absent manifest error.

SECTION 15. <u>NOTICES AND PAYMENTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing and mailed or delivered to each party as follows: (i) if to the Holder, at the Holder's email address or mailing address set forth in the Register, or (ii) if to the Issuer, at the mailing address or electronic mail address set forth on the Issuer's signature page, or at such other mailing or electronic mail address as the Issuer shall have furnished to the Holder in writing from time to time. All such notices and communications will be deemed sufficient upon delivery, when delivered personally, one (1) Business Day after being deposited with an overnight courier service of recognized standing or upon delivery if sent via electronic mail.

&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>Payments</u>. Whenever any payment of cash is to be made by the Issuer to any Person pursuant to this Note, such payment shall be made in cash via wire transfer of immediately available funds. The Holder shall provide the Issuer with prior written notice setting out such request and the Holder's wire transfer instructions. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day and, in the case of any Interest Payment Due Date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest due on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer will make all withholdings and deductions required by Law and will timely remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable Law. The Issuer will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer will furnish to the Holder, within a reasonable time after the date the payment of any Taxes so deducted or withheld is made, copies of Tax receipts evidencing payment by the Issuer, or if, notwithstanding such entity's efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the Holder) by such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer will pay and indemnify the Holder for any present or future stamp, issue, registration, court or documentary Taxes, or any other property Taxes, charges or similar levies (including penalties, interest and any other reasonable expenses related thereto) levied on or in connection with the execution, delivery, issuance, registration or enforcement of this Note or the receipt of any payments with respect thereto (other than, in each case, for any Taxes that are imposed with respect to an assignment by the Holder, or, for the avoidance of doubt, for any Taxes with respect to any income Tax due by the Holder with respect to such Notes or as a result of conversion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The above obligations will survive any termination, defeasance or discharge of this Note, any transfer by the Holder of the Note, and will apply, <u>mutatis mutandis</u>, to any jurisdiction in which any successor Person to the Issuer is incorporated or organized, engaged in business for Tax purposes or resident for Tax purposes or any jurisdiction from or through which payment is made by or on behalf of such Person in respect of any of the Notes and any department or political subdivision thereof or therein.

SECTION 16. <u>WAIVER OF NOTICE</u>. To the extent permitted by Law, unless otherwise provided herein, the Issuer hereby waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

SECTION 17. <u>FURTHER ASSURANCES</u>. Each of the Holder and the Issuer shall take such further actions as are necessary to carry out the intent or the purposes of this Note (including executing and delivering further agreements, instruments and documents, including in connection with any Public Company Event) as the other party may reasonably request in order to consummate, complete and carry out the actions or transactions contemplated hereby and the intent of the parties hereunder.

SECTION 18. <u>GOVERNING LAW, JURISDICTION AND SEVERABILITY</u>. This Note shall be governed by, and shall be construed in accordance with, the laws of the State of Delaware without regard to the conflicts of law provisions of the State of Delaware or of any other state that would result in the application of the laws of a state other than the State of Delaware. The Issuer hereby submits to the exclusive jurisdiction of the state and federal courts sitting in the Wilmington, Delaware for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Note.

SECTION 19. <u>ASSIGNMENT BY ISSUER</u>. Except as permitted under this Note, including in connection with an Internal Reorganization Transaction, the rights, interests or obligations hereunder may not be assigned or delegated, by operation of law or otherwise, in whole or in part, by the Issuer without the prior written consent of the Requisite Holders.

SECTION 20. <u>INTERPRETATION</u>. This Note shall be deemed to be jointly drafted by the Issuer and the Holder and shall not be construed against any Person as the drafter hereof. In this Note, unless otherwise indicated or the context otherwise requires, all words and personal pronouns relating thereto shall be read and construed as the number and gender of the party or parties required and the verb shall be read and construed as agreeing with the required word and pronoun; the division of this Note into Sections, clauses and sub-clauses and the use of headings and captions is for convenience of reference only and shall not modify or affect the interpretation or construction of this Note or any of its provisions; the words "herein," "hereof," "hereunder," "hereinafter" and "hereto" and words of similar import refer to this Note as a whole and not to any particular Section, clause or sub-clause hereof; the words "include," "including," and derivations thereof shall be deemed to have the phrase "without limitation" attached thereto unless otherwise expressly stated; references to a specified Section, clause or sub-clause shall be construed as a reference to that specified Section, clause or sub-clause of this Note; and all references to "$" or "dollars" shall be deemed references to United States dollars.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed as of the Issuance Date set out above.

---

| | |
|:---|:---|
| **EXYN TECHNOLOGIES, INC.** | **EXYN TECHNOLOGIES, INC.** |
| By: | /s/ Brandon Torres Declet |
|  | Name: Brandon Torres Declet |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| ACCEPTED AND AGREED: | ACCEPTED AND AGREED: |
| **NEOLYNC HOLDINGS LTD** | **NEOLYNC HOLDINGS LTD** |
| By | /s/ Ruvi Shaibel |
|  | Name: Ruvi Shaibel |
|  | Title: Authorized Representative |

---

## Exhibit 10.17

**Exhibit 10.17**

**Certain information has been excluded as marked by [\*] from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**ADVISORY AGREEMENT**

ADVISORY AGREEMENT (this "Agreement") made effective as of August 1, 2025 (the "Effective Date"), by and between Exyn Technologies Inc. (the "Company"), and Longview Innovation, LLC, with its principal place of business at 3411 Silverside Road, Baynard Bldg. #104, Wilmington, DE 19810 ("Advisor"*)* with Services to be provided by Mr. Michael Burychka, unless otherwise agreed by the Company.

W I T N E S S E T H

WHEREAS, the Advisor has certain expertise and experience in corporate and strategic business development, capital markets, transaction execution and related areas; and

WHEREAS, the Company intends to engage the Advisor to provide advisory services to the Company and any of its affiliates or other companies in which it or its affiliates have invested designated by the Company (the "Company Parties") pursuant to the terms of this Agreement; and

WHEREAS, the Advisor desires to provide such services to the Company Parties pursuant to this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements of the parties contained herein, the sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, 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;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>. The Company hereby engages the Advisor, and the Advisor hereby accepts engagement by the Company, upon the terms and conditions hereinafter set forth for the period commencing on the Effective Date and continuing through January 31, 2026 (the "Initial Term"). The Initial Term of this Agreement shall automatically renew and extend by an additional six (6) month term (the "Additional Term", together with the Initial Term, collectively, the "Term") unless either party hereto elects not to extend this Agreement by giving written notice to the other party at least thirty (30) days prior to the expiration of the Term. The Term during which this Agreement is in effect is referred to as the "Advisory Period."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Either party may end the relationship and terminate this Agreement for any reason or no reason, upon one month's written notice to the other.

&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. <u>Services</u>. During the Advisory Period the Advisor shall render the services to the Company Parties as described in Exhibit A hereto (the "Services"), and as may be amended or modified from time to time. Unless otherwise agreed by the Company, all Services will be provided by Mr. Michael Burychka. The Advisor agrees to undertake hereunder only the Services and those assignments made by the Company and not to intentionally take any actions during the Term of this Agreement that would be harmful to the business and operations of any Company Party. In performing the services hereunder, the Advisor will use his best efforts to provide sound advice that advances the business and interests of the Company Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Compensation</u>. As consideration for the Services rendered by Advisor pursuant to the terms of this Agreement, the Company shall pay the Advisor a retainer of $5,000 per month paid in cash and $5,000 per month paid in equity-linked form during the Term of this Agreement. Advisor agrees to invoice monthly in arrears, or as otherwise mutually agreed in writing. In addition, upon the close of a successful transaction, the Advisor will be paid $5,000 per month in arrears in equity-linked form (the "IPO Success Payment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Advisor shall not incur any expenses on the Company's behalf or in furtherance of providing the services discussed hereunder unless such expenses have been previously approved in writing by the Company. Following such approval, Advisor may incur the expense and invoice the Company for such reasonable and documented expenses, and invoices for fees (and expenses with reasonable supporting documentation), which shall be paid by the Company within 20 days after receiving an invoice from the Advisor therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any termination of this Agreement, the Advisor shall be entitled to receive from the Company any earned fees and any approved unreimbursed expenses in connection with services performed through the effective date of such termination, including without limitation any IPO Success Payment accrued by the Company and earned by Advisor up and to the date of such 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;4. <u>Disclaimer of Responsibility for Acts of Company Parties</u>. The obligations of the Advisor described in this Agreement consist solely of the performance of the Services. In no event shall the Advisor be authorized or required by this Agreement to act as the agent of any Company Party or otherwise to represent or make decisions for any Company Party, and Advisor agrees not to so act or represent or make decisions. The Advisor shall have no liability for any advice given in good faith and in a manner reasonably believed by Advisor to be in the best interests of the Company Parties. Notwithstanding the foregoing, this <u>paragraph 4</u> does not limit Advisor's liability for any breach of its obligations under <u>paragraph 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Independent Contractors</u>. The Company and the Advisor acknowledge that they are entering into this Agreement as independent contractors and that this Agreement shall not create and shall not be construed to create a relationship of principal and agent, joint ventures, copartners, employer and employee, or any similar relationship between any Company Party and the Advisor. Without limiting the generality of the foregoing, Advisor will not participate in any employee benefit programs of any Company Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Non-Solicitation and Confidentiality and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor hereby covenants and agrees that, during the Advisory Period and for one year thereafter, he shall not, without the prior written consent of the Company, either directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, offer employment to, employ, contract for consulting services from or take any other action intended,
or that a reasonable person acting in like circumstances would expect, to have the effect of causing any officer or employee of any Company
Party, to terminate his or his employment or accept employment or become affiliated with, or otherwise provide services for compensation
in any capacity whatsoever to, any other entity or person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide any information, advice or recommendation with respect to any such officer or employee that is
intended, or that a reasonable person acting in like circumstances would expect, to have the effect of causing any officer or employee
of any Company Party to terminate his or his employment or accept employment or become affiliated with, or provide services for compensation
in any capacity whatsoever to, any other person or entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) solicit, provide any information, advice or recommendation or take any other action intended, or that
a reasonable person acting in like circumstances would expect, to have the effect of causing any counterparty or prospective counterparty
of any Company Party to terminate an existing business or commercial relationship, or fail to consummate a business or commercial relationship,
as the case may be, with the Company or any of its subsidiaries or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor shall not, except as may be required to perform the Advisor's duties hereunder or as required by applicable law, without limitation in time or until such information shall have become generally available to the public other than by the Advisor's unauthorized disclosure, disclose to others or use (for the benefit of the Advisor or any other person), whether directly or indirectly, any Confidential Information regarding the Company. "Confidential Information" shall mean information about the Company or any other Company Party, that was learned by the Advisor (from whatever source) in the course of the Advisor's relationship with the Company or any other Company Party, including any proprietary knowledge; trade secrets and non-public business information, provided, however, that Confidential Information shall not include any information that is generally available to the public or industry at the time of its disclosure to the Advisor or is independently developed by the Advisor without reference to any information that constitutes Confidential Information.

For purposes hereof, "Work Product" shall mean all works of authorship, inventions, discoveries, concepts, improvements, designs, processes, software, or any improvements, enhancements, or documentation of or to the same that the Advisor develops, makes, works on or conceives, individually or jointly with others during the Advisory Period, solely in the course of the Advisor's work for any Company Party, or which results from or are suggested by any work the Advisor may do for any Company Party. Work Product shall further include any of the foregoing conceived, made, reduced to practice, developed or perfected by the Advisor within six (6) months after termination of the Advisory Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, the term "Intellectual Property Rights" shall mean, on a world-wide basis, any and all now known or hereafter known tangible and intangible (i) rights associated with works of authorship including, without limitation, copyrights, moral rights and mask works, (ii) trademark and trade name rights and similar rights, including all goodwill associated therewith (iii) trade secret rights and database rights, (iv) patent rights, all rights associated with designs, algorithms, computer programs, methods of doing business, ideas, concepts, techniques, inventions (whether patentable or not), processes and other industrial property rights, (v) all other intellectual and industrial property rights of every kind and nature and however designated, whether arising by operation of law, contract, license or otherwise, and (vi) all registrations, initial applications, renewals, extensions, continuations, divisions or reissues thereof now or hereafter existing, made, or in force, both domestic and foreign (including any rights in any of the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Entire Agreement; Amendment; Waiver</u>. This Agreement contains the entire understanding of the parties as to the subject matter hereof and fully supersedes all prior agreements and understandings between the parties as to such subject matter. This Agreement may not be amended, supplemented, canceled or discharged, except by a written instrument executed by the party as to whom enforcement is sought. No failure to exercise, and no delay in exercising, any right, power or privilege hereunder shall operate as a waiver thereof. No waiver of any breach of this Agreement shall be deemed to be a waiver of any preceding or succeeding breach 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;8. <u>Severability, Etc</u>. The parties acknowledge that the terms of this Agreement are fair and reasonable at the date signed by them. However, in light of the possibility of a change of conditions or differing interpretations by a court of what is fair and reasonable, the parties stipulate as follows: if any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. Further, if any one or more of the terms, provisions, covenants, and restrictions contained in this Agreement shall for any reason be determined by a court of competent jurisdiction to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed, by limiting, reducing or modifying it to the minimum extent so as to make any such terms enforceable under then 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;9. <u>Notices</u>. All notices, requests, demands and other communications provided for by this Agreement shall be in writing and mailed in the United States enclosed in a registered or certified post-paid envelope, return receipt requested, or transmitted by electronic mail, or delivered by same-day or overnight courier service, and addressed to the addresses of the respective parties stated below or to such changed addresses as such parties may modify by notice:

To the Company:

Exyn Technologies

2118 Washington Ave, Suite 1000

Philadelphia, PA 19146

Attn: Brandon Torres Declet

Email: [\*]

To the Advisor:

Longview Innovation, LLC

3411 Silverside Road, Bldg #104

Wilmington, DE 19810

Attn: Michael Burychka

Email: [\*]

*provided, however,* that any notice of change of address shall be effective only upon receipt. Any such notice shall be deemed to have been received on the date delivered to or received at the premises (as evidenced by the date noted on the return receipt, facsimile transmission receipt or courier 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;10. <u>Successors and Assigns</u>. This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder (except for an assignment or transfer by the Company to a successor as contemplated by the following proviso); *provided, however,* that the provisions hereof shall inure to the benefit of, and be binding upon, any successor of the Company, whether by merger, consolidation, transfer of all or substantially all of the assets of the Company, or otherwise and that the Company shall have the right to assign any of its rights, in whole or in part, to any Company Party without 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;11. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Further Assurances</u>. Each party agrees at any time, and from time to time, to execute, acknowledge, deliver and perform, and/or cause to be executed, acknowledged, delivered and performed, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and/or assurances as may be necessary, and/or proper to carry out the provisions and/or intent 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;13. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all such counterparts shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| Exyn Technologies | Exyn Technologies |
| By: | /s/ Brandon Torres Declet |
| Name: Brandon Torres Declet | Name: Brandon Torres Declet |
| Title: CEO | Title: CEO |
| **ADVISOR:** | **ADVISOR:** |
| Longview Innovation, LLC | Longview Innovation, LLC |
| By: | /s/ Michael Burychka |
| Name: Michael Burychka | Name: Michael Burychka |
| Title: Managing Member | Title: Managing Member |

---

## Exhibit 10.18

**Exhibit 10.18**

**FORBEARANCE AND THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT**

This Forbearance and Third Amendment to Loan and Security Agreement (this "Amendment") is entered into as of December 23, 2025, by and between EXYN TECHNOLOGIES, INC., a Delaware corporation ("Borrower") and WESTERN ALLIANCE BANK, an Arizona corporation ("Bank").

1. <u>DESCRIPTION OF EXISTING INDEBTEDNESS</u>. Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other documents, a Loan and Security Agreement, dated as of September 27, 2023, by and between Borrower and Bank (as may be amended, restated and supplemented from time to time, the "Loan Agreement"). Capitalized terms used without definition herein shall have the meanings assigned to them in the Loan Agreement.

2. <u>EVENT OF DEFAULT; FORBEARANCE</u>. Events of Default have occurred under the Loan Agreement by virtue of Borrower's failure to comply with Section 6.8(a) of the Loan Agreement for failing to maintain unrestricted cash in accounts at Bank of no less than Two Hundred Fifty Thousand Dollars ($250,000.00) on the measurement date of December 12, 2025 (the "Existing Default"). Subject to the terms of this Amendment and without limiting the Bank's rights under Section 6.15 of the Loan Agreement, Bank forbears from exercising its remedies arising out of the Existing Default from the date hereof, until the earliest to occur of (x) the occurrence of an Event of Default after the date hereof, at which time Bank may exercise any and all rights available to Bank; (y) the occurrence of Forbearance Milestone II, at which time Bank shall waive the Existing Default; or (z) (1) December 26, 2025 if Borrower has failed to provide evidence of clause (i) of Forbearance Milestone II on or prior to such date or (2) January 9, 2026 if Borrower has failed to provide evidence of clause (ii) of Forbearance Milestone II on or prior to such date. Bank does not forbear Borrower's obligations under such respective sections for any event other than the Existing Default. Borrower shall comply with all other provisions of the Loan Agreement.

3. <u>DESCRIPTION OF CHANGE IN TERMS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The following definitions are hereby added to or amended and restated in
Section 1.1 of the Loan Agreement as follows:

"First Amendment Convertible Note" means, collectively, (i) that certain Convertible Promissory Note, dated as of the First Amendment Effective Date, by and between Borrower and Neolync in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) and (ii) any convertible promissory notes entered into by and between Borrower and Neolync from time to time after the Third Amendment Effective Date, in form and substance satisfactory to Bank; provided that the principal amount of the First Amendment Convertible Note shall not exceed Four Million Dollars ($4,000,000.00) in the aggregate at any time.

"Forbearance Milestone II" means Borrower shall have received net cash proceeds of at least (i) Five Hundred Thousand Dollars ($500,000.00) from Neolync on or prior to December 26, 2025 and (ii) One Million Dollars ($1,000,000.00) from Neolync on or prior to January 9, 2026, in each case of the foregoing clauses (i) and (ii) on terms and conditions satisfactory to Bank (including but not limited to in the form of subordinated convertible notes).

"Interest Only End Date" means April 10, 2026.

"Maturity Date" means April 28, 2026.

"Third Amendment Effective Date" means December 23, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The following definition is hereby deleted in Section 1.1 of the Loan
Agreement: "Amortization Date".

Bridge Bank - Exyn Technologies - Forbearance and Third Amendment to Loan and Security Agreement (12.2025)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Section 2.1(a)(ii) of the Loan Agreement is hereby amended and
restated as follows:

"**(ii)** <u>Repayment</u>. For each Term Advance, Borrower shall pay interest-only payments with respect to such Term Advance in accordance with Section 2.3(c) through the Interest Only End Date. All unpaid principal and accrued and unpaid interest with respect to each Term Advance is due and payable in full on the Maturity Date. The Term Advances may only be prepaid in accordance with Sections 2.1(a)(iii)."

4. <u>CONSISTENT CHANGES</u>. The Loan Documents are each hereby amended wherever necessary to reflect the changes described above.

5. <u>NO DEFENSES OF BORROWER/GENERAL RELEASE</u>. Borrower agrees that, as of this date, it has no defenses against the obligations to pay any amounts owing to Bank. Borrower and each of its affiliates (each, a "Releasing Party") acknowledges that Bank would not enter into this Amendment without Releasing Party's assurance that it has no claims against Bank or any of Bank's officers, directors, employees or agents. Except for the obligations arising hereafter under this Amendment, each Releasing Party releases Bank, and each of Bank's and entity's officers, directors and employees from any known or unknown claims that Releasing Party now has against Bank of any nature, including any claims that Releasing Party, its successors, counsel, and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or related to the Loan Agreement or the transactions contemplated thereby. Releasing Party waives the provisions of California Civil Code section 1542, which states:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

The provisions, waivers and releases set forth in this section are binding upon each Releasing Party and its shareholders, agents, employees, assigns and successors in interest. The provisions, waivers and releases of this section shall inure to the benefit of Bank and its agents, employees, officers, directors, assigns and successors in interest. The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms of this Amendment and the other Loan Documents, and/or Bank's actions to exercise any remedy available under the Loan Documents or otherwise.

6. <u>CONTINUING VALIDITY</u>. Borrower understands and agrees that Bank is relying upon Borrower's representations, warranties, and agreements, as set forth in the Loan Documents. Borrower represents and warrants (i) that the representations and warranties contained in the Loan Agreement are true and correct as of the date of this Amendment, and (ii) that no Event of Default has occurred and is continuing (other than the Existing Default). Except as expressly modified pursuant to this Amendment, the terms of the Loan Documents remain unchanged and in full force and effect. Bank's agreement to modifications pursuant to this Amendment in no way shall obligate Bank to make any future modifications. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Loan Documents, unless the party is expressly released by Bank in writing. No maker, endorser, or guarantor will be released by virtue of this Amendment. The terms of this paragraph apply not only to this Amendment, but also to any subsequent loan and security modification agreements.

7. <u>CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; REFERENCE PROVISION</u>. This Amendment constitutes a "Loan Document" as defined and set forth in the Loan Agreement, and is subject to Sections 11 and 12 of the Loan Agreement, which are incorporated by reference herein.

8. <u>CONDITIONS PRECEDENT</u>. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a fully executed copy of this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Agreement;

Bridge Bank - Exyn Technologies - Forbearance and Third Amendment to Loan and Security Agreement (12.2025)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) an amendment fee equal to One Thousand Dollars ($1,000.00), which may be debited by Bank from any of Borrower's accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) payment of all Bank Expenses incurred through the date of this Amendment, which amounts may be debited by Bank from any of Borrower's accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

9. <u>COUNTERSIGNATURE</u>. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

Bridge Bank - Exyn Technologies - Forbearance and Third Amendment to Loan and Security Agreement (12.2025)<br>

---

| | | | |
|:---|:---|:---|:---|
| **BORROWER**: | **BORROWER**: | **BANK**: | **BANK**: |
| EXYN TECHNOLOGIES, INC. | EXYN TECHNOLOGIES, INC. | WESTERN ALLIANCE BANK | WESTERN ALLIANCE BANK |
| By: | /s/ Brandon Torres Declet | By: | /s/ Ben Schwartz |
| Name: Brandon Torres Declet | Name: Brandon Torres Declet | Name: Ben Schwartz | Name: Ben Schwartz |
| Title: Chief Executive Officer | Title: Chief Executive Officer | Title: Vice President | Title: Vice President |

---

***[Signature Page to Forbearance and Third Amendment to Loan and Security Agreement]***

## Exhibit 10.19

**Exhibit 10.19**

**Certain information has been excluded as marked by [\*] from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**Business Term Loan Agreement**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**YOUR LOAN DETAILS** | &nbsp;&nbsp;**YOUR LOAN DETAILS** |
| &nbsp;&nbsp;Borrower: | &nbsp;&nbsp;EXYN TECHNOLOGIES, INC. |
| &nbsp;&nbsp;Borrower's Address: | &nbsp;&nbsp;2118 Washington Ave Ste 1000, Philadelphia, PA 19146 |
| &nbsp;&nbsp;Lender: | &nbsp;&nbsp;MAXIMCASH SOLUTIONS LLC |
| &nbsp;&nbsp;Address for Lender: | &nbsp;&nbsp;395 S Main Street, Suite 201, Alpine, UT 84004 |
| &nbsp;&nbsp;Guarantor(s): | &nbsp;&nbsp;EXYN TECHNOLOGIES, INC. |
| &nbsp;&nbsp;Address(es) for Guarantor(s): | &nbsp;&nbsp;2118 Washington Ave Ste 1000, Philadelphia, PA 19146 |
| &nbsp;&nbsp;Secured Guarantor(s): | &nbsp;&nbsp;EXYN TECHNOLOGIES, INC . |
| &nbsp;&nbsp;Address(es) for Secured Guarantor(s): | &nbsp;&nbsp;2118 Washington Ave Ste 1000, Philadelphia, PA 19146 |
| &nbsp;&nbsp;Loan Amount | &nbsp;&nbsp;$600000.00 |
| &nbsp;&nbsp;Total Repayment | &nbsp;&nbsp;$756000.00 |
| &nbsp;&nbsp;Origination Fee | &nbsp;&nbsp;$3000.00 |
| &nbsp;&nbsp;Legal Fee | &nbsp;&nbsp;$5000.00 |
| &nbsp;&nbsp;Net Funded Amount (minus payoffs and fees withheld) | &nbsp;&nbsp;$592000.00 |
| &nbsp;&nbsp;Term | &nbsp;&nbsp;12 Months |
| &nbsp;&nbsp;Payment Schedule | &nbsp;&nbsp;12 Monthly Payments (3 Months Interest Only):<br>3 Monthly Payments of 19,OO6.7O (I/O)<br> 9 Monthly Payments of $77,664.43 (p&I) |

---

This Business Loan and Security Agreement (as amended, modified or restated, the "Agreement"), together with the attached Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debits) (as amended, modified or restated, "Authorization Agreement"), as amended, modified or restated (collectively the "Agreement") governs your business loan ("Loan") made by the Borrower as of the Effective Date (defined below). Please read this Agreement and keep it for your reference. In this Agreement, the words "you," "your" and "Borrower" each mean the Borrower identified on the signature page of this Agreement. Each Person identified on the signature page of this Business Loan and Security Agreement as a "Guarantor" (including any Secured Guarantor as herein defined) shall be referred to individually as "Guarantor" and collectively as "Guarantors" in this Agreement. The words "Lender", "we", "us", and "our" each mean Maximcash Solutions LLC, and its successors and assigns. "Person" means an individual, corporation, association, partnership, an estate, a trust and any other entity or organization. Each disbursement of the Loan is an "Advance."

1. EFFECTIVE DATE . This Agreement begins on the date we accept this Agreement in Utah,
which is the date of our signature on the signature page of the Agreement ("Effective Date"). Borrower understands and
agrees that Lender may postpone, without penalty, the Advance of Loan amounts to Borrower until Lender has determined in its sole discretion
that all required security interests for the Loan have been perfected and Lender has received all required guarantees or other documentation
for the Loan.

![](tm2525579d4d4_ex10-18img001.jpg)

2. AUTHORIZATION . Borrower agrees that the Loan shall be conclusively deemed to have been
authorized by Borrower and to have been made pursuant to a duly authorized request on its behalf.

3. LOAN FOR SPECIFIC PURPOSES ONLY . The proceeds of the Loan may be used only for the
specific purposes set forth in the Use of Proceeds Certification contained in Section 46 below, and not for any other purposes. In
addition, the Loan will not be used for personal, family or household purposes, and Borrower and Guarantors agree they each are forever
estopped from taking the position that such Loan (including Advances) are or were used for such personal, family or household purposes.
Borrower understands that Borrower's covenant not to use the Loan proceeds for personal, family or household purposes means that
certain important duties imposed upon Persons making loans for personal, family or household purposes, and certain important rights conferred
upon such Persons, pursuant to federal or state law will not apply to the Loan or the Agreement. Borrower understands that Lender will
be unable to confirm whether the use of the Loan conforms to this Section. Borrower agrees that a breach by Borrower of the provisions
of this Section shall not affect Lender's right to (a) enforce Borrower's promise to pay for all amounts owed under
this Agreement, regardless of (i) the purpose for which the Loan is obtained or (ii) how the Loan proceeds are used by Borrower,
and (b) use any remedy legally available to Lender, even if that remedy would normally not have been available had the Loan been
made by Lender to Borrower for personal, family or household purposes.

4. DISBURSEMENT OF LOAN PROCEEDS AND MAINTENANCE OF BORROWER'S BANK ACCOUNT . If
Borrower applied and is approved for the Loan, then the Loan will be disbursed as provided in the accompanying Authorization Agreement.
Borrower shall maintain Direct Payments (ACH Debits) in its Designated Checking Account, including keeping such account open until the
 "Total Repayment Amount" as defined in this Agreement has been completely repaid. Borrower agrees that the Loan made by Lender
to Borrower may not be returned except at Lender's sole discretion.

5. PROMISE TO PAY . Borrower shall pay Lender the Total Repayment Amount in accordance
with the Payment Schedule above. As provided in the accompanying Authorization Agreement, Borrower shall enroll in Lender's Automatic
Payment Plan and authorizes Lender to collect required Loan payments. If required by Lender, Borrower agrees and authorizes Lender (or
its servicer or any agent of Lender thereof) to collect Loan payments from a transfer account.

6. ALTERNATIVE PAYMENT METHODS . If Borrower for any reason knows that Lender will be unable
to process a Loan payment under Lender's Automatic Payment Plan, then Borrower must either transfer sufficient funds into its Designated
Checking Account such that the missed payment can be collected as provided in the attached Authorization Agreement, or promptly mail or
deliver a check to Lender in an amount equal to the missed payment or, if offered to Borrower by Lender, make the missed payment by any
pay-by-phone or on-line service or pursuant to wire transfer instructions that Lender may make available to Borrower from time to time.
If Borrower elects to send payments to

Lender for the Loan by postal mail, then Borrower agrees to send such payments to Lender's address on the first page of this Agreement or some other place as designated by Lender from time to time in writing. All alternative payments contemplated in this Section shall be made in immediately available funds by check, money order, wire transfer, automatic transfer from an account at an institution offering such service, or other instrument in U.S. Dollars. Borrower understands and agrees that payments made by means other than as specified in this Section or to an address other than as set forth above may result in a delay in processing and/or crediting such payment, and may result in late fees, interest, or charges.

If Borrower makes an alternative payment as contemplated by this Section on Borrower's Loan by mail or by any pay-by-phone or on-line service that Lender makes available or by wire transfer while Borrower is enrolled in the Automatic Payment Plan, Lender may treat such payment as an additional payment and continue to process Borrower's scheduled Automatic Payment Plan payments or may reduce any scheduled Automatic Payment Plan payment by the amount of any such additional payment received

Page \| 2 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

7. APPLICATION OF PAYMENTS . Subject to applicable law, Lender reserves the right to allocate
and apply payments received on Borrower's Loan between principal, interest and fees in any manner Lender chooses in its sole discretion,
with such discretion performed with Lender's reference to its records for the Loan, it being understood and agreed by Borrower that
Loan payments generally will be allocated and applied against any fees and interest incurred on the Loan before principal. At Lender's
discretion, if there are any fees, costs or other expenses due and owing under this Agreement, including, without limitation, any Fees,
Lender may unilaterally adjust Borrower's amortized or principal payments due under this Agreement in an amount to pay such fees,
costs or other expenses; Lender, at its discretion, may charge such adjusted amount on a single amortized or principal payment, or over
multiple amortized or principal payments.

8. POSTDATED CHECKS, RESTRICTED ENDORSEMENT CHECKS AND OTHER DISPUTED OR QUALIFIED PAYMENTS .
Lender may accept late, postdated or partial payments without losing any of Lender's rights under this Agreement (a postdated check
is a check dated later than the day it was actually presented for payment). Lender is under no obligation to hold a postdated check and
Lender reserves the right to process every item presented as if dated the same date received by Lender or Lender's check processor.
Borrower shall not send Lender payments marked "paid in full," "without recourse," or similar language. If Borrower
sends such a payment, Lender may accept it without losing any of Lender's rights under this Agreement or applicable law. All notices
and written communications concerning postdated checks, restricted endorsement checks (including any check or other payment instrument
that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered with other conditions
or limitations or as full satisfaction of a disputed amount) or any other disputed, nonconforming or qualified payments, must be mailed
or delivered to the Lender's address on the first page of this Agreement or some other place as designated by Lender from time
to time in writing.

9. PREPAYMENT . Borrower agrees that all fees and other prepaid finance charges are earned
by Lender fully as of the date of this Agreement and will not be subject to refund upon early payment of the Total Repayment Amount (whether
voluntary or as a result of an Event of Default), except as otherwise required by law. Borrower may prepay Borrower's Loan in whole
on any Business Day by paying Lender the sum total of the Total Repayment Amount, including without limit any Returned Payment Fees and
any Late Fees (if any), in each case as described in the attached in this Agreement less (a) the amount of any principal Loan payments
made prior to such prepayment and (b) the product of (i) the percentage identified as the applicable Prepayment Interest Reduction
Percentage in this Agreement and (ii) the aggregate amount of unpaid interest remaining on the Borrower's Loan as of such date
as determined by Lender's records in accordance with Section 7. Borrower may prepay Borrower's Loan in part on any Business
Day and such payment shall be applied in accordance with Section 7.

Page \| 3 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

10. SECURITY INTEREST . Borrower and each Guarantor hereunder (each a "Secured Guarantor"
provided, however, that each reference to "Guarantor" in this Agreement shall include each "Secured Guarantor")
hereby grants to Lender, the secured party hereunder, a continuing security interest in and to any and all Collateral as defined and described
below to secure the prompt and complete payment and performance of all debts, liabilities and obligations of Borrower to Lender hereunder,
and also any and all other debts, liabilities and obligations of Borrower to Lender of every kind and description, direct or indirect,
absolute or contingent, primary or secondary, due or to become due, now existing or hereafter arising, relating to the Loan described
in this Agreement, the preceding being true whether or not contemplated by the parties hereto at the time of the granting of this security
interest, regardless of how such debts, liabilities and obligations arise or by what agreement or instrument they may be evidenced by,
and the preceding includes Borrower's obligations to perform acts and refrain from taking action as well as all obligations to pay
Lender money including, without limitation, all interest, other fees and expenses under or related to the Loan (all of the preceding being
the "Obligations"). The "Collateral" means all of Borrower's, and all of each Secured Guarantor's,
assets and personal property, whether now owned by or owing to, or hereafter acquired by or arising in favor of Borrower and each Secured
Guarantor, and whether owned or consigned by or to, or leased from or to Borrower and each Secured Guarantor, regardless of where located,
which shall include, without limitation: (a) any and all amounts owing to Borrower now or in the future from any merchant processor(s) processing
charges made by customers of Borrower via credit card or debit card transactions; (b) cash and cash equivalents, (c) inventory,
(d) equipment, (e) investment property, including certificated and uncertificated securities, securities accounts, security
entitlements, commodity contracts and commodity accounts, (f) instruments, including promissory notes, (g) chattel paper, including
tangible chattel paper and electronic chattel paper, (h) documents, (i) letter of credit rights, (j) accounts, including
health-care insurance receivables, (k) deposit accounts with any bank or other financial institution, (l) commercial tort claims
as disclosed on Schedule 1, (m) general intangibles, including payment intangibles and software, (n) copyrights, patents and
trademarks and all other intellectual property, (o) fixtures, (p) goods, (q) letters of credit, letter-of-credit rights,
and supporting obligations, and (r) as-extracted collateral. The preceding terms used in defining the term "Collateral"
not otherwise defined in this Agreement shall have the meaning as such terms may from time to time be defined in the Uniform Commercial
Code in effect in the State of Utah ("UCC"). The security interest Borrower and each Secured Guarantor grants herein includes
all accessions to, substitutions for and replacements, proceeds (including stock rights), insurance proceeds and products of the foregoing
subsections (a) through (r), together with all books and records, customers lists, credit files, computer files, programs, printouts,
and other computer materials and records related thereto and any general intangibles (as defined in the UCC) at any time evidencing or
relating to any of the foregoing. Lender disclaims any security interest in household goods in which Lender is forbidden by applicable
law from taking a security interest.

11. PROTECTING THE SECURITY INTEREST . Borrower and each Secured Guarantor (as applicable)
agrees that Lender and/or Lender's agent or representative may file any financing statement, lien entry form control agreement,
or other document that is necessary or desirable in order to perfect, amend or continue Lender's security interest in the Collateral,
including, without limitation, any fixture filings or other filings in the real property records, and Borrower, and each Secured Guarantor
as applicable, shall cooperate with Lender and Lender's agent or representative to accomplish said filing(s), and shall do whatever
else Lender and Lender's agent or representative deems necessary to protect Lender's security interest in the Collateral.
Borrower and each SECURED Guarantor each expressly acknowledge and agree by signing this Agreement that, Lender's Collateral as
described in Section 10 includes all of BORROWER'S AND each SECURED Guarantor's property and assets.

12. LOCATION OF COLLATERAL; TRANSACTIONS INVOLVING COLLATERAL . Unless Lender has agreed
otherwise in writing, Borrower represents and warrants that (a) all Collateral (or records of the Collateral in the case of accounts,
chattel paper and general intangibles) shall be located at Borrower's address as shown on the first page of this Agreement,
(b) except for inventory sold or accounts collected in the ordinary course of Borrower's business (provided, however, that
upon notice of Lender and if an Event of Default has occurred and is continuing, Borrower shall not sell inventory or accounts without
Lender consent), Borrower shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral, (c) no one else has
any interest in or claim against the Collateral that is not already disclosed on the attached Schedule 2. Additionally, unless Lender
has agreed otherwise in writing, Borrower shall not pledge, mortgage, encumber or otherwise permit the Collateral to be subject to any
lien, security interest, encumbrance or charge, other than the security interest provided for in this Agreement, and Borrower shall not
sell, offer to sell, or otherwise transfer or dispose of the Collateral for less than the fair market value thereof. Borrower shall, at
the sole cost to Borrower, defend Lender's rights in the Collateral against the claims and demands of all other Persons. Borrower
(or each Secured Guarantor as applicable) shall hold all proceeds from any unauthorized disposition of the Collateral in trust for Lender,
which shall not be co-mingled with any other funds and shall immediately be delivered to Lender upon receipt by Borrower or any Guarantor.
Notwithstanding the preceding three sentences' requirements, Borrower's and each Guarantor's obligations as described
herein do not constitute or equate to consent by Lender to any such disposition or transfer. Borrower and each Secured Guarantor shall
provide to Lender ten (10) days' prior notice of the opening of any deposit account; Borrower and each Secured Guarantor shall,
promptly provide, upon Lender's request, a deposit account control agreement duly executed on behalf of each financial institution
holding a deposit account of Borrower or any Secured Guarantor or a securities account control agreement duly executed on behalf of each
financial institution or transfer agent holding a securities account of Borrower or any Secured Guarantor.

Page \| 4 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

13. TAXES, ASSESSMENTS AND LIENS . Borrower shall complete, timely file, and pay when due
all necessary federal, state and local taxes and shall pay when due all taxes, assessments, levies, and liens upon the Collateral and,
upon Lender's request, provide evidence of such payments to Lender

14. INSURANCE . Borrower, and each Secured Guarantor as applicable, shall procure and maintain
insurance policies and coverage as Lender may require with respect to the Collateral, including without limitation flood insurance if
the location of any Collateral is located in any area that has been designated by the Federal Emergency Management Agency as a "Special
Flood Hazard Area", in the form, amounts and coverage reasonably acceptable to Lender and issued by a company reasonably acceptable
to Lender, which shall be a minimum amount equal to the Total Repayment Amount. Borrower, and each Secured Guarantor as applicable, shall
ensure that all of Borrower's and each Secured Guarantor's insurance policies name Lender as loss payee, and Borrower and
each Secured Guarantor shall deliver to Lender endorsements demonstrating the same in form and substance satisfactory to Lender. If Borrower
or any Secured Guarantor at any time fails to obtain or maintain any insurance as required under this Section, Lender may obtain such
insurance as Lender deems appropriate at Borrower's sole cost and expense. Borrower and/or each Secured Guarantor shall promptly
notify Lender of any loss of or damage to the Collateral. Upon any insurable loss to any Collateral, the proceeds shall be paid to Lender
to apply to the Total Repayment Amount

15. REPAIRS AND MAINTENANCE . Borrower and each Secured Guarantor shall keep and maintain,
and shall cause others to keep and maintain, the Collateral in good order, repair, and condition at all times while this Agreement remains
in effect. Borrower and each Secured Guarantor further agrees to pay when due all claims made by third party Persons for work done on,
or services rendered to, or material furnished in connection with the Collateral so that no lien or encumbrance of any kind may ever attach
to or be filed against the Collateral.

16. INSPECTION OF COLLATERAL AND PLACE OF BUSINESS; USE OF PHOTOGRAPHS AND TESTIMONIALS .
Lender and Lender's designated representatives and agents shall have the right during Borrower's or Secured Guarantor's
(as applicable) normal business hours and at any other reasonable time (except during an Event of Default during which Lender and Lender's
designated representatives and agents may examine the Collateral at any time) to examine the Collateral wherever located and the interior
and exterior of any of Borrower's or Secured Guarantor's place of business. During an examination of any Borrower's
or Secured Guarantor's place of business, Lender may examine, among other things, whether Borrower, or Secured Guarantor as applicable,
(a) has a place of business that is separate from any personal residence; (b) is open for business; (c) has sufficient
inventory to conduct Borrower's, or Secured Guarantor's as applicable, business; and (d) has one or more credit card
terminals if Borrower, or Secured Guarantor as applicable, processes credit card transactions. When performing an examination, Lender
may photograph the interior and exterior of any of Borrower's or Secured Guarantor's place of business, including any signage,
and may photograph any individual who has signed this Agreement (each a "Signatory") unless the Signatory previously has notified
Lender that he or she does not authorize Lender to photograph the Signatory. Lender may obtain testimonials from any Signatory, including
testimonials on why Borrower needed the Loan and how the Loan has helped Borrower. Any photograph and testimonial will become and remain
the sole property of Lender. Borrower, each Guarantor, and each Signatory grant Lender the irrevocable and permanent right to display
and share any photograph and testimonial contemplated in this Section in all forms and media, including composite and modified representations,
for all purposes, including but not limited to any trade or commercial purpose, whether shared with any of Lender's employees or
agents or with the general public. Lender may, but is not required to, use the name of any Borrower, Guarantor and Signatory in connection
with any testimonial. Borrower, each Guarantor, and each Signatory waive the right to inspect or approve versions of any photograph or
testimonial or the written copy or other media that may be used in connection with any of the foregoing. Borrower, each Guarantor, and
each Signatory release Lender from any claims that now exist or may arise in the future regarding the use of any photograph or testimonial,
including any claims of defamation, invasion of privacy or infringement of moral rights, rights of publicity or copyright.

Page \| 5 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

17. LENDER'S EXPENDITURES . If any action or proceeding is commenced that would materially
affect Lender's interest in the Collateral or if Borrower or a Guarantor fails to comply with any provision of this Agreement or
any related documents, including but not limited to Borrower's failure to discharge, pay, or perform when due any Obligations, then
Lender on Borrower's or any Secured Guarantor's behalf (as applicable) may (but shall not be obligated to) take any action
that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances,
and other claims, at any time levied or placed on the Collateral and paying all costs for insuring, maintaining, and preserving the Collateral.
To the extent permitted by applicable law, any expenses, costs, or fees incurred in connection therewith (including attorneys' and
other advisory or third-party fees) will become a part of the Obligations and, at Lender's option, shall: (a) be payable on
demand; (b) be added to the balance of the Loan and be apportioned among and be payable with any installment payments to become due
during the remaining term of the Loan; or (c) be treated as a balloon payment that will be due and payable at the Maturity Date.
Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon an Event of Default.

18. BORROWER'S AND EACH SECURED GUARANTOR'S REPRESENTATIONS AND WARRANTIES; CERTAIN
covenants . Borrower and each Secured Guarantor represents and warrants that: (a) Borrower and each Secured Guarantor will
comply with all laws, statutes, regulations, and ordinances pertaining to the conduct of its business and the Collateral, including without
limitation any law relating to the use, sale, possession, cultivation, manufacture, distribution, or marketing of any controlled substances
or other contraband (whether for commercial, medical, or personal purposes), or any law relating to the medicinal use or distribution
of marijuana; (b) Borrower's principal executive office and the office where Borrower keeps its records concerning its accounts,
contract rights, and other property is that shown of the first page of this Agreement; (c) Borrower and each Secured Guarantor
is duly organized, licensed, validly existing and in good standing under the laws of its state of formation and shall hereafter remain
in good standing in that state, and Borrower and each Secured Guarantor is duly qualified, licensed and in good standing in every other
state in which it is doing business, and shall hereafter remain duly qualified, licensed and in good standing in every other state in
which it is doing business; (d) the true and correct legal name of the Borrower and each Secured Guarantor is set forth in the first
page of this Agreement; (e) the aggregate ownership percentage of the Signatories is greater than or equal to fifty percent
(50%) of the Borrower's business; (f) the execution, delivery, and performance of this Agreement, and any other document executed
in connection herewith, are within Borrower's and each Secured Guarantor's powers, have been duly authorized, are not in contravention
of law or the terms of Borrower's or any Secured Guarantor's charter, operating agreement, bylaws or other constituting documents,
or of any indenture, agreement, or undertaking to which Borrower or any Secured Guarantor is a party; (g) all constituting documents
and all amendments thereto of Borrower and each Secured Guarantor have been duly filed and are in proper order and any capital stock or
other membership or equity interests issued by Borrower and each Secured Guarantor and outstanding was and is properly issued and all
books and records of Borrower and each Secured Guarantor are accurate and up to date and will be so maintained; (h) Borrower and
each Secured Guarantor (i) is not subject to any charter, corporate, or other legal restriction, or any judgment, award, decree,
order, governmental rule or regulation, or contractual restriction that could have a material adverse effect on its financial condition,
business, or prospects, and (ii) is in compliance with its charter, operating agreement, bylaws, and other constating documents,
all contractual requirements by which it may be bound and all applicable laws, rules and regulations other than laws, rules or
regulations the validity or applicability of which it is contesting in good faith or provisions of any of the foregoing the failure to
comply with which cannot reasonably be expected to materially adversely affect Borrower's or any Secured Guarantor's financial
condition, business or prospects or the value of the Collateral, each taken individually and as a whole; (i) there is no action,
suit, proceeding or investigation pending or, to Borrower's or any Secured Guarantor's or Signatory's knowledge, threatened
against or affecting it or any of Borrower's or any Secured Guarantor's assets before or by any court or other governmental
authority which, if determined adversely to it, would have a material adverse effect on Borrower's or any Secured Guarantor's
financial condition, business, or prospects or the value of the Collateral, each taken individually and as a whole; (j) all information
provided by Borrower and/or each Guarantor as part of the application process for the Loan was true and complete; (k) neither Borrower
nor any Secured Guarantor intends to file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction
within six (6) months of the Effective Date; (l) neither Borrower nor any Secured Guarantor is presently insolvent within the
meaning of the UCC or the United States Bankruptcy Code and neither will become insolvent upon the making of the Loan; (m) Borrower
and each Secured Guarantor shall maintain in full force and effect and in good standing all material rights, licenses, and leases necessary
to carry on its business, and all material permits, licenses, leases consents and approvals necessary for the construction, maintenance,
and operation of its business; (n) Borrower shall make all payments of interest and principal as and when due, and Borrower and each
Guarantor shall keep and comply with all terms, conditions and provisions of this Agreement; (o) the proceeds of any Advance shall
not be used for personal, family, household or agricultural purposes; (p) Borrower shall not use the proceeds of any Advance, directly
or indirectly, in violation of any applicable law or regulation, including without limitation Regulations T, U or X of the Federal Reserve
Board as from time to time in effect (and any successor regulation or official interpretation of such Board), or to purchase or carry
any "margin stock," as defined in Regulations U and X, or any "margin security," "marginable OTC stock"
or "foreign margin stock" within the meaning of Regulation T, U or X; and (q) Borrower and each Secured Guarantor shall
not effect any material change in their ownership or organizational structure (acknowledging that any change in ownership shall be deemed
material when ownership is closely held and any change that would be adverse to Lender or adversely affect the Loan shall be deemed material).

Page \| 6 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

19. INTEREST AND FEES . Borrower shall pay in full the "Total Interest Expense"
as set forth at the beginning of this Agreement and all other fees and costs set forth in this Agreement, including, without limitation,
those set forth on Pages 1 and 2 of this Agreement. Borrower shall also pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;A. "Origination Fee": A one-time origination fee in the amount set forth at the beginning of this Agreement. Borrower agrees
that this fee shall be immediately deducted from the proceeds of Borrower's Loan prior to the Loan's initial Advance.

&nbsp;&nbsp;&nbsp;&nbsp;B. "Legal Fee": A one-time legal fee in the amount set forth at the beginning of this Agreement. Borrower agrees that this
fee shall be immediately deducted from the proceeds of Borrower's Loan prior to the Loan's initial Advance.

&nbsp;&nbsp;&nbsp;&nbsp;C. "Returned Payment Fee": A returned payment fee in the amount set forth in the beginning of this Agreement if any Loan
payment processed on Borrower's Loan is returned unpaid or dishonored for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;D. "Late Fee": A late fee in the amount set forth in the beginning of this Agreement if a scheduled Loan payment is not received
by Lender as provided in the Payment Schedule set forth in the beginning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;E. "Default Interest": Upon the occurrence and during the continuance of an Event of Default, the balance of the remaining
unpaid principal and interest accrued on the Loan shall thereafter bear interest at a rate equal to the lesser of (i) Annual Percentage
Rate (APR) as provided in this Agreement per annum or (ii) the maximum rate allowed by applicable law, as a default interest rate
until the Event of Default has been cured as determined in Lender's sole discretion.

Payments made on the Loan by Borrower shall be applied and allocated between Loan principal, interest, and fees in the manner set forth in Section 7.

Page \| 7 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

20. INTEREST AND FEES EXCEEDING PERMITTED LIMIT . If the Loan is subject to applicable law
that sets maximum interest or charges, and such applicable law is interpreted so that the interest or other fees collected or to be collected
in connection with this Agreement exceed the permitted limits under such applicable law, then (a) any interest or charge shall be
automatically reduced by the amount necessary to reduce such charge to the permitted limit under applicable law, and (b) if required
by applicable law, any sums already collected from Borrower that exceed such permitted limits will be refunded or credited to Borrower.

21. FINANCIAL INFORMATION AND REEVALUATION OF CREDIT . Borrower and each Guarantor (if any)
authorize Lender to obtain business and personal credit bureau reports in Borrower's and any Guarantor's name, respectively,
at any time and from time to time for the purpose of deciding whether to initially approve the requested Loan, or to approve any update,
renewal, extension of credit, or for any otherwise applicable and lawful purpose. Upon Borrower's or any Guarantor's request,
Lender shall advise Borrower or Guarantor (as applicable) if Lender obtained a credit report and Lender shall give Borrower or Guarantor
the credit bureau's name and address. Borrower and each Guarantor (if any) shall submit current financial information, a new credit
application, or both, in Borrower's name and in the name of each Guarantor, respectively, at any time promptly upon Lender's
request. Borrower authorizes Lender to act as Borrower's agent for purposes of accessing and retrieving transaction history information
regarding Borrower from Borrower's designated merchant processor(s). Lender may report Lender's credit experiences with Borrower
and any Guarantor in relation to the Loan to third party Persons as permitted by applicable law, including with respect to any Guarantor
to consumer credit reporting agencies. Lender may share the information contemplated under this Section for the purpose of Lender
complying with governmental reporting or legal processes that Lender believes may be required, whether or not such sharing of information
is in fact required or may otherwise do the same when necessary or helpful in completing a transaction, when investigating a loss or Event
of Default or potential loss or Event of Default, or in connection with the sale or syndication of the Loan or any Advance. Borrower and
each Guarantor is hereby notified that a negative credit report reflecting on Borrower's and/or any Guarantor's credit record
may be submitted to a credit reporting agency (including with respect to any Guarantor to consumer credit reporting agencies) if Borrower
or such Guarantor fails to fulfill the terms of their respective credit obligations hereunder. Guarantor acknowledges that any credit
reporting on the Loan shall be at the sole discretion of Lender (subject to applicable law) and that Lender has the right to report the
Loan to Guarantor's personal credit file should Guarantor not pay any Obligation pursuant to the Guaranty set forth in this Agreement.

22. FEES, EXPENSES AND COLLECTION COSTS . To the extent not prohibited by applicable law,
Borrower shall pay to Lender on demand any and all fees, expenses and costs incurred by Lender in enforcing the terms of this Agreement
or pursuing Lender's remedies provided herein or under applicable law, including, but not limited to, collection costs, all attorneys'
fees and expenses, and all other expenses of like or unlike nature which may be expended by Lender to obtain or enforce payment of Obligations
either as against Borrower, any Guarantor, or any other guarantor or surety of Borrower, or in the prosecution or defense of any action
or concerning any matter arising out of or connected with the subject matter of this Agreement, the Obligations or the Collateral or any
of Lender's rights or interests therein or thereto, including, without limiting the generality of the foregoing, any attorneys'
fees or expenses incurred in any bankruptcy or insolvency proceedings and all costs and expenses (including search fees) incurred or paid
by Lender in connection with the administration, supervision, protection or realization on the Collateral, whether such security was granted
by Borrower, a Secured Guarantor, or by any other Person primarily or secondarily liable (with or without recourse) with respect to the
Obligations, and all costs and expenses incurred by Lender in connection with the defense, settlement or satisfaction of any action, claim
or demand asserted against Lender in connection therewith, which amounts shall be considered advances to protect Lender's security,
and shall be secured hereby. To the extent permitted by applicable law, all of the expenses and costs contemplated in this Section shall
become a part of the Obligations and, at Lender's option, shall: (a) be payable on demand; (b) be added to the balance
of the Loan and be apportioned among and be payable with any installment payments to become due during the remaining term of the Loan;
or (c) be treated as a balloon payment that will be due and payable at the Loan's maturity. Such rights shall be in addition
to all other rights and remedies to which Lender may be entitled upon an Event of Default.

Page \| 8 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

23. BORROWER'S REPORTS . Promptly upon Lender's written request, Borrower and
each Guarantor shall provide Lender with such information about the financial condition and operations of Borrower or any Guarantor, as
Lender may, from time to time, reasonably request. Borrower also shall promptly upon becoming aware of any Event of Default, or the occurrence
or existence of an event which, with the passage of time or the giving of notice or both, would constitute an Event of Default hereunder,
to promptly provide notice thereof to Lender in writing.

24. TELEPHONE COMMUNICATIONS . Borrower and each Guarantor hereby expressly consents to
receiving calls and messages, including auto-dialed and pre-recorded message calls and SMS messages (including text messages) from Lender,
its affiliates, marketing partners, agents, representatives, and any others calling at Lender's request or on its behalf, at any
telephone numbers that Borrower and/or the Guarantors have provided or may provide in the future or otherwise in Lender's possession
(including any cellular or mobile telephone numbers). Borrower and each Guarantor agree that such communications may be initiated using
an automated telephone dialing system. Borrower and each Guarantor agree that he, she or it is responsible for any fees or charges associated
therewith from their wireless carrier.

25. INDEMNIFICATION . Except for Lender's gross negligence or willful misconduct,
Borrower and each Guarantor shall indemnify and hold Lender harmless from all losses, costs, damage, liabilities or expense (including,
without limitation, court costs and reasonable attorneys' fees and expenses) that Lender may sustain or incur by reason of it (a) defending
or protecting Lender's security interests contemplated in this Agreement, or the priority thereof; (b) enforcing the Obligations;
(c) the prosecution or defense of any action or proceeding concerning any matter arising out of or in connection with this Agreement
and/or any other documents now or hereafter executed in connection with this Agreement and/or the Obligations and/or the Collateral. This
indemnity shall survive the complete repayment and performance of the Obligations and the termination of this Agreement.

With respect to any Borrower and each Guarantor residing or incorporated in California, Borrower and each Guarantor acknowledges and agrees that all their rights that may relate to the release and waiver of claims contemplated by this Agreement under Section 1542 of the California Civil Code, as amended, are expressly waived. Section 1542 of the California Civil Code provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

Borrower and each Guarantor waives any right which it has or may have under Section 1542 of the California Civil Code, as amended, to the fullest extent that Borrower and the Guarantors may lawfully waive such rights pertaining to the release of the claims contemplated by Agreement.

26. MERGERS, CONSOLIDATIONS OR SALES . No Borrower, Guarantor or any grantor of any Collateral
shall (a) merge or consolidate with or into any other Person or business entity or (b) enter into any joint venture or partnership
with any other Person, firm, corporation, or other entity. Borrower further agrees not to alter its ownership without prior written permission
from Lender.

27. CHANGE IN LEGAL STATUS . Without Lender's consent, no Borrower or Secured Guarantor
shall (a) change its name, its place of business or, if more than one, chief executive office, its mailing address, or organizational
identification number if it has one, or (b) change its type of organization, jurisdiction of organization or other legal structure.
If Borrower or any Secured Guarantor does not have an organizational identification number and later obtains one, Borrower or such Secured
Guarantor, as applicable, shall promptly notify Lender of such taxpayer identification number.

Page \| 9 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

28. DEFAULT . The occurrence of any one or more of the following events (each an "Event
of Default") shall constitute, without notice or demand, a default under this Agreement and all other agreements between Lender
and Borrower, or any Guarantor or grantor of any Collateral, whether such agreements, instruments, or papers now exist or hereafter arise:
(a) Lender is unable to collect any Automatic Payment Plan payment on two consecutive dates due and/or, Borrower fails to pay any
Obligations on three (3) consecutive dates when payments are due daily or one (1) payment during any monthly period if payments
are due and payable monthly; (b) Borrower fails to comply with, promptly, punctually and faithfully, to perform or observe any term,
condition or promise within this Agreement; (c) the determination by Lender that any representation or warranty heretofore, now or
hereafter made by Borrower or any Secured Guarantor to Lender, in any documents, instrument, agreement, application or paper was not true
or accurate when given; (d) the occurrence of any event such that any indebtedness of Borrower owed to any lender other than Lender
could potentially be accelerated, irrespective of whether such acceleration has taken place; (e) the occurrence of any event that
would cause a "lien creditor," as that term is defined in Section 9a-102 of the UCC (other than Lender) to obtain

relating to Borrower (unless consented to in writing by Lender) of (i) a federal tax lien in favor of the United States of America
or any political subdivision of the United States of America, or (ii) a state tax lien in favor of any state of the United States
of America or any political subdivision of any such state; (g) the occurrence of any event of default under any other agreement between
Lender and Borrower, whether such agreement, instrument, or paper now exists or hereafter arises (notwithstanding that Lender may not
have exercised its rights upon default under any such other agreement, instrument or paper); (h) any act by, against, or relating
to Borrower or Guarantor, or any of their property or assets, whereby such act constitutes the application for, consent to, or sufferance
of the appointment of a receiver, trustee or other person, pursuant to court action or otherwise, over all, or any part of any of the
Collateral; (i) the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of Borrower or
any Guarantor, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for Borrower or any
Guarantor; (j) the failure by Borrower or any Guarantor to generally pay the debts of Borrower or Guarantor as they mature; (k) adjudication
of bankruptcy or insolvency relative to Borrower or any Guarantor; (l) the entry of an order for relief or similar order with respect
to Borrower or any Guarantor in any proceeding pursuant to Title 11 of the United States Code entitled "Bankruptcy" (the "Bankruptcy
Code") or any other federal bankruptcy law; (m) the filing of any complaint, application or petition by or against Borrower
or any Guarantor initiating any matter in which Borrower or any Guarantor is or may be granted any relief from the debts of Borrower or
any Guarantor pursuant to the Bankruptcy Code or any other insolvency statute or procedure; (n) the calling or sufferance of a meeting
of creditors of Borrower or any Guarantor; (o) the meeting by Borrower or any Guarantor with a formal or informal creditor's
committee; (p) the offering by or entering into by Borrower or any Guarantor of any composition, extension or any other arrangement
seeking relief or extension for the debts of Borrower, or the initiation of any other judicial or non-judicial proceeding or agreement
by, against or including Borrower or any Guarantor that seeks or intends to accomplish a reorganization or arrangement with creditors;
(q) the entry of any judgment against Borrower, which judgment is not satisfied or appealed from (with execution or similar process
stayed) within 15 days of its entry; (r) the occurrence of any event or circumstance with respect to Borrower or any Guarantor or
grantor of Collateral such that Lender shall believe in good faith that the prospect of payment of all or any part of the Obligations
or the performance by Borrower under this Agreement or any other agreement between Lender and Borrower is impaired or there shall occur
any material adverse change in the business or financial condition of Borrower (such event specifically includes, but is not limited to,
taking additional financing from a credit card advance, cash advance company or an additional working capital loan without the prior written
consent of Lender); (s) the entry of any court order that enjoins, restrains or in any way prevents Borrower from conducting all
or any part of its business affairs in the ordinary course of business; (t) the occurrence of any uninsured loss, theft, damage or
destruction to any material asset(s) of Borrower or any Secured Guarantor; (u) any act by or against, or relating to Borrower,
a Secured Guarantor or any of their assets pursuant to which any creditor of Borrower or a Secured Guarantor seeks to reclaim or repossess
or reclaims or repossesses all or a portion of Borrower's or a Secured Guarantor's assets; (v) the termination of existence,
dissolution or liquidation of Borrower or any Secured Guarantor or the ceasing to carry on actively any substantial part of Borrower's
or any Secured Guarantor's current business; (w) this Agreement shall, at any time after its execution and delivery and for
any reason, cease to be in full force and effect or shall be declared null and void, or the validity or enforceability hereof shall be
contested by Borrower or any Guarantor denies it has any further liability or obligation hereunder; (x) any guarantor or person signing
a support agreement in favor of Lender (including without limit the Guarantor(s) and the Guaranty) shall repudiate, purport to revoke
or fail to perform his, her, or its obligations under his, her or its guaranty or support agreement in favor of Lender, or any such guarantor
either die or dissolve (as applicable); (y) any material change occurs in Borrower's or any Secured Guarantor's ownership
or organizational structure (acknowledging that any change in ownership will be deemed material when ownership is closely held); (z) if
Borrower or any Guarantor or grantor of Collateral is a sole proprietorship, the owner dies; if Borrower or any Guarantor or grantor of
Collateral is a trust, a trustor dies; if Borrower or any Guarantor or grantor of Collateral is a partnership, any general or managing
partner dies or dissolves; if Borrower or any Guarantor or grantor of Collateral is a corporation, any principal officer or 10% or greater
shareholder dies; if Borrower or any Guarantor or grantor of Collateral is a limited liability company, any managing member dies or dissolves;
if Borrower or any Guarantor or grantor of Collateral is any other form of business entity, any Person(s) directly or indirectly
controlling 10% or more of the ownership interests of such entity dies or dissolves; (aa) Borrower terminates the Authorization Agreement
in accordance with its terms and another agreement is not immediately and in no less than two (2) days put in place in a form and
substance satisfactory to Lender.

Page \| 10 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

29. RIGHTS AND REMEDIES UPON DEFAULT . Unless prohibited by applicable law, if an Event
of Default occurs under this Agreement, then at any time thereafter, Lender may exercise any one or more of the following rights and remedies:

&nbsp;&nbsp;&nbsp;&nbsp;A. Refrain from Disbursing Loan Proceeds: Refrain from making an Advance of Borrower's Loan proceeds to the Designated Checking
Account.

&nbsp;&nbsp;&nbsp;&nbsp;B. Debit Amounts Due from Borrower's Account: Debit from Borrower's Designated Checking Account all Automatic Payment Plan
payments that Lender was unable to collect and/or the amount of any other Obligations that Borrower failed to pay.

&nbsp;&nbsp;&nbsp;&nbsp;C. Accelerate Indebtedness: Declare the entire Obligations immediately due and payable, without notice to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;D. Assemble Collateral: Require Borrower and/or any Guarantor to deliver to Lender all or any portion of the Collateral and any and all
certificates of title and other documents relating to the Collateral. Lender may require Borrower and/or any Guarantor to assemble the
Collateral and make it available to Lender at a place to be designated by Lender. Except as limited or prohibited under applicable law,
Lender also shall have full power to enter upon the property of Borrower and/or any Guarantor to take possession of and remove the Collateral.
If the Collateral contains other goods not covered by this Agreement at the time of repossession, Borrower and/or each Guarantor agrees
Lender may take such other goods, provided that Lender makes reasonable efforts to return them to Borrower and/or Guarantor after such
repossession.

&nbsp;&nbsp;&nbsp;&nbsp;E. Sell the Collateral: Have full power to sell, lease, transfer, or otherwise deal with the Collateral or proceeds thereof in Lender's
own name or that of Borrower and/or any Secured Guarantor. Lender may sell the Collateral at public auction or private sale. Unless the
Collateral threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender shall give Borrower,
each Secured Guarantor and other Persons as required by law, reasonable notice of the time and place of any public sale, or the time after
which any private sale or any other disposition of the Collateral is to be made. However, no notice need be provided to any Person who,
after an Event of Default occurs, enters into and authenticates an agreement waiving that person's right to notification of sale.
The requirements of reasonable notice shall be met if such notice is given at least ten (10) days before the time of the sale or
disposition. All expenses relating to the disposition of the Collateral, including without limit the expenses, costs and fees (including
third-party costs and fees payable by Lender) of retaking, holding, insuring, preparing for sale and selling the Collateral, shall become
a part of the Obligations secured by this Agreement. To the extent permitted by applicable law, all such expenses will become a part of
the Obligations and, at Lender's option, will: (a) be payable on demand; (b) be added to the balance of the Loan and be
apportioned among and be payable with any installment payments to become due during the remaining term of the Loan; or (c) be treated
as a balloon payment that will be due and payable at the Loan's maturity.

Page \| 11 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;F. Appoint Receiver: Have a receiver appointed to take possession of all or any part of the Collateral, with the power to protect and
preserve the Collateral, to operate the Collateral preceding foreclosure or sale, and to collect the rents from the Collateral and apply
the proceeds, over and above the cost of the receivership, against the Obligations. The receiver may serve without bond if permitted by
applicable law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Collateral
exceeds the Obligations by a substantial amount. Employment by Lender shall not disqualify a Person from serving as a receiver.

&nbsp;&nbsp;&nbsp;&nbsp;G. Collect Revenues, Apply Accounts: Lender, either by itself or through a receiver, may collect the payments, rents, income, and revenues
from the Collateral. Lender may at any time in Lender's discretion transfer any Collateral into Lender's own name or that
of Lender's nominee and receive the payments, rents, income and revenues therefrom and hold the same as security for the Obligations
or apply it to payment of the Obligations in such order of preference as Lender may determine. Insofar as the Collateral consists of accounts,
general intangibles, insurance policies, instruments, chattel paper, choses in action, or similar property, Lender may demand, collect,
receipt for, settle, compromise, adjust, sue for, foreclose or realize on the Collateral as Lender may determine, whether or not any amount
included within the Obligations is then due. For these purposes, Lender may, on behalf of and in the name of Borrower and/or any Guarantor,
receive, open and dispose of mail addressed to Borrower or the Secured Guarantor; change any address to which mail and payments are to
be sent; and endorse notes, checks, drafts, money orders, documents of title, instruments and items pertaining to payment, shipment or
storage of any Collateral. To facilitate collections, Lender may notify account debtors and obligors on any Collateral to make payments
directly to Lender or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;H. Obtain Deficiency: If Lender chooses to sell any or all of the Collateral, Lender may obtain a judgment against Borrower and/or any
Guarantor for any deficiency remaining on the Obligations due to Lender after application of all amounts received from the exercise of
the rights provided in this Agreement. Borrower and/or Guarantor shall be liable for a deficiency even if the transaction described in
this subsection is a sale of accounts or chattel paper.

&nbsp;&nbsp;&nbsp;&nbsp;I. Other Rights and Remedies: Lender shall have all the rights and remedies of a secured creditor under the provisions of the UCC, as
may be amended from time to time. In addition, Lender shall have and may exercise any or all other rights and remedies it may have available
at law, in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;J. Election of Remedies: Except as may be prohibited by applicable law, all of Lender's rights and remedies, whether evidenced
by this Agreement, any related documents, or by any other writing, shall be cumulative and may be exercised singularly or concurrently.
Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take
action to perform an obligation of Borrower under the Agreement, after Borrower's failure to perform, shall not affect Lender's
right to declare a default and exercise its remedies.

30. CONSENT TO JURISDICTION AND VENUE . Borrower, each Guarantor, and Lender each consent
to and agree that venue for all actions arising from or related to this Agreement or the Loan shall be in the Utah State District Court
in and for Salt Lake County, State of Utah. The parties hereto waive any objection which either may have based on lack of jurisdiction
or improper venue or forum non conveniens to any suit or proceeding instituted by either party under this Agreement in any state or federal
court with jurisdiction over Salt Lake County, State of Utah, and consent to the granting of such legal or equitable relief as is deemed
appropriate by such court.

Page \| 12 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

31. NO WAIVER BY LENDER . No delay or omission on the part of Lender in exercising any rights
under this Agreement, any related guaranty (including without limit the Guaranty) or applicable law shall operate as a waiver of such
right or any other right. Waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future
occasion. All Lender's rights and remedies, whether evidenced hereby or by any other agreement, instrument or paper, shall be cumulative
and may be exercised singularly or concurrently.

32. ASSIGNMENT . This Agreement shall bind and inure to the benefit of the respective successors
and assigns of each of the parties hereto; provided, however, that Borrower and each Guarantor may not assign this Agreement or any rights
or duties hereunder without Lender's prior written consent and any such assignment without Lender's written consent shall
be absolutely null and void. Lender's consent to an assignment by Borrower shall not release Borrower or any Guarantor from its
Obligations. Lender may assign this Agreement and its rights and duties hereunder and no consent or approval by Borrower is required in
connection with any such assignment. Lender reserves the right to sell, assign, transfer, negotiate, or grant participations in all or
any part of, or any interest in Lender's rights and benefits hereunder. In connection with any assignment or participation, Lender
may disclose all documents and information that Lender now or hereafter may have relating to Borrower or Borrower's business. To
the extent that Lender assigns its rights and obligations hereunder to another party, Lender thereafter shall be released from such assigned
obligations to Borrower and such assignment shall effect a novation between Borrower and such other party. Maximcash Solutions LLC (in
its capacity as Servicer) or a successor servicer (if any) shall, acting solely for this purpose as a non-fiduciary agent of Borrower,
maintain at one of its offices in the United States a copy of each assignment agreement delivered to it with respect to this Loan and
a register for the recordation of the name of each assignee of this Loan, and principal and interest amount of this Loan owing to, such
assignee pursuant to the terms hereof. The entries in such register shall be conclusive, and Borrower, Lender and each such assignee may
treat each person whose name is recorded therein pursuant to the terms hereof as a "Lender" hereunder for all purposes of
this Agreement, notwithstanding notice to the contrary. The register maintained for this Loan shall be available for inspection by Borrower
and any such assignee of this Loan, at any reasonable time upon reasonable prior notice to Maximcash Solutions LLC (in its capacity
as Servicer) or the applicable successor servicer (if any). This Section shall be construed so that this Loan is at all times maintained
in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code
and any related Treasury regulations (or any other relevant or successor provisions of the Internal Revenue Code or of such Treasury regulations).

33. INTERPRETATION . Paragraph and section headings used in this Agreement are for convenience
only and shall not affect the construction or interpretation of this Agreement. Neither this Agreement nor any uncertainty or ambiguity
herein shall be construed or resolved against Lender or Borrower, whether under any rule of construction or otherwise. On the contrary,
this Agreement has been reviewed by all parties hereto, having had the opportunity to consult legal counsel, and shall be construed and
interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of all parties
hereto.

34. SEVERABILITY . If one or more provisions of this Agreement (or the application thereof)
is determined invalid, illegal or unenforceable in any respect in any jurisdiction, the same shall not invalidate or render illegal or
unenforceable such provision (or its application) in any other jurisdiction or any other provision of this Agreement (or its application).

35. NOTICES . Except as otherwise provided in this Agreement, notice under this Agreement
must be in writing. Notice to Lender shall be deemed received by Lender at the address sent forth on the first page of this Agreement
by U.S. mail, postage prepaid, first-class mail; in person; by registered mail; by certified mail; by nationally recognized overnight
courier; or when sent by electronic mail. Any notice directed to a party to this Agreement shall become effective upon the earliest of
the following: (a) actual receipt by that party; (b) delivery on a business day to the designated address of that party, addressed
to that party; (c) if given by postage prepaid and registered or certified, return receipt requested, three (3) days after deposit
with the United States Postal Service, postage prepaid and registered or certified, return receipt requested, addressed to that party
at its designated address; or (d) electronic mail address in Lender's records. The designated address of a party described
in the beginning of this Agreement shall be the address of that party, or such other address as that party, from time to time, may specify
by notice to the other parties.

Page \| 13 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

36. RECORDKEEPING AND AUDIT REQUIREMENTS . Lender shall have no obligation to maintain any
electronic records or any documents, schedules, invoices or any other paper delivered to Lender by Borrower in connection with this Agreement
or any other agreement other than as required by applicable law. Borrower shall at all times keep accurate and complete records of Borrower's
financial records, accounts, and Collateral. At Lender's request, Borrower shall deliver to Lender: (a) schedules of accounts
and general intangibles; and (b) such other information regarding the Collateral as Lender shall request. Lender, or any of its agents
or representatives, shall have the right to call any telephone numbers that Borrower has provided or may provide in the future or otherwise
in the Lender's possession (including any cellular or mobile telephone numbers), at intervals to be determined by Lender, and without
hindrance or delay, to inspect, audit, check, and make extracts from any copies of the books, records, journals, orders, receipts, correspondence
that relate to Borrower's Collateral or other transactions between the parties thereto and the general financial condition of Borrower
and Lender may remove any of such records temporarily for the purpose of having copies made thereof. If Borrower was referred to Lender
for this Loan by a third party, then Borrower consents to Lender sharing certain reasonable information about Borrower with such referring
party for the purpose of such referring party verifying and/or auditing loans made through such referring party's referrals.

37. GOVERNING LAW . The relationship between Borrower, Lender, and any Guarantor, and any
claim, dispute or controversy (whether in contract, tort, or otherwise) at any time arising from or relating to this Agreement is governed
by, and this Agreement will be construed in accordance with the laws of the State of Utah without regard to internal principles of conflict
of laws. The legality, enforceability and interpretation of this Agreement and the amounts contracted for, charged, and reserved under
this Agreement will be governed by such laws. Borrower understands and agrees that (a) Lender is located in Utah, (b) Lender
makes all credit decisions from Lender's office in Utah, (c) the Loan is made in Utah (that is, no binding contract will be
formed until Lender receives and accepts Borrower's signed Agreement in Utah) and (d) Borrower's payments are not accepted
until received by Lender in Utah.

38. WAIVER OF NOTICES AND OTHER TERMS . Except for any notices provided for in this Agreement,
Borrower and any person who has obligations pursuant to this Agreement (e.g., each Guarantor), to the extent not prohibited by applicable
law, hereby waives demand, notice of nonpayment, notice of intention to accelerate, notice of acceleration, presentment, protest, notice
of dishonor and notice of protest. To the extent permitted by applicable law, Borrower, each Guarantor, and any other Person who has obligations
pursuant to this Agreement also agrees to the following: (a) Lender is not required to file suit or show diligence in collecting
the Obligations against Borrower, any Guarantor or any other Person who has obligations pursuant to this Agreement, and Lender is not
required to proceed against any specific Collateral at any specific time; (b) Lender may, but shall not be obligated to, substitute,
exchange or release any Collateral; (c) Lender may release any Collateral, or fail to realize upon or perfect Lender's security
interest in any Collateral; (d) Lender may, but will not be obligated to, sue one or more Persons without joining or suing others;
and (e) Lender may modify, renew, or extend this Agreement (repeatedly and for any length of time) without notice to or approval
by any Person who has obligations pursuant to this Agreement (other than the party with whom the modification, renewal or extension is
made). In connection with such amendment, modification or renewal, Lender may require that Borrower and Guarantor each execute an Amendment
and Modification Agreement to the Business Loan and Security Agreement, in the form to be provided by Lender.

39. MONITORING, RECORDING AND ELECTRONIC COMMUNICATIONS . To ensure a high quality of service
for Lender's customers, Borrower acknowledges and agrees that Lender may (a) monitor and/or record telephone calls between
Borrower and Lender's employees, representatives or agents, and (b) communicate with Borrower electronically by e-mail.

Page \| 14 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

40. JURY TRIAL WAIVER AND CLASS ACTION WAIVER . To the extent not prohibited by applicable
law, Borrower, each Guarantor and Lender waive their right to a trial by jury of any claim or cause of action based upon, arising out
of or related to the Agreement and all other documentation evidencing the Obligations, in any legal action or proceeding. any such claim
or cause of action shall be tried by court sitting without a jury.

If permitted by Applicable Law, each party waives the right to litigate in any court proceeding any claim by either party against the other party related to this agreement or the loan as a class action, either as a member of a class or as a representative, or to act as a private attorney in general. This provision shall survive any termination, amendment or expiration of this agreement or the loan, or any other relationship between the parties.

41. CONFIDENTIALITY . Borrower and each Guarantor shall not make, publish or otherwise disseminate
in any manner a copy of this Agreement or make any public statement or description of the terms of this Agreement, except to (a) Borrower's
or any Guarantor's subsidiaries or affiliates, or potential investors in Lender or Lender's subsidiaries, affiliates or related
funds, and their respective employees, directors, agents, attorneys, accountants and other professional advisors (collectively, "Representatives");
(b) to prospective transferees, assignees, credit providers or purchasers of Lender's interests under or in connection with
this Agreement or any transactions contemplated hereby; (c) as required by law, regulation, subpoena, or other order; (d) to
Lender's, Guarantor's, Borrower's or Lender's, Guarantor's or Borrower's subsidiaries or affiliates
regulators or as otherwise required or requested in connection with Lender's, Guarantor's, Borrower's or any subsidiary
of Borrower's financial examination or audit; (e) in connection with the exercise of remedies under the Agreement or any action
or proceeding relating to this Agreement or the enforcement of rights hereunder or thereunder; and (f) to third-party service providers
of Lender.

42. ENTIRE AGREEMENT . This Agreement is the entire agreement of the parties with respect
to the subject matter hereof and supersedes any prior written or verbal communications or instruments relating thereto.

43. COUNTERPARTS; ELECTRONIC SIGNATURES . This Agreement and any amendment hereof may be
executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an
original, and all of which together shall constitute one (1) instrument. In proving this Agreement, it shall not be necessary to
produce or account for more than one such counterpart signed by the party against whom enforcement is sought. All parties to this Agreement
agree that Lender may (but shall have no obligation to) accept any signature, contract formation or record-keeping through electronic
means, which shall have the same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted by
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the Utah Uniform Electronic Transactions
Act, or any similar state law based on the Uniform Electronic Transactions Act. Signatures and/or initials made through DocuSign or similar
technologies shall be deemed of acceptable form for manifesting such party's affirmative assent.

44. CUSTOMER SERVICE CONTACT INFORMATION . If you have questions or comments about your
Loan, you may contact us at the address on the first page of this Agreement.

Page \| 15 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

45. THE GUARANTY . Each Guarantor, including each Secured Guarantor jointly and severally
(if more than one), absolutely and unconditionally guarantee the prompt payment and performance to Lender (including its successors and
assignees) of any and all Obligations incurred by Borrower (the "Guaranty"). Each Guarantor shall repay the Obligations on
Lender's demand, without requiring Lender to first to enforce or pursue of the Obligations payment against Borrower or any specific
Guarantor if more than one. The Guaranty is a guarantee of payment and not of collection. The Guaranty is an absolute, unconditional,
primary, and continuing obligation for each Guarantor, and will remain in full force and effect until the first to occur of the following:
all of the Obligations have been indefeasibly paid and performed in full, and Lender has expressly terminated this Guaranty writing. Each
Guarantor represents and warrants that (a) it is a legal resident of the United States of America, or if a non-natural Person an
entity formed, incorporated or organized in the United States of America, and (b) neither Borrower, nor itself individually as Guarantor,
intends to file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within 6 months of the
date hereof. Each Guarantor waives all notices to which the Guarantor might otherwise be entitled to by applicable law, and each Guarantor
also waives all defenses, legal or equitable, otherwise available to such Guarantor. This Guaranty shall be construed in accordance with
the laws of the State of Utah, and shall insure to the benefit of Lender, its successors and assigns. In accordance with Section 40
and to the extent not prohibited by applicable law, each of the undersigned Guarantors waives its right to a trial by jury of any claim
or cause of action based upon, arising out of or related to this Guaranty, the Agreement and all other documentation evidencing the Obligations,
in any and all legal actions or proceedings. For each Guarantor that resides in a community property state, including, without limitation
Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin, or as otherwise requested by Lender,
the spouse of such Guarantor shall execute and agree to the Spousal Consent to Loan, attached as Exhibit B. So long as any of the
Obligations remain unpaid or undischarged or Lender has any obligation to make the Loan, (i) Guarantor will not, by paying any sum
recoverable hereunder (whether or not demanded by Lender) or by any means or on any other ground, claim any set off or counterclaim against
Borrower in respect of any liability of Guarantor to Borrower, or (ii) in proceedings under federal bankruptcy law or insolvency
proceedings of any nature, prove in competition with Lender in respect of any payment hereunder, or be entitled to have the benefit of,
any counterclaim or proof of claim or dividend or payment by or on behalf of Borrower or the benefit of any other security for any of
the Obligations which, now or hereafter, Lender may hold or in which it may have any share. Each Guarantor hereby expressly waives any
right of contribution or reimbursement from or indemnity against Borrower or any other guarantor, whether at law or in equity, arising
from any payments made by any Guarantor, and each Guarantor acknowledges that each Guarantor has no right whatsoever to proceed against
Borrower or any other guarantor for reimbursement of any such payments for so long as any of the Obligations remain unpaid or undischarged
or Lender has any obligation to make the Loan. In the event any Guarantor shall receive any payment under or on account of such rights
while any of the Obligations are outstanding, it shall hold such payment as trustee for Lender, to be paid over to Lender on account of
the Obligations but without reducing or affecting in any manner the liability of Guarantor under the provisions of this Agreement, except
to the extent the principal amount or other portion of such outstanding Obligations shall have been reduced by such payment.

46. CERTIFICATION AND SIGNATURES . By executing this Agreement or authorizing the company
signing or affirming below to execute on its behalf, Borrower and each Guarantor certifies that Borrower and each Guarantor has received
a copy of this Agreement and Borrower and each Guarantor has read, understood and agreed to be bound by the Agreement's terms. The
company signing or affirming below certifies that the company is signing on behalf of the Borrower, the Guarantor(s), and/or in their
individual capacity as indicated in the Signature Page for Borrower and each Guarantor (and if Borrower is a sole proprietorship,
in the capacity of the owner of such sole proprietorship), and each individual executing this Agreement is authorized to execute this
Agreement on behalf of Borrower and each Guarantor (as applicable). Use of Proceeds Certification: As referred to in Section 3, by
signing or affirming below, the Borrower certifies, acknowledges and understands that the Loan proceeds shall be used solely for purchasing
or acquiring specific products or services, for the following purposes only: (a) specified merchandise, (b) insurance (but not
self-insurance programs), (c) services or equipment, (d) inventory or other specified goods, (e) loans to finance specified
sales transactions, (f) public works projects or educational services (e.g., training) and (g) other general working capital
needs of the business of the Borrower. The Loan shall not be used for personal, family, household or agricultural purposes.

Page \| 16 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

47. CONFESSIONS OF JUDGMENT . Borrower and Guarantor(s) shall, upon execution of this
Agreement, deliver to Lender an executed stipulation and confession of judgment ("Stipulation and Confession of Judgment")
in favor of Lender in the amount of the Total Repayment Amount of the Loan. Upon the occurrence of an Event of Default, Borrower and each
Guarantor consent to the filing of the Stipulation and Confession of Judgment in any court in the State of Utah, and Borrower and each
Guarantor further consent to the entering, docketing, or domestication of any such judgment arising from or related to the Stipulation
and Confession of Judgment in any court in the State of Utah or any other court (state or federal) for the purpose of collecting any such
judgment.

48. PATRIOT Act. To the undersigned's knowledge, neither Borrower nor any Guarantor
nor any of its respective constituents or affiliates, is in violation of any laws relating to terrorism or money laundering, including
without limitation, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (as the same has been, or may
hereafter be, renewed, extended, amended or replaced, the "Executive Order")' and the Bank Secrecy Act (31 U.S.C. §
5311 et seq.), as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Public Law 10756, as the same has been, or may hereafter be, renewed, extended, amended or replaced, the "PATRIOT Act").
As used herein, "Anti-Terrorism Laws" means any laws relating to terrorism or money laundering, including the Executive Order,
the PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by the United States Treasury Department's
Office of Foreign Asset Control (as any of the foregoing laws may from time to time be renewed, extended, amended, or replaced).

49. PERSONAL GUARANTY . Intentionally removed.

Page \| 17 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

**AUTHORIZATION AGREEMENT FOR DIRECT DEPOSIT (ACH CREDIT) AND DIRECT PAYMENTS (ACH DEBIT)**

**This Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debits) ("Authorization Agreement") is part of (and incorporated by reference into) the Business Loan and Security Agreement ("Loan Agreement"). Borrower should keep this important legal document for Borrower's records. Capitalized terms not otherwise defined herein shall have the same meaning as defined in the Loan Agreement.**

**ADVANCE OF LOAN PROCEEDS.** By executing this Authorization Agreement, Borrower authorizes Lender to disburse the Loan proceeds less the amount of any applicable fees upon Lender approving the Loan by Lender initiating an ACH credit, wire transfer or similar means to the checking account indicated on <u>Exhibit A</u> hereto (or a substitute checking account Borrower later identifies and is acceptable to Lender, hereinafter referred to as the "**Designated Checking Account**") in the Advance Amount set forth in the Agreement. This authorization is to remain in full force and effect until Lender has received written notification from Borrower of its termination of this Authorization Agreement in such time and in such manner as to afford Lender and Borrower's depository bank a reasonable opportunity to act on it, which in no event will be less than five (5) Business Days.

**AUTOMATIC PAYMENT PLAN.** Enrollment in Lender's Automatic Payment Plan (defined below) is required for Loan approval. By executing this Authorization Agreement, Borrower agrees to, and hereby, enrolls in an automatic payment plan and authorizes Lender to collect payments required under the terms of the Loan Agreement by initiating ACH debit entries to the Designated Checking Account in the amounts and on the dates provided in the Payment Schedule set forth in the attached <u>Exhibit A</u> (the "**Automatic Payment Plan**"). Borrower authorizes Lender to increase the amount of any scheduled ACH debit entry or assess multiple ACH debits in an amount equal to the total amount of previously scheduled payment(s) (as scheduled in the Payment Schedule) that was not paid inclusive of any and all unpaid Fees. This authorization is to remain in full force and effect until Lender has received written notification from Borrower of its termination of this Authorization Agreement in such time and in such manner as to afford Lender and Borrower's depository bank a reasonable opportunity to act on it, which in no event will be less than five (5) Business Days. Lender may suspend or terminate Borrower's enrollment in the Automatic Payment Plan immediately if Borrower fails to keep Borrower's Designated Checking Account in good standing or if there are insufficient funds in Borrower's Designated Checking Account to process any payment (or if Lender is otherwise unable to collect any amounts by ACH debit owed to Lender under the Loan or under any other loan or extension of credit by Lender to Borrower). **If Borrower revokes the authorization contemplated in this Authorization Agreement or Lender suspends or terminates Borrower's enrollment in the Automatic Payment Plan, then Borrower shall still be responsible for making timely payments of the Loan pursuant to the alternative payment methods described in <u>Section 6</u> of the Loan Agreement.**

**Provisional Payment**. Any credit given by us to you with respect to an automated clearing house ("**ACH**") credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that you shall refund Lender in an amount equal to the amount credited to you in connection with such entry, and the underlying originator of such entry shall not be deemed to have paid you in the amount of such entry.

**Notice of Receipt of Entry**. Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your Designated Checking Account, we are not required to give next day notice to you of Lender's receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you.

Page \| 18 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

**BUSINESS PURPOSE ACCOUNT.** By executing this Authorization Agreement, Borrower agrees and certifies that the Designated Checking Account was established for business purposes and not primarily for personal, family or household purposes.

**ACCOUNT CHANGES.** Borrower shall promptly notify Lender in writing if there are any changes to the account and routing numbers of the Designated Checking Account.

**MISCELLANEOUS.** Lender is not responsible for any fees charged by Borrower's bank as the result of credits or debits initiated under the Loan Agreement or this Authorization Agreement. The origination of ACH transactions to Borrower's account shall comply with the provisions of the laws of the State of Utah. Borrower agrees to be bound by NACHA rules of the Electronic Payments Association. Borrower shall provide Lender at all times, real time, view only access to any and all banking, accounting and inventory systems of Borrower, in each case in a form and substance.

[Exhibit A Follows]

Page \| 19 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

**Exhibit A**

AUTHORIZATION AGREEMENT FOR DIRECT DEPOSIT (ACH CREDIT) AND DIRECT PAYMENTS (ACH DEBIT) The following bank accounts are subject to the Authorization Agreement:

---

| | |
|:---|:---|
| <u>Bank Account:</u> |  |
| Bank Name: | Western Alliance Bank |
| Bank City and State: | Phoenix, AZ |
| Legal Title of Account: | Exyn Technologies Inc |
| Bank ABA#: | [\*] |
| Account Number: | [\*] |
| Type of Account: | [\*] |
| <u>Bank Account:</u> |  |
| Bank Name: | |
| Bank City and State: | |
| Legal Title of Account: | |
| Bank ABA#: | |
| Account Number: | |
| Type of Account: | |
| <u>Bank Account:</u> |  |
| Bank Name: | |
| Bank City and State: | |
| Legal Title of Account: | |
| Bank ABA#: | |
| Account Number: | |
| Type of Account: | |

---

Page \| 20 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

---

| | |
|:---|:---|
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

Page \| 21 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

**Signature Page**

The undersigned hereby, as a duly and appointed authorized agent of Borrower and each Secured Guarantor, and in each signer's individual as a Guarantor, affirm that each has read and understand the terms and conditions of, consent to and agree to be bound by, the attached Agreement and the attached Authorization Agreement.

---

| | |
|:---|:---|
| **Borrower**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

---

| | |
|:---|:---|
| **Guarantor**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet |  |
| Printed Name of Signer |  |

---

---

| | |
|:---|:---|
| **Secured Guarantor: EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

Page \| 22 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

<u>For Lenders Use Only</u>: This Agreement has been received and accepted by Lender in Utah after being signed by Borrower and any Guarantor(s) (including any Secured Guarantor(s))

---

| | |
|:---|:---|
| **Lender**: **MAXIMCASH SOLUTIONS LLC** |  |
| /s/ Stephen Cherner | 12/26/2025 |
| Signature of Authorized Officer of Lender | Date |
| Stephen Cherner | CEO |
| Printed Name of Signer | Title of Signer |

---

Page \| 23 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

**EARLY DISCOUNT ADDENDUM**

This addendum is made as of December 26<sup>th</sup>, 2025 (the "Addendum") to the Business Loan and Security Agreement between MAXIMCASH SOLUTIONS LLC (the "Lender") and EXYN TECHNOLOGIES, INC. (the "Borrower") dated December 26<sup>th</sup>, 2025 (the "Agreement").

Lender and Borrower are sometimes referred to herein collectively as the "Parties" and each as a "Party." Whereas, the Parties desire to add certain terms to the Agreement.

In consideration of the above promises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree and add terms to the Agreement as follows:

Notwithstanding the prepayment terms set forth in Section 9 of the Agreement, the Total Repayment Amount shall be defined as: **$690,000.00** if Borrower delivers the Total Repayment Amount within 90 calendar days of the Disbursement Amount being paid by Lender. If the Total Repayment Amount reduced and paid pursuant to this Addendum, the prepayment discount set forth in Section 9 of the Agreement shall not apply.

Notwithstanding the above, if there has been an Event of Default under the Agreement, Borrower the reduction of the Total Repayment Amount set forth herein shall not apply.

IN WITNESS WHEREOF, each of the undersigned has executed, or has caused to be executed, this Addendum as of the date first written above.

[Signatures Begin on Following Page]

Page \| 24 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

---

| | |
|:---|:---|
| **Borrower**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

---

| | |
|:---|:---|
| **Guarantor**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet |  |
| Printed Name of Signer |  |

---

---

| | |
|:---|:---|
| **Secured Guarantor: EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

---

| | |
|:---|:---|
| **Lender**: **MAXIMCASH SOLUTIONS LLC** |  |
| /s/ Stephen Cherner | 12/26/2025 |
| Signature of Authorized Officer of Lender | Date |
| Stephen Cherner | CEO |
| Printed Name of Signer | Title of Signer |

---

Page \| 25 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

**Stacking Prohibited Addendum**

This Addendum is made as of December 26<sup>th</sup>, 2025 to the Business Loan and Security Agreement between Maximcash Solutions LLC ("Lender") and EXYN TECHNOLOGIES, INC. ("Borrower") dated December 26<sup>th</sup>, 2025(the "Agreement").

Whereas, Lender and Borrower desire to amend and modify Borrower's obligations with respect to the Collateral set forth in the Agreement as follows; Borrower shall not enter into any cash advance that relates to or involves its Future Receipts, or any loan agreement, with any party other than Lender where the interest rate on such loan is greater than ten percent (10%) for the duration of this Agreement; notwithstanding the foregoing, the following shall be excluded from the foregoing prohibition in all events: (a) bank loans; (b) bank financing arrangements; and (c) any other financing arrangement, that enables Borrower to pay the Total Repayment Amount to Lender and the Total Repayment Amount is paid to Lender in conjunction with the closing of such financing prior to the release of any funds to the Borrower. Lender may share information regarding this Agreement with any third party in order to determine whether Borrower is in compliance with this provision.

Borrower agrees to this Stacking Prohibited addendum to the Agreement, and fully understands that breach of the shall constitute an Event of Default.

By signing this Addendum, Borrower agrees and fully understands that in the event Borrower breaches this Addendum, Lender fully reserves its rights to immediately exercise its rights at law and equity as provided in the Agreement and impose an additional fee equaling ten (10) percent of the Loan Amount.

IN WITNESS WHEREOF, each of the undersigned has executed, or has caused to be executed, this Addendum as of the date first written above.

[Signatures Begin on Following Page]

Page \| 26 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

![](tm2525579d4d4_ex10-18img001.jpg)

---

| | |
|:---|:---|
| **Borrower**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

---

| | |
|:---|:---|
| **Guarantor**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet |  |
| Printed Name of Signer |  |

---

---

| | |
|:---|:---|
| **Secured Guarantor: EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

---

| | |
|:---|:---|
| **Lender**: **MAXIMCASH SOLUTIONS LLC** |  |
| /s/ Stephen Cherner | 12/26/2025 |
| Signature of Authorized Officer of Lender | Date |
| Stephen Cherner | CEO |
| Printed Name of Signer | Title of Signer |

---

Page \| 27 <br> Maximcash Solutions LLC \| CA CFL # 60DBO-198334

## Exhibit 10.20

**Exhibit 10.20**

**Certain information has been excluded as marked by [\*] from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**EQUITY KICKER AND REGISTRATION RIGHTS AGREEMENT**

This Equity Kicker and Registration Rights Agreement (this "Agreement") dated as of December 26<sup>th</sup> 2025, is made between EXYN TECHNOLOGIES, INC. ("Borrower") and MAXIMCASH SOLUTIONS, LLC as lender (the "Lender" or "Holder"), pursuant to that certain Business Loan and Security Agreement entered into as of the date hereof between the parties hereto (the "Loan Agreement"). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

**RECITALS**

A. Borrower and Lender have contemporaneously entered into that certain Loan Agreement dated December 26th 2025 as of the date hereof
pursuant to which, among other covenants and representations and warranties

B. As additional consideration for the Loan, the Company has agreed to issue equity securities to Holder upon the consummation of the
Company's initial public offering.

C. The parties desire to set forth their respective rights and obligations with respect to such equity issuance and related registration
rights.

**Now, therefore, for consideration duly received it is hereby agreed as follows:**

1. <u>Equity Kicker Issuance</u>. Upon the consummation of the Company's firmly underwritten initial public offering of equity securities (the "IPO"), the Company shall issue to Maximcash Solutions LLC, that number of shares of the Company's (or the publicly traded successor entity's) common stock having an aggregate value of One Hundred Twenty Thousand Dollars ($120,000), calculated based on the public offering price per share in the IPO (the "Equity Kicker Shares"). The Equity Kicker Shares shall be duly authorized, validly issued, fully paid and non-assessable, and shall be issued in the name of Maximcash Solutions LLC. The Equity Kicker Shares and related rights are independent of, and shall not be subordinated to, any equity or conversion rights of Neolync Holdings Ltd. or any other creditor or equity holder, and no third-party consent shall be required for their issuance, registration, resale, or enforcement.

2. <u>Registration Rights; IPO Registration Statement</u>. The Company shall include the Equity Kicker Shares as selling shareholder shares in the registration statement filed with the U.S. Securities and Exchange Commission in connection with the IPO (the "Registration Statement"). Without limiting the foregoing, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) List Maximcash Solutions LLC as a selling shareholder in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Register the Equity Kicker Shares for resale under the Securities Act of 1933, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cause the Registration Statement to be declared effective on or prior to the closing of the IPO.

The Company shall not enter into any underwriter lock-up or contractual restriction that would prohibit or materially impair Holder's resale rights expressly set forth herein.

3. <u>Bleed-Out; Staged Resale</u>. Notwithstanding the effectiveness of the Registration Statement, Holder's resale of the Equity Kicker Shares shall be subject to the following staged resale provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At IPO Closing: Holder may sell up to fifty percent (50%) of the Equity Kicker Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Post-IPO Period: The remaining fifty percent (50%) of the Equity Kicker Shares may be sold commencing thirty (30) days following the
IPO closing date.

4. <u>IPO Failure Backstop</u>. If the Company has not consummated an initial public offering on or before **June 30, 2026**, then, at Lender's election, the Company shall either:

(i) issue the Equity Kicker Shares based on a valuation reasonably determined by Lender, or

(ii) pay Lender a cash equity kicker in the amount of **$120,000**, which amount shall be due and payable immediately.

5. <u>Further Assurances.</u> The Company shall execute and deliver such documents and take such actions as may be reasonably requested by Holder to effectuate the intent of this Agreement, including selling shareholder questionnaires, transfer agent instructions, and customary IPO documentation.

6. <u>Lender May Perform</u>. If the Borrower fails to perform any agreement contained herein, the Lender may itself perform, or cause performance of, such agreement, and the expenses of the Agent and/or Lender incurred in connection therewith shall be payable by Borrower.

7. <u>Survival.</u> The rights and obligations set forth in this Agreement shall survive repayment in full of the Loan and termination of the Loan Agreement.

8. <u>Governing Law.</u> This Agreement shall be governed by and construed in accordance with the laws of the State of Utah without regard to conflict-of-laws principles.

**Signature Page**

The undersigned hereby, as a duly and appointed authorized agent of Borrower and each Secured Guarantor, and in each signer's individual as a Guarantor, affirm that each has read and understand the terms and conditions of, consent to and agree to be bound by, the attached Agreement and the attached Authorization Agreement.

---

| | |
|:---|:---|
| **Borrower**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

---

| | |
|:---|:---|
| **Guarantor**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet |  |
| Printed Name of Signer |  |

---

---

| | |
|:---|:---|
| **Secured Guarantor: EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

<u>For Lenders Use Only</u>: This Agreement has been received and accepted by Lender in Utah after being signed by Borrower and any Guarantor(s) (including any Secured Guarantor(s))

---

| | |
|:---|:---|
| **Lender**: **MAXIMCASH SOLUTIONS LLC** |  |
| /s/ Stephen Cherner | 12/26/2025 |
| Signature of Authorized Officer of Lender | Date |
| Stephen Cherner | CEO |
| Printed Name of Signer | Title of Signer |

---

**IPO ACCELERATION AND MANDATORY PREPAYMENT AGREEMENT**

This IPO Acceleration and Mandatory Prepayment Agreement (this "Acceleration Agreement") dated as of December 26<sup>th</sup> 2025, is made between EXYN TECHNOLOGIES, INC. ("Borrower") and MAXIMCASH SOLUTIONS, LLC as lender (the "Lender"), pursuant to that certain Business Loan and Security Agreement entered into as of the date hereof between the parties hereto (the "Loan Agreement"). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

**RECITALS**

A. Borrower and Lender have contemporaneously entered into that certain Loan Agreement December 26<sup>th</sup> 2025 as of the date
hereof pursuant to which, among other covenants and representations and warranties

B. The parties desire to clarify that the consummation of an initial public offering shall result in automatic acceleration and repayment
of the Loan.

**Now, therefore, for consideration duly received it is hereby agreed as follows:**

1. <u>Mandatory Prepayment Upon IPO.</u> Notwithstanding anything to the contrary contained in the Loan Agreement or any other Loan Document, upon the consummation of the Borrower's initial public offering of equity securities (the "IPO"), or similar public company event, the outstanding principal balance of the Loan, together with all accrued and unpaid interest, fees, costs, premiums, and all other amounts owing under the Loan Documents, shall automatically and immediately become due and payable in full, without notice or demand. Such payment shall be made contemporaneously with, and as a condition to, the closing of the IPO. The Borrower acknowledges that an IPO constitutes a mandatory prepayment event and shall not be deemed a voluntary prepayment.

2. <u>No Impact on Equity Kicker.</u> The mandatory prepayment of the Loan pursuant to this Acceleration Agreement shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduce, offset, or otherwise affect the Lender's entitlement to the Equity Kicker Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) impair any rights granted under the Equity Kicker and Registration Rights Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be deemed satisfaction or extinguishment of any equity-based consideration.

3. <u>Notice and Cooperation.</u> The Borrower shall provide the Lender with reasonable prior written notice of the anticipated IPO closing date and shall cooperate in good faith to effectuate repayment of the Loan in accordance with this Agreement.

4. <u>Governing Law</u>**.** This Acceleration Agreement shall be governed by and construed in accordance with the laws of the State of Utah, without regard to conflict-of-laws principles.

**[Signature Page Below]**

**Signature Page**

The undersigned hereby, as a duly and appointed authorized agent of Borrower and each Secured Guarantor, and in each signer's individual as a Guarantor, affirm that each has read and understand the terms and conditions of, consent to and agree to be bound by, the attached Agreement and the attached Authorization Agreement.

---

| | |
|:---|:---|
| **Borrower**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

---

| | |
|:---|:---|
| **Guarantor**: **EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet |  |
| Printed Name of Signer |  |

---

---

| | |
|:---|:---|
| **Secured Guarantor: EXYN TECHNOLOGIES, INC.** |  |
| /s/ Brandon Torres Declet | 12/26/2025 |
| Signature of Authorized Officer of Borrower | Date |
| Brandon Torres Declet | CEO |
| Printed Name of Signer | Title of Signer |
| [\*] |  |
| Tax ID of Borrower |  |

---

<u>For Lenders Use Only</u>: This Agreement has been received and accepted by Lender in Utah after being signed by Borrower and any Guarantor(s) (including any Secured Guarantor(s))

---

| | |
|:---|:---|
| **Lender**: **MAXIMCASH SOLUTIONS LLC** |  |
| /s/ Stephen Cherner | 12/26/2025 |
| Signature of Authorized Officer of Lender | Date |
| Stephen Cherner | CEO |
| Printed Name of Signer | Title of Signer |

---

## Exhibit 10.21

**Exhibit 10.21**

**AMENDMENT NO. 2**

**TO EXECUTIVE EMPLOYMENT AGREEMENT**

**DECEMBER 31, 2025**

This Amendment No. 2 (the "***Amendment***") is made as of December 31, 2025 (the "***Effective Date***"), by and between Brandon Torres Declet (the "***Executive***") and Exyn Technologies, Inc., a Delaware corporation (the "***Company***"). The Company and Executive are each referred to herein as a "***Party***" and collectively as the "***Parties***."

**RECITALS**

WHEREAS, the ***Parties*** entered into that certain Executive Employment Agreement dated as of October 30, 2023, as amended as of September 24, 2025 (the "***Employment Agreement***");

WHEREAS, the Parties desire to amend the Employment Agreement as set forth herein; and

WHEREAS, all capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Employment Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Amendments to the Employment Agreement** 

Effective as of the Effective Date, Section 2.6 of the Employment Agreement (titled "Deal Completion Bonus") shall be deleted in its entirety and replaced with the following:

"2.6 **<u>Deal Completion Bonus</u>**. Independent of the annual bonus set forth herein in Section 2.2 above, Executive shall be eligible to receive a deal completion bonus, which is contingent upon, and only payable, in the event of the closing of a Change in Control Transaction, and is further subject to Executive remaining in continuous employment with the Company through the date of such Change in Control Transaction, with the aggregate amount of such bonus being equal to the greater of (x) to the extent the net proceeds received by the Company or its shareholders in connection with the Change in Control Transaction equals or exceeds $30 million, (A) 1% of such net proceeds if the pre-money valuation of the Company equals or exceeds $50 million but is less than $100 million, or (B) 1.5% of such net proceeds if the pre-money valuation of the Company equals or exceeds $100 million; or (y) $225,000, in each case, less applicable taxes and withholdings (the "***Deal Bonus***"). For purposes of this Agreement, "***Change in Control Transaction***" shall mean the first to occur of (i) the effective date of a registration statement of the Company filed under the Securities Act for the sale of any class of Company stock in an initial public offering or a direct listing of any class of Company stock, or (ii) a Change in Control, as defined in the Company's 2025 Equity Incentive Plan, as amended from time to time. To the extent payable, 75% of the Deal Bonus shall be paid to Executive within fifteen (15) calendar days of the closing of the applicable Change in Control Transaction. The remaining 25% of the Deal Bonus ("***Deal Bonus Payment 2***") shall only be payable to Executive in the event the Company closes on the strategic acquisition of an unrelated third-party company (an "***Acquisition***") within 12 months following the Change in Control Transaction and Executive remains in continuous employment with the Company through the date of such Acquisition. To the extent payable, Deal Bonus Payment 2 shall be paid to Executive within fifteen (15) calendar days of the closing of the applicable Acquisition."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **No Other Changes** 

Except as expressly amended by this Amendment, all terms, conditions, and provisions of the Employment Agreement shall remain in full force and effect and are hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Governing Law** 

This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Counterparts** 

This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures delivered by electronic means (including PDF or other electronic transmission) shall be deemed effective for all purposes.

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| **EXYN TECHNOLOGIES, INC.** | **EXYN TECHNOLOGIES, INC.** |
| By: | /s/ Ted Tewksbury |
| Name: Ted Tewksbury | Name: Ted Tewksbury |
| Title: Board Director | Title: Board Director |
| **EXECUTIVE** | **EXECUTIVE** |
| By: | /s/ Brandon Torres Declet |
|  | Brandon Torres Declet |

---